Europe’s investment migration market has changed significantly in recent years. Spain and Ireland have stopped accepting new investor applications, while Portugal has excluded real estate from its qualifying categories. Other countries, including Greece, have raised their minimum property investment thresholds to as much as EUR 800,000.
According to the international legal company Citipassport, investment residence remains available in Europe in 2026. However, investors must now choose between fewer programs, higher entry thresholds, and more complex due diligence requirements.
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Spain Closed Its EUR 500,000 Golden Visa Route
Spain officially stopped accepting new golden visa applications on April 3, 2025. Before the closure, the most popular option involved purchasing one or more properties with a combined value of at least EUR 500,000, excluding the financed portion.
The Spanish government confirmed that the country had fully abolished investor residence visas, rather than merely removing the real estate category.
Applications submitted before April 3, 2025, are generally considered under the previous legislation. Existing permit holders may retain renewal rights if they continue to meet the applicable conditions.
“The closure does not automatically cancel permits that have already been issued. The legal position depends on the application date, the type of investment, and whether the investor continues to satisfy the original requirements,” Citipassport representatives explained.
Investors who missed the deadline can consider other Spanish residence categories. These include permits for entrepreneurs, highly qualified professionals, digital nomads, and financially independent applicants. Purchasing property in Spain no longer creates a separate right to residence, regardless of whether the property costs EUR 500,000, EUR 1 million, or more.
Ireland No Longer Accepts EUR 1 Million Investor Applications
Ireland closed its Immigrant Investor Programme to new applications in February 2023. The closure did not automatically terminate eligible applications filed before the deadline. Ireland continues to process transitional cases and supervise existing investments. The authorities have published official guidance for affected investors.
Investors interested specifically in Ireland must now consider employment, business, startup, or other immigration routes. These options generally require active participation in the economy and cannot be treated as passive alternatives to the former EUR 1 million program.
Portugal Retained Investment Options Starting From EUR 250,000
Portugal is sometimes described as having closed its golden visa program. In reality, the country removed real estate purchases and real estate-related capital transfers from its qualifying categories in October 2023. The broader residence permit for investment activity, known as ARI, remains available.
In 2026, the principal routes include:
- a contribution of at least EUR 250,000 to eligible cultural or artistic projects or the preservation of national heritage;
- an investment of at least EUR 500,000 in qualifying scientific research;
- an investment of at least EUR 500,000 in eligible non-real-estate investment or venture capital funds;
- an investment of at least EUR 500,000 in a Portuguese company, combined with the creation or maintenance of the required number of jobs;
- the creation of at least 10 full-time jobs in Portugal.
Reduced thresholds may apply to certain investments made in designated low-density areas. However, the relevant project, location, and legal structure must satisfy the statutory conditions.
Information about available routes is published by Portugal’s migration authority, AIMA.
“Portugal demonstrates why investors should distinguish between the closure of an entire program and the removal of a single investment category. A EUR 500,000 property purchase no longer qualifies, but a EUR 500,000 eligible fund investment or a EUR 250,000 cultural contribution may still provide a route to residence,” Citipassport commented.
Portugal remains attractive because its physical presence requirements are relatively limited compared with standard residence routes. However, applicants should not assess a fund solely by whether it qualifies for immigration purposes. Management fees, investment term, portfolio risks, exit conditions, and expected returns require separate financial analysis.
Greece Offers Property Routes From EUR 250,000 to EUR 800,000
Greece continues to operate one of Europe’s most prominent property-based golden visa programs. However, the amount required depends on the location and characteristics of the property.
The main thresholds are:
EUR 800,000 for qualifying property in Attica, Thessaloniki, Mykonos, Santorini, and Greek islands with a population exceeding 3,100;
- EUR 400,000 for qualifying property in most other areas;
- EUR 250,000 for certain commercial properties converted into residential use;
- EUR 250,000 for qualifying listed buildings requiring restoration.
For the standard EUR 400,000 and EUR 800,000 categories, the investment generally must involve a single property with a minimum area of 120 square metres.
A family may usually be included in the application, subject to the program’s definition of eligible dependants. The residence permit is renewable as long as the qualifying investment and other legal conditions are maintained.
The Greek Ministry of Migration and Asylum provides official information about the investor residence procedure.
Citipassport specialists note that the EUR 250,000 routes should not automatically be viewed as the least expensive option. Conversion, restoration, professional fees, taxes, and construction expenses may substantially increase the final project budget.
For example, a EUR 250,000 restoration property could require an additional EUR 50,000–150,000 or more in renovation costs. The actual amount depends on the building’s condition, location, planning restrictions, and technical requirements.
Italy Maintains Four Investment Categories
Italy continues to issue investor visas in 2026. Applicants can choose from four principal options:
- EUR 250,000 invested in an eligible Italian innovative startup;
- EUR 500,000 invested in an Italian limited company;
- EUR 1 million contributed to an approved philanthropic initiative;
- EUR 2 million invested in Italian government bonds.
The process begins with an application for a Nulla Osta, or certificate of no impediment. After approval, the applicant can request a two-year investor visa through the Italian diplomatic mission in their country of residence.
According to the official Investor Visa for Italy portal, the investment must generally be completed within three months of entering Italy. If the investment is maintained, the initial two-year residence permit can be renewed for another three years. After five years of maintaining legal residence and meeting the relevant conditions, the investor may become eligible to apply for long-term residence.
The EUR 250,000 startup option has the lowest entry threshold, but it also involves significant commercial risk. A startup investment is fundamentally different from purchasing government bonds for EUR 2 million. The possibility of losing part or all of the invested capital must be assessed separately from the immigration advantages.
Entry Amount Is Only Part of the Final Cost
The minimum investment does not represent the investor’s total expenditure. Depending on the country and selected route, additional costs may include:
- property transfer taxes and registration charges;
- legal and notarial fees;
- fund subscription and annual management fees;
- application and residence card fees;
- translation, legalisation, and apostille expenses;
- health insurance;
- property maintenance or renovation;
- tax advice and compliance checks.
For a property-based route, associated expenses can add approximately 8–15% to the purchase price. A EUR 400,000 property may therefore require a total initial budget of around EUR 432,000–460,000, depending on the jurisdiction and transaction structure.
In the case of an investment fund, annual management fees may commonly range from 1% to 2.5% of the invested capital. For a EUR 500,000 investment, this could equal EUR 5,000–12,500 per year, before considering performance fees or other expenses.
Source-of-Funds Checks Are Becoming Stricter
Applicants investing EUR 250,000, EUR 500,000, or EUR 1 million must be able to document the lawful origin of their capital. A bank balance alone may not be sufficient.
Depending on the source, authorities and financial institutions may request:
- tax returns for the previous three to five years;
- company accounts and dividend resolutions;
- employment contracts and salary statements;
- property or business sale agreements;
- inheritance documents;
- loan agreements;
- bank statements showing the movement of funds;
- evidence of taxes paid.
If capital passes through several personal and corporate accounts, each stage of the transaction may need to be explained. Inconsistent documents or unexplained transfers can delay the application even when the investor has sufficient money.
