Europe Citizenship by Investment: Current Programs & Golden Visas 2026

What are “Golden Visas” and Citizenship by Investment?

The terms “golden visa” and “citizenship by investment” are often used interchangeably but have significant differences. A “Golden Visa” is a program to obtain a residence permit (RP) in a country in exchange for investment. This RP grants the right to live, work, and study in that country, as well as to travel freely within the Schengen Area. In most cases, it also serves as the first step towards obtaining permanent residency (PR) and, eventually, citizenship through naturalization.

Citizenship by Investment (CBI) programs allow you to obtain a country’s passport without a lengthy residency period. Such programs are rarer, especially within the European Union, where their number has significantly decreased due to EU pressure and European Court decisions. Today, September 5, 2026, we will review the current programs that allow you to apply for europe citizenship by investment.

Benefits of European Citizenship for Investors

Obtaining citizenship in an EU country opens up vast opportunities for investors and their families. Key benefits of EU citizenship include:

• EU Residence Rights: The ability to live, work, study, and do business in any of the 27 EU member states.
• Schengen Area Access: Visa-free travel throughout all Schengen member states.
• Family Inclusion: Most programs allow the inclusion of spouses, children, and sometimes parents.
• Path to Citizenship: Even residence by investment programs typically provide a clear path to citizenship through naturalization after a certain period of residency (usually 5–10 years).
• Tax Optimization: Some countries offer favorable tax regimes for new residents.
• No Active Residency Requirement: Many residence permit programs do not require continuous physical presence in the country; staying there for 7 to 35 days a year is often sufficient to maintain status.
• Stability and Security: EU citizenship provides a high level of legal and economic protection.

Current Programs for Europe Citizenship by Investment

As of 2026, direct citizenship by investment programs in EU countries have become extremely rare. However, there are still pathways that allow obtaining a residence permit and then citizenship through an expedited procedure or under special conditions.

Malta Citizenship by Investment: The Only Path in the EU

Malta is one of the few EU countries where it is theoretically possible to obtain citizenship based on “exceptional services by direct investment” (Citizenship by Naturalisation for Exceptional Services by Direct Investment, CES). However, it is crucial to understand that this is not a direct “purchase” of a passport, as it was before 2025. Following the EU Court’s decision in case C-181/23 and the adoption of Legal Notice 159 of 2025, Malta terminated the program that allowed obtaining citizenship for a pre-determined investment. Now, obtaining citizenship requires an individual assessment of exceptional contribution and is no longer a fixed-price passport product.

Nevertheless, the CES program still exists, but with significant changes. Investors must undergo stringent due diligence, demonstrate genuine ties to the country, and make a substantial contribution. The conditions for obtaining malta citizenship by investment include:

• Contribution to the National Development Fund: From €600,000 (for 36 months residency) to €750,000 (for 12 months residency).
• Real Estate Investment: Purchase of property worth at least €700,000 or rental of accommodation for at least €16,000 per year.
• Donation: €10,000 to an approved charitable organization.
• Processing Time: 1–3 years.

Malta also offers the Malta Permanent Residence Programme (MPRP), which grants permanent residency. Its requirements include a government contribution starting from €98,000 (depending on choosing to rent or buy property), a non-refundable donation of €2,000 to an NGO, and property purchase from €375,000 or rent from €14,000 per year. MPRP does not provide a direct path to citizenship but is an attractive option for obtaining EU resident status.

European Golden Visa Programs as a Path to Citizenship

While direct eu passport by investment programs are absent in most EU countries, “golden visa” programs remain a popular way to obtain a residence permit, which can later lead to citizenship through naturalization. It’s important to note that investments within these programs do not guarantee citizenship themselves, but only grant the right to a residence permit, after which residency requirements, language proficiency, and integration must be met.

Greece: Golden Visa with Updated Conditions

The greece golden visa remains one of the most attractive in Europe. New rules came into effect in February 2026, increasing investment thresholds. Current options include:

• Real Estate:
  • €800,000 in Zone A (Attica, Thessaloniki, Mykonos, Santorini) for properties larger than 120 m².
  • €400,000 in Zone B (other regions) for properties larger than 120 m².
  • €250,000 for commercial property conversion or monument restoration.
• Securities and Deposits: €500,000.
• Alternative Investment Funds (AIF): €350,000.
• Startups: €250,000.

The application processing time is 4–6 months, but in practice, it can be longer. The Greek Golden Visa does not require mandatory residency. Citizenship can be obtained after 7 years of actual residency.

Portugal: Golden Visa Changes

Portugal’s Golden Visa program (ARI) has undergone significant changes. As of May 19, 2026, Lei Orgánica 1/2026 came into force, excluding real estate investments. Applications submitted before May 18, 2026, are processed under the old rules.

Current investment options:

• Funds: €500,000.
• Cultural Heritage: €250,000 (€200,000 in low-density areas).
• Scientific Research: €500,000 (€400,000 in low-density areas).
• Business: €500,000 + creation of 5 jobs (8 in low-density areas) or creation of 10 jobs.

The program requires minimal presence: 7 days in the first year, then 14 days over a two-year period. Permanent residency can be obtained after 5 years, and citizenship after 10 years (7 years for EU and CPLP citizens) from the issuance of the residence permit card.

Italy: Investor Visa

Italy offers an Investor Visa program, which also provides a path to a residence permit. Conditions:

• Startup: €250,000.
• Limited Liability Company (LLC): €500,000.
• Government Bonds: €2,000,000.
• Philanthropy: €1,000,000 (non-refundable contribution).

The processing time for Nulla Osta is 3–4 months. No residency is required to extend the residence permit, but actual residency is necessary to obtain permanent residency (after 5 years) and citizenship (after 10 years). Italy offers a favorable tax regime for new residents.

Hungary: “Guest Investor” Program

Hungary has relaunched its “golden visa” program under the name “Guest Investor.” Key conditions:

• Real Estate Fund Certificates: €250,000 for 5 years.
• Contribution to a State University: €1,000,000.

The processing time for a residence permit is about 5 months. Permanent residency is available after 3 years of actual residency, and citizenship after 8 years plus a language exam.

Cyprus: Residence by Investment

The Cyprus Residence by Investment program is one of the fastest in terms of processing time (2–4 months). Conditions:

• €300,000 plus VAT in a new build from a developer, commercial property, shares in a Cypriot fund, or shares in a Cypriot company.
• Income from abroad: €50,000 per year (+€15,000 for spouse, +€10,000 for child).

The residence permit status is indefinite. To maintain status, a visit to Cyprus once every 2 years is required. Citizenship can be obtained after 7 years of actual residency out of the last 10, with continuous residency in the last year.

Important Changes and Risks in 2026: Europe Citizenship by Investment List of Countries

The market for europe citizenship by investment and golden visa programs is constantly changing under the influence of legislative reforms and EU requirements. Investors need to consider the following:

• Spain Golden Visa: The investor visa for real estate no longer exists. Law Ley Orgánica 1/2025 abolished it on April 3, 2025. The entrepreneur visa (without a fixed investment threshold, but requiring an ENISA report on the project’s innovation and economic significance), highly qualified professional visa, and digital nomad visa remain.
• Latvia: Until December 31, 2026, residence permit programs for real estate investment (€250,000 plus 5% to the budget) and subordinated deposit (€280,000 plus €25,000) are still valid. However, the new Immigration Law, adopted by the Saeima on August 20, 2026, will significantly change the rules from January 1, 2027.
• Ireland: The IIP program was closed on February 15, 2023, and there is no replacement yet.
• Luxembourg: Offers niche routes with high thresholds (from €500,000 to €20,000,000), but these are not aimed at mass investors and require actual residency to obtain citizenship.

These changes highlight a general trend towards tightening requirements and abolishing programs perceived as “selling” citizenship or residence. When choosing a program, it is crucial to refer to current information and experts to avoid outdated data.

Choosing a Program: What to Consider

When selecting a golden visa europe or citizenship by investment program, several key factors should be considered:

1. Investment Goal: Do you need a quick passport, a residence permit for free movement, or a long-term path to citizenship?
2. Budget: Investment thresholds vary significantly from €250,000 to several million euros.
3. Residency Requirements: Are you willing to spend a certain number of days in the country to maintain status or for naturalization?
4. Tax Implications: Study the country’s tax system and optimization opportunities.
5. Family Inclusion: Clarify who can be included in the application and what additional costs are involved.
6. Status Acquisition Time: Some programs offer quick residence permits, while others require long waits.
7. Program Risks and Stability: Assess the likelihood of legislative changes and program closure.

For affluent individuals interested in obtaining a second citizenship or residence permit in Europe, it is essential to carefully analyze each program, considering individual goals and the current geopolitical situation. Professional consulting will help choose the optimal path and avoid potential risks.

FAQ

What is the difference between a “Golden Visa” and Citizenship by Investment?

A “Golden Visa” provides a residence permit (RP) in exchange for investment, which is a step towards permanent residency and citizenship through naturalization. Citizenship by Investment is a direct program to obtain a passport without a lengthy residency period, but in the EU, such programs are almost entirely abolished, except for Malta with its special conditions.

Can I get citizenship in Europe by investment in 2026?

Direct “purchase” of citizenship in EU countries is generally not possible. The only remaining path is malta citizenship by investment for exceptional services through direct investment, but this is not a fixed “product” but an individual assessment of the investor’s contribution.

Which EU countries offer “Golden Visas” in 2026?

In 2026, residence by investment programs (golden visas) are offered by Greece, Portugal (with changes), Italy, Hungary, and Cyprus. The spain golden visa for real estate has been abolished.

How long does it take to obtain citizenship through a “Golden Visa”?

The time to obtain citizenship through “golden visa” programs usually ranges from 5 to 10 years, as actual residency and naturalization requirements must be met. For example, in Portugal, it is 10 years, and in Greece, it is 7 years.

What are the minimum investments for obtaining a residence permit in Europe?

Minimum investments for obtaining a residence permit in Europe vary. For example, in Portugal, it starts from €250,000 (cultural route), in Greece from €250,000 (startup) or €400,000–800,000 (real estate), and in Hungary from €250,000.

Read also

Turkey Citizenship by Real Estate Investment 2026: Current Requirements and ProcessIndividual Tax Residency in Russia: The 183-Day Rule and Center of InterestsTax Residency Russia: How to Maintain Status and What It Means?