A golden visa is a residence permit you get because you invest, not because you work, study or marry. You put money into property, funds, a company or a state coffer, pass due diligence and receive a card that lets you live in the country – often with a stay requirement of a few days a year.
That’s the product. What it isn’t: a passport (that’s citizenship by investment), and not a tax residency (that’s about where you actually live – see residence permit vs tax residency). Keep those three apart and you’ll avoid most of the expensive mistakes in this market.
The comparison table (as of September 2026)#
Headline routes for a single applicant or family. Government fees are indicative and exclude lawyers, agents, due diligence, property transfer taxes and fund fees, which often add 5–10% to the bill.
| Country | Minimum investment (main route) | Government fees (indicative) | Stay requirement | Path to citizenship | Family |
|---|---|---|---|---|---|
| Portugal | €500,000 in qualifying Portuguese funds; also €500,000 research, €250,000 culture/heritage or 10 jobs. No real estate | About €605 application + €6,045 per card; renewals about €3,160 | 7 days in year 1, then 14 days per 2-year period | 10 years (7 for EU and CPLP nationals), counted from the first card, plus language and culture test | Spouse, minor and dependent student children, dependent parents |
| Greece | Property €800,000 (Attica, Thessaloniki, Mykonos, Santorini, bigger islands), €400,000 elsewhere, €250,000 conversions and listed buildings | €2,000 main applicant, €150 per adult family member | None | 7 years of residence – realistic only if you actually live there | Spouse, children up to 21, parents of both spouses |
| Spain | Closed on 3 April 2025 | – | – | – | Existing permits can be renewed |
| Malta (MPRP) | €37,000 contribution + €60,000 admin fee + €2,000 donation + property from €375,000 (or rent from €14,000/year), held 5 years; assets of €500,000 or €650,000 | €7,500 per adult dependant, €500 card per person | None | Discretionary naturalisation, needs genuine residence | Up to four generations |
| Cyprus (Reg. 6(2)) | €300,000 + VAT, mostly new property from a developer; plus €50,000 secure annual income from abroad | Modest filing fees | One visit every 2 years | Naturalisation after years of actual residence with B1 Greek; the permit alone doesn’t get you there | Spouse and minor children (income +€15,000 spouse, +€10,000 per child) |
| UAE (Golden Visa) | AED 2 million in property (other investor routes exist) | Roughly AED 5,000–10,000, varies by emirate and route | None; exempt from the 6-month absence rule | No ordinary route | Spouse, children, parents |
| Andorra (passive) | €1,000,000 in Andorran assets (property from €800,000 per unit) or €400,000 in the Housing Fund | €50,000 non-refundable to the AFA + €12,000 per dependant | 90 days a year | 20 years and you must renounce other passports | Spouse, children |
| Italy (investor visa) | €250,000 innovative start-up, €500,000 company, €1m philanthropic donation or €2m government bonds | Low (visa and permit fees) | No fixed minimum in the investor rules | 10 years of registered residence | Spouse, children, dependent parents |
| Latvia | Property route abolished; company €50,000/€100,000 + €10,000 state fee; new €150,000 fund route announced | €10,000 state payment | Check | Long; dual citizenship only with certain countries | Spouse, children |
| Hungary (Guest Investor) | €250,000 in approved real estate fund units, held 5 years; or €1m donation | Modest | None | 8 years with a Hungarian constitution exam | Spouse, children |
| Panama (Qualified Investor) | US$300,000 new property from the developer, US$500,000 resale property or securities; deposits US$500,000 (state banks) or US$750,000 | Moderate | Low | 5 years after permanent residence, with a renunciation declaration | Dependants |
| Paraguay (Investor Pass) | US$70,000 business with 5 jobs, US$150,000 tourism, US$200,000 property or financial assets | Low | Keep real ties; long absences risk the permit | 3 years after permanent residence | Dependants |
| Türkiye | Residence permit via property with an appraised value from US$200,000 | Low | Renew every 1–2 years | 5 years ordinary; citizenship by investment from US$400,000 is separate | Spouse, children under 18 |
Country notes that change the math#
Portugal: funds only#
The 2023 Mais Habitação law took real estate and capital transfers out of the programme. What’s left is mainly the €500,000 fund route: Portuguese collective investment funds with at least five years to maturity and at least 60% invested in Portuguese companies. Plan for AIMA backlogs – 12 to 18 months from filing to card isn’t unusual.
The bigger change is on the passport side. Organic Law 1/2026 (in force since 19 May 2026) raised naturalisation to 10 years for most nationalities, counted from the day your first residence card is issued, not from your application. The old “Portuguese passport in five years for seven days a year” pitch is dead. Details in fastest naturalisation.
Greece: three zones since 2024#
Law 5100/2024 replaced the flat €250,000 with a zone system: €800,000 in the hot spots, €400,000 elsewhere, €250,000 only for converting commercial buildings to homes or restoring listed ones. One property of at least 120 m², no Airbnb. Still no minimum stay, and still one of the few routes that covers parents of both spouses.
Spain: closed#
Organic Law 1/2025 ended the golden visa on 3 April 2025. If someone sells you a “Spanish golden visa” in 2026, they’re selling either a renewal of an old permit or a different visa (non-lucrative, digital nomad, entrepreneur) with a nicer name.
Malta and Cyprus: permanent from day one#
Both give permanent residence rather than renewable permits. Malta’s MPRP is expensive in sunk costs (€99,000 in contribution, admin fee and donation before property), Cyprus is cheaper but needs €50,000 of foreign income every year. Cyprus is EU but not Schengen, so the card doesn’t get you visa-free Schengen travel.
Latvia: the property route ends#
Latvia’s Saeima passed a new Immigration Law in 2026; it was promulgated on 1 September 2026. It scraps the €250,000 property route, the government bond route and bank deposit routes. What remains is the company route (€50,000 or €100,000 plus €10,000 to the state budget, now with a two-year permit) and a new €150,000 fund route that still needs to be set up. Sources differ on the exact start date and transitional rules – check with the Office of Citizenship and Migration Affairs before you commit.
Hungary: a fund, not a flat#
The Guest Investor Programme relaunched in 2024 with two routes: €250,000 in units of an approved real estate fund, held for five years, or a €1 million donation to a university foundation. The ten-year permit has no minimum stay. The government elected in 2026 has signalled a review of fund rules – watch this space.
Panama and Paraguay: the Americas get pricier#
Panama’s Executive Decree 17 of 2026, published on 16 September 2026, split the property threshold: US$300,000 only for new property bought from the developer, US$500,000 for anything resold. Deposits need US$500,000 at the state banks or US$750,000 elsewhere. Pending applications and some pre-signed deals keep the old rules if filed within six months.
Paraguay went the other way: the Investor Pass (MIC Resolution 283/2026, in force since April 2026) gives direct permanent residence from US$70,000 in a productive business. For comparison, ordinary Paraguayan residence needs no investment at all.
UAE: a visa, not a path#
The UAE Golden Visa is a 5- or 10-year renewable residence visa. It doesn’t lapse when you’re abroad for more than six months, which is its main advantage over a normal company visa. There’s no ordinary route to Emirati citizenship, and the visa alone doesn’t give you a UAE tax residency certificate – you still need the days. See moving to Dubai.
EU scrutiny: the pressure is on#
Brussels has never liked golden visas. Its 2019 report flagged security, money-laundering and tax risks; in March 2022 the Commission recommended that member states stop granting investor residence to Russian and Belarusian nationals under sanctions, and the European Parliament called for residence-by-investment schemes to be phased out.
What that has meant in practice:
- Closures: Ireland (2023), the Netherlands (2024), Spain (2025) and Latvia’s property route (2026). Portugal dropped real estate in 2023.
- Price rises: Greece doubled its main thresholds, Andorra raised its passive-residence investment from €600,000 to €1 million and made the €50,000 payment non-refundable.
- AML rules: the EU Anti-Money Laundering Regulation (EU) 2024/1624 makes “investment migration operators” – the agents and intermediaries – obliged entities from 10 July 2027. Expect more source-of-funds questions, not fewer.
Unlike citizenship (where the EU Court of Justice struck down Malta’s scheme in 2025), residence schemes aren’t illegal under EU law. But every golden visa in the EU runs on political goodwill. Rules can change between your application and your renewal.
Scams and traps
“Golden visa = EU passport.”
Portugal now needs 10 years for most nationalities, Italy 10, Greece 7 with genuine residence. Low-stay permits rarely make you eligible in practice.
“Golden visa = tax-free.”
A permit doesn’t end your old tax residency and doesn’t create a new one. Read residence permit vs tax residency.
Overpriced “qualifying” property.
Developers love golden visa buyers. Get an independent valuation, especially in Greece, Türkiye and Panama where the threshold depends on the appraised value.
Funds with hidden costs.
Subscription fees, management fees and five-year lock-ups can eat much of the return. Check that the fund is actually on the eligible list.
Programmes that no longer exist.
Spain, Ireland, the Netherlands and Latvia’s property route closed. Offers based on them are outdated at best.
Schengen confusion.
A Greek or Portuguese card lets you travel in Schengen for 90 days in 180 – not live or work in other EU countries.
Golden visa or something else?#
If you want to live somewhere, a golden visa is usually the expensive way in. A D7 or digital nomad visa or a company-based permit costs a fraction and counts better toward naturalisation. Golden visas make sense for a specific buyer: someone who wants a secure Plan B residence with minimal presence, and has the capital parked anyway.
If you want a passport, compare citizenship by investment and fastest naturalisation. If you want lower taxes, start with the tax residency guide – the permit comes last.
FAQ#
What is the cheapest golden visa in the EU in 2026?
By headline investment: Hungary (€250,000 in a real estate fund), Italy (€250,000 in an innovative start-up) and Greece (€250,000, but only for conversions or listed buildings). The standard Greek property route starts at €400,000, Cyprus at €300,000 plus VAT.
Can I still get a Portuguese golden visa with real estate?
No. Since the 2023 reform, property purchases no longer qualify for new applicants. The main route is €500,000 in qualifying Portuguese funds.
Does a golden visa lead to citizenship?
Sometimes, slowly. Portugal needs 10 years for most nationalities (7 for EU and CPLP nationals) plus a language test. Greece, Italy, Hungary and Cyprus expect genuine residence. The UAE has no ordinary route, and Andorra requires 20 years and renouncing your other passports.
Does a golden visa make me tax resident?
No. Tax residency follows days, homes and ties. Seven days a year in Portugal won’t make you Portuguese tax resident – and won’t end your tax residency at home either.
Is Spain’s golden visa coming back?
There’s no sign of that as of September 2026. It was abolished on 3 April 2025; existing holders can renew.
Can I work with a golden visa?
It depends on the country. Portugal, Hungary and the UAE generally allow work or running a business on the investor permit. Greece’s investor permit doesn’t allow employment, and Andorra’s passive residence rules out any work in Andorra. Check the permit conditions before you plan a business around it.
This guide is general information, not legal, tax or investment advice. Programme rules change often – the official pages below are the final word. Want to see how residence, tax and company fit together for you? Book a strategy session.
Sources#
- Portugal – AIMA, residence permit for investment (ARI)
- Portugal – Organic Law 1/2026 (Diário da República)
- Greece – Ministry of Migration and Asylum
- Spain – BOE, Organic Law 1/2025
- Malta – Residency Malta Agency, MPRP legal framework
- Cyprus – Civil Registry and Migration Department
- UAE – ICP, Golden Residency
- UAE – Government portal, golden visa
- Andorra – Government immigration service
- Italy – Investor Visa for Italy (Ministry of Enterprises)
- Latvia – President of Latvia, Immigration Law returned for second review (June 2026)
- Latvia – Office of Citizenship and Migration Affairs
- Hungary – Immigration and Asylum Office, guest investor residence permit
- Panama – Gaceta Oficial
- Panama – National Migration Service
- Paraguay – Ministry of Industry and Commerce, investor certificates
- Türkiye – Presidency of Migration Management, residence permits
- European Commission – Investor citizenship and residence schemes in the EU, COM(2019) 12
- Regulation (EU) 2024/1624 – Anti-Money Laundering Regulation
