Which Countries Have the Cheapest Golden Visas in 2026?

The cheapest Golden Visa in Europe in 2026 starts from EUR 14,000 per year in property leasing costs under Malta's MPRP, while Hungary's Guest Investor Program offers the lowest single-investment route at EUR 250,000. Portugal's Golden Visa is still the strongest path to EU citizenship, with only 14 days of physical presence required every two years and eligibility to apply after seven or ten years as a legal resident. Greece offers the broadest family inclusion and probably the fastest processing time, but prohibits short-term rental income. Italy provides multiple pathways starting from EUR 250,000 for startup investors. All programs require a clean criminal record, health insurance, and documented source of funds.

What Is a Golden Visa?

A Golden Visa program grants eligible individuals and their families the legal right to reside in a host country in exchange for a qualifying economic contribution. Unlike standard immigration, RBI programs are purpose-built to attract foreign capital and offer investors a structured, predictable path to legal resident status.

Golden visas grant the right to live in a country but do not automatically confer citizenship or a second passport. CBI programs, such as those in Dominica or Grenada, offer full citizenship typically within a few months, with no physical presence required.

If your primary goal is a second passport for immediate global mobility, a Caribbean CBI program, which Harvey Law Group has offered since 1992, is the more direct route. If your goals include an EU residence permit, long-term lifestyle planning, or eventual European citizenship, the programs covered in this article are the appropriate starting point.

Key Benefits of a Golden Visa

The value of a Golden Visa goes well beyond the right to reside in another country. For our clients, who range from entrepreneurs and family office managers to retirees and globally mobile professionals, the practical benefits typically fall into four areas:

Travel and mobility: EU Golden Visas grant Schengen Zone access, covering 90 days within any 180-day period across 26 countries. This is distinct from a second passport but provides substantial practical mobility.

A legal base without relocation: Most European RBI programs require minimal or no physical presence. Portugal requires only 14 days every two years; Hungary and Malta impose no minimum stay requirement whatsoever.

Pathway to citizenship: Programs differ significantly in their citizenship requirements. Portugal offers one of the most flexible routes: five years as a legal resident with limited physical presence. Greece and Italy require substantial physical presence over longer periods.

Investment and wealth structuring: Investments made through golden passport programs, whether in funds, real estate, or business, can form part of a broader wealth diversification and asset protection strategy. Harvey Law Group's private client services team can advise on structuring these in parallel with residence planning.

The Cheapest Golden Visa Programs in Europe

Investment migration programs change regularly. All figures below reflect official program requirements as of early 2026. We strongly recommend verifying current thresholds with our legal teams before initiating an application, as rules can change with limited notice.

Portugal

Portugal's Golden Visa has been Europe's most-applied golden visa program since its launch in 2012, and for good reason. Following the removal of the real estate investment route in October 2023, the program now focuses on fund subscriptions, cultural heritage donations, and business creation.

What distinguishes Portugal above all other European programs is the citizenship pathway. After seven to ten years as a legal resident, requiring only 14 days of physical presence every two years, investors may apply for Portuguese citizenship and a Portuguese passport, subject to basic language proficiency and a clean criminal record. Portugal permits dual citizenship, making this particularly valuable for investors from countries that do not typically allow dual nationality.

You might be interested in: How to Get a European Residence Permit with Portugal's Golden Visa

HLG practitioner note: Portugal's AIMA processing backlogs remain a real concern for new applicants in 2025-2026. Applications filed today may face wait times exceeding three years. Our Lisbon team actively monitors queue positions and submits supporting documentation proactively to prevent avoidable delays. The fund investment route (EUR 500,000) generally offers a more recoverable investment than the cultural heritage donation (EUR 250,000), which is non-refundable.

Hungary

Hungary reintroduced its golden visa program on July 1, 2024, under the name Guest Investor Program (GIP). It stands out as the most straightforward program currently available, offering a 10-year renewable permit, the longest initial validity among all European Golden passport programs, with no minimum physical presence requirement.

HLG practitioner note: The fund investment route at EUR 250,000 makes Hungary the cheapest Golden Visa route to a full EU residence permit with Schengen access. The 10-year permit validity is a standout feature: clients avoid the renewal administration burden common with 2-year permits. Hungary's flat 15% income tax rate is also an attractive consideration for investors considering physical relocation.

Read the full article about the Hungarian Guest Investor Program.

Malta

The Malta Permanent Residence Programme (MPRP), introduced in 2021, offers one of the most attractive permanent residence structures within the European Union. Unlike most other golden passport programs, which grant temporary renewable permits, the MPRP grants indefinite resident status upon approval, a meaningful distinction for investors seeking long-term stability without renewal obligations.

Malta also stands out for its family inclusion policy. Up to four generations can be included in a single MPRP application, making it the most multigenerational-friendly program in Europe. The program has no physical presence requirement, though applicants must visit Malta for biometric registration.

HLG practitioner note: The lease route makes Malta's total minimum outlay significantly lower than most property-purchase programs, with a total government contribution and fees of approximately EUR 100,000+ depending on route and dependents, plus the annual lease cost. However, the net worth requirement (EUR 500,000, of which EUR 150,000 must be in liquid assets) means the program is not accessible to all investors regardless of investment size. Malta's citizenship path, while possible, is discretionary and not a guaranteed outcome of holding the MPRP.

Greece

Greece's Golden Visa remains one of Europe's most popular investor programs, primarily due to its well-established real estate route and its broad family inclusion policy, which extends to the applicant's parents and parents-in-law, as well as same-sex partners. Following major reforms introduced between 2024 and 2025, the program has shifted toward higher investment thresholds and introduced restrictions on short-term rental income.

HLG practitioner note: The short-term rental prohibition is the most significant change to the Greek program in recent years. Investors who previously relied on Airbnb income to offset holding costs need to reframe the Greek Golden Visa as a legal-base and asset preservation strategy, not an income-generating one. For clients targeting eventual EU citizenship, Greece's requirement of 183 days/year for seven consecutive years is one of the most demanding in Europe; Portugal remains the far more practical citizenship route.

Italy

Italy does not operate a traditional 'Golden Visa' program in the same format as Portugal or Greece. Instead, it offers three distinct pathways for foreign investors and financially independent individuals to settle in the country, each with different investment thresholds and eligibility criteria.

Italy Golden Visa

The Italian golden visa program is an investment-based program that allows non-EU nationals and their families to obtain a 2-year renewable residence permit in Italy that gives them the right to live, work, and study. There are four investment options available: EUR 250,000 in an Italian innovative startup, EUR 500,000 in an Italian operating company (listed or unlisted), a EUR 1,000,000 philanthropic donation to a project of public interest, or EUR 2,000,000 in Italian government bonds.

Italy Elective Residence Visa (Retirement Visa)

Designed for financially independent individuals who wish to live in Italy without working. This visa does not involve an investment; instead, applicants must demonstrate sufficient passive income (pensions, dividends, rental income). The official minimum is approximately EUR 31,000/year for a single applicant, but most Italian consulates apply closer to EUR 100,000/year in practice.

HLG practitioner note: Italy's non-domiciled (non-dom) tax regime, offering a flat annual tax of EUR 100,000 on foreign-sourced income, makes the Elective Residence Visa particularly attractive for high-net-worth individuals with significant global income who plan to physically relocate. We strongly recommend professional tax advice before structuring any Italian application around the non-dom regime, as eligibility conditions and benefits are subject to legislative change.

Which Golden Visa Is Cheapest? A Direct Comparison

The table below compares the cheapest Golden Visa options in Europe by minimum investment, presence requirements, and citizenship pathway.

Note: Investment figures represent the minimum qualifying investment only. Total costs including government fees, administration charges, legal fees, property transfer taxes, due diligence fees, and health insurance consistently add 5-10% or more.

What Should You Consider Before Choosing a Golden Visa?

This single question narrows your program options more than any other factor. If your primary goal is a second passport within the next 12 months, for travel, business, or geopolitical risk management, a Caribbean CBI program is the appropriate vehicle. Programs in Grenada, Dominica, St. Kitts & Nevis and others that Harvey Law Group has facilitated for over three decades can deliver full citizenship in as little as four to seven months with no physical presence required.

If your goal is a long-term EU base, cross-border tax planning in Europe, or eventual European citizenship, an RBI program is the right structure, with Portugal offering by far the most straightforward citizenship pathway among the five countries covered here.

Total Cost Beyond the Headline Investment

Every program has costs beyond the advertised investment minimum. These typically include government application fees, due diligence fees, legal and advisory fees, health insurance, and, for real estate routes, property transfer taxes, notary fees, stamp duties, and VAT. On real estate investments, additional costs commonly add 5-10% to the purchase price. Ongoing costs (maintenance, insurance, utilities) apply for property-holding routes. Harvey Law Group provides clients with a full anticipated cost schedule before committing to any application.

Family Inclusion Policies

Definitions of 'dependent' vary significantly. Most programs cover the main applicant, spouse, and minor children as standard. Greece extends inclusion to both sets of parents and same-sex partners. Malta's MPRP permits up to four generations in a single application. Programs with broader family inclusion typically require additional government fees per dependent. Applicants with extended family goals should evaluate programs on inclusive scope, not just investment threshold.

Tax Implications

Holding a residence permit does not automatically make you a tax resident. In most countries, tax resident status is triggered by spending 183 or more days per year in the country. For investors who do not plan to relocate, taxation is typically limited to locally-sourced income. Programs like Italy and Greece offer non-domiciled tax regimes that can be attractive for high-income movers, but these come with specific conditions and require professional structuring. Harvey Law Group's private client services team can coordinate immigration planning with tax advisors across our 20+ country network.

Processing Times: What to Expect in 2026

Processing times vary significantly and can diverge from official estimates. Hungary is currently among Europe's fastest programs, with approvals typically within 2-3 months. Malta's MPRP processes in approximately 6-8 months. Greece officially cites 4-6 months, though backlogs have been reported. Portugal is the outlier: new applications are experiencing delays exceeding three years in some cases due to AIMA capacity constraints. Applicants with time-sensitive goals should factor these realities into program selection.

Frequently Asked Questions

What is the cheapest Golden Visa in Europe?

Malta's MPRP has the lowest entry cost via the lease route (from EUR 14,000/year plus ~EUR 100,000 in contributions and fees), while Hungary's EUR 250,000 fund route is the cheapest single-investment program.

Can I get a Golden Visa without buying real estate?

Yes. Portugal, Hungary, and Italy all offer qualifying non-real-estate investment routes. Portugal accepts fund subscriptions (EUR 500,000) and cultural heritage donations (EUR 250,000). Hungary's primary route is a EUR 250,000 investment in an approved real estate fund (not direct property ownership). Italy's Investor Visa accepts startup investment, company investment, government bonds, or philanthropic donations. Malta's lease route does not require property ownership, though it does require leasing qualifying property.

Do Golden Visas lead to citizenship?

They can, but timelines and conditions vary considerably. Portugal offers the most accessible route: five years as a legal resident with minimal physical presence and a basic language requirement. Hungary requires eight years and a language exam. Greece requires 183 days per year of physical presence for seven consecutive years plus language and cultural exams, which makes it practically demanding. Italy requires ten years of physical residence. Malta's MPRP does not include a direct citizenship guarantee: naturalization is possible under the Maltese Citizenship Act but is discretionary and subject to extended residence conditions.

How long does it take to get a Golden Visa approved?

Hungary is currently the fastest European program, with approvals typically in 2-3 months. Malta processes in 6-8 months. Greece and Italy officially target 4-6 months, though delays occur in high-demand periods. Portugal is the slowest, with current backlogs extending beyond three years for new applicants in some cases. Caribbean CBI programs, which Harvey Law Group also facilitates, process full citizenship in four to seven months.

Which Golden Visa programs include family members?

All five programs covered here include family members, though definitions of 'dependent' vary. Malta's MPRP is the most inclusive, permitting up to four generations in a single application. Greece extends coverage to both sets of parents and same-sex partners. Portugal, Hungary, and Italy include spouse and dependent children as standard; parents may be included subject to conditions. Additional government contributions per dependent apply in most programs.

Can I generate rental income from a Golden Visa property investment?

This depends on the country. Long-term residential leasing is generally permitted for investment properties in most programs. However, Greece explicitly prohibits short-term rentals (such as Airbnb listings) on properties acquired through its Golden Visa, with substantial fines for violations, a significant change from prior years. In Portugal, real estate investment was removed as an eligible route entirely in October 2023. Investors focused on property-generated income should discuss strategy with HLG advisors before committing to a specific program.