By Catarina Vaz-Pinheiro · European Residency Correspondent
For about five years, the answer to the question ‘which Golden Visa should I get?’ was straightforward: Portugal if you want EU citizenship in five years, Greece if you want low-cost entry and Schengen access, Spain if you want a lifestyle alongside your investment. In 2026, none of those answers is still simple. Two programmes have fundamentally restructured their real estate routes. One country is considering winding down entirely. The gap this leaves is real, and buyers deserve an honest look at what actually works now.
What changed in Portugal
Portugal's Golden Visa programme was closed to new real estate applications in October 2023. The programme still exists — fund investments, scientific research contributions, and cultural heritage donations remain eligible — but the property investment route that attracted the majority of applicants is gone. Existing applicants in the pipeline before the closure date are still being processed, which has created a substantial backlog at AIMA (the successor to SEF). If you applied before October 2023 and are still waiting, you're in a queue rather than a closed programme. If you're considering Portugal for the first time in 2026, real estate is not on the table.
The Portuguese fund route requires a minimum €500,000 investment in a qualifying venture capital or private equity fund. Returns are variable and lock-up periods are typically 10 years. It is a legitimate but illiquid route for applicants who are comfortable with fund risk.
Greece: the threshold has changed the value proposition
Greece did not close its Golden Visa programme. But in August 2023, it raised the minimum investment threshold to €800,000 for properties in greater Athens, Thessaloniki, and the islands of Mykonos, Santorini, and several others. In the rest of Greece, the threshold remains €400,000. This bifurcation has created a programme that is still attractive for buyers interested in regional Greek property (Crete, the Peloponnese, smaller islands) but is now a difficult proposition in the high-demand areas where most buyers actually want to live or invest.
At €800,000, the Greek programme competes directly with Malta, which delivers EU citizenship (not just residency) for a larger total outlay. For buyers whose primary goal is EU citizenship in the fastest possible timeline, that comparison increasingly favours Malta.
Spain: announced but not yet enacted
The Spanish government announced in 2024 its intention to close the Spanish Golden Visa programme to real estate applications. As of publication, legislation enacting this has not been finalised, and the programme continues to accept applications. However, the political direction is clear, and any buyer considering Spain should treat the current availability as time-limited. Buyers who begin the process now may or may not be able to complete it under current rules — this is a programme you should only enter if you can move quickly and are comfortable with that uncertainty.
The alternatives worth taking seriously
Malta: EU citizenship via naturalisation
Malta's Community Malta Agency operates the MEIN (Malta Exceptional Investor Naturalisation) programme, which delivers EU citizenship in 36 months (or 12 months for exceptional contributions) through a combination of a government contribution, charitable donation, real estate requirement (purchase of €700,000 or rental of €16,000/year), and a 36-month residency qualifying period. Total minimum outlay: approximately €750,000–€900,000 depending on family size and timeline. This is the only EU citizenship-by-investment programme currently operating at scale, and for buyers who can afford it, it remains in a different category from any residency programme.
Key distinction: Malta delivers EU citizenship. Portugal, Greece, and Spain deliver EU residency. Citizenship grants the right to live in any EU member state; residency grants you the right to live only in the issuing country, with Schengen travel access.
Hungary: the returning programme
Hungary reopened a residency-by-investment programme in 2024 under new terms: a €250,000 minimum investment in qualifying real estate investment funds (direct property purchase is not eligible). Hungary's programme is the lowest-cost EU entry point available in 2026 and has attracted significant interest from buyers in the Gulf and South Asia who want EU residency at a lower capital commitment. Processing times are currently fast relative to the backlogged Mediterranean programmes. The limitation is that Hungary is not Schengen, which reduces its travel utility compared to Portuguese or Greek residency.
UAE: not EU, but genuinely useful
The UAE's Golden Visa programme for property investors requires a minimum purchase of AED 2 million (approximately €500,000) in freehold property. It delivers a 10-year renewable residency, zero income tax, and access to a growing number of visa-free destinations. For buyers who are building in Dubai or Abu Dhabi anyway, the residency is essentially free. For buyers who want EU Schengen specifically, the UAE does not help. For buyers who want a low-tax base with high quality of life and don't need EU access, it's one of the world's most practical residency solutions.
A comparison at a glance
Portugal (funds): €500K, 5-year path to citizenship, Schengen access, significant backlog · Greece (€800K zone): €800K, residency only, Schengen, active programme · Greece (€400K zone): €400K, residency only, Schengen, active programme · Malta: €750K+, EU citizenship in 36 months, active programme · Hungary: €250K, EU residency (non-Schengen), fast processing · UAE: AED 2M, 10-year residency, no income tax, active.
What this means for buyers in 2026
The golden age of easy, affordable EU residency through real estate is over. The programmes that remain require either higher capital commitment (Greece €800K, Malta €750K+) or accept that you're getting residency rather than citizenship. For most buyers, the question is now less ‘which EU programme?’ and more ‘what am I actually trying to achieve?’. EU citizenship in five years: Malta, at a price. EU Schengen residency at a reasonable entry point: Greece outside Athens. A low-tax lifestyle base: UAE. EU citizenship aspirations with a longer horizon: consider qualifying through long-term legal residency in your chosen country, without a formal investment programme at all.
Residency and citizenship programme terms change frequently. All figures cited are indicative as of July 2026. Consult a licensed immigration adviser before making any investment or application decision.