TL;DR
In 2026, the most accessible Golden Visa countries in Europe start from €14,000/year in property leasing costs (Malta MPRP) and €250,000 in fund investment (Hungary GIP). Portugal’s Golden Visa remains the strongest route to EU citizenship, with a clear five-year pathway. Greece offers the broadest family inclusion and fast processing, but no short-term rental income. Italy provides multiple pathways starting from €250,000 for investors. All programs require clean criminal records, health insurance, and documented source of funds.
This article covers only programs where Harvey Law Group operates active legal offices. Investment figures are sourced from official government program documentation.
What Is a Golden Visa?
A Golden Visa, formally called a Residency-by-Investment (RBI) 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 residency.
The term ‘Golden Visa’ is often used interchangeably with ‘Citizenship-by-Investment’ (CBI), but the distinction matters significantly for planning purposes. Residency programs (RBI) grant the right to live in a country but do not automatically confer citizenship or a second passport. Citizenship programs (CBI), 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 EU residency, 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.
- Residency 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 of residency with limited physical presence. Greece and Italy require substantial physical presence over longer periods.
- Investment and wealth structuring: Investments made through Golden Visa 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 Most Affordable European Golden Visa Programs in 2026
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 RBI 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. From Harvey Law Group’s Lisbon office on Avenida da Liberdade, our Portugal legal team processes applications and liaises directly with AIMA (the successor to SEF) on behalf of clients.
What distinguishes Portugal above all other European programs is the citizenship pathway. After five years of residency — 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.
| Minimum investment | €250,000 (cultural heritage donation) or €500,000 (investment fund) |
| Reduced threshold | €400,000 for scientific research in low-density regions |
| Physical presence | 14 days in every 2-year period (7 days minimum in year 1) |
| Permit validity | 2 years, renewable |
| Path to citizenship | 5 years (with language test and clean record) |
| Dual citizenship | Permitted |
| Family inclusion | Spouse, dependent children, parents |
| Processing time | Can exceed 3 years due to AIMA backlogs — plan accordingly |
| HLG office | Lisbon — Avenida da Liberdade, 110 |
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 (€500,000) generally offers a more recoverable investment than the cultural heritage donation (€250,000), which is non-refundable.
Hungary
Hungary reintroduced its residency-by-investment program on July 1, 2024, under the name Guest Investor Program (GIP). It stands out as the most straightforward EU residency program currently available, offering a 10-year renewable permit — the longest initial validity among all European Golden Visa programs — with no minimum physical presence requirement.
Note: The direct real estate investment option (€500,000) was discontinued as of January 15, 2025 and is no longer available. The two active investment routes are fund investment and a higher-value donation.
| Investment option 1 | €250,000 in a government-approved real estate fund (min. 40% in Hungarian residential property; 5-year hold) |
| Investment option 2 | €1,000,000 non-refundable donation to a Hungarian public higher education trust (no hold period) |
| Physical presence | None required (visit required for biometrics only) |
| Permit validity | 10 years, renewable for a further 10 years |
| Right to work/study | Yes |
| Schengen access | 90 days in any 180-day period |
| Family inclusion | Spouse, minor children, dependent parents |
| Path to permanent residency | After 5 years of legal residence |
| Path to citizenship | After 8 years; Hungarian language exam required |
| Tax rate | Flat 15% personal income tax |
| Processing time | Approximately 2–3 months (among Europe’s fastest) |
HLG practitioner note: The fund investment route at €250,000 makes Hungary the lowest entry-point for a full EU residency 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.
Malta
The Malta Permanent Residence Programme (MPRP), introduced in 2021, offers one of the most attractive permanent residency structures within the European Union. Unlike most other Golden Visa programs which grant temporary renewable permits, the MPRP grants indefinite residency 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.
| Property route 1: Purchase | Min. €375,000 anywhere in Malta (held for 5 years) |
| Property route 2: Lease | Min. €14,000/year (held for 5 years) |
| Government contribution (purchase) | €28,000 |
| Government contribution (lease) | €58,000 |
| Administration fee | €60,000 (covers main applicant, spouse, minor children); €15,000 payable on submission |
| Additional adult dependents | €7,500 per person |
| NGO donation | €2,000 (mandatory) |
| Net worth requirement | €500,000 (including min. €150,000 in liquid assets) — or €650,000 (including min. €75,000 liquid) — maintained for 5 years |
| Physical presence | None required |
| Residency type | Permanent (indefinite) |
| Schengen access | 90 days in any 180-day period |
| Processing time | 6–8 months |
| Path to citizenship | Possible under Maltese Citizenship Act (Chapter 188): 1 year continuous residence + 4 of preceding 6 years; not guaranteed |
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 €100,000+ depending on route and dependents, plus the annual lease cost. However, the net worth requirement (€500,000, of which €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 residency 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.
| Standard investment threshold | €400,000 (single property, most Greek regions) |
| Premium zone threshold | €800,000 (Athens, Thessaloniki, Mykonos, Santorini, and select islands) |
| Reduced threshold (specific use) | €250,000 for conversion of commercial properties to residential or restoration of listed historic buildings only |
| Investment structure | Single property; thresholds apply per property not per applicant |
| Permit validity | 5 years, renewable with no physical presence requirement |
| Family inclusion | Spouse or same-sex partner, children up to age 21, both sets of parents |
| Short-term rental restriction | Investment property cannot be listed on Airbnb or similar platforms; substantial fines for non-compliance |
| Path to citizenship | 183 days/year physical presence for 7 consecutive years + Greek language and cultural knowledge exams |
| Processing time | 4–6 months officially; backlogs reported in high-demand zones |
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 residency 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 residency pathways for foreign investors and financially independent individuals, each with different investment thresholds and eligibility criteria.
Italy Investor Visa
| Option A | €250,000 in an Italian innovative startup |
| Option B | €500,000 in a qualifying Italian company |
| Option C | €1,000,000 philanthropic donation to a public interest project |
| Option D | €2,000,000 in Italian government bonds |
| Permit validity | 2 years (initial), extendable by 3 years |
| Physical presence | No minimum, but investment must be maintained |
| Path to permanent residency | After 5 years |
| Path to citizenship | After 10 years (or 2 years for citizens of former Italian colonies) |
Italy Elective Residency 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 €31,000/year for a single applicant, but most Italian consulates apply closer to €100,000/year in practice.
| Income requirement | €31,000/year officially; ~€100,000/year in practice per consulate |
| Activity permitted | No employment or commercial activity allowed |
| Permit validity | 1–2 years, renewable |
| Path to permanent residency | After 5 years continuous residence |
| Path to citizenship | After 10 years |
| Non-dom tax regime | Available: flat tax option on global income for new residents |
HLG practitioner note: Italy’s non-domiciled (non-dom) tax regime — offering a flat annual tax of €100,000 on foreign-sourced income — makes the Elective Residency 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 residency application around the non-dom regime, as eligibility conditions and benefits are subject to legislative change.
Which Golden Visa Is Cheapest? A Direct Comparison
| Country | Min. Investment | Residency Type | Physical Presence | Citizenship Path |
|---|---|---|---|---|
| Hungary | €250,000 (fund) | 10-yr permit | None | 8 years (language exam) |
| Malta | €14,000/yr (lease) + fees ~€100k+ | Permanent | None | Possible (7 yrs; not guaranteed) |
| Portugal | €250,000 (donation) or €500,000 (fund) | 2-yr permit (renewable) | 14 days/2 yrs | 5 years |
| Greece | €400,000–€800,000 (real estate) | 5-yr permit | None | 7 years (183 days/yr) |
| Italy (Investor) | €250,000 (startup) | 2-yr permit | None minimum | 10 years |
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. Harvey Law Group provides a full cost breakdown for each program before any application is initiated.
What Should You Consider Before Choosing a Golden Visa?
Residency vs. Citizenship as the Primary Goal
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 Citizenship-by-Investment 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, tax residency 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 Residency Implications
Holding a residency permit does not automatically create tax residency. In most countries, tax residency 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 residency 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
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 (€500,000) and cultural heritage donations (€250,000). Hungary’s primary route is a €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 of residency 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.
What is the difference between a Golden Visa and Caribbean citizenship?
A Golden Visa (RBI) grants residency rights — the legal ability to live in a country — but not citizenship or a second passport directly. Caribbean Citizenship-by-Investment (CBI) programs grant full citizenship and a second passport, typically within four to seven months, with no physical presence requirement. Harvey Law Group has offered Caribbean CBI services since 1992 across programs including Grenada (which includes US E-2 Treaty eligibility), Dominica, St. Kitts & Nevis, Antigua & Barbuda, and St. Lucia. If immediate second passport access is the goal, these programs are the appropriate starting point.
Legal Disclaimer
The information in this article is provided for general informational purposes only and does not constitute legal advice. Investment migration program rules, investment thresholds, processing times, and eligibility requirements are subject to change without notice. Individual circumstances vary. Harvey Law Group recommends consulting with a licensed immigration lawyer before initiating any application. This article reflects program requirements as understood in February 2026.
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