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Residence-by-investment programs —known as Golden Visas— allow you to obtain a residence permit in a country in exchange for a qualifying investment. This article analyzes the programs in force in 2026, with particular attention to the regulatory reforms that have transformed the European landscape over the last three years.
What is a Golden Visa and what types of programs exist?
There are two main categories of investment migration programs:
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Residence by investment (Golden Visa): Grants a temporary or permanent residence permit and, after a period of legal residence, can lead to citizenship by naturalization.
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Citizenship by investment (Golden Passport): Grants citizenship directly, generally with no prior residence requirement. These are scarcer programs under growing international scrutiny.
This guide focuses on the active residence-by-investment programs, which are the most common and accessible route for professionals and investors.
Europe: the epicenter of Golden Visas
Portugal — ARI Program (Golden Visa) reformed
Portugal keeps its Authorization of Residence for Investment (ARI) program, but with substantial changes since October 2023:
| Investment category | Minimum threshold | Notes |
|---|---|---|
| Investment funds / venture capital | €500,000 | The most popular route after the reform. Must be a fund registered in Portugal. |
| Company creation + employment | €500,000 + 5 jobs | Minimum 5 permanent jobs created within 3 years. |
| Scientific research | €500,000 | At recognized Portuguese scientific institutions. |
| Artistic production / cultural heritage | €250,000 | Restoration or maintenance of national cultural heritage. |
What was removed: Direct real estate investment and bank deposits no longer qualify. This was the most controversial reform: between 2012 and 2023, 90% of Portuguese Golden Visas were channeled through real estate (more than 10,000 permits issued, €7,000 million raised). The government justified the real estate exclusion by the impact on housing prices in Lisbon and Porto (prices in Lisbon rose 176% between 2014 and 2024).
Key advantages:
- Initial residence of 2 years, renewable for 3 years
- Minimum stay requirement: only 7 days in the first year, 14 days in each subsequent 2-year period
- Path to permanent residence and Portuguese citizenship after 5 years of legal residence
- Access to the Schengen area
- Spouse, dependent children and ascendants can be included
Greece — Golden Visa (updated thresholds)
In September 2024, Greece significantly raised its program thresholds:
| Category | Threshold | Conditions |
|---|---|---|
| Property in premium areas (Athens, Thessaloniki, islands >3,100 inhabitants) | €800,000 | Single property of at least 120 m²; short-term rental prohibited |
| Property in other areas | €400,000 | Same conditions |
| Securities / bank deposit | €500,000 | Greek State bonds, fund shares |
| Term deposit | €500,000 | At a Greek financial institution |
Program data: Since its launch in 2013, Greece has issued 10,105 investor permits and 18,154 to their family members (February 2023). Chinese buyers led historically, but demand has diversified towards investors from the US, the United Kingdom and Israel.
Key points:
- Residence renewable every 5 years as long as the investment is maintained
- Does not allow employment in Greece (own business activity is allowed)
- Citizenship after 7 years of continuous tax residence (183+ days/year) + Greek language and culture test
- Schengen access
Spain — Golden Visa (partially discontinued)
Spain eliminated the real estate Golden Visa in April 2025, but keeps other routes established in Law 14/2013 supporting entrepreneurs:
| Investment route | Threshold | Status in 2026 |
|---|---|---|
| Real estate investment | €500,000 | ELIMINATED (April 2025) |
| Investment in Spanish companies | €1,000,000 | Active |
| Spanish State bonds | €2,000,000 | Active |
| Business project of general interest | Variable | Active |
The elimination of the real estate route —which represented 94% of all Golden Visas granted in Spain— follows the European trend of discouraging speculative housing investment. Permits already granted remain valid.
Migration alternatives in Spain: The non-lucrative visa (€28,800/year in a bank account) and the international remote work visa (€2,646/month) adequately cover professionals and passive investors without requiring real estate investment. Both allow renewal and a path to permanent residence.
Hungary — Guest Investor Program
Launched in 2024, the Hungarian program is one of the most accessible in the EU:
| Route | Minimum investment | Permit duration |
|---|---|---|
| Purchase of residential property | €155,000 | 5 years (renewable) |
| Company creation | Variable by activity | 3 years (renewable) |
Both routes allow inclusion of direct family members. After 3 years of continuous residence a permanent permit can be requested; after 7 years + Hungarian language test, citizenship.
Italy — Investor Visa
| Route | Threshold |
|---|---|
| Italian startups | €250,000 |
| Italian companies | €500,000 |
| Philanthropic donation | €1,000,000 |
| Italian State bonds | €2,000,000 |
Initial permit of 2 years, renewable for 3 additional years. Path to citizenship after 10 years of legal residence.
Latvia — Golden Visa
| Route | Threshold |
|---|---|
| Investment in a Latvian company (paying ≥€40,000/year in taxes) | €50,000 (+€10,000 one-time fee to the State) |
5-year renewable permit. Permanent residence after 4 years, citizenship after 10.
Cyprus — Residence by Investment
| Route | Threshold |
|---|---|
| Real estate | €300,000+ |
| Cypriot company | €300,000+ |
| Cypriot investment funds | €300,000+ |
Immediate permanent residence for the investor and their family. Does not automatically lead to citizenship (the Cypriot citizenship-by-investment program was closed in November 2020 after a corruption scandal where 53% of the passports were found to have been issued illegally).
Golden Visa programs in the Americas
United States — EB-5 Immigrant Investor Program
The EB-5 is the world’s longest-running residence-by-investment program (created in 1990) and leads directly to permanent residence (Green Card).
| Category | Minimum investment | Conditions |
|---|---|---|
| Targeted Employment Area (TEA) | $900,000 | Rural or high-unemployment zones |
| Outside TEA | $1,800,000 | Non-priority urban areas |
Common requirement: create or preserve at least 10 full-time jobs for US workers.
2022 reform: The EB-5 Reform and Integrity Act (RIA) introduced concurrent filing, which allows the investor to live and work legally in the US while their application is processed. Annual quota: 10,000 visas.
Trump Gold Card (2026): The new program announced by the Trump administration in 2026 offers an accelerated path to permanent residence through a contribution to the US federal government. Full regulatory details are pending publication by USCIS. A threshold substantially above the EB-5 is anticipated.
Canada — Provincial investment programs
Canada suspended its federal investor-immigrant program in 2014, but several provinces keep active routes under the Provincial Nominee Program (PNP):
| Province | Program |
|---|---|
| Quebec | Quebec Immigrant Investor Program (QIIP) — CAD 1,200,000 investment (passive, guaranteed by the provincial government) + CAD 200,000 non-refundable contribution |
| British Columbia | BC PNP Entrepreneur Immigration — minimum investment of CAD 200,000 in an active business |
| Ontario | OINP Entrepreneur Stream — minimum investment of CAD 600,000 (or CAD 200,000 in ICT outside the GTA) |
Quebec’s QIIP is the only passive program (no active business management) active in Canada.
Caribbean: citizenship by investment (Golden Passports)
Although technically citizenship —not residence— programs, Caribbean programs work as a complementary tool for investors seeking a second passport with global mobility access. The five active CARICOM programs are:
| Country | Minimum contribution (national fund) | Minimum real estate investment | Processing time | Main advantage |
|---|---|---|---|---|
| Dominica | $100,000 | $200,000 | 3-4 months | The most affordable in the Caribbean; visa-free access to ~145 countries |
| Saint Lucia | $240,000 (principal + 3 dependents) | $300,000 | 3-4 months | Visa-free access to ~148 countries |
| Saint Kitts and Nevis | $250,000 | $400,000 | 3-6 months | The oldest program (since 1984); visa-free access to ~157 countries |
| Antigua and Barbuda | $200,000 | $400,000 | 3-4 months | Stay requirement of only 5 days in the first 5 years |
| Grenada | $235,000 | $270,000 | 3-4 months | Access to the US E-2 visa (bilateral treaty); visa-free access to China |
These programs face growing regulatory pressure: the EU suspended visa-free access for Vanuatu citizens (2022) and has intensified due diligence requirements for Caribbean countries, mandating in-person interviews since 2024.
Golden Visa programs in the Middle East
United Arab Emirates — Golden Visa (10 years)
| Route | Threshold |
|---|---|
| Public investment (deposit/fund) | AED 2,000,000 (~€465,000) |
| Real estate property | AED 2,000,000 (~€465,000) |
| Business investment + tax contribution | Variable capital + ≥AED 250,000/year in taxes |
10-year renewable visa, no minimum stay requirement. Zero personal income tax. Does not lead to citizenship through this route.
Key trends in 2026
1. Regulatory reform in Europe
The European Commission has intensified pressure on residence- and citizenship-by-investment programs. The main reforms between 2023-2025 were:
- Portugal (2023): Elimination of the real estate route; channeling towards investment funds
- Spain (April 2025): Elimination of the real estate route
- Greece (September 2024): Drastic raise of real estate thresholds (€800,000 in premium zones)
- Ireland (2023): Total closure of the Immigrant Investor Program
- United Kingdom (2022): Total closure of the Tier 1 Investor Visa
- Montenegro (December 2022): Closure of the citizenship-by-investment program
2. Shift from real estate to productive investment
The pan-European trend is to redirect foreign investors’ capital away from residential real estate (blamed as a factor in housing costs) towards productive investments: venture capital, investment funds, company and job creation, scientific research and cultural preservation.
3. Strengthened due diligence
Source-of-funds controls, background checks and compliance are increasingly strict. This is positive for legitimate investors: it improves program reputation and reduces the risk of abrupt regulatory changes.
4. Tax competition as a decisive factor
Beyond the residence permit, investors evaluate the host country’s tax burden:
| Country | Notable tax regime for new residents |
|---|---|
| Portugal | IFICI — 20% flat on foreign-source income (10 years) |
| Spain | Beckham Law — 24% as non-resident (6 years) |
| Greece | Non-Dom — €100,000 annual flat on global income (15 years) |
| Italy | Substitute tax — €200,000 annual flat on global income (15 years) |
| Switzerland | Lump-sum taxation — negotiable by canton (presumed living expenses) |
| Dubai | 0% personal income tax |
| Malta | Non-Dom — remittance basis (only income remitted to Malta is taxed) |
5. The Latin American investor as an emerging profile
Historically dominated by Chinese, Russian and Middle Eastern nationals, the Golden Visa market is seeing significant growth from Latin American investors (Mexico, Brazil, Argentina, Colombia) and Americans seeking geopolitical and tax diversification in Europe.
Conclusion: which program to choose in 2026?
The decision depends on the investor’s profile:
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Investor seeking flexible residence and a path to European citizenship: Portugal (€500,000 funds, only 7 days/year of stay, citizenship in 5 years)
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Moderate-budget investor prioritizing Schengen access: Hungary (€155,000 property), Latvia (€50,000 company + fee)
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Investor seeking low tax cost and zero stay requirement: Dubai 10-year Golden Visa (AED 2M, ~€465,000, 0% income tax)
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Investor wanting a Green Card and permanent residence in the US: EB-5 ($900,000 or $1.8M)
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Investor wanting a fast second passport: Caribbean citizenship (from $100,000 in Dominica, 3-4 month processing)
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Real estate investor (still possible): Greece (€800,000 in premium zones, €400,000 elsewhere), Cyprus (€300,000+), Hungary (€155,000), Latvia (€50,000 in a company)
Data verified as of June 2026. Sources: official migration legislation of each country, SEF Portugal, Spain’s Ministry of Inclusion and Social Security, Enterprise Greece, Wikipedia (Immigrant Investor Programs), Henley & Partners, European Commission reports on citizenship and residence by investment programs.
Check our country residence guides for detailed, up-to-date information on each jurisdiction.