European Golden Visa Programs Compared: Spain, Portugal, Greece, Italy 2026
Quick Answer
As of 2026, Greece is the only major European country with an active, accessible real-estate-based Golden Visa under €800,000 — at €250,000 minimum in non-premium zones. Portugal closed its real estate route in October 2023. Spain's real estate route is politically uncertain. Italy has no dedicated Golden Visa — it uses an Investor Visa (€500K+). Greece's program leads directly to EU citizenship in 7 years; Portugal's fund-based program offers citizenship in 5 years. For property buyers specifically seeking residency, Greece is now the default entry point in Europe.
The 2024–2026 Status Overview
| Country | Real Estate Route | Minimum Investment | Path to Citizenship | Minimum Stay |
|---|---|---|---|---|
| Greece | Active | €250K (non-premium) / €800K (Athens, Thessaloniki, Mykonos, Santorini) | 7 years | None for permit renewal |
| Portugal | Closed (since Oct 2023) | €500K (investment funds) | 5 years | 7–14 days/year |
| Spain | Politically uncertain | €500K (nationally; suspended in some regions) | 10 years (2 for Latin Americans) | None for permit renewal |
| Italy | No dedicated program (Investor Visa) | €500K (Italian company) / €1M (startup) / €2M (treasury bonds) | 10 years | Annual renewal (active business required) |
| Malta | Active (MPRP — contribution + property) | €375K property + €30K contribution | 1–3 years (citizenship by naturalisation) | Yes (12 months) |
| Cyprus | Previously had Golden Passport; now PR only | €300K (CPIRNP — property) | 7+ years PR path | No formal minimum |
Greece: The Last Affordable Real-Estate Golden Visa
Program Structure
Greece's Golden Visa (Επενδυτική Βίζα) is administered under Law 4251/2014 and has been updated multiple times. Current structure in 2026:
- €250,000 minimum for real estate in most of Greece (approximately 85% of Greek territory)
- €800,000 minimum for Attica region (Athens), Thessaloniki, Mykonos, Santorini, and other premium islands (raised from €500,000 in August 2024)
- Properties can be commercial, residential, or a combination
- Multiple properties can be combined to reach the threshold
- Property leased for tourism (operating as a hotel/tourist accommodation) qualifies
Permit and Renewal
- Initial permit: 5 years
- Renewal: every 5 years, as long as the qualifying property is maintained
- No minimum stay requirement — permit can be renewed without visiting Greece more than once per cycle
- Family members included (spouse, children under 21, parents of primary holder and spouse)
Citizenship Path
Greek citizenship requires:
- 7 years of legal residence (must actually spend 183+ days/year in Greece to count each year)
- Basic Greek language test
- Clean criminal record
- Proof of integration into Greek society
The 7-year citizenship path from investment is achievable but requires genuine residency in Greece during those years — unlike Portugal's program where minimal presence suffices for permit maintenance but actual citizenship requires commitment.
Portugal: Investment Funds Route Remains Open
Portugal's Golden Visa program (ARI — Autorização de Residência para Atividade de Investimento) continues without the real estate route. Current qualifying routes:
- €500,000: Qualifying investment funds (CMVM-regulated, Portugal-focused)
- €250,000: Donation to arts, culture, or heritage preservation
- €500,000: Scientific research investment
- Job creation: 10+ permanent jobs for Portuguese employees
Portugal's key advantage over all competitors: citizenship eligibility after just 5 years with minimal stay requirement (7 days in year 1–2, 14 days per 2-year period thereafter). A Portuguese passport grants visa-free access to 185+ countries and full EU rights. Processing times currently run 12–18 months for new applications.
Spain: Political Uncertainty, Program Still Technically Active
Spain's Golden Visa real estate route (€500,000 property investment) remains technically active at the national level, but:
- The Pedro Sánchez government announced in April 2024 an intention to close the real estate route, citing housing affordability
- Regional governments of Catalonia, Balearic Islands, and Canary Islands have separately suspended the real estate route within their regions
- As of May 2026, national legislation to close the program has not been enacted — the real estate route technically remains open in regions that haven't suspended it (Andalusia, Madrid, Valencia, etc.)
- Legal status is uncertain: applicants who proceed should obtain specialist legal advice and understand there is political risk that the program could close before their application is processed
Spain's non-real-estate routes remain open: €1M in Spanish bank deposits, €1M in Spanish company shares, €2M in Spanish treasury bonds, business creation with jobs.
Italy: Investor Visa (Not a Traditional Golden Visa)
Italy does not have a traditional Golden Visa. Instead, it offers a "Visto per Investitori" (Investor Visa) for non-EU nationals. Key differences from a traditional Golden Visa:
- Property purchase does NOT qualify for the Italian investor visa
- Qualifying routes: €500K in existing Italian company, €1M in innovative Italian startup, €2M in Italian treasury bonds (BTP), €1M donation to Italian cultural/scientific project
- The visa is business-focused — the investment must be in Italian business or government instruments
- Initial permit: 2 years (renewable for 3 years)
- Citizenship path: 10 years of legal Italian residency (standard rule)
For property buyers wanting to live in Italy, the Elective Residence Visa (no investment required, just passive income proof) or the standard D-type visa routes are more practical than the Investor Visa.
Head-to-Head: For Property Buyers Seeking Residency
| Factor | Greece GV | Portugal Fund GV | Spain GV (uncertain) |
|---|---|---|---|
| Can use property purchase | Yes (€250K–€800K) | No (since Oct 2023) | Technically yes, uncertain |
| Minimum investment | €250,000 (most of Greece) | €500,000 (funds) | €500,000 (property) |
| Path to citizenship | 7 years | 5 years | 10 years |
| Minimum stay for permit | None | 7–14 days/year | None |
| Program stability | Stable (recently updated rates) | Stable (real estate route removed, rest intact) | Politically uncertain |
| Processing time | 6–12 months | 12–18 months (backlog) | 6–12 months |
| Property market quality | Varied — Athens, islands, mainland | Separate property purchase required | Strong (if non-suspended region) |
Key 2024–2025 Changes That Reshaped the Landscape
- October 2023: Portugal removes all real estate from Golden Visa. Biggest single change in European RBIP history.
- August 2024: Greece raises investment threshold to €800K in Attica/Thessaloniki/premium islands. €250K maintained for most of Greece.
- April 2024: Spain announces intent to close real estate Golden Visa route. Catalan and Balearic regional suspension follows.
- 2025: EU Commission reviews RBIP programs under AML and security frameworks; pressure continues on remaining programs.
What is the cheapest way to get EU residency through investment in 2026?
Greece's €250,000 property investment route remains the cheapest single-investment path to EU residency in 2026. For non-premium zones (most of Greece outside Athens, Thessaloniki, and premium islands), €250K qualifies. Add transaction costs (~8% in Greece) and legal fees (~€5,000–€10,000), and total cost is approximately €285,000–€300,000 for a qualifying property with Golden Visa. Cyprus offers a PR route at €300K but with a less prestigious EU passport and more limited EU rights (Cyprus is not Schengen). Portugal's fund route at €500K provides a better citizenship path but higher upfront cost and no property benefit.
Can I live anywhere in the EU with a Greek or Portuguese Golden Visa?
No — a Golden Visa residence permit only grants the right to live in the specific issuing country and to travel visa-free within the Schengen Area. If you want to live in France with a Greek Golden Visa, you would need a separate French residence permit. Only actual EU citizenship grants the right to live and work in any EU member state. This is why the citizenship pathways (5 years in Portugal, 7 years in Greece) are so valuable — Portuguese or Greek citizenship confers full EU rights, including the right to work, establish businesses, and reside permanently in any EU country.
Is the EU likely to ban Golden Visa programs entirely?
The EU Commission cannot directly ban Golden Visa programs — this is a member state competency under EU treaty law. However, the Commission has issued guidance, launched infringement proceedings against Malta for its citizenship-by-investment program (citing concerns about EU citizenship being sold), and published recommendations against RBIP programs. Political pressure is real and mounting. The most likely trajectory is continued voluntary reduction (as seen in Portugal and Spain) rather than forced EU-wide abolition. Greece's program is currently the most politically stable major real-estate RBIP in the EU, partly because the lower entry price point and regional diversification make it harder to characterize as a luxury housing distortion tool.
Do I get the property's rental income while it qualifies for the Golden Visa?
Yes — for Greece's Golden Visa, you retain full ownership of the property and receive any rental income it generates. There is no restriction on renting out the qualifying property (subject to local licensing). Properties in tourism hotspots like Mykonos or Crete can generate 5–8% gross yields on top of the residency benefit. Portugal's old real estate route similarly allowed rental income from qualifying properties. For Greece specifically, many applicants buy tourist accommodation properties (hotels, serviced apartments) that both qualify for the Golden Visa and generate operating income.