Golden Visa Europe: Compare Programs 2026
Real minimum investment figures, processing times, and citizenship pathways for 12 golden visa and investor-residency programs — including which ones have been discontinued.
Written & reviewed by
Marco Oliveira
European Immigration Specialist
Specialist in Schengen visas, EU Blue Card, and European permanent residency pathways.
Disclaimer: This guide is for informational purposes only. Visa rules change frequently — always verify current requirements at the official government immigration website before applying. This site does not provide legal or immigration advice.
What Is a Golden Visa?
A golden visa (also called an investor visa or residency-by-investment program) grants foreign nationals the right to live in — and eventually gain permanent residency or citizenship in — a country in exchange for a qualifying financial investment, rather than through employment, family ties, or asylum. Most programs require a real estate purchase, a fund investment, a government bond purchase, or a direct contribution to a national development fund.
Golden visas differ from standard immigration visas in one important way: many programs have minimal or no physical presence requirement, since the legal basis for residency is the investment itself rather than genuine day-to-day residence. This makes them attractive to investors who want a second residency or eventual citizenship without relocating full-time.
Active Golden Visa Programs — Compared
| Country | Min. Investment | Processing | Citizenship Path |
|---|---|---|---|
 Vanuatu | USD 130,000+ | 1-2 months — one of the fastest citizenship-by-investment programs globally | Direct/immediate |
 Malta | USD 150,000+ | 4-6 months | Residency only |
 Panama | USD 200,000+ | 3-4 months | 5 years |
 Greece | USD 260,000+ | 3-6 months | 7 years |
 Italy | USD 260,000+ | 2-4 months (visa) then residence permit application in Italy | 10 years |
 Latvia | USD 280,000+ | 1-3 months | Residency only |
 Turkey | USD 400,000+ | 3-8 months | Direct/immediate |
 Portugal | USD 500,000+ | 8-14 months | 5 years |
 UAE | USD 545,000+ | 1-3 months | Residency only |
Discontinued Golden Visa Programs
Golden visa programs are frequently tightened or closed as governments respond to housing-affordability pressure and EU scrutiny. If you're researching a program not listed as active above, check here first:
Spain — Spain Golden Visa (Discontinued)
Spain's golden visa program (real estate investment route) was formally abolished on 3 April 2025. Existing visa holders retain their status, but no new real-estate-based applications are accepted.
Ireland — Ireland Immigrant Investor Programme (IIP) (Discontinued)
Ireland closed the Immigrant Investor Programme to new applications in February 2023 and has not reopened it.
Cyprus — Cyprus Investment Programme (citizenship-by-investment) (Discontinued)
Cyprus terminated its citizenship-by-investment scheme in November 2020 following EU scrutiny. A more limited permanent-residency-by-investment option remains (EUR 300,000 real estate), but the golden-passport route is gone.
Golden Visa FAQs
What is the cheapest golden visa program in 2026?
Vanuatu's Development Support Program is the least expensive at USD 130,000 (non-refundable contribution), with processing in just 1-2 months and no residency requirement at all. Within Europe specifically, Latvia (from USD 280,000) and Malta's MPRP (from USD 150,000 including government contribution) are the lowest-cost active routes. Portugal's fund-investment route starts at EUR 500,000 (~USD 540,000).
Is the Spain golden visa still available in 2026?
No. Spain formally abolished its golden visa program on 3 April 2025. Investors who already held a golden visa before that date retain their residency status, but no new applications based on real estate investment are being accepted. Investors looking for a similar EU option now typically consider Greece, Italy, or Malta instead.
Which golden visa gives the fastest path to citizenship?
Turkey offers direct citizenship (not just residency) in as little as 3-8 months via a USD 400,000 real estate investment, with no minimum physical presence requirement. Vanuatu offers citizenship even faster (1-2 months) via its Development Support Program. Within the EU, Portugal's path (5 years of residency, then citizenship eligibility) is currently one of the fastest among the traditional real-estate/fund-based EU programs.
Do I need to live in the country to keep a golden visa?
It depends on the program. Portugal requires just 7 days in year one and 14 days per subsequent two-year period — one of the lightest requirements among EU programs. Greece, the UAE, and Turkey have no minimum physical presence requirement at all. This is different from many standard immigration visas, where the whole point is establishing genuine residence — golden visas are specifically designed around investment, not day-to-day presence.
Can my family be included in a golden visa application?
Yes — nearly every active program on this page allows the main investor to include a spouse and dependent children (and in several programs, dependent parents) under the same application, typically for an additional per-dependent government fee. Family members generally receive the same residency or citizenship rights as the primary applicant.
What happens if a golden visa program I'm considering gets discontinued?
Governments have discontinued or tightened golden visa programs with real frequency in recent years — Ireland (2023), Cyprus's citizenship route (2020), and Spain (2025) all closed to new applicants. Existing visa/citizenship holders at the time of closure are generally grandfathered in and keep their status; the risk is only for prospective new applicants. Given this pattern, it's worth applying to an active program sooner rather than later if a specific country's terms currently suit your situation.
Are golden visa investments refundable?
This varies significantly by program and route. Real estate and bond/fund investments (Portugal, Greece, Latvia, Italy) are generally recoverable if you sell/exit the investment after the required minimum holding period, though market risk applies. Direct government contribution routes (Vanuatu's USD 130,000 contribution, Malta's government fee component) are explicitly non-refundable by design — verify the specific route's refundability with official program guidance before committing funds.