An EU golden visa is a residence permit granted in exchange for a qualifying investment in a European Union country. It is residence by investment, not citizenship by investment: none of the golden visa programs compared on this page sells a passport. What each of them offers is a legal residence in the country and, because all five countries are in the Schengen area, visa-free travel for short stays in the other Schengen states.
The map of European golden visa programs has changed quickly. Spain abolished its program with effect from 3 April 2025. Portugal removed real estate from its golden visa in October 2023. Greece raised its property thresholds in 2024. What is left is a smaller group of golden visa countries whose programs work in very different ways, and the headline minimum investment tells you less than it seems.
This comparison is written by an Italian law firm. We advise on the Italian investor visa and act before the Italian authorities. The figures for the other four countries are drawn from official sources and published legal commentary, and are given as context, not as advice on those systems. Where we could not confirm a figure from a reliable source, we have left it out.
EU golden visa programs at a glance
| Country | Minimum investment | What the qualifying investment is | Real estate route | Residence status |
|---|---|---|---|---|
| Italy | €250,000 | Shares in an Italian innovative startup; other routes at €500,000, €1,000,000 and €2,000,000 | None | Investor permit for 2 years, renewable for 3 |
| Greece | €250,000 for conversions and listed buildings only; otherwise €400,000 or €800,000 | Residential property | Yes: the program is property-based | 5-year permit, renewable |
| Portugal | €250,000 cultural support; €500,000 investment funds or research | Funds, research, cultural support, job creation | Removed in October 2023 | Temporary residence permit, renewable |
| Malta | Property purchase from €375,000 or rent from €14,000 a year, plus €97,000 in fees and contribution | Property plus government payments | Yes, purchase or rent | Permanent residence |
| Hungary | €250,000 | Shares in a real estate fund registered with the Hungarian National Bank | No direct purchase | Guest investor permit, up to 10 years, renewable once |
Spain is no longer on the list: its golden visa was repealed with effect from 3 April 2025. This comparison covers five programs; other schemes, such as the Cyprus golden visa and the Latvia golden visa, are not covered here.
Which European countries still offer a golden visa?
Of the golden visa programs that dominated the conversation a few years ago, three have changed shape and one has closed. The common thread is real estate. Governments under pressure over housing have either removed property from their programs or priced it up, and the programs that were never built on real estate purchases have been the most stable.
That matters when you read any list of golden visa countries. A program that looked like a simple property purchase in 2022 may now require a fund subscription, a larger property in a different region, or a non-refundable contribution. Check the date of whatever you are reading against the date of the rule it describes.
Italy golden visa: the investor visa
Italy’s program is called the investor visa in the law that created it, article 26-bis of the Italian immigration act, in force since 1 January 2017. It has four investment routes: €250,000 in an Italian innovative startup, €500,000 in an Italian company or venture capital fund, €1,000,000 as a philanthropic donation to a project of public interest, and €2,000,000 in Italian government bonds held for at least two years.
Three features set it apart from the other golden visa programs on this page. There is no real estate route at all. The investment is made after the visa is granted, within three months of entering Italy. And the investor residence permit does not require physical presence: the Ministry’s policy guidance disapplies the ordinary rule that a permit lapses when the holder spends more than half of its validity abroad.
The application is decided by an interministerial committee that includes the Financial Intelligence Unit, the Guardia di Finanza and the Revenue Agency, and the file is built around the lawful origin of the funds. After five years of continuous residence, an EU long-term residence permit, the Italian form of permanent residence, can be applied for, under ordinary rules that do require real residence.
Our full guide covers the routes, every State fee and the timeline: Italy golden visa (investor visa): requirements and costs.
Greece golden visa
Greece runs the most property-based of the European golden visa programs still open. Since the 2024 reform, the minimum real estate investment depends on where the property is: €800,000 in the Region of Attica, the Thessaloniki area, Mykonos, Santorini and islands with more than 3,100 inhabitants, and €400,000 in the rest of the country. The €250,000 figure survives only for two categories: buildings converted from commercial to residential use, and listed buildings under full restoration.
The rules were tightened in other ways at the same time. The investment must be in a single property, and in the higher tiers the property must have at least 120 square metres of main area. Golden visa property cannot be let on short-term rental platforms.
In exchange, Greece grants a five-year residence permit, renewable as long as the investment is kept, with no minimum stay required to keep it. The permit does not give a right to work.
Portugal golden visa
The Portugal golden visa is no longer a property program. Law 56/2023 removed the real estate investment route in October 2023, together with the plain capital transfer. The remaining investment routes are a subscription of at least €500,000 in qualifying investment funds, €500,000 in scientific research, €250,000 in support of the arts or national cultural heritage, and routes based on business investment and job creation.
The fund route is the one most investors now use. Qualifying funds must be non-real-estate collective investment undertakings established under Portuguese law, with a maturity of at least five years at the time of the investment. The €250,000 cultural route is a contribution, not an investment you get back.
Portugal’s physical presence requirement is low: seven days in the first year and fourteen days in each following two-year period. What changed in 2026 is the path to citizenship. Organic Law no. 1/2026, published in the Diário da República on 18 May 2026 and in force the next day, raised the period of legal residence required for naturalisation from five years to ten for nationals of countries outside the European Union and the Portuguese-speaking community. Applications already pending on that date follow the old rules. An American investor who wants Portuguese citizenship should now plan on at least ten years, and should take advice on how Portuguese law counts residence for someone who spends little time in the country.
Malta Permanent Residence Programme
The Malta Permanent Residence Programme works differently from the others: it grants permanent residence from the outset, in exchange for a combination of property and government payments rather than a single investment.
The official requirements are a non-refundable administrative fee of €60,000, a government contribution of €37,000, a donation to a non-governmental organisation, and a qualifying residential property, either purchased for at least €375,000 or rented for at least €14,000 a year. The property must be kept for at least five years. A fee of €7,500 applies for each adult dependant other than the spouse. Applications must be submitted through an agent licensed by Residency Malta Agency.
Malta is the only program on this list where residence can be secured by renting rather than buying. That lowers the capital that has to be tied up, but most of the money is spent rather than invested: on the rental route, the fees, the contribution and five years of minimum rent come to at least €167,000 before the donation and professional fees.
Hungary guest investor program
Hungary reopened investor residence in 2024 under its guest investor program. The official qualifying investments are the acquisition of investment fund shares of at least €250,000 issued by a real estate fund registered with the Hungarian National Bank, held for at least five years, or a donation of at least €1,000,000 to a higher education institution maintained by a public trust.
The fund must hold at least 40% of its net asset value in Hungarian residential real estate, so the program is property-linked without allowing a direct real estate purchase. The investment is completed after the guest investor visa is issued, within three months. The residence permit is valid for up to ten years and can be extended once, for another ten. Prospective investors should check the current list of qualifying funds with the Hungarian immigration authority before committing.
What is the cheapest golden visa in Europe?
The honest answer depends on what you count. Four of the five programs advertise an entry point of €250,000, but the €250,000 buys very different things:
- Italy: equity in an Italian innovative startup, held for at least two years. It is a real investment, with a real risk of loss.
- Greece: a converted or listed building only. Most property in the popular areas sits in the €400,000 or €800,000 tiers.
- Portugal: a cultural contribution that is not returned.
- Hungary: units in a qualifying real estate fund, held for at least five years.
Malta has no single minimum investment. On the rental route the capital tied up is low, but the money spent is high.
The better question is how much of the money you get back, and when. Split any golden visa cost into three parts: the qualifying investment you may recover, the contributions and fees you will not, and the running costs of keeping the permit alive. Two programs with the same headline figure can differ by six figures on that basis.
Physical presence and the path to permanent residence
Golden visa programs differ most in what they ask of your time:
- Italy: no presence requirement to keep the investor permit; the EU long-term permit after five years requires real residence.
- Greece: no minimum stay to keep the permit.
- Portugal: seven days in the first year and fourteen in each following two-year period to keep the permit; ten years of legal residence for naturalisation for most non-EU nationals.
- Malta: permanent residence from the outset.
- Hungary: a permit valid for up to ten years, renewable once.
A low presence requirement and a path to citizenship pull in opposite directions. Programs that let you keep the permit without living in the country rarely count that time as residence for citizenship, and the rules on counting differ from one country to another. If citizenship is the goal, choose the program by its naturalisation rules, not by its entry point.
Golden visas and taxes: what a US citizen should know
A residence permit does not make you a tax resident. In each of these countries tax residence is decided by domestic tax rules, such as days spent in the country, registration and the centre of your interests, not by the permit you hold. In Italy, for example, it turns on article 2 of the income tax code.
US citizens remain subject to US tax on their worldwide income wherever they live. Fund-based routes in particular can raise specific US tax questions for American investors, and should be reviewed with your CPA before you subscribe. Italy also offers an optional flat tax for new residents, which is separate from the investor visa: see our page on the Italy flat tax regime for new residents.
How to choose between the EU golden visa programs
Rather than asking which program is best, ask four questions:
- Do you want to buy property? Greece and Malta are built around real estate; Hungary is property-linked through funds; Italy and Portugal have no real estate route.
- Do you want to live there, or keep an option? If you will spend little time in the country, look at the presence requirements first.
- Do you want citizenship eventually? Then the naturalisation rules matter more than the entry point, and they have recently become stricter in Portugal.
- How much of the money must come back? Compare recoverable investments with contributions and fees, not headline minimums.
If Italy is where you want to live, the investor visa is not the only route. Applicants with stable passive income may qualify for the elective residence visa without investing at all, and applicants with an Italian parent or grandparent should first check whether citizenship by descent is open to them.
Frequently asked questions
Which EU country has the cheapest golden visa?Italy, Greece, Portugal and Hungary all have routes starting at €250,000, but they buy different things: startup equity in Italy, a converted or listed building in Greece, a non-refundable cultural contribution in Portugal, and real estate fund units in Hungary. Malta’s rental route requires less capital but involves at least €97,000 in fees and contribution.
Can a US citizen get a golden visa in Europe?Yes. All five programs on this page are open to non-EU nationals, including US citizens, subject to due diligence on the origin of the funds.
Does a golden visa lead to citizenship?Not directly. A golden visa is a residence permit. Citizenship follows each country’s ordinary naturalisation rules, which require years of legal residence and, in several countries, real presence.
Can I get residency in Europe by buying property?In Greece and Malta, yes. In Italy and Portugal, no: buying a house does not qualify for a golden visa. In Hungary, only indirectly, through units in a qualifying real estate fund.
Which golden visa programs have closed?Spain’s golden visa was repealed with effect from 3 April 2025, and Portugal removed its real estate route in October 2023.
Written by Marco Bersani, Avvocato (Bar of Verona), Abogado ejerciente (Bar of Madrid), founding partner of Bersani Law Firm & Partners, Verona. This page provides general information and does not constitute legal advice. Figures for Greece, Portugal, Malta and Hungary are given as context from official sources and published legal commentary; we advise on the Italian route and will tell you when another country suits you better.