Spain ended its Golden Visa in 2025, closing a chapter that shaped investor migration for more than a decade. The market did not disappear; it shifted direction.
Today Europe still offers reliable Golden Visas with stable rules and realistic timelines.
At Immigrant Invest, we’ve been following these trends since 2006, analysing every change to create crafted solutions for our clients. In this article, we highlight where opportunities remain, the costs of each residency option, and the timeframes involved.
Closures and reforms: the shifting landscape
Investor migration in Europe has changed shape. Real estate options that once dominated have been scaled back or removed. Thresholds rose in prime areas, while attention shifted to funds and cultural projects.
“The trend is clear: substance and compliance now matter more than quick speculation.”
For investors, this means fewer choices but stronger residency options. The surviving routes share three features: transparent costs, light residence requirements and credible processing. Spain’s withdrawal underlined this trend, while also highlighting which countries have the political will to keep their doors open.
Where Europe still opens its doors: three key markets
Portugal, Greece and Hungary remain at the heart of Europe’s Golden Visa landscape. All three grant residency without demanding full-time living. They allow family inclusion, offer straightforward procedures and set clear investment rules. What separates them are costs, structure, and long-term outcomes.
alt: Europe Golden Visa
In 2024, Portugal recorded the highest number of residence permits by investment in the EU, whereas Hungary’s newly launched Golden Visa is still in its early stages of development
Portugal
Portugal remains one of the most attractive choices because of its fast route to citizenship. Investors can apply for a passport after just five years. Unlike most other countries, Portugal requires only minimal physical presence: 7 days per year are enough.
Investors can choose among 5 options, including a €250,000 cultural donation and a €500,000 fund subscription. Most prefer the fund route, as it combines regulation, diversification and, in many cases, the potential for attractive returns. The closure of the real estate option only strengthened this trend.
The Portugal Golden Visa is granted for 2 years and may be extended for 2-year periods indefinitely.
As Immigrant Invest often notes, Portugal’s mix of light obligations and a clear five-year horizon makes it one of the most efficient EU pathways to citizenship.
Greece
Greece is notable for offering the lowest property entry point in Europe. The national minimum is €250,000 for properties bought for renovation, though in popular urban and coastal areas the threshold can be higher. Residence permits are valid for 5 years and are renewable as long as the property is held. Importantly, there is no obligation to live in Greece to maintain the visa.
Citizenship, however, requires genuine residence for 7 years. For families that wish to embrace the Mediterranean lifestyle, this is realistic. For others, the Golden Visa functions more as a flexible residency right.
Greece has also introduced favourable tax regimes for newcomers, including flat-tax options for high-net-worth individuals. Property taxes remain moderate, especially compared with other Mediterranean countries, and rental yields in tourist destinations can be attractive.
Immigrant Invest’s advisors often recommend Greece to investors who want a tangible asset at the lowest possible cost, with the option of long-term settlement if their plans change.
Hungary
Hungary has recently relaunched its Golden Visa with updated terms. Now, investors can obtain residence permits in exchange for purchasing real estate fund units for €250,000 or a €1,000,000 donation to a higher education institution. While the donation option is non-refundable, those who had invested in fund units can expect a return at a profit.
The main advantage is stability. Hungary issues residence permits for 10 years at once, renewable for another ten. No other European Golden Visa offers such long validity.
As with Portugal and Greece, there is no need to live in Hungary to keep residency. Citizenship, however, requires 11 years of residence.
Permanent residence programmes: a different model
Some investors prefer permanence from the start. Instead of temporary visas, Malta and Cyprus grant permanent residence on approval, offering certainty for families focused on stability.
Malta’s Permanent Residence Programme is not a Golden Visa. It starts at €169,000, covering rent from €14,000 per year or property purchase from €375,000, plus a contribution fee of €37,000, an administration fee of €60,000, and a donation of €2,000.
A spouse, children up to 29, parents and grandparents can all be included. This is not a Golden Visa but a programme designed for investors. An administrative fee of €7,500 is charged per adult family member, except for the spouse.
Combined with Malta’s safe environment, English-speaking schools and strong air links, this makes it a strong multi-generation choice.
Cyprus offers permanent residence by investment of €300,000 in property, shares of Cypriot companies, or fund units. The process is predictable, and family members are covered. Many investors buy homes for use or rental.
The island combines EU access with a relaxed Mediterranean lifestyle. English is widely spoken, healthcare and schools are strong, and travel connections across Europe, the Middle East and Asia are excellent. The business-friendly tax system adds to its appeal.
Comparative insight: mapping Europe’s open doors
Even after Spain’s withdrawal, Europe still welcomes investors through a smaller but stronger set of Golden Visas and other residency programs.
“Each option offers a different balance of cost, time, and certainty.”
The right choice of the residency option depends on your priorities — whether that is speed to citizenship, low entry cost, or long-term stability.
Portugal is best for those who want citizenship in just five years. Greece appeals to those interested in property at a low entry point. Hungary offers value and a strategic location in Central Europe.
Malta and Cyprus are stronger for families seeking immediate permanence and long-term security.
If it seems complicated, a licensed agent offers a free course explaining Golden Visas.
Immigrant Invest helps investors and families navigate these residency options with confidence. From preparing documents to managing applications, we focus on approvals and long-term comfort.
