Four investor routes have closed since 2022 and four remain open. Here is where things actually stand.
A surprising number of the families who contact us are working from a list that is two or three years old. Spain is usually on it. Ireland sometimes is. A few still believe they can buy an apartment in the Algarve and receive a Portuguese residence permit on the strength of it. None of that holds any more, and the gap between what people have read and what is actually available has never been wider.
This guide sets out the Golden Visa alternatives in Europe that genuinely accept applications in 2026, the programmes that have closed, and the practical differences between the four that remain. Every status below is current as of August 2026 and linked to its source, so you can check it for yourself.
| Four residency by investment programmes remain open in Europe in 2026: Portugal, Italy, Greece and Malta. Almost everything else on the older lists has closed. |
The programmes that have closed
The contraction has been quick. The United Kingdom closed its Tier 1 Investor route in February 2022, citing security concerns (UK Home Office). Ireland followed a year later, shutting its Immigrant Investor Programme in February 2023 (Irish Department of Justice). The Netherlands ended its investor permit from January 2024.
Spain is the closure families still ask about most. Its Golden Visa stopped accepting new applications on 3 April 2025, after Organic Law 1/2025 repealed the investor residence provisions that had run since 2013. The Spanish government framed the decision around housing pressure, and applications lodged before the deadline are still being processed under the old rules.
Portugal is the case most often misreported. Its programme never closed. What changed, in October 2023, was that Law 56/2023 removed property purchases from the list of qualifying investments. The Golden Visa carried on, with regulated investment funds becoming the main route.
One further change concerns citizenship rather than residency. In April 2025 the Court of Justice of the European Union ruled that Malta’s citizenship by investment scheme breached EU law. Malta’s separate residence programme was not part of that case and still operates.
What remains open in 2026
Four programmes accept new investor applications. They differ in what they ask you to invest, how much time they expect you to spend in the country, and where they lead in the long run.
| Programme | What you invest | Time in the country | Status |
| Portugal Golden Visa | €500,000 into a regulated investment fund | 7 days a year on average | Open |
| Italy Investor Visa | €250,000 to €2,000,000, across four routes | None required | Open |
| Greece Golden Visa | Property from €250,000 to €800,000, by location | None required | Open |
| Malta Permanent Residence Programme | Property plus around €99,000 in fees and contributions | None required | Open |
Open means accepting new applications. It says nothing about speed, and processing times vary widely between the four, which is worth checking before any plan depends on a date.
Portugal: the fund route
Portugal’s Golden Visa asks for a €500,000 subscription into an investment fund regulated by the CMVM, Portugal’s securities regulator. Our guide to CMVM regulated funds explains what that oversight covers. Portugal is the lightest of the four on presence, asking for seven days in the first year and fourteen across each following two years. For families who want a European foothold without moving house, that is the main attraction.
The citizenship rules changed on 19 May 2026. Under Lei Orgânica n.º 1/2026, holders now become eligible to apply after ten years of legal residence, or seven for nationals of the EU and the CPLP, the community of Portuguese speaking countries, counted from the day the first residence permit is issued. Older guides still quote five years because they predate the law. Our guide to the citizenship law as it stands sets out the change in full.
The honest caveat is time. AIMA, the immigration agency, has been working through a substantial backlog, and reported waits to a first residence card run from around a year to well beyond two, depending on the office. Our read on AIMA processing times explains what sits behind those figures, and our Portugal overview sets out the full process.
Italy: approval before investment
Italy works the other way round. Under the Investor Visa, you apply for a Nulla Osta, a pre-approval certificate, before committing any money, and the government committee decides within 30 days of a complete application. The investment only falls due after the visa is issued and you arrive in Italy, within three months.
There are four routes, which cannot be combined: €250,000 into an innovative start-up, €500,000 into an established Italian company, a €1,000,000 philanthropic donation, or €2,000,000 in Italian government bonds. There is no minimum stay to keep the permit. Italian citizenship, however, requires ten years of genuine legal residence and Italian at B1, so a family that rarely visits keeps its options open without building towards a passport.
Greece: property, priced by where you buy
Greece is now the main European route still built on property. Since September 2024, under Law 5100/2024, the minimum is €800,000 in Attica, Thessaloniki, Mykonos, Santorini and the larger islands, and €400,000 elsewhere, in both cases for a single home of at least 120 square metres. A reduced €250,000 threshold applies only to converting commercial buildings into homes or restoring listed ones.
There is no minimum stay, and the five year permit renews for as long as you own the property. Short term holiday letting of a Golden Visa property is banned. Greek citizenship requires seven years of genuine residence and an exam in Greek, so, as with Italy, holding the permit from abroad does not build towards a passport.
Malta: permanent residence from the start
Malta is the outlier. Its Permanent Residence Programme grants permanent status on approval rather than a temporary permit to renew. Applicants need a qualifying property, bought for at least €375,000 or leased for at least €14,000 a year, plus fees and contributions of around €99,000 that are not returned, and must show assets of €500,000 or more.
Since the 2025 ruling, Malta offers no investor route to citizenship at all. It is best treated as a residence solution rather than a path to an EU passport.
The routes that need no investment
Not every route to European residence requires capital. Portugal’s D7 visa and Italy’s Elective Residence Visa both work on passive income, such as a pension, rent or dividends, rather than an investment. The trade-off is presence, because both expect you to genuinely live in the country.
If you already know you want to be in Lisbon full time, an investment route may be solving a problem you do not have. Our comparison of the D7 and the Golden Visa sets out when each makes sense.
Where to start
Rules in this area change quickly, and the closures of the past four years are the best argument for checking the date on anything you read, this included. If Portugal or Italy is on your shortlist, our Portugal overview and our Italy guide cover each in full, and you are welcome to get in touch for a conversation with no obligation attached. For transparency, Elite Golden Visa receives placement or introductory fees from some funds, alongside a separate client service fee.
Elite Golden Visa provides immigration consultancy services. We do not provide financial or legal advice. All legal services are delivered by independent, qualified immigration lawyers. All investment decisions should be made with independent financial advice.
This content is for informational purposes only and does not constitute financial advice or an offer to invest. Any investment carries risk, including the potential loss of capital. Past performance is not indicative of future results.
