Europe Tightens Golden Visa Programs: Which Doors Remain Open for Investors?
24/07/2026 · 4 min read · 🇵🇹 Portugal
Portugal closes its real estate track, Spain shuts down its program, Malta faces EU court rulings. Europe's residency map is being redrawn — yet pathways still exist.
Overall Picture
Political pressure from Brussels has caused Europe's "residency-for-investment" programs to contract steadily over recent years:
Portugal: eliminated real estate track in October 2023, shifted to fund investments from €500,000
Malta: citizenship program faced unfavorable EU Court of Justice ruling in 2025, requiring restructuring
Greece: program remains open but thresholds raised by region — Athens and major islands now €800,000
Which Doors Remain Open
Greece remains the most practical choice for mid-range budgets: the commercial-to-residential conversion track maintains a €250,000 threshold, and no residency requirement is needed to maintain the card.
Portugal suits those pursuing a long-term EU citizenship pathway — requiring only an average seven days per year of presence. Note that citizenship law amendments are under consideration, making early entry more advantageous than waiting.
Cyprus offers lifetime permanent residency within 2–4 months — fastest in Europe — but remember Cyprus has not fully implemented Schengen freedom of movement.
Straight Advice
If your goal is a strong passport obtained quickly, Europe is not the answer — the Caribbean offers citizenship in 4–6 months, whereas Europe provides only residency cards.
If your goal is to provide your children with European education, secure long-term EU footing, and maintain income-generating assets, then Golden Visa remains the right tool — and action before windows narrow further is advisable.
European immigration policy changes rapidly. Contact VGG for current program status updates at the time you make your decision.
Which European Golden Visa countries still open with 2025?
As of 5/2025, Greece, Portugal, Spain (until 10/4/2025), Malta and Cyprus still accept applications. Greece and Portugal are the most stable options now. Spain announced program closure from 4/2025.
Buy Greek property 250 thousand euros and get permanent residency card?
Yes, but only applies to commercial real estate converted to residential or located outside Athens and major tourist islands. In Athens and islands like Mykonos, Santorini, threshold has risen to 800.000 EUR from 9/2024.
Portugal Golden Visa drops real estate — invest in what instead?
From 10/2023, Portugal only accepts investment fund (fund) from 500.000 EUR or business capital transfer from 500.000 EUR. The real estate purchase route has closed entirely, including in inland regions.
Does Cyprus permanent residency card allow Schengen access?
Not yet free to travel in Schengen. Cyprus is an EU member but has not fully joined the Schengen area, so a separate visa is still required when traveling to other Schengen countries. However, Cyprus permanent residency card allows unlimited residence and work in Cyprus.
How long to get Portugal citizenship via Golden Visa?
Minimum 5 years legal residence, requiring only 7 days/year average presence. After 5 years can apply for naturalization if meeting A2 Portuguese language requirement. Note citizenship law has pending amendments that may increase actual residence time.
Need advice on your specific case?
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