The term “golden visa” has no legal definition. Portugal calls it the ARI. Greece calls it a residence permit for investors. Hungary invented “Guest Investor Residence Permit”. No European government actually uses the phrase in its legislation.
For this guide, a golden visa is a residence permit obtained through a passive financial investment, where the holder is not required to live in the country or become a tax resident to maintain their status.
Under this definition, eight European countries currently operate active golden visa programs. Several more have closed in recent years.
The European Programs
Portugal
Portugal’s Golden Visa remains the most scrutinized program in the market. The real estate route ended in October 2023 under the More Housing reform (Law 56/2023). What survived: €500,000 in qualifying investment fund subscriptions (the dominant route today), €250,000 for cultural or artistic investments, €500,000 for scientific research, and business creation with at least ten jobs.
Physical presence is seven days per year. Permanent residency arrives at year five. Citizenship has also been available at five years, and that rule remains in effect as of March 2026. Portugal’s parliament voted in October 2025 to extend naturalization timelines to ten years for most non-EU, non-CPLP nationals, but the Constitutional Court struck down parts of the law in December 2025, and the President vetoed the decree. The bill has been sent back to parliament for revision, with discussion scheduled for April 2026. Whether the ten-year timeline eventually passes, gets amended, or fails entirely remains an open question.
Golden visa investors filed a constitutional challenge in December 2025, arguing the government reneged on promises made when it solicited their capital.
More than 20,000 golden visa applicants still await appointments with AIMA, Portugal’s migration agency. Processing times hit a record 39.6 months. Minister Leitão Amaro promised resolution in 2026, generating an estimated €85 million in revenue. Immigration lawyers described the timing as “very offensive and shameless”.
Despite the turbulence, the program’s core value proposition has not changed. It still delivers residence permits, Schengen access, and a path to citizenship. The path is longer now.
IMI Pros Who Can Help You with the Portugal Golden Visa
Greece
Greece overhauled its golden visa in September 2024 with a zone-based pricing system. The new tiers:
€800,000 for Athens, Thessaloniki, Mykonos, Santorini, and islands with more than 3,100 inhabitants. Single property, minimum 120 square meters.
€400,000 for all other regions. Same size constraint.
€250,000 for commercial-to-residential property conversions and restoration of listed buildings, anywhere in the country. No size requirement, but the conversion or restoration must be completed before application (for conversions) or by the five-year renewal (for restorations).
Non-real-estate alternatives include €500,000 in Greek government bonds (minimum three-year maturity), €500,000 in a fixed-term bank deposit, or €800,000 in equities and corporate bonds. A ten-year hotel or tourist residence lease qualifies at €250,000 to €500,000 depending on zone.
No minimum stay. Citizenship eligibility begins after seven years of tax residence in Greece, plus a language exam.
Greece proposed legislation in January 2026 to fix backdated residence permits, streamline renewals, and address a backlog that stood at approximately 42,390 pending applications by November 2025. Short-term rentals (Airbnb) are now prohibited for golden visa properties, with a €50,000 fine and permit revocation for violations.
IMI Pros Who Can Help You with the Greece Golden Visa
Hungary
Hungary’s Guest Investor Residence Permit launched in July 2024 and quickly became one of Europe’s most popular new options. Two investment routes remain: €250,000 in a government-accredited real estate fund, or a €1 million donation to a higher education institution. A €500,000 direct real estate route was abolished in January 2025 after concerns about rising housing prices.
The program grants a ten-year permit, renewable for another ten years. Zero physical presence required. Schengen travel rights activate immediately. Investors receive pre-approval before committing capital, eliminating financial risk during the application stage.
Family inclusion covers spouses, children under 18 (or up to 26 if financially dependent, studying, and unmarried), and parents aged 65 and over.
Citizenship requires eight years of continuous full-time residence in Hungary, a Hungarian language and cultural knowledge exam, and financial self-sufficiency. This is a long road, and one that requires you to actually live there.
IMI Pros Who Can Help You with the Hungary Guest Investor Visa
Bulgaria
Bulgaria’s golden visa flies under the radar, but it offers something no other EU program currently matches: immediate permanent residency from a single fund investment of €512,000. The program requires investment in Alternative Investment Funds (AIFs) or Exchange-Traded Funds (ETFs) licensed by Bulgaria’s Financial Supervision Commission. The investment must be maintained for at least five years.
No physical residence is required to maintain permanent residency status. Bulgaria joined the Schengen Area in January 2025 and adopted the euro in January 2026, eliminating the currency risk that previously complicated fund subscriptions. A flat 10% income and corporate tax rate, the lowest in the EU, applies to those who become tax residents.
Citizenship eligibility begins five years after permanent residency is granted, subject to an A1-level Bulgarian language requirement, achievable in under two months of remote study. Children of Bulgarian citizens acquire citizenship by descent regardless of age. Only two fully compliant golden visa funds currently operate. Processing takes six to eight months from start to permanent residency card.
IMI Pros Who Can Help You with the Bulgaria Residence by Investment
Latvia
Latvia offers one of Europe’s oldest and cheapest golden visas, operational since 2010. Three investment routes: €50,000 in a company with fewer than 50 employees and under €10 million turnover; €250,000 in real estate plus a 5% government fee; or €280,000 in a Latvian bank deposit for five years plus a €25,000 government fee.
The bank deposit route returns your capital in full after the five-year residency period. Real estate investments surged to 45% of approvals in H1 2025. Latvia processed 44 main applicants in the first half of 2025, on track for its strongest year since 2021-2022. No minimum stay is required. Citizenship takes at least ten years of physical residency plus Latvian language and history exams.
IMI Pros Who Can Help You with the Latvia Golden Visa
Italy
Italy’s Investor Visa (Visto per Investitori) grants residence through four routes: €250,000 in an innovative Italian startup, €500,000 in an Italian company, €2 million in Italian government bonds, or a €1 million philanthropic donation. Processing takes three to four months. No minimum stay is explicitly required to maintain the visa, though applicants must demonstrate intent to reside.
Italy also offers a separate 7% flat tax regime for retirees relocating to southern municipalities with fewer than 20,000 inhabitants, valid for up to ten years on all foreign-sourced income. Citizenship follows the standard ten-year residency path.
IMI Pros Who Can Help You with the
Cyprus
Cyprus offers permanent residency through a €300,000 property investment (plus VAT) in new residential real estate. Alternative routes include €300,000 in commercial property, or €300,000 in units of Cyprus Investment Fund Association collective investments. Applicants must demonstrate a secured annual income of at least €50,000 from abroad, plus €15,000 for a spouse and €10,000 per child.
Processing takes two to three months. You must visit once every two years to maintain permanent residency. Cyprus levies no wealth tax, inheritance tax, or gift tax. Non-domiciled residents pay zero tax on dividends and interest for up to 17 years. Foreign pensions face a flat 5% rate above an exempt threshold.
IMI Pros Who Can Help You with the Cyprus Golden Visa
Malta
Malta’s Citizenship by Exceptional Services by Direct Investment ended in April 2025 following an EU Court of Justice ruling. The Malta Permanent Residence Programme (MPRP) remains open and grants permanent residency from day one.
The MPRP combines a government contribution, property purchase or lease, and a philanthropic donation. Total costs start at approximately €150,000 when leasing, varying with property choice and family size.
Malta stands out for four-generation family inclusion: spouses, children, parents, grandparents, and in some cases great-grandparents. No minimum stay is required. English is an official language. Citizenship follows a standard naturalization path requiring extended residence.
IMI Pros Who Can Help You with the Malta Permanent Residence (MPRP)
What Closed and Why
The pattern among European closures is consistent: Political pressure over housing affordability combined with EU institutional resistance to passive-investment pathways.
Spain ended its golden visa on April 3, 2025, under Organic Law 1/2025. Prime Minister Pedro Sánchez framed the closure as a response to a housing crisis, noting that non-EU residents purchased 27,000 properties in 2023, mostly for short-term rental rather than habitation.
Three alternative residency routes remain open (Non-Lucrative Visa, Digital Nomad Visa, Entrepreneur Visa), but all require at least 183 days per year of physical presence.
Malta’s CBI program fell to an EU Court of Justice ruling in April 2025. The MPRP residency program survived.
Ireland closed its Immigrant Investor Programme in February 2023. The UK shut its Tier 1 Investor Visa in February 2022. Neither has announced a replacement.
The Netherlands quietly discontinued its investor residence option.
Romania proposed a €400,000 golden visa in November 2025 but subsequently cancelled the plans after the Supreme Council of National Defense (CSAT) raised concerns it could threaten the country’s Schengen membership, Visa Waiver Program status, and OECD ambitions.
The EU has continued hardening its stance. ETIAS, the European Travel Information and Authorization System, is set to launch in late 2026 and become mandatory by October 2027. One-third of investment migration executives believe it will become a mechanism for discriminating against CBI passport holders, introducing pre-screened entry that could transform visa-free access into something far more conditional.
Quick Reference
- Cheapest option: Latvia at €50,000 (business investment).
- Only program granting immediate permanent residency: Bulgaria at €512,000.
- Zero physical presence required: Greece, Hungary, Bulgaria, Latvia, Malta, and Italy. Portugal requires seven days per year. Cyprus requires one visit every two years.
- Fastest processing: Hungary and Cyprus (two to three months).
- Longest processing backlog: Portugal (39.6 months).
- Lowest tax rate for residents: Bulgaria (flat 10% income and corporate tax).
- Most recent program launch: Hungary (July 2024).
- Most recent closure: Spain (April 2025).
- Most recent cancellation: Romania (proposed November 2025, subsequently cancelled).