Investment Programmes
Golden Visa
Also known as: Residency by Investment, RBI, Investor Visa
Golden Visa is the umbrella term for residency-by-investment (RBI) programmes — distinct from citizenship-by-investment (CBI), where the investor receives a passport directly. The first modern programme launched in St. Kitts in 1984 (CBI); Portugal popularised the European RBI form in 2012 with property investment thresholds as low as €280,000 (later €500,000), driving a wave of similar programmes in Spain (2013), Greece (2013), Ireland (2012), Malta (2015), Cyprus (2014), Latvia (2010), and Bulgaria (2009).
The European Commission and FATF began criticising RBI programmes from 2018 onward over money-laundering, sanctions-evasion, and EU-citizenship-as-commodity concerns. Portugal closed its property route in October 2023 (programmes still open through fund and venture-capital tracks). Spain closed its programme entirely on 3 April 2025 (Ley Orgánica 1/2025, art. 5 with an 18-month transitional window for existing applications). Ireland closed in February 2023. Cyprus and Bulgaria closed CBI programmes earlier; their RBI tracks remain in narrower forms. Greece, Malta, Latvia, and several Caribbean states (St. Kitts, Dominica, Antigua, Grenada, St. Lucia) remain active with different cost structures.
In 2026, the most-cited still-open programmes are: Greece (€250,000–€800,000 property depending on region), Malta (€690,000+ via the Malta Permanent Residence Programme), Latvia (€60,000+ via subordinated bank deposit, with a 5-year holding), and the Caribbean CBI programmes ($100,000–$200,000 donation or similar real-estate investment). Each programme has different physical-presence requirements (Greece: zero days/year; Malta: residence requirements via property holding; Caribbean: typically zero) and different paths to citizenship (Greece: 7-year naturalisation; Malta: 5-year accelerated under MEIN; Caribbean CBI: immediate).
The "Golden Visa" framing has become looser over time, and is now sometimes applied to any investor-class residence permit (including the US EB-5, the UK's now-closed Tier 1 Investor, and various national digital-nomad-with-investment hybrids).
Sources
- OECD — Residency-by-Investment review (2023)
- European Commission — Investor citizenship/residence schemes
Last factual review: 2026-05-08.
Related terms
Citizenship by Investment (CBI)
Citizenship by investment programmes grant a passport in exchange for a qualifying investment — typically a non-refundable government donation, real-estate purchase, or business investment. Active 2026 programmes include St. Kitts and Nevis ($250,000+), Dominica ($200,000+), Antigua and Barbuda, Grenada, St. Lucia, Vanuatu, Türkiye ($400,000+ real estate), and Egypt. EU CBI programmes (Cyprus, Malta) have been closed or restricted following European Commission and ECJ pressure.
Schengen Area
The Schengen Area is a passport-free travel zone of 29 European countries (27 EU + Iceland, Norway, Switzerland, Liechtenstein), where internal border checks are abolished. Non-EU short-stay visitors can spend up to 90 days within any rolling 180-day period across the entire area. Romania and Bulgaria fully joined for land borders on 1 January 2025, completing the area's expansion.
Permanent Residence (PR)
Permanent Residence is the immigration status that entitles a non-citizen to live in a country indefinitely without citizenship, with most resident rights including work, study, and access to social services. Acquired through years of continuous legal residence (typically 5 years in the EU, 5 in the US for most green-card categories, 4-5 in Australia/Canada/NZ). Often a stepping stone to citizenship after additional residence years.
ETIAS
ETIAS is the EU's pre-travel electronic authorisation for visa-exempt non-EU nationals visiting the Schengen Area, analogous to the US ESTA. Required for citizens of about 60 visa-exempt countries (including the US, Canada, UK, Australia, Brazil, Japan), it costs €7, is valid for 3 years or until passport expiry (whichever is sooner), and is checked at carrier check-in and at the Schengen external border. Originally scheduled for 2024, the launch is currently slated for late 2026 / early 2027.
Deeper guides
Panama Qualified Investor Visa 2026: $300K Until October Sunset
Panama's Qualified Investor Visa in 2026 — $300K real estate until 15 October 2026 sunset, then $500K. 30-90 day processing. Day-one permanent residency. Territorial taxation. Full comparison with Hungary, UAE, and EU alternatives.
Italy Investor Visa 2026: €250K Startup Route + €200K/Year Flat Tax
Italy's Investor Visa in 2026 — €250K startup, €500K limited company, €2M government bonds, or €1M philanthropic donation. Paired with the €200K/year flat-tax regime on worldwide foreign income for high-net-worth new residents. 3-6 month processing, 10-year path to citizenship with B1 Italian. Full comparison with Portugal, Greece, and Malta.
Hungary Golden Visa 2026: Europe's Cheapest Residency-by-Investment (€250K)
Hungary's Guest Investor Visa Programme in 2026 has two active routes after the 15 January 2025 reform: €250K into an MNB-approved real estate fund (min 40% Hungarian residential exposure) or €1M higher-education donation. 4-8 week processing, 15% flat tax, 9% corporate tax, Schengen access, 10-year permit. Full comparison vs Portugal and Greece.
Portugal Golden Visa 2026: Routes, Backlog Reality, and the April 2026 Citizenship Change
Portugal golden visa in 2026 — €200K cultural donation route, €500K fund route, 39.6-month AIMA backlog, and the April 2026 citizenship-law amendment that moves the timeline from 5 to 10 years for most applicants. Full comparison with Greece, Hungary, and Italy.
Spain's Golden Visa Is Dead: 7 Alternatives for Residency-by-Investment in 2026
Spain ended its golden visa in April 2025. Seven alternatives remain: Greece (€400K real estate), Portugal (€500K funds), Hungary (€250K cheapest in EU), Malta, Italy, Latvia, and UAE. Full comparison with investment minimums, processing times, tax implications, and path to citizenship.
Greece Golden Visa 2026: Requirements, Cost & Application Guide
Greece's golden visa in 2026 — three-tier pricing (€250K commercial-to-residential conversions; €400K standard regions; €800K Athens, Thessaloniki, Mykonos, Santorini, islands over 3,100 people), short-term rental ban with €50K fine, 2–6 month processing, and 7-year path to citizenship with B1 Greek.