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Every Golden Visa Still Open in Europe in 2026 · IMI Podcasts

• 0:00
  SPEAKER_00: The term golden visa has no legal definition.
• 0:03
  SPEAKER_00: Portugal calls it the ARI.
• 0:06
  SPEAKER_00: Greece calls it a residence permit for investors.
• 0:09
  SPEAKER_00: Hungary invented guest investor residence permit.
• 0:13
  SPEAKER_00: No European government actually uses the phrase in its legislation.
• 0:18
  SPEAKER_00: For this guide, a golden visa is a residence permit obtained through a passive financial investment, where the holder is not required to live in the country or become a tax resident to maintain their status.
• 0:30
  SPEAKER_00: Under this definition, eight European countries currently operate active golden visa programs.
• 0:37
  SPEAKER_00: Several more have closed in recent years.
• 0:40
  SPEAKER_00: Portugal's golden visa remains the most scrutinized program in the market.
• 0:44
  SPEAKER_00: The real estate route ended in October 2023 under the Moore Housing Reform, Law 56 of 2023.
• 0:53
  SPEAKER_00: What survived 500,000 euros in qualifying investment fund subscriptions, the dominant route today, 250,000 euros for cultural or artistic investments, 500,000 euros for scientific research and business creation with at least 10 jobs.
• 1:11
  SPEAKER_00: Physical presence is seven days per year.
• 1:14
  SPEAKER_00: Permanent residency arrives at year five.
• 1:17
  SPEAKER_00: Citizenship has also been available at five years, and that rule remains in effect as of March 2026.
• 1:25
  SPEAKER_00: Portugal's parliament voted in October 2025 to extend naturalization timelines to 10 years for most non-EU, non-CPLP nationals, but the Constitutional Court struck down parts of the law in December 2025, and the president vetoed the decree.
• 1:43
  SPEAKER_00: The bill has been sent back to Parliament for revision, with discussions scheduled for April 2026.
• 1:50
  SPEAKER_00: Whether the 10-year timeline eventually passes, gets amended, or fails entirely remains an open question.
• 1:58
  SPEAKER_00: Golden Visa investors filed a constitutional challenge in December 2025, arguing the government reneged on promises made when it solicited their capital.
• 2:08
  SPEAKER_00: More than 20,000 golden visa applicants still await appointments with AIMA, Portugal's migration agency.
• 2:16
  SPEAKER_00: Processing times hit a record 39.6 months.
• 2:19
  SPEAKER_00: Minister Leito Amaro promised resolution in 2026, generating an estimated 85 million euros in revenue.
• 2:29
  SPEAKER_00: Immigration lawyers described the timing as very offensive and shameless.
• 2:35
  SPEAKER_00: Despite the turbulence, the program's core value proposition has not changed.
• 2:40
  SPEAKER_00: It still delivers residence permits, Schengen access, and a path to citizenship.
• 2:46
  SPEAKER_00: The path is longer now.
• 2:48
  SPEAKER_00: Greece overhauled its golden visa in September 2024 with a zone-based pricing system.
• 2:54
  SPEAKER_00: The new tiers, 800,000 euros for Athens, Thessaloniki, Mykonos, Santorini, and Islands with more than 3,100 inhabitants.
• 3:05
  SPEAKER_00: Single property, minimum€20 square meters,€400,000 for all other regions.
• 3:12
  SPEAKER_00: Same size constraint,€250,000 for commercial to residential property conversions and restoration of listed buildings anywhere in the country.
• 3:23
  SPEAKER_00: No size requirement, but the conversion or restoration must be completed before application for conversions or by the five-year renewal for restorations.
• 3:34
  SPEAKER_00: Non-real estate alternatives include€500,000 in Greek government bonds, minimum three-year maturity,$500,000 in a fixed-term bank deposit, or$800,000 in equities and corporate bonds.
• 3:48
  SPEAKER_00: A 10-year hotel or tourist residence lease qualifies at€250,000 to$500,000 depending on zone.
• 3:57
  SPEAKER_00: No minimum stay.
• 3:59
  SPEAKER_00: Citizenship eligibility begins after seven years of tax residence in Greece, plus a language exam.
• 4:05
  SPEAKER_00: Greece proposed legislation in January 2026 to fix backdated residence permits, streamline renewals, and address a backlog that stood at approximately 42,390 pending applications by November 2025.
• 4:22
  SPEAKER_00: Short-term rentals are now prohibited for golden visa properties, with a 50,000 euro fine and permit revocation for violations.
• 4:33
  SPEAKER_00: Hungary's guest investor residence permit launched in July 2024 and quickly became one of Europe's most popular new options.
• 4:42
  SPEAKER_00: Two investment routes remain€250,000 in a government accredited real estate fund, or a€1,000 donation to a higher education institution.
• 4:52
  SPEAKER_00: A€500,000 direct real estate route was abolished in January 2025 after concerns about rising housing prices.
• 5:02
  SPEAKER_00: The program grants a 10-year permit, renewable for another 10 years.
• 5:06
  SPEAKER_00: Zero physical presence required.
• 5:09
  SPEAKER_00: Schengen travel rights activate immediately.
• 5:12
  SPEAKER_00: Investors receive pre-approval before committing capital, eliminating financial risk during the application stage.
• 5:20
  SPEAKER_00: Family inclusion covers spouses, children under 18, or up to 26 if financially dependent, studying and unmarried, and parents aged 65 and over.
• 5:32
  SPEAKER_00: Citizenship requires eight years of continuous full-time residence in Hungary, a Hungarian language and cultural knowledge exam, and financial self-sufficiency.
• 5:42
  SPEAKER_00: This is a long road and one that requires you to actually live there.
• 5:46
  SPEAKER_00: Bulgaria's golden visa flies under the radar, but it offers something no other EU program currently matches.
• 5:54
  SPEAKER_00: Immediate permanent residency from a single fund investment of 512,000 euros.
• 6:00
  SPEAKER_00: The program requires investment in alternative investment funds, AIFs, or exchange traded funds licensed by Bulgaria's Financial Supervision Commission.
• 6:10
  SPEAKER_00: The investment must be maintained for at least five years.
• 6:14
  SPEAKER_00: No physical residence is required to maintain permanent residency status.
• 6:19
  SPEAKER_00: Bulgaria joined the Schengen area in January 2025 and adopted the Euro in January 2026, eliminating the currency risk that previously complicated fund subscriptions.
• 6:32
  SPEAKER_00: A flat 10% income and corporate tax rate, the lowest in the EU, applies to those who become tax residents.
• 6:40
  SPEAKER_00: Citizenship eligibility begins five years after permanent residency is granted, subject to an A1-level Bulgarian language requirement, achievable in under two months of remote study.
• 6:53
  SPEAKER_00: Children of Bulgarian citizens acquire citizenship by descent, regardless of age.
• 6:58
  SPEAKER_00: Only two fully compliant golden visa funds currently operate.
• 7:03
  SPEAKER_00: Processing takes six to eight months from start to permanent residency card.
• 7:08
  SPEAKER_00: Latvia offers one of Europe's oldest and cheapest golden visas, operational since 2010.
• 7:15
  SPEAKER_00: Three investment routes,€50,000 in a company with fewer than 50 employees, and under 10 million euros turnover,€250,000 in real estate plus a 5% government fee, or€280,000 in a Latvian bank deposit for 5 years, plus a€25,000 government fee.
• 7:37
  SPEAKER_00: The bank deposit route returns your capital in full after the five-year residency period.
• 7:42
  SPEAKER_00: Real estate investments surged to 45% of approvals in H-1 2025.
• 7:49
  SPEAKER_00: Latvia processed 44 main applicants in the first half of 2025, on track for its strongest year since 2021 to 2022.
• 7:59
  SPEAKER_00: No minimum stay is required.
• 8:02
  SPEAKER_00: Citizenship takes at least 10 years of physical residency plus Latvian language and history exams.
• 8:08
  SPEAKER_00: Italy's investor visa, Visto per investitori, grants residence through four routes:€250,000 in an innovative Italian startup, 500,000 euros in an Italian company,€2 million in Italian government bonds, or a€1 million philanthropic donation.
• 8:29
  SPEAKER_00: Processing takes three to four months.
• 8:32
  SPEAKER_00: No minimum stay is explicitly required to maintain the visa, though applicants must demonstrate intent to reside.
• 8:39
  SPEAKER_00: Italy also offers a separate 7% flat tax regime for retirees relocating to southern municipalities with fewer than 20,000 inhabitants, valid for up to 10 years on all foreign sourced income.
• 8:53
  SPEAKER_00: Citizenship follows the standard 10-year residency path.
• 8:57
  SPEAKER_00: Cyprus offers permanent residency through a€300,000 property investment, plus VAT in new residential real estate.
• 9:06
  SPEAKER_00: Alternative routes include€300,000 in commercial property or€300,000 in units of Cyprus Investment Fund Association Collective Investments.
• 9:17
  SPEAKER_00: Applicants must demonstrate a secured annual income of at least€50,000 from abroad, plus 15,000 euros for a spouse and 10,000 euros per child.
• 9:28
  SPEAKER_00: Processing takes two to three months.
• 9:31
  SPEAKER_00: You must visit once every two years to maintain permanent residency.
• 9:36
  SPEAKER_00: Cyprus levies no wealth tax, inheritance tax, or gift tax.
• 9:41
  SPEAKER_00: Non-domiciled residents pay zero tax on dividends and interest for up to 17 years.
• 9:47
  SPEAKER_00: Foreign pensions face a flat 5% rate above an exempt threshold.
• 9:52
  SPEAKER_00: Malta's citizenship by exceptional services by direct investment ended in April 2025, following an EU Court of Justice ruling.
• 10:01
  SPEAKER_00: The Malta Permanent Residence Program remains open and grants permanent residency from day one.
• 10:08
  SPEAKER_00: The MPRP combines a government contribution, property purchase or lease, and a philanthropic donation.
• 10:16
  SPEAKER_00: Total costs start at approximately 150,000 euros when leasing, varying with property choice and family size.
• 10:24
  SPEAKER_00: Malta stands out for four-generation family inclusion, spouses, children, parents, grandparents, and in some cases great grandparents.
• 10:35
  SPEAKER_00: No minimum stay is required.
• 10:37
  SPEAKER_00: English is an official language.
• 10:40
  SPEAKER_00: Citizenship follows a standard naturalization path requiring extended residence.
• 10:46
  SPEAKER_00: The pattern among European closures is consistent.
• 10:49
  SPEAKER_00: Political pressure over housing affordability, combined with EU institutional resistance to passive investment pathways.
• 10:57
  SPEAKER_00: Spain ended its golden visa on April 3, 2025, under Organic Law 1-2025.
• 11:06
  SPEAKER_00: Prime Minister Pedro Sanchez framed the closure as a response to a housing crisis, noting that non-EU residents purchased 27,000 properties in 2023, mostly for short-term rental rather than habitation.
• 11:21
  SPEAKER_00: Three alternative residency routes remain open: non-lucrative visa, digital nomad visa, entrepreneur visa, but all require at least 183 days per year of physical presence.
• 11:36
  SPEAKER_00: Malta's CBI program fell to an EU Court of Justice ruling in April 2025.
• 11:42
  SPEAKER_00: The MPRP residency program survived.
• 11:46
  SPEAKER_00: Ireland closed its immigrant investor program in February 2023.
• 11:51
  SPEAKER_00: The UK shut its Tier 1 investor visa in February 2022.
• 11:56
  SPEAKER_00: Neither has announced a replacement.
• 11:59
  SPEAKER_00: The Netherlands quietly discontinued its investor residence option.
• 12:03
  SPEAKER_00: Romania proposed a 400,000 euro golden visa in November 2025, but subsequently canceled the plans after the Supreme Council of National Defense raised concerns it could threaten the country's Schengen membership, visa waiver program status, and OECD ambitions.
• 12:22
  SPEAKER_00: The EU has continued hardening its stance.
• 12:25
  SPEAKER_00: ETS, the European Travel Information and Authorization System, is set to launch in late 2026 and become mandatory by October 2027.
• 12:36
  SPEAKER_00: One-third of investment migration executives believe it will become a mechanism for discriminating against CBI passport holders, introducing pre-screened entry that could transform visa-free access into something far more conditional.
• 12:52
  SPEAKER_00: This episode first appeared as an article by Amada Bas on IMIDaily.com.
• 12:58
  SPEAKER_00: Subscribe for free to the IMI newsletter for breaking news and updates from the investment migration industry, and upgrade your membership to IMI Pro to get access to our exclusive professional community, citizenship catalog, investment migration company Rolodex, private briefings, and more members only content.