Golden Visa Programs Ending in 2026: Which Countries Still Offer Residency by Investment?

Spain shut the door. Portugal narrowed the path. Greece tripled the price. Here's what's left for global investors, and where the next opportunities are emerging.

Published on: April 9, 2026

Quick answer: The era of cheap, simple, property-based Golden Visas in prime Western Europe is effectively over, but residency-by-investment is evolving rather than dying. Spain terminated its program on April 3, 2025; Portugal eliminated the real estate route in October 2023 (funds, cultural, research, or business creation remain); and Greece kept its program but repriced it to a two-tier system of €800,000 in high-demand zones and €400,000 elsewhere, while banning short-term rentals for Golden Visa properties. Ireland, the UK, Cyprus, and Montenegro have all closed their schemes too. Doors remain open in emerging EU markets like Bulgaria (now in Schengen, on the euro, with a flat 10% tax) and Hungary, and beyond Europe in Turkey, the UAE, Thailand, and the Caribbean, and the consistent lesson is urgency, since every major closure followed a tightening-then-grace-period-then-hard-stop pattern.

For over a decade, Golden Visa programs served as a bridge between wealth and mobility, a straightforward proposition where a property investment in the right country could unlock European residency, Schengen travel, and eventually citizenship. That era is not over, but it is transforming rapidly. In 2026, the Golden Visa landscape looks dramatically different from even two years ago, and investors who fail to adapt risk missing both the closing windows and the emerging opportunities.

The Great Pullback: Who Shut the Door?

The most significant headline of the past 18 months belongs to Spain. On April 3, 2025, Spain officially terminated its Golden Visa program, one of Europe's most popular residency-by-investment schemes since its launch in 2013. The program had attracted billions in foreign investment and issued thousands of visas through real estate alone, primarily to buyers from China, the United States, Russia, and the United Kingdom.

The reasoning was political as much as practical. The closure was framed as a response to soaring housing costs in Madrid and Barcelona, where foreign investors were increasingly purchasing properties for short-term rental or pure capital appreciation rather than as primary residences.

Spain joins a growing list. Ireland ended its Immigrant Investor Programme in February 2023. The United Kingdom closed its Tier 1 Investor Visa in 2022. Cyprus shut down its citizenship-by-investment program back in November 2020 after procedural scandals. Montenegro followed in January 2023, partly due to EU accession concerns.

The pattern is unmistakable: countries are increasingly weighing the political cost of investment migration against its economic benefits, and the political cost is winning.

Portugal: Still Open, But Narrower Than Ever

Portugal's Golden Visa remains operational, but it is a fundamentally different program from its original form. The real estate route, historically the dominant pathway, was eliminated in October 2023 under the More Housing reform. What survives are more targeted options: qualifying venture capital funds, cultural or artistic investments, scientific research contributions, or business creation with job requirements.

The bigger uncertainty lies ahead. In October 2025, Portugal's parliament voted to extend the residency requirement for citizenship from five years to ten years for most non-EU nationals. Legal challenges followed, and the bill has been sent back to parliament for revision, with discussions scheduled for April 2026. For now, the five-year pathway to citizenship technically remains in effect, but the direction of travel is clear.

Processing remains another headache, with application processing times hitting record levels. Despite the turbulence, Portugal's core value proposition has not disappeared, it still delivers residence permits, Schengen access, and a path to citizenship. The path is simply longer and more uncertain than before.

Greece: Open but Radically Repriced

Greece has taken a different approach: rather than closing its program, it has tripled down on pricing. The original minimum that made Greece the most affordable Golden Visa in Europe is now available only for niche categories, converting commercial buildings to residential use or restoring listed heritage properties.

For mainstream investors, the new reality since September 2024 is a two-tier system. In high-demand zones, Athens, Thessaloniki, Mykonos, Santorini, and islands with more than 3,100 residents, the minimum has jumped to €800,000 for a single residential unit of at least 120 square meters. In all other regions, the threshold is €400,000.

The impact has been immediate and measurable, with interest from non-EU buyers reportedly falling dramatically compared to the prior year. Greece also banned short-term rentals for Golden Visa properties, with significant fines and potential permit revocation for violations. This eliminates the rental income strategy that many investors relied on to offset their purchase.

The program is not dead, but the investor profile is shifting away from yield-seeking buyers toward lifestyle purchasers and long-term residents.

Where the Doors Remain Open

While Western Europe tightens, several programs continue to offer competitive entry points:

Hungary launched its Guest Investor Residence Permit in July 2024. Two routes remain: a government-accredited real estate fund investment, or a donation to a higher education institution. The program offers a ten-year permit with zero physical presence required.

Bulgaria offers something unique in the EU: immediate permanent residency from a single fund investment. Bulgaria joined the Schengen Area in January 2025 and adopted the euro in January 2026, removing currency risk and significantly boosting the program's appeal. A flat 10% income and corporate tax rate, the lowest in the EU, adds another layer of attraction.

Latvia remains one of the most affordable Golden Visa entry points for investors from emerging markets. Malta continues to operate its residency program, though at higher thresholds and with stricter due diligence.

Beyond Europe, Turkey continues to offer citizenship through a $400,000 real estate investment, and the program remains active despite regional developments. The UAE, Thailand, and several Caribbean nations also maintain active programs, though each with distinct advantages and limitations.

What's Really Driving the Closures?

The surface narrative is housing affordability, and it is genuine. In major European cities, foreign investment flows have contributed to price pressure in already strained markets. But the deeper forces are political.

Investment migration programs were born from crisis. Spain's Golden Visa launched during the aftermath of the 2008 financial collapse. Greece's followed during its sovereign debt emergency. Portugal's emerged from a similar period of economic distress. As these economies recovered, the perceived need for foreign capital diminished, while the political cost of visible foreign ownership in overheated housing markets grew.

The EU has also applied increasing pressure. The European Commission has long been skeptical of Golden Visa schemes, and the drive toward harmonized standards has created a regulatory headwind that makes it harder for individual member states to maintain permissive programs.

What This Means for Cross-Border Investors

The era of cheap, simple, property-based Golden Visas in prime European markets is effectively over. But the broader concept of residency-by-investment is far from dead, it is evolving.

For investors with flexibility on location, the opportunity has shifted to emerging EU markets like Bulgaria and Hungary, where programs are newer, less politically contested, and still offer genuine value.

For those committed to Western Europe, the pathway now runs through fund investments, cultural contributions, or business creation rather than direct property purchases. This requires more sophisticated structuring but can still deliver the same end result.

For everyone, the lesson is urgency. Every major program closure of the past five years was preceded by a period of tightening, followed by a grace period, followed by a hard stop. Investors who moved early preserved their options. Those who waited often found the door had closed.

The Golden Visa is not dying. It is growing up, becoming more selective, more expensive, and more strategically important for the countries that still offer it. For investors willing to adapt, the opportunities remain substantial. But the window to act on today's terms will not stay open forever.

Frequently asked questions

Did Spain end its Golden Visa program?
Yes. Spain officially terminated its Golden Visa program on April 3, 2025, framed largely as a response to soaring housing costs in Madrid and Barcelona. Existing holders are not the focus of this closure, but no new visas are issued under it.

Can you still get a Portugal Golden Visa through real estate?
No. Portugal eliminated the real estate route in October 2023 under its More Housing reform. The program survives through qualifying venture capital funds, cultural or artistic investments, scientific research, or business creation with job requirements.

How much does the Greece Golden Visa cost now?
Since September 2024 Greece runs a two-tier system: €800,000 for a single residential unit of at least 120 square meters in high-demand zones (Athens, Thessaloniki, Mykonos, Santorini, and islands over 3,100 residents), and €400,000 elsewhere. Short-term rentals of Golden Visa properties are banned.

Which Golden Visa programs are still open in 2026?
Within the EU, emerging markets like Bulgaria (now in Schengen, on the euro, with a flat 10% tax), Hungary, Latvia, and Malta still operate. Outside the EU, Turkey, the UAE, Thailand, and several Caribbean nations maintain active programs.

JanusHermes tracks Golden Visa investment thresholds and requirements across 15+ programs. Explore our Golden Visa Comparison Matrix and Country Intelligence tools to find the right program for your investment profile.

A note on the numbers: where no source is named, the market figures in this article (prices, yields, costs) are indicative estimates compiled from publicly available market data and industry reporting at the time of writing. Markets move and rules change, so treat them as a starting point and verify current figures with official sources before acting on them.