Europe's Golden Visa Map in 2026: Where to Invest After Spain

Spain's Golden Visa Is Gone — Now What?

For more than a decade, Spain's golden visa was one of the most popular routes for non-EU investors seeking European residency. That era is over. Spain officially closed its residency-by-investment programme on 3 April 2025 under Organic Law 1/2025, ending a scheme that had allowed non-EU citizens to gain Spanish residency by investing a minimum of €500,000 in real estate. No new applications are accepted under any investment route.

The closure sent a ripple through the international property market, redirecting billions of euros in investor demand toward the programmes that remain open. If you are an investor weighing European residency through real estate or funds, this guide maps out exactly what is available in 2026, what it costs, and what each programme delivers.

The Active European Programmes at a Glance

Four residency-by-investment programmes in the EU accept new applicants in 2026: Portugal, Greece, Malta, and Italy. Hungary's Guest Investor Programme and Latvia's business residency route add two more options at different price points. Each programme has been restructured — often significantly — over the past two years, so investors must work from current rules rather than outdated guides.

"The elimination of Spain's Golden Visa confirms that European migration policies are shifting away from passive real estate toward structured, productive capital." — Gars Consulting, 2026

Portugal: Still the Citizenship Fast-Track

Portugal's golden visa remains Europe's premier residency-by-investment programme, but it no longer accepts direct property purchases as a qualifying route. Since October 2023, the main qualifying investment is a €500,000 subscription to a CMVM-regulated investment fund. A niche set of options — research contributions, cultural projects, and job creation — also qualify.

What Portugal offers in return is unmatched: a clear path to EU citizenship after five years of legal residence, Schengen travel freedom, and eligibility for the country's favourable tax regimes. Processing times in 2026 are reported at four to six months for well-prepared applications, and the government has acknowledged a backlog and committed to clearing it during the year.

For investors whose primary goal is an EU passport without relocating full time, Portugal's golden visa remains the benchmark.

Greece: The Mediterranean Leader — But Rules Have Tightened

With Spain's exit, Greece has become the leading EU Mediterranean option for real estate-based residency investment in 2026. The programme runs three investment tiers under Law 5100/2024:

• €800,000 for high-demand zones: the Attica region (including Athens), Thessaloniki, Mykonos, Santorini, and islands with populations above 3,100 residents.
• €400,000 for lower-demand regional locations.
• €250,000 for commercial-to-residential conversions and heritage restoration projects.

Greece grants a renewable five-year residence permit with Schengen travel rights, and investors become eligible for permanent residency after seven years. A 120 m² single-property rule and a short-term rental ban on golden visa properties also apply under the current framework.

What the 2026 Numbers Say

The data tells a nuanced story. New applications have slowed sharply: Greece saw new initial applications fall roughly 39% in the first seven months of 2026 compared with the same period in 2025. That decline directly follows the tripling of thresholds in prime areas. At the same time, Greece issued 8,879 initial golden visa permits in 2025 alone — a 95% year-on-year increase — as authorities worked through a massive backlog built up when investors rushed ahead of the rule changes. By end of July 2026, 34,278 active investor permits were on record.

Who is buying? Chinese nationals account for roughly 47.9% of approvals, with Turkish buyers growing rapidly — Turkish nationals holding golden visa permits rose 121% year on year. UK and Israeli applicants also grew significantly, reflecting strong demand for EU residency and Schengen mobility. The dominant qualifying product in 2026 is the commercial-to-residential conversion route at the €250,000 tier.

For investors willing to commit at the right threshold, Greece combines genuine capital appreciation potential — apartment prices rose 5.7% year-on-year in Q1 2026 and 5.5% in Q2 — with an active EU residency permit.

Malta: Permanent Residency, No Stay Requirement

Malta's Permanent Residency Programme (MPRP) takes a different structural approach. Rather than a standard golden visa, it offers immediate EU residency with full Schengen travel rights and no minimum stay requirement — making it particularly attractive for investors prioritising global mobility over a physical base in Europe.

The cost structure is a combination of contributions and property commitment: investors must purchase a qualifying property worth at least €375,000 (or lease at a minimum of €14,000 annually), plus pay approximately €99,000 in government fees and charitable donations. Due diligence — background checks — typically takes three to seven months in 2026. Malta does not offer a straightforward investor citizenship track; ordinary naturalisation is discretionary.

Italy: Four Routes, One Programme

Italy's Investor Visa offers four qualifying investment paths:

• €250,000 in an innovative Italian startup
• €500,000 in an Italian company's share capital
• €1,000,000 in a philanthropic project of public interest
• €2,000,000 in Italian government bonds

Italy's programme is notable for investors who want a lifestyle base in the country — the Elective Residence Visa also remains available for those with sufficient passive income who want to live there without the investment requirement. The citizenship pathway requires ten years of legal residence, the longest in the comparison set, but Italy's appeal as a destination often outweighs that timeline consideration for lifestyle-motivated buyers.

Hungary: Europe's Most Affordable EU Golden Visa

Hungary's Guest Investor Programme is the cheapest EU golden visa in 2026 at €250,000, invested in registered Hungarian real estate investment funds. An alternative route requires a €1,000,000 non-refundable educational donation. The programme grants a renewable ten-year residency permit, a notably long initial term that reduces bureaucratic friction for holders.

For investors focused on capital efficiency and EU residency rather than citizenship or Mediterranean lifestyle, Hungary presents a compelling case — though it lacks the downstream citizenship optionality of Portugal or Greece.

Latvia: Accessible but Limited

Latvia offers business investment residency from €50,000 to €100,000, making it structurally the most accessible programme by absolute cost. The permit is renewable every five years and includes Schengen Zone travel access. However, Latvia's programme is technically a temporary residence permit rather than a golden visa in the traditional sense, and it does not offer the prestige, processing speed, or citizenship pathway of the leading programmes.

What About Staying in Spain?

Spain closed its golden visa, but it did not close its borders to foreign investment or residency. Three alternative pathways remain available for those who specifically want to live in Spain:

• Non-Lucrative Visa (NLV): Requires proof of approximately €28,800 in annual passive income (pensions, dividends, rental income). Ideal for retirees or those with investment portfolios.
• Digital Nomad Visa (DNV): Requires approximately €2,760 per month in remote work income from non-Spanish clients or employers. Best for location-independent professionals.
• Entrepreneur Visa: For founders of innovative startups with demonstrated economic or social impact in Spain.

Importantly, buying Spanish property itself remains entirely unrestricted. Investors can still purchase Spanish real estate — they simply will not receive automatic residency in return.

How to Choose: A Decision Framework

The right programme depends on three factors: your capital threshold, your physical presence tolerance, and your long-term goal. Here is a practical framework:

• EU citizenship pathway, no relocation: Portugal (fund route, five-year track)
• Real estate investment + EU residency: Greece (choose tier by budget and location preference)
• Maximum global mobility, no stay requirement: Malta MPRP
• Lifestyle base in southern Europe: Italy or Greece
• Cost-efficient EU residency: Hungary (€250K fund route)
• Entry-level European residency: Latvia (€50K+ business investment)

Regardless of which programme you choose, thorough property due diligence — title verification, zoning compliance, and local market analysis — is non-negotiable before committing capital.

Key Risks to Watch in 2026

Programme rules are moving targets. Portugal removed real estate from its qualifying routes. Spain shut entirely. Greece tripled thresholds in prime areas and added a short-term rental ban. Investors who relied on outdated information made costly mistakes. Before committing, verify current rules with a qualified immigration attorney in the target country.

Tax exposure is a second major variable. Some programmes — particularly Portugal's NHR regime and Cyprus's non-dom status — offer meaningful tax advantages for qualifying residents. Others offer no special tax treatment. Understand your full tax position across your home country and target country before the investment is made, not after.

Finally, processing backlogs remain a real risk. Greece's queue, while shrinking, still held over 29,000 pending files as of mid-2026. Malta's due diligence phase commonly runs three to seven months. Budget time, not just money, into your planning horizon.

The Bottom Line

Spain's closure has permanently restructured the European residency-by-investment landscape. The programmes that remain are more competitive, more scrutinised, and in several cases more expensive than they were three years ago. But for investors who do their homework, the opportunity to secure EU residency — and in some cases a path to EU citizenship — through qualifying property or fund investment remains real and accessible in 2026.

Whether you are exploring a Mediterranean base in Greece, a citizenship track through Portugal, or a mobile EU residency through Malta, understanding the current rules and live market data is the starting point. Use tools like free property reports from Sekira to benchmark property values and market conditions in your target location before you commit.