Quick Summary: As of 09/2026, no EU country grants citizenship through investment. All remaining pathways are for permanent residency: Greece offers the broadest options, Portugal has fund-based programs, and Italy and Hungary each have dedicated tracks for different investor profiles. Anyone seeking an EU passport must actually live there for many years, and that requirement is increasing.
Over the past five years, we have encountered one question repeated in many ways: "Is there still a European country where buying property gets you a residence card?" The short answer is yes. The longer, accurate answer is more complex, because what you can buy today is fundamentally different from what investors bought in 2018.
The most common mistake is not choosing the wrong country. It is purchasing a residence permit with the expectations of a passport. This article separates those two things, then explores which doors remain open.
The Wave of Closures: What Was Closed and in What Order
Pressure began from the European Commission, with a 2019 report on the risks of citizenship and residence programs linked to investment. What followed was a series of consecutive closures, each country with its own reason but all moving in the same direction.
- Cyprus suspended investment-based citizenship in late 2020, following reports of improperly granted applications. The permanent residency pathway through real estate remains.
- Montenegro closed investment-based citizenship in late 2022. Note: Montenegro is not yet an EU member.
- Ireland closed its investor immigrant program in early 2023.
- Portugal eliminated its real estate pathway in 10/2023, retaining fund-based and select other programs.
- Netherlands closed its investor visa in early 2024.
- Spain terminated its Golden Visa program in 04/2025.
- Malta was ruled by the European Court of Justice to have violated EU law with its investment-based citizenship program (04/2025). We analyzed this in detail in EU Court Forces Malta to Shut Down Citizenship Sales.
- Latvia has approved the closure of most of its programs beginning early 2027. Details are in Latvia to Close Three of Four Golden Visa Tracks.
A complete list of closed programs with dates is available at Closed Programs. The key takeaway: each time a country closes, existing permit holders typically retain their rights, but applicants in process lose both time and fees already paid.
Map of Open Doors as of 09/2026
The table below covers only EU countries that families frequently ask about. Specific fee levels change with each legal revision, so we list only the baseline amounts and recommend requesting current fee schedules with effective dates.
| Country | Main Remaining Pathways | Key Considerations |
|---|---|---|
| Greece | Real estate, varies by region | Higher thresholds in Athens, Thessaloniki, and major islands; lower in other areas and property conversions |
| Portugal | Fund-based investment, research, culture, job creation | No longer real estate; citizenship now requires longer residency |
| Italy | Startups, company shares, government bonds, sponsorship | No real estate pathway; applications reviewed before visa issuance |
| Hungary | Real estate funds, residential property, university sponsorship | New program as of 2024; limited real-world data available |
| Cyprus | Permanent residency through real estate | Permanent residency only; investment-based citizenship pathway closed |
| Malta | Permanent residency through investment and contribution | Residency only; investment-based citizenship rejected by EU court |
One geographic note: some agents advertise "European settlement" but actually mean Serbia, Georgia, or Montenegro. These countries are in Europe but not EU members. A residence permit there does not grant the right to live or work in any EU country.
The Remaining Doors Are All Residency: Understanding the Distinction to Avoid Buying the Wrong Thing
A residence permit through investment grants you the legal right to live in the country issuing it, and to travel within the Schengen area short-term under the 90-day-in-180-days rule. It does not grant the right to live in another EU country, and typically does not grant employment rights.
It also does not automatically become a passport. To obtain citizenship, you must actually reside there for the legally required number of years, pass a language test and civics exam, and in many countries must prove you spent the majority of each year actually living there. A permit holder who visits only a few weeks annually typically cannot accumulate enough residency years for citizenship.
In other words, European Golden Visa today buys three things: a legal long-term residence, the right to travel within Schengen without visa applications each trip, and a backup option for your family. If those three things are what you need, this remains a sound option. If what you need is a strong passport within a few years, Europe is no longer the path for that.
Greece: Why It Remains the Most Popular Door, and Where It Gets Complicated
Greece holds the position of broadest gateway for three reasons: no minimum physical presence requirement to maintain the permit, renewable permits as long as the property is retained, and three-generation families can apply under one application.
Since 2024, Greece has tiered thresholds by region. Athens, Thessaloniki, Mykonos, Santorini, and other densely populated islands face the highest thresholds; other regions face lower ones; properties converted from commercial to residential or undergoing renovation have separate, lower thresholds. The result: most new buyers now search for properties outside the high-threshold zones.
Complications worth knowing before investing:
- Property conversions have lower thresholds but unpredictable permitting and renovation timelines; work must be complete before submitting the application.
- Short-term rental restrictions apply to properties used for Golden Visa, so Airbnb-style yield projections are inaccurate.
- Biometrics must be done in person in Greece, meaning the whole family needs Schengen visa approval to visit initially.
- Citizenship requires many years of actual residence and passing a Greek language exam. The Golden Visa does not shorten this path.
- Transaction costs including property transfer tax, legal fees, and notary fees add significantly to the base investment amount. Calculate the total; do not count property price alone.
We do not provide real estate consulting. Property valuation, legal title review, and property tax assessment require a lawyer and accountant in Greece.
Portugal, Italy, Hungary: Three Narrower Doors for Three Types of Investors
Portugal suits investors comfortable with passive fund investment and accepting longer timelines. No real estate purchases to obtain permits. Processing through the immigration authority AIMA is notoriously slow. The sales pitch "passport in 5 years" is outdated, as we detailed in Portugal Extends Citizenship from 5 to 10 Years.
Italy suits investors with a business plan or capital to place in Italian companies, government bonds, or startup ventures. Applications are reviewed by a committee first, approved, then visa applications are submitted. No real estate pathway exists. Citizenship for non-EU residents requires 10 years of residency.
Hungary is the newest door, reopened in 2024 with real estate fund, residential property purchase, and university sponsorship pathways. The advantage is that it is still new and not yet tightened. The disadvantage is precisely that it is new: few real applications to reference, and no one knows how long the program will survive EU pressure.
The Citizenship Clock Is Getting Longer: Recalculate Your Passport Goal
In parallel with investment program closures, many European countries have extended residency requirements for citizenship. Portugal moved from 5 to 10 years. Sweden raised it to 8 years. The common trend ties citizenship to actual residence, language ability, and integration—not to money spent.
For foreign families, this fundamentally changes the calculation:
| Objective | Still Viable in Europe? | Alternative to Consider |
|---|---|---|
| Legal long-term residence, easy Schengen travel | Yes | Greece, Portugal |
| University education for children in Europe | Yes, but review tuition by residency status | Specific country where child studies |
| Strong passport within a few years | No | Investment-based citizenship outside EU |
| EU business operations | Conditionally | Italy, entrepreneur pathway |
| Retirement, spending several months annually | Yes | Greece, Portugal |
If your family needs a strong passport quickly, the realistic solution is usually non-EU investment-based citizenship for travel, combined with an EU residence permit for a home base. These two separate things solve two different problems.
Risks to Understand Before Committing Capital to Europe
- Laws change mid-process: nearly every country in the table has amended regulations at least once since 2020. Ask carefully about transition provisions for applications in progress.
- Actual processing times exceed advertised timelines: especially in Portugal. Money transferred but permit not yet issued is a cash flow risk.
- Property has low liquidity: real estate purchased to meet Golden Visa thresholds is often difficult to resell at the original price when markets cool.
- Currency risk: investment in EUR, but home income and spending in VND or USD.
- Residence-based taxation: living in Europe long enough can trigger tax obligations there. We cannot advise on taxes; you need a dedicated tax professional.
Checklist for Choosing a European Pathway for Your Family
- [ ] Is the primary goal for your family: a home base, education for children, business operations, or a passport?
- [ ] Who will actually live in Europe, and how many months per year?
- [ ] Is the chosen country an EU member?
- [ ] If laws change while your application is processing, what are the transition rules?
- [ ] What is the total cost for the whole family, including government fees, legal services, property transfer taxes, and the current fee schedule date?
- [ ] If you want to exit the investment after the holding period, who are the buyers and how long does sale take?
- [ ] For citizenship if desired: how many years of actual residence required, and what language exam?
- [ ] How does money move from your home country to Europe, and is documentation sufficient?
Next Steps
Write one sentence about what your family needs most from Europe. If that sentence contains the word "passport," reread the citizenship timeline section before proceeding further.
If that sentence is about a home base and travel freedom, select two countries from the table, request fee schedules with effective dates and actual processing times for recent applications, then compare line by line. A broader picture of how Europe is tightening restrictions appears in Europe Tightens Golden Visa Rules.
