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Residency by Investment · Market Intelligence
Portugal compared:
Europe's residency
programs in 2026
Six jurisdictions, side by side. Thresholds, stay requirements, citizenship timelines, and what each program actually delivers — set out plainly, including where Portugal is not the strongest answer.
We advise on Portugal. On the other jurisdictions here we report publicly available program parameters so you can frame the decision before taking specialist advice in the relevant country.
€250,000
Portugal's lowest
qualifying route
7 days
Average annual stay
required in Portugal
10 years
Portuguese naturalization
from 19 May 2026
1 closed
Spain ended its program
on 3 April 2025
The Comparison
Program parameters at a glance
Figures are program minimums before taxes, government fees, legal costs, and due diligence charges. Real all-in cost is materially higher in every case, and family composition changes the arithmetic substantially.
| Portugal | Greece | Italy | Malta | Cyprus | UAE | Spain | |
|---|---|---|---|---|---|---|---|
| Status | Open | Open | Open | Open | Open | Open | Closed to new applicants since 3 April 2025 |
| Minimum investment | €250,000 cultural donation (€200,000 in designated low-density areas); €500,000 regulated fund | €250,000 conversion or listed-building restoration; €400,000 most regions; €800,000 prime areas | €250,000 innovative startup; €500,000 Italian company; €1m philanthropic; €2m government bonds | €375,000 property purchase (€300,000 south Malta / Gozo) or €14,000 p.a. rent, plus fixed government charges | €300,000 plus VAT, in property, company shares, or Cypriot fund units | AED 2m in property (approx. USD 545,000) | Formerly €500,000 property |
| Real estate qualifies | No — removed October 2023 | Yes — the principal route | No | Property is one required component, not the whole investment | Yes — new-build from a developer, or other property types | Yes — the principal route | — |
| Additional mandatory costs | Government and processing fees per applicant; legal and fund subscription costs | Roughly 7–10% for transfer taxes, notary, registration, and immigration fees | Consular and permit fees; investment must be held for the permit's duration | €37,000 government contribution, €60,000 administrative fee, €2,000 NGO donation, €7,500 per adult dependant | VAT on new property; legal and registration costs | Transfer and registration fees; visa issuance costs | — |
| Income or asset test | None beyond proof of lawful source of funds | None beyond lawful source of funds | Proof of sufficient means and traceable source of funds | Assets of €500,000 (of which €150,000 financial), or €650,000 (of which €75,000 financial) | €50,000 secured annual income from outside Cyprus, plus €15,000 spouse and €10,000 per minor child | None for the property route | — |
| Physical presence | Approx. 7 days per year on average (14 days per two-year period) | None required for renewal | Permit requires some presence; no fixed minimum-day rule for renewal | None required | Enter at least once every two years | None required | — |
| Permit granted | Temporary residence, renewable; permanent residence available after 5 years | 5-year renewable residence permit | 2-year permit, renewable in 3-year increments | Permanent residence from grant; card renewed every 5 years | Permanent residence, indefinite; card renewed periodically | 10-year renewable residence | — |
| Schengen access | Yes | Yes | Yes | Yes | No — Cyprus is not a Schengen member | No — non-EU | — |
| Citizenship timeline | 10 years of legal residence (7 for EU and CPLP nationals) under Lei Orgânica n.º 1/2026, counted from issue of the first residence permit | Approx. 7 years of actual residence under standard naturalization | 10 years of residence, with B1 Italian | Not a citizenship route. Malta's former investor-citizenship model no longer exists | Standard naturalization only, in the region of 7–8 years with Greek language requirements. No accelerated investor route | No standard path. Emirati citizenship is separate and highly selective | — |
| Family inclusion | Spouse or partner, dependent children, dependent parents, under one application | Spouse, children under 21, and parents of both spouses, with no increase to the threshold | Spouse, dependent children, and dependent parents in defined circumstances | Up to four generations, including grandparents, under a single application | Spouse and minor children; unmarried dependent children aged 18–25 may qualify. Parents are not included on a single investment | Spouse, children of any age, and parents | — |
| Realistic processing | Historically extended under AIMA backlogs, with reported timelines of 12–24 months. Processing capacity has been expanded and waiting times are reducing | Several months, subject to municipal and consular workload | Among the faster EU routes, commonly reported at 3–6 months | Reported at 6–14 months end to end, with a temporary permit available at submission | Among the fastest EU routes, commonly reported at 2–6 months | Weeks rather than months once the title deed is certified | — |
| Capital recoverable | Fund route: yes, subject to fund performance and redemption terms. Cultural donation: no, it is non-refundable | Yes, through sale — but disposal below threshold ends the permit | Startup and company routes: yes, subject to performance. Philanthropic donation: no | Government contribution and administrative fee are non-refundable. Property is recoverable after the 5-year hold | Yes, through sale — subject to maintaining the qualifying holding | Yes, through sale — subject to maintaining the qualifying holding | — |
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Jurisdiction Notes
What each program actually does
Portugal
The broadest proposition
Since real estate was removed in October 2023, Portugal is a capital-deployment program rather than a property program — and that is arguably a strength: the regulated fund route keeps the qualifying capital as the client's own asset rather than a fee or a donation.
The stay requirement is the lightest of any program granting Schengen rights, permanent residence remains available at five years, and the client retains full freedom to buy Portuguese property on its own merits rather than to satisfy a threshold.
Greece
The property route that survived
Greece kept real estate and priced it by geography. Prime markets now sit at €800,000; most of the country at €400,000, with a 120 m² minimum and a single-property rule. The €250,000 tier is narrow, applying to commercial-to-residential conversions and listed-building restorations.
Qualifying property cannot be used for short-term letting, which removes the yield assumption many buyers arrive with.
Italy
Fast entry, fiscal upside
No real estate route, but a low startup threshold and the quickest processing among the EU options here. The 2026 Budget Law's extension of the flat-tax regime for new residents has made Italy materially more interesting to families who will actually move their tax residence.
The permit structure is shorter-cycle than its peers — two years initially, then three-year renewals.
Malta
Permanent status, front-loaded cost
Malta grants permanent residence from the outset rather than a temporary permit that matures. That is a genuine structural difference. The cost sits in fixed government charges that are unrecoverable regardless of route.
Its distinguishing feature is family breadth: up to four generations under one application, which no other program here matches.
Cyprus
Cheapest EU entry, with conditions
The lowest EU threshold on this page, and among the fastest to process. The constraints are meaningful: Cyprus is outside Schengen, the €50,000 external income test is annual and ongoing, and parents cannot be added on a single investment.
Failure to evidence the income requirement each year can put the permit at risk for the whole family.
United Arab Emirates
Speed, tax, no EU access
The fastest and most permissive route here. The February 2026 removal of the equity-payment requirement means mortgaged and off-plan property now qualify on certified value, and multiple holdings can be combined to the AED 2m threshold.
It is not comparable to the EU programs. There is no Schengen access and no realistic path to citizenship — the proposition is a durable, low-friction base with no personal income tax.
The Honest Assessment
Where another jurisdiction may fit better
Portugal is the program we advise on and, for most international families, the one we would recommend. That recommendation is only worth something if it could have gone the other way — so here are the specific cases where a client is better served elsewhere, and what they give up in exchange.
On the balance of the criteria that matter to most families, Portugal remains the strongest program in Europe. No other jurisdiction combines full Schengen rights, a stay requirement of roughly a week a year, an EU legal system and property market, permanent residence at five years unaffected by the nationality reform, and a route where the qualifying capital stays the client's own. The reforms narrowed Portugal's lead. They did not displace it.
Common Questions
Frequently asked
Which European golden visa is cheapest in 2026?
Cyprus has the lowest single EU threshold at €300,000 plus VAT, though it carries an ongoing €50,000 annual external income requirement and sits outside Schengen. Portugal's cultural donation route and Greece's conversion tier both start at €250,000, but Portugal's is a non-refundable donation while Greece's leaves the investor holding a recoverable asset. Cheapest by headline threshold is rarely cheapest by total outlay once fees, taxes, and family members are counted.
Can you still get a golden visa in Spain?
No. Spain's investor residence program was abolished by Organic Law 1/2025 with effect from 3 April 2025, and no new applications are accepted. Permits issued before that date remain valid under transitional provisions. Spain still offers other residence routes, but none of them is a residency-by-investment program.
Does buying property in Portugal still qualify for the golden visa?
No. All real estate routes were removed in October 2023. Property can still be purchased freely by foreign buyers in Portugal, and there are other residence routes for those relocating, but a purchase no longer creates golden visa eligibility. Among the jurisdictions compared here, Greece and the UAE retain property-based routes.
How long does it now take to get Portuguese citizenship?
Lei Orgânica n.º 1/2026 entered into force on 19 May 2026. It sets the naturalization requirement at ten years of legal residence for most nationalities and seven years for EU and CPLP nationals, counted from the issue of the first residence permit rather than from the application date. Applications already filed on or before 18 May 2026 continue under the previous rules. Permanent residence at five years is unchanged.
Does residency already accrued count toward the new ten-year clock?
This is unresolved. The statute does not address transitional treatment for residents who had not yet filed a nationality application, and the point is currently the subject of legal challenge. Updated regulations and AIMA guidance are awaited. Anyone whose planning depends on this should take Portuguese counsel on their specific position rather than rely on any published summary, including this one.
Which golden visa program has the lowest stay requirement?
Portugal requires roughly seven days per year on average, which is the lightest among programs granting Schengen rights. Greece, Malta, and the UAE impose no minimum stay at all, and Cyprus requires only one entry every two years — but Cyprus and the UAE are outside Schengen, so the comparison is not like for like.
Is a golden visa the same as citizenship by investment?
No. Every program on this page grants residence, not nationality. Citizenship, where available at all, follows only after the relevant naturalization period and its language and integration requirements. Malta, Cyprus, and the UAE offer no accelerated investor route to a passport at present.
Scope of this page. Luznur Capital advises on Portuguese real estate and investment matters. In relation to Greece, Italy, Malta, Cyprus, the United Arab Emirates, and Spain, the information above is a summary of publicly available program parameters compiled for comparison purposes only. It is not advice on the law of those jurisdictions, and we do not hold ourselves out as qualified to give it.
No legal, tax, or immigration advice. Nothing here constitutes legal, tax, immigration, or investment advice, and no advisory relationship arises from reading it. Residency and nationality rules change frequently and are applied on the facts of each case. Figures are program minimums and exclude taxes, government charges, professional fees, and due diligence costs. Before acting, obtain advice from licensed counsel in the relevant jurisdiction. Portuguese matters are handled with our immigration, real estate, tax, and corporate law partners.
Currency and verification. Parameters verified 18 July 2026 and reviewed quarterly. Where sources conflict — including on Cypriot naturalization timelines and on the transitional treatment of residency accrued before Portugal's 2026 nationality reform — we have stated the position conservatively and flagged the uncertainty rather than resolving it in our own favor.
Lusomena Investments, Unipessoal Lda. · AMI 22354 · info@luznurcapital.com
The residency still works.
Most of the advice around it hasn't kept up.
Portugal's residency-by-investment program remains one of Europe's most flexible routes into the EU. In 2026 the path to citizenship was extended — the residency benefits were not touched. Here is where it stands today, stated plainly.
What the program delivers
Rights that are wide, obligations that are light
The value of the Golden Visa is not any single benefit. It is the combination of full residency rights with almost no requirement to be present.
Live, work, and study
Full residency rights in Portugal for you and your qualifying family, from the first card.
Schengen travel
Visa-free movement across the 29 countries of the Schengen Area.
Family included
Spouse, dependent children, and dependent parents under a single application.
Minimal presence
Around seven days a year on average. No obligation to relocate or give up your base.
Permanent residency at year 5
Eligibility for permanent residence after five years of legal residency — unchanged by the 2026 reform.
A path to citizenship
Eligibility for naturalization at ten years — seven for EU and CPLP nationals — subject to language and integration requirements.
No indefinite lock-in
The qualifying investment need not be held forever; timing is coordinated around your milestones.
Optionality
A credible European base and a considered Plan B, kept open on your own timeline.
The current position
What changed in 2026, and what didn't
Two large shifts have reshaped this program. Read them correctly and the Golden Visa is still compelling; read them from an outdated page and you will plan against the wrong facts.
- Real estate no longer qualifies. Direct property purchase ceased to be a route in October 2023.
- Citizenship timeline extended. Naturalization now requires ten years of residency — seven for EU and CPLP nationals — under Lei Orgânica n.º 1/2026, in force since 19 May 2026.
- The clock start moved. The residency period is counted from issuance of the first residence card.
- Residency rights stand. The right to live, work, study, renew, and reunite family is exactly as before.
- Minimal stay stands. The physical-presence requirement was not altered.
- Permanent residency at year five. Still available, with no obligation to reside full-time.
A note on transition: whether residency already accrued counts toward the new ten-year clock is still being clarified by AIMA and the forthcoming regulation. We track this closely and confirm the specifics for each client through our legal partners rather than generalize.
Two qualifying routes
One residency outcome, two ways in
With property removed, two routes carry the program. We advise on both and structure the one that fits your objectives.
Investment Fund
A subscription into a qualifying Portuguese venture or private-equity fund regulated by the CMVM. Capital is deployed into the real economy, with a defined horizon and exit.
Golden Visa Fund →Cultural Donation
A non-refundable contribution to approved Portuguese cultural and heritage projects. The lowest entry point to the program, with a straightforward structure.
Cultural Donation →From application to passport
The two milestones, kept separate
Permanent residency and citizenship are different points on the line. Confusing them is the most common — and most costly — planning error.
Application & qualifying investment
The fund subscription or cultural donation is made and the residency application is filed.
First residence card
Residency rights begin, and the citizenship clock now starts counting from this date.
Renewals
Biometric renewals with the minimal-stay requirement met. Family remains included throughout.
Permanent residency
Eligibility for permanent residence — a durable EU base, with no requirement to live in Portugal full-time.
Citizenship
Eligibility for naturalization, subject to language proficiency, integration, and a clean record.
Residency is not tax residency
Holding a Golden Visa does not, by itself, make you a Portuguese tax resident. Your position depends on your circumstances and time spent in the country. We coordinate this with dedicated tax partners rather than offer it as generic advice.
Discuss your position, in confidence.
We advise international investors and their advisors on residency-linked investment in Portugal — precisely, discreetly, and with the current law in hand.
Portugal Golden Visa
Contact us today to meet the team supporting your journey to a Portuguese Golden Visa, and in the future your citizenship application.