Europe Golden Visa programs in 2026: Cheapest, best, and current options

Written by  Andrew Coleman, CPA

Last updated Apr 23, 2026

A Europe golden visa usually means residence by investment under one country’s law, not citizenship, and not a single EU-wide permit. In 2026, the main routes still worth comparing are:

• Portugal’s ARI residence-by-investment route,
• Greece’s investor residence route,
• Italy’s Investor Visa,
• Hungary’s Guest Investor route,
• Cyprus permanent residence by investment, and
• Malta’s permanent residence programme, as Spain is closed to new investor filings.

The lowest-cost route depends on what “cheapest” means. A €250,000 entry point still exists in some routes, but that can mean a cultural contribution, a startup investment, a fund subscription, or a special property category rather than a standard home purchase. The “best” route depends on whether your goal is low entry cost, real estate, low physical presence, family coverage, or a cleaner US tax position.

A European golden visa does not automatically make you a tax resident. Tax residence is usually driven by domestic rules such as day count, local home ties, or center-of-life tests. It also does not let you live anywhere in the EU. Schengen travel is not the same as residence rights across all member states, and ETIAS – which the EU says will start in the last quarter of 2026 – is a short-stay travel authorization, not a residence permit. You can also review the EU’s ETIAS explainer for the short-stay framework.

Taxes for Expats helps Americans compare the immigration route and the US filing consequences together. Need the residence choice checked against your 2025 US filing obligations? Contact us today.

What is a European golden visa?

A European golden visa is not a single legal status. In practice, it usually means a country-specific residence-by-investment route that gives a non-EU national a permit in one state, with Schengen travel generally limited to 90 days in any 180-day period for short stays outside the issuing country. This is the simplest way to frame a European golden visa explanation.

A true golden visa normally starts with temporary residence, then may lead to longer-term status if the investment and renewal conditions continue to be met. That is different from permanent residence, which can start immediately in some jurisdictions such as Cyprus and Malta, and is different again from citizenship, which is governed by separate nationality laws and usually requires more than just investing.

A Europe golden visa program is also different from EU long-term resident status. Under the EU framework, a third-country national generally becomes eligible to apply for long-term resident status only after 5 years of legal and continuous residence in one member state, subject to that country’s implementation rules. The EU long-term residents framework is a useful background, and our guide on how to become an expat helps place residence permits in the wider move-abroad plan.

Which European countries still offer golden visa or investor residence routes in 2026?

As of April 2026, the short list is six live routes in European countries with golden visa programs and one major closure. The main European countries offering golden visa or investor-residence options today are Portugal, Greece, Italy, Hungary, Cyprus, and Malta, while Spain is closed to new investor filings.

So, when looking for what European countries have golden visa routes left, always check newer guides, as accuracy matters because several older roundups are now outdated.

The following 6 active options are the main European countries with golden visa or comparable investor-residence routes worth comparing in 2026:

• Portugal – Active, but the old real-estate route is gone. Current ARI options center on funds, research, cultural support, business investment, or job creation.
• Greece – Active and still the strongest property-led route. The threshold now depends on area and property category, with €250,000, €400,000, and €800,000 tiers.
• Italy – Active, but not property-led. The route is built around startups, companies, government bonds, or philanthropy.
• Hungary – Active under the Guest Investor framework. It is one of the newer entries older comparison pages often miss.
• Cyprus – Active as permanent residence by investment rather than a classic temporary visa.
• Malta – Active through the Malta Permanent Residence Programme, or MPRP, which is a permanent-residence route rather than citizenship.

The following 2 closed or narrowed options matter because they answer questions related to countries in Europe without golden visa:

• Spain – New investor applications are closed. Existing renewal and transition cases can still matter, but Spain is no longer an open 2026 entry route for fresh investors. Our guide on retiring in Spain is still useful for the lifestyle and tax context.
• Portugal real estate – Portugal still runs ARI, but property is no longer a qualifying route. That change alone removes one of the biggest assumptions in older European golden visas articles.

These are also the main European countries with golden visa programs that US taxpayers still compare once you separate classic residence-by-investment from investor permanent residence. The label is broad, but the legal routes are not interchangeable.

Europe golden visa comparison table

This golden visa Europe comparison uses the current official route structure. Minimums and eligible categories can change, so treat the table as a decision map and confirm the exact filing-date rules on the official program page before sending funds.

Key takeaway: in 2026, the lowest headline minimum is still often €250,000, but that number does not mean the same thing across countries – it can mean culture support in Portugal, a startup in Italy, fund units in Hungary, or only special property categories in Greece.

For country-specific moving, retirement and tax context, see our guides on retiring in Portugal, retiring in Greece, and moving to Italy from the USA.

What is the cheapest golden visa in Europe?

On official minimums alone, the lowest legal entry point still shows up at €250,000 in several places, but not for the same asset type. Portugal’s €250,000 route is cultural support, Italy’s €250,000 route is an innovative startup, Hungary’s €250,000 route is a qualifying fund investment, and Greece’s €250,000 property threshold is limited to special conversion or historic-building cases.

That is why the lowest headline route is not always the cheapest all-in option. A lower minimum can still produce a higher all-in bill once legal fees, property taxes, transfer costs, renovation obligations, fund fees, donation structures, renewal costs, and travel burden are included.

• Cheapest by minimum investment. Hungary, Italy, Portugal, and some Greece cases all begin at €250,000. They are not interchangeable because the risk, liquidity, and tax profile are very different.
• Cheapest real-estate path. Greece is currently the clearest answer only if the buyer qualifies for the €250,000 conversion or heritage category. Outside that category, the standard thresholds jump to €400,000 or €800,000.
• Cheapest if you want flexible stay requirements. Portugal and Hungary usually lead that discussion. A route can be cheap on paper and still expensive in time if it expects more real presence or complex renewals. That is one reason the easiest golden visa Europe label is not the same as the cheapest one.

Based on our client scenario at TFX: a US couple compares a €250,000 Greek conversion property, a €250,000 Italian startup investment, and Portugal’s €250,000 cultural route. The smallest headline figure is the same in all 3 cases, but the all-in decision changes once they price legal work, local taxes, compliance, liquidity, and the US reporting that can follow different asset types.

For the cost side that starts after closing, see our guide to foreign property tax explained.

Best European golden visa programs by goal

The best golden visa programs in Europe comparison changes once you sort by goal instead of recycling one generic ranking. In 2026, the best route for a family buying property is usually not the best route for a founder, a low-stay investor, an expat retiree, or a US citizen who wants fewer cross-border tax complications.

1. Best for citizenship potential. Portugal still stands out because the route remains active, family reunification is available, and the physical-stay burden is low at 7 days in the first year and 14 days in each subsequent 2-year period. That does not guarantee citizenship, but it remains one of the strongest long-horizon paths.
2. Best for real estate buyers. Greece is the clearest fit because the program still centers on qualifying property. It is the most direct answer for buyers who want a residence permit tied to a real asset rather than a fund or startup investment.
3. Best for flexible physical presence. Portugal and Hungary are the two main contenders. Portugal has a published low-stay rule, while Hungary’s current official FAQ states no minimum stay requirement for the guest investor residence permit.
4. Best for investors who want a lower entry point. Hungary’s €250,000 fund route and Italy’s €250,000 startup route belong on the shortlist, but the risk profile is not the same as direct real estate. Portugal’s €250,000 cultural route can also look attractive where a contribution-based structure fits the applicant’s goals.
5. Best for families. Malta and Greece are strong comparison points because both can cover family members and offer a clearer lifestyle relocation story. Malta is often more expensive on an all-in cost, but the MPRP is built around permanent residence rather than a short initial permit.
6. Best for US taxpayers who want a cleaner compliance story. Directly owned property can be simpler than foreign funds or pooled vehicles. For some Americans, Greece or a direct-property structure in Cyprus or Malta may create fewer US reporting issues than a foreign investment fund that can trigger PFIC analysis.
   Start with our guides on US expat taxes and low-tax countries before choosing on price alone.

Visa marketing and tax reality do not always point to the same country. Need the shortlist checked for PFIC, FBAR, and foreign tax credit issues before you move funds? Get your Instant Quote today.

Portugal Golden Visa

Portugal’s ARI remains one of the strongest live routes in a 2026 Europe golden visa program comparison, but the property route is gone. The current minimums are €250,000 for cultural support and €500,000 for several other qualifying routes, while the official stay rule remains 7 days in the first year and 14 days in each later 2-year period. For Americans, that mix makes Portugal a leading low-presence route even after the real-estate change.

The current official ARI menu includes five core options: support for artistic production or cultural heritage at €250,000, research activity at €500,000, subscription to qualifying non-real-estate collective investment vehicles at €500,000, business investment with job creation at €500,000 in certain structures, and direct creation of 10 jobs. The most current program details are on the AIMA ARI portal.

Portugal still allows family reunification and Schengen travel, and the residence authorization is issued for 2 years. The program remains one of the best-known ways to understand how to secure a golden visa in Europe without committing to a large property purchase. Our country guides on moving to Portugal from the US, retiring in Portugal, and US tax preparation in Portugal help with the wider relocation picture.

The main tradeoff for US taxpayers is asset type. A qualifying Portuguese fund may solve the immigration side, but it can also create a very different US tax profile than directly owned real estate.

Greece Golden Visa

Greece is the leading remaining real-estate-led European golden visa route in 2026. The current threshold is €800,000 in prime areas such as much of Greater Athens, Thessaloniki, Mykonos, Santorini, and islands with more than 3,100 residents, €400,000 in many other areas, and €250,000 for specific industrial conversions to residential use and certain listed or historic building restorations.

For the standard €400,000 and €800,000 categories, the qualifying property generally must be at least 120 square meters, and the newer rules also restrict short-term rental use. That matters because the immigration headline can look attractive while the actual use of the property is narrower than older articles suggest. The official overview is the Greece’s golden visa page, together with the state investment material on the Greek Golden Visa threshold update.

Greece issues a permanent investor residence status that is renewed at 5-year intervals while the investment is maintained, and family inclusion remains part of the route. Best for buyers who want European residency tied to property. For broader move planning, see our TFX guides on retiring in Greece, moving to Greece from the US, and US tax preparation in Greece.

Italy Investor Visa

Italy belongs in any current European golden visa explained discussion because it is investment-diversified rather than property-led. The official options are €250,000 in an innovative startup, €500,000 in an Italian limited company, €1 million as a philanthropic donation, or €2 million in Italian government bonds.

The process starts with a nulla osta application, and the Investor Visa Committee states a 30-day target for the certificate decision. After that, the visa application must be made within 6 months, the applicant enters Italy, applies for the residence permit within 8 days, and completes the investment within 3 months. The official process is laid out on Italy’s Investor Visa portal.

The initial residence permit is valid for 2 years and can be renewed for 3 years if the investment is maintained. After 5 years, the general route toward a long-term residence card can come into view. Italy is often a stronger fit for founders, startup backers, and business-minded applicants than for buyers who specifically want a property-led visa. For next-step planning, prior to your relocation, see our guide on moving to Italy from the USA.

Hungary Guest Investor Program

Hungary now belongs in almost every 2026 shortlist for the easiest golden visa Europe and low-presence conversation because the current Guest Investor route is active under the framework, but the current official public guidance lists 2 qualifying routes, not 3:

1. at least €250,000 in a qualifying real-estate fund share or
2. a €1,000,000 public-interest donation.

NOTE! Do not describe a €500,000 residential-property purchase as a current live route unless Hungary republishes it in its official guest investor guidance.

One reason Hungary stands out in any current comparison is permit length. The current official FAQ states that the residence permit may be issued for up to 10 years and extended once for another 10 years, and it also states that there is no minimum stay requirement. That is a very different model from a short initial permit with frequent renewals.

Hungary is also a distinct current option that older European golden visas roundups frequently miss because the program structure has changed. Family members can usually follow through with family reunification rather than the same investment filing.

Cyprus permanent residence by investment

Cyprus is better described as investor permanent residence than as a classic visa. The current official minimum investment is €300,000, and the route also requires a minimum annual income that current policy materials set at €50,000 for the main applicant, plus €15,000 for a spouse and €10,000 for each dependent child.

The eligible investment categories include residential property, other real estate, a Cyprus company, or units in a Cyprus investment organization. The official policy also states that the residence right is of unlimited validity, but the permit can cease to be valid after 2 years of absence from Cyprus. The official starting point is Cyprus’ immigration permits for investors page.

Cyprus can look cleaner than a fund-based route when the investment is direct property rather than a pooled vehicle. That said, a fund route still needs US PFIC screening, so review our guide to PFIC taxes before subscribing to any non-US fund. For the local incentive picture, see Cyprus’ tax incentives materials.

Malta permanent residence programme (and why many “golden visa” articles blur this)

Malta belongs in the comparison set, but the official route is the Malta Permanent Residence Programme, not a buy-citizenship shortcut. In 2026, the cost stack includes an €40,000 administrative fee, a government contribution of €28,000 if buying property or €58,000 if leasing, a €2,000 NGO donation, and a qualifying property commitment.

For owned property, the current threshold is €350,000 in Malta or €300,000 in Gozo and the south of Malta. For rented property, the annual minimum is €12,000 in Malta or €10,000 in Gozo and the south. Additional parents or grandparents generally add €7,500 each.

Malta is relevant for comparison intent because it is a real residence route, but it should not be oversimplified into “buy citizenship.” The residence certificate is permanent if the conditions continue to be met, while the residence card itself is issued for 5 years and then renewed.

Which countries in Europe ended or tightened golden visa programs?

Spain is the clearest 2026 example of a route that ended for new investors. Under Organic Law 1/2025, the investor residence provisions used for fresh filings were removed, and the change took effect on April 3, 2025, while transition rules preserved processing or renewal for certain existing cases.

That matters because older comparison pages still treat Spain as open. The current official filing page for investor residence applications in Spain now reflects the change, and our guide on moving to Spain from the US remains useful for Americans considering Spain without an investor route.

Portugal also tightened, but differently. The ARI program is still active, yet real estate no longer qualifies. Greece tightened its grip by sharply increasing thresholds in prime areas instead of shutting the route entirely.

How to get a golden visa in Europe: step-by-step

The process has 8 moving parts, even though each country uses different forms and agencies. The safest order is to verify the current official threshold first, then build the tax and source-of-funds file before any money moves.

1. Choose the route type. Start with the real decision: property, fund, startup, company, donation, or government bonds. A low headline number is not useful if it does not match your risk tolerance or liquidity needs.
2. Confirm the live official rules. Check the country’s government page for the exact 2026 threshold, eligible categories, and renewal conditions on the day you act.
3. Document the source of funds. Expect due diligence on where the money came from, how it moved, and who the beneficial owner is.
4. Prepare family documents. Passports, marriage certificates, birth certificates, private health insurance, and apostilles can slow the process more than the investment itself.
5. Complete the investment correctly. The legal route matters. Buying the wrong property category or subscribing to a non-qualifying fund can break the application.
6. Submit the application and complete biometrics. Some countries front-load approval, while others expect entry and in-country permit steps after the visa stage.
7. Renew on time. Renewal usually depends on keeping the investment, keeping documents current, and meeting any presence rules.
8. Review tax residency consequences before and after approval. A residence permit is an immigration status first. Tax residence is a separate question.

Based on our client scenario at TFX: an American investor focuses on a visa threshold and wires funds before checking the fund’s eligibility, the apostille timeline for family documents, and whether local days in-country could affect tax residence. The visa can still be fixable, but the cost and stress are usually much higher once money moves first and structure comes second.

US tax issues to think through before using a European golden visa

A residence permit does not end US tax filing. For the 2025 tax year filed in 2026, Americans abroad generally get an automatic filing extension to June 15, 2026, but tax is still generally due by April 15, 2026. Foreign financial accounts over $10,000 in aggregate can trigger an FBAR filing, and higher offshore asset values can trigger Form 8938.

The permit also does not replace the normal US expat toolkit. You may still need Form 2555 for the foreign earned income exclusion or Form 1116 for the foreign tax credit, depending on your income and local tax position. For the 2025 tax year, the foreign earned income exclusion is $130,000, and the physical presence test still uses 330 full days in a 12-month period.

Foreign funds are one of the biggest traps in this niche. A qualifying investment fund for visa purposes can still be a PFIC for US purposes, which can trigger PFIC tax analysis and one or more Form 8621 filings. That is one reason Portugal and Hungary can look different to a US taxpayer than they do to a non-US investor.

Foreign account reporting matters even when the visa looks simple. The FBAR threshold is low, and Form 8938 has higher but still reachable thresholds for Americans abroad – generally $200,000 on the last day of the year or $300,000 at any time for single filers abroad, and $400,000 or $600,000 for joint filers abroad.

Direct ownership and entity ownership are not the same. Buying a home in your own name can create one reporting profile, while buying through a foreign company or subscribing to a non-US fund can create another.

Based on our client scenario at TFX: a US citizen buys a €400,000 Greek apartment in her own name, opens two local accounts that together peak above $10,000, and later adds a non-US investment fund to diversify. The residence permit itself does not change her US filing duty, but she may now be looking at an FBAR, possible Form 8938, and PFIC/Form 8621 analysis on top of her regular return.

Does a European golden visa make you an EU resident, tax resident, or future citizen?

No – not automatically. A permit issued under one country’s route usually gives you residence rights in that country and Schengen mobility for short travel, but it does not turn you into an all-EU resident. Short-stay Schengen travel still works on the familiar 90/180-day framework, and EU long-term resident status generally comes only after 5 years of legal residence in one member state under the applicable rules.

The phrase European union golden visa is shorthand, not law. There is no single golden visa European union application that lets a non-EU national freely settle across the bloc on day 1. The Schengen area rules, the EU long-term resident framework, and the EU’s overview of travelling, living, and working in Europe are the best ways to separate those ideas.

Tax residence is different again. In many countries, tax residence can depend on day count, such as 183 days, permanent home, habitual abode, or center-of-vital-interests tests. Citizenship is a fourth question altogether and usually requires its own residence timeline, integration conditions, and nationality-law analysis.

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