Golden visas are vanishing. Here's what's left, and what's next.

Ten years ago, a European residence permit could be bought with a holiday apartment. In 2026, that era is almost over.

Across Europe, "golden visas", residence permits granted in exchange for investment, are being closed, shrunk or made more expensive. Meanwhile, demand from wealthy families who want a second base has never been higher. The result is a smaller, pricier and more political market.

The great retreat: a timeline

1. 1
   Oct 2023

   Portugal removes real estate from its golden visa

2. 2
   Jan 2025

   Hungary closes its low-cost direct real-estate window

3. 3
   Apr 2025

   Spain ends its golden visa (3 April)

4. 4
   Apr 2025

   EU court orders Malta to end citizenship by investment (29 April)

5. 5
   2025–26

   Greece raises its threshold to €800k in Athens and top islands

6. 6
   Jun 2026

   Latvia's parliament votes to close most investor routes from 2027

Figure 1. Source: Mappr; programme announcements

Why governments are slamming the door

Housing anger. In Spain and Portugal, locals have been priced out of their own cities. Golden visas became a symbol, even if the numbers were small, and governments acted.

Security. After Russia's invasion of Ukraine, scrutiny of who was buying European residency rose sharply, and the EU pressed member states to tighten checks.

EU law. In April 2025, the European Court of Justice ruled that Malta could not sell citizenship, closing what Mappr called the last EU passport for sale. Residence programmes survive, but the political mood has turned.

Europe still wants investors. It just no longer wants to sell them homes as a ticket in.

What's still open

What's still open through property

Minimum property investment, approx. US$ at Oct 2026 rates

Panama (check resale rule)US$300k

CyprusUS$336k

MauritiusUS$375k

Türkiye (citizenship)US$400k

Malta (residence, plus fees)US$420k

Greece (most areas)US$448k

UAE (10-year)US$545k

Greece (Athens, islands)US$896k

Figure 2. Source: Honour Estates Golden Visa Tracker, Oct 2026

Greece is the main EU country that still grants residency for buying property: €400,000 in most areas, €800,000 in Athens, Thessaloniki, Mykonos, Santorini and large islands. Since 2025, golden-visa homes can't be let to tourists.

Cyprus grants permanent residence for €300,000 in property, with a requirement for steady foreign income. Malta offers permanent residence through a €375,000 purchase (or renting) plus contributions and fees.

Outside the EU, the UAE grants a renewable ten-year residence for property worth AED 2 million, and Türkiye grants citizenship for US$400,000 in property held for three years. Mauritius (US$375,000) and Panama (from US$300,000) remain popular with families seeking a base with low taxes or a lifestyle, though Panama's resale rules may have changed; check before relying on them.

What's changing next

• Latvia: parliament voted in June 2026 to close most investor residence routes from 1 January 2027, though the president sent the bill back for reconsideration.
• Portugal: the fund route continues, but a proposal to raise the residency needed for citizenship from five to ten years would lengthen the path to an EU passport.
• Fund and business routes: across Europe, programmes are shifting from property to funds, startups and job creation, as in Portugal, Hungary and Italy.
• Bigger tickets elsewhere: the US EB-5 requires US$800,000 in a job-creating project; Singapore's Global Investor Programme requires S$10 million.

Where is the money going?

Wealthy families haven't stopped moving; they've changed destinations. Henley & Partners' 2026 projections put the UAE top for millionaire inflows (about 9,800), followed by the United States (7,500), Italy (3,600), Singapore (1,600) and Portugal (1,400). India is projected to see a net outflow of about 3,500 millionaires, smaller than China's or the UK's. The UAE's combination of zero income tax, a property-linked ten-year visa and short flights from India makes it the default choice for many Indian families.

What Indian families should know

• Money out: under RBI's Liberalised Remittance Scheme, each resident can remit up to US$250,000 a year, with 20% TCS above ₹10 lakh (adjustable against tax). A €800,000 Greek purchase needs several family members' limits or more than one financial year.
• Residence is not citizenship: most programmes grant residence permits. Citizenship usually needs years of actual residence, language tests and, for Indians, giving up Indian citizenship, because India doesn't allow dual nationality.
• The property must still make sense: a home bought only for a visa, which you can't rent out or resell easily, is an expensive residence card.
• Taxes follow you: spending enough time abroad can change your tax residence. Plan with a cross-border tax adviser.

A short history of buying a second home and a second country

Investment migration isn't new; small Caribbean nations have offered citizenship to investors since the 1980s. But Europe's golden visas took off after the 2008 financial crisis, when cash-strapped countries such as Portugal, Spain, Greece, Cyprus and Malta looked for foreign money. Property was the easiest product to sell: buy a home worth a set amount, get a residence permit. Billions flowed in, much of it into exactly the city-centre apartments locals were struggling to afford.

A decade later, the political maths changed. The money mattered less, housing anger mattered more, and Brussels pushed back on selling access to the Schengen area. Hence the great retreat of 2023–2026.

Residence vs citizenship vs tax residence: three different things

• Residence permit: the right to live in a country, often with minimal stay requirements for golden visas. This is what most programmes offer.
• Citizenship: a passport. Usually requires years of actual residence, language and civic tests. India doesn't allow dual citizenship, so taking another passport means giving up your Indian one (though you can apply for OCI).
• Tax residence: where you pay tax, determined mainly by how many days you spend in each country. A golden visa alone doesn't change your tax residence, but moving abroad does.

A worked example: the UAE vs Greece for an Indian family

UAE: an AED 2 million villa or apartment (about ₹5.3 crore) gives a ten-year renewable residence for the investor and family. No income tax, three hours from most Indian metros, a large Indian community, and gross yields often 6–8%. Downside: no path to citizenship, and the visa depends on keeping the property.

Greece: a €400,000 property outside Athens and the top islands (about ₹4.3 crore), or €800,000 in prime areas (about ₹8.6 crore), gives five-year renewable residence and the right to travel in the Schengen area. Downside: no tourist lets on golden-visa homes, lower yields, and Greek purchase and running costs.

For most Indian families, the UAE wins on practicality; Greece wins on European access.

What to watch next

• Latvia's final decision on closing its routes from 2027.
• Greece: whether thresholds rise again or new restrictions appear.
• The EU: further pressure on remaining residence-by-investment schemes.
• New entrants: smaller countries in the Caribbean, Pacific and Eastern Europe keep launching or relaunching programmes; due diligence matters even more there.
• The UAE: any changes to golden-visa rules, which have been loosened (for mortgaged and off-plan homes) rather than tightened recently.

Questions readers ask us

Which is best for an Indian family? For proximity and simplicity, the UAE. For EU residence through property, Greece. For citizenship through property, Türkiye, with its own political and currency risks.

Will Greece close next? It has already raised prices and restricted tourist lets. Further tightening is possible; there's no guarantee rules stay fixed after you invest, although existing permit holders have generally been protected so far.

Is it worth rushing? Only if the property also makes sense on its own. Rushing to beat a deadline is how people overpay.

Sources

1. Mappr, the golden visa map 2026
2. Armenian Lawyer, golden visa countries 2026
3. IBA, the Greek golden visa after the 2024–2026 overhaul
4. Mappr, where millionaires are moving in 2026 (Henley data)
5. Modon, UAE golden visa by property (2026)
6. Migronis, Türkiye citizenship by investment

Figures are the latest published at the time of writing (22 November 2026). Quotes are short excerpts with attribution. This article is general information, not financial, legal, tax or immigration advice.