Every EU golden visa grants Schengen freedom of movement for the holder, but only Malta, Portugal, and Hungary currently offer a realistic path to an EU passport. Greece's seven-year citizenship clock and Italy's ten-year naturalization timeline matter significantly if a second passport is the actual end goal.
Greece: Lowest Entry Cost Still Standing in Western Europe
Greece's golden visa starts at 250,000 euros for property in most regions, though Attica, Thessaloniki, and the major islands now require 800,000 euros. Processing runs 6 to 12 months and grants a five-year renewable residence permit with no minimum stay requirement. Schengen access is immediate, and the path to citizenship opens at seven years of legal residence. For investors who want the lowest plausible entry point into an EU program that still includes property, Greece is the current answer.
Portugal: Best Long-Term Pathway After Property Routes Closed
Portugal eliminated real estate as a qualifying investment in late 2023, but the program remains open via fund investment (minimum 500,000 euros), capital transfer (1.5 million euros), or job creation routes. The residency timeline to citizenship is five years, one of the shortest in the EU, and physical presence requirements are low at just seven days per year in the first two years. For investors who can tolerate fund or capital routes rather than direct property, Portugal's golden visa in 2026 still offers one of the most credible citizenship endpoints in Europe.
Malta: Only EU Program That Grants Permanent Residency Directly
Malta's program issues permanent residency outright, not a temporary renewable permit, through a combination of a government contribution (28,000 to 58,000 euros depending on property route), a property purchase or rental, and a 2,000 euro charity donation. The total out-of-pocket cost including property runs roughly 300,000 to 400,000 euros for most applicants. Citizenship is a separate process requiring an additional 600,000 to 750,000 euro contribution with a 12 to 36 month residency requirement, so treat the residency and citizenship tracks as two distinct products.
Hungary: The Newest EU Option, With Competitive Costs
Hungary reopened its golden visa in 2024 under a new structure called the Guest Investor Visa, with three qualifying routes: a 250,000 euro contribution to a state-approved real estate fund, a 500,000 euro residential property purchase, or a 1 million euro donation to a higher education institution. The permit is valid for ten years and renewable for a further ten, making it the longest initial term of any current EU program. Hungary is not in Schengen as of 2024 but is a full EU member, and the program is processing actively with relatively low backlog compared to Portugal and Greece.
Italy: Investor Visa for Non-EU Nationals Outside the Golden Visa Label
Italy's investor visa is not branded as a golden visa but functions identically: a two-year renewable residency permit tied to a qualifying investment, with routes including 500,000 euros into an Italian company, 250,000 euros into an innovative startup, 1 million euros into a philanthropic fund, or 2 million euros in Italian government bonds. Processing is government-administered and typically takes three to six months once documents are in order. The tax regime is the real draw: Italy's flat-tax option for new residents caps global income tax at 100,000 euros per year regardless of how large the underlying income is, which is a structural advantage no other EU program currently matches.
Things people ask first.
Which EU golden visa has the lowest minimum investment?
Greece starts at 250,000 euros in most regions, making it the lowest threshold currently available in the EU. Hungary matches that figure through its real estate fund route. Both are significantly cheaper than Malta or Portugal's fund-based entry points.
Can I get EU citizenship through a golden visa?
Yes, but not immediately. Portugal offers a citizenship route after five years of legal residency with minimal physical presence. Greece requires seven years, Italy ten years under standard naturalization rules. Malta offers a separate citizenship by naturalization program that can move faster but costs significantly more.
Does a golden visa give me the right to work in the EU?
In the country that issued it, yes, in most cases. Schengen access lets you travel freely but does not automatically grant work rights across all member states. Check the specific permit conditions of each country, since Malta's permanent residency and Portugal's residence permit both include work rights in their issuing country.
Is Spain's golden visa still available in 2026?
No. Spain cancelled the real estate route in April 2025 after announcing the closure in early 2024. No replacement program had been introduced as of mid-2025, so Spain is off the table for new applicants.
How long does EU golden visa processing take?
Greece and Portugal both run six to eighteen months in practice due to backlogs. Hungary is processing faster, with many applicants reporting four to eight months. Malta's residency program typically takes six to twelve months from complete application submission.
Do I have to live in the country to keep my golden visa?
Most EU programs impose very low or zero minimum stay requirements to maintain residency status, which is precisely what distinguishes them from standard residency visas. Portugal requires just seven days in year one and fourteen in subsequent two-year periods. Greece and Malta both impose no minimum stay for permit holders.
Which EU golden visa actually fits your tax situation and timeline?
The programs ranked here have meaningfully different tax treatments, citizenship timelines, and physical presence requirements. The Offshore Playbook maps those variables to your specific residency goal so you are not paying 500,000 euros into the wrong program.
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