The landscape of European “golden visa” programs is expanding, with three new options emerging for 2026—Bulgaria, Hungary, and a draft scheme in Romania. Below is a concise overview of the investment requirements, residency benefits, and key restrictions for each, followed by a brief comparison with the more established programs in Portugal, Latvia, Greece, and a non‑EU alternative in Uruguay.
Bulgaria – Permanent Residency via Investment Funds
- Investment amount: €512,000 placed in a Bulgarian‑licensed investment fund (e.g., EIFs or ETFs).
- Residency type: Permanent residency (not a temporary permit).
- Physical‑presence requirement: None; the visa does not mandate a minimum stay in Bulgaria.
Hungary – Real‑Estate Fund Route
- Previous scheme (ended 1 July 2024): €500,000 investment in residential real estate, allowing ownership, rental, or resale.
- Current scheme: €250,000 invested in approved real‑estate fund units registered with the Hungarian National Bank.
- Residency type: 10‑year residency permit, renewable for successive 10‑year periods as long as the investment is maintained.
Romania – Draft Golden‑Visa Law
- Proposed minimum investment: €400,000 for non‑EU nationals.
- Eligible assets (subject to final legislation):
- Real estate (pending confirmation)
- Romanian government bonds
- Authorized investment funds
- Shares in listed companies
- Residency outcome: EU permanent residency (details on stay requirements and processing timelines await final regulation).
Quick Comparison of the Three Emerging Options
| Country | Minimum Investment | Asset Type | Residency Length | Physical‑Stay Requirement |
|---|---|---|---|---|
| Bulgaria | €512,000 | Licensed investment fund | Permanent | None |
| Hungary | €250,000 | Real‑estate fund units | 10‑year, renewable | None specified |
| Romania (draft) | €400,000 | Real estate, bonds, funds, shares | Permanent (EU) | TBD |
Established EU Golden‑Visa Programs
- Portugal: Remains the top choice, offering a pathway to citizenship after five years of residency.
- Latvia: The most affordable EU option, with lower investment thresholds (typically €250,000 in real estate or a comparable financial contribution).
- Greece: Focuses on real‑estate purchases; investors acquire a residence permit without a direct route to citizenship, appealing to those seeking a low‑cost EU foothold.
Uruguay – Direct Permanent Residency (Non‑EU)
- Income requirement: Proof of legal earnings of at least US $1,200 per month (passive or active, excluding illicit sources).
- Residency type: Permanent residency with no minimum annual stay; the holder must enter Uruguay at least once every three years.
- Citizenship pathway: Eligible for citizenship after three years of residency for qualifying applicants.
- Key advantages: Flexible physical‑presence rules, safety, and a strong passport ranking within Latin America.
Practical considerations for prospective investors
- Investment liquidity: Funds in Bulgaria and Hungary are tied to specific financial instruments; exiting may involve market risk or regulatory constraints.
- Regulatory certainty: Romania’s program is still in draft form; investors should monitor the final law before committing capital.
- Physical‑presence obligations: Both Bulgaria and Hungary waive stay requirements, whereas Uruguay imposes a modest three‑year entry rule.
- Long‑term goals: If EU citizenship is a priority, Portugal and Latvia remain the most reliable routes, while Greece and the emerging programs primarily grant residency.
Prospective applicants should assess the total cost of investment, the stability of the legal framework, and their personal mobility needs before selecting a golden‑visa or permanent‑residency program.
