EU golden visa without property: Hungary, Portugal funds & more
Updated
Does a golden visa lead to EU citizenship?
No — a golden visa is a residence permit, and no EU country sells citizenship any more since the EU Court of Justice struck down Malta's scheme on 29 April 2025. A passport comes only through ordinary naturalisation: Portugal now asks 10 years of legal residence for most non-EU nationals (Organic Law 1/2026, since 19 May 2026), Greece seven continuous years plus a Greek language and civics certificate, Cyprus seven years within ten plus the last 12 months. In Malta citizenship is discretionary: 12 months' residence before applying plus four years in the previous six.
| Country | Before you can apply for citizenship | Official source |
|---|---|---|
| Portugal | 10 years of legal residence (7 for EU and Portuguese-speaking nationals), added up within 12 years; a test or certificate of Portuguese language, culture, history and national symbols, and knowledge of citizens' rights and duties | Organic Law 1/2026 |
| Greece | Seven continuous years of legal residence, economic integration, Greek language and civics certificate | Ministry of Interior |
| Cyprus | Seven years' legal residence in the last ten plus 12 months in a row before applying; Greek at B1 and a civics test | Ministry of Interior |
| Malta | Discretionary: 12 months' residence before applying plus four years in the previous six; Maltese or English | Citizenship Act, Cap. 188 |
| All 27 | No citizenship by investment: Malta's scheme abolished after the EU Court ruling (C-181/23), Cyprus closed 2020, Bulgaria 2022 | EU Court of Justice |
Official rule: Portugal: naturalisation needs at least 10 years of legal residence for nationals of countries outside the EU and the Portuguese-speaking (CPLP) countries, 7 years for EU and CPLP nationals (Nationality Law art. 6(1)(b) as amended by Organic Law 1/2026 of 18 May 2026, in force 19 May 2026); periods of legal residence are added up if they fall within at most 12 years (art. 15(3)); applications pending on 19 May 2026 stay under the old 5-year law. (source, checked 2026-10-19)
Thirteen EU countries still give a residence permit for an investment that is not property — Luxembourg's is being abolished. For a mostly passive investment the lowest amounts are €250,000: Portuguese arts or heritage, an Italian innovative start-up, a registered Greek start-up, or Hungarian fund units (that fund must itself hold Hungarian homes). Routes where you build a real business start lower: Latvia €50,000 plus a €10,000 state payment (the company must pay €40,000+ tax a year) and Bulgaria €127,822.97 with 5 jobs in a less-developed region. Fund, bond and company routes usually run from €350,000 to €500,000; Cyprus gives permanent residence for €300,000 in a company or fund.
Not a valid document. Estimate for information only — not legal, tax or immigration advice. Rules change often and errors are possible. Confirm every figure with a licensed lawyer in the country before you pay anything.
Every investor route without property
Amounts are the legal minimums; government fees are the published ones. Lawyer, fund-manager and bank charges are not included — add them under “your own figures”. Investments can lose value; a donation or support payment is spent.
| Country | Route | Minimum | Government fees | What it involves |
|---|---|---|---|---|
| Portugal | Portuguese investment or venture-capital funds | €500,000 | AIMA analysis fee €842.80 per person; AIMA permit fee €8,418.90 per person | 2-year permit, renewed for 2 years at a time. Fund maturity at least 5 years, at least 60% invested in companies based in Portugal; funds investing in real estate do not count. (source) |
| Portugal | new or bigger Portuguese company with 5 jobs | €500,000 | AIMA analysis fee €842.80 per person; AIMA permit fee €8,418.90 per person | Set up a company or raise its capital, with 5 permanent jobs created or kept for at least 3 years. (source) |
| Portugal | arts or national cultural heritage | €250,000 | AIMA analysis fee €842.80 per person; AIMA permit fee €8,418.90 per person | Investment in, or support of, artistic production or the recovery and upkeep of national cultural heritage. Support given to a project may not come back to you. (source) |
| Italy | innovative start-up | €250,000 | Not published on an official page | Held at least 2 years. 2-year permit, then 3-year renewals; same work rights as the self-employed. You must also own at least €1,000,000. (source) |
| Italy | shares of an Italian company | €500,000 | Not published on an official page | Held at least 2 years. You must also own at least €1,000,000. (source) |
| Italy | philanthropic donation | €1,000,000 | Not published on an official page | A gift to a public-interest project: the money does not come back. (source) |
| Italy | Italian government bonds | €2,000,000 | Not published on an official page | Held at least 2 years. You must also own at least €2,000,000. (source) |
| Greece | Greek government bonds, a bank deposit or new listed shares | €500,000 | Permit fee, main applicant €2,000; Family member's permit fee €150 per adult family member; Residence cards €16 per person | 5-year permit, renewable while you keep the investment; no right to work; no minimum stay. Money must come from abroad. (source) |
| Greece | mutual fund or AIF units investing in Greece | €350,000 | Permit fee, main applicant €2,000; Family member's permit fee €150 per adult family member; Residence cards €16 per person | The AIF option may invest in Greek real estate. 5-year permit; no right to work. (source) |
| Greece | registered Greek start-up | €250,000 verify | Start-up investor permit fee €2,500 verify; Residence cards €16 per person | Stake at most 33%, 2 new jobs in the first year, kept 5 years. 1-year permit, then 2-year renewals. (source) |
| Cyprus | Cypriot company (5 staff) or Cypriot fund units | €300,000 | Application fee €500; Aliens Registration Certificate €70 per person (our count — not stated officially) | Permanent residence. You also need secure income from abroad of €50,000 a year (+€15,000 spouse, +€10,000 per child). Each adult child on the application needs another €300,000 investment and its own €50,000 income. No work except as director of the company you invested in. Cyprus is not in Schengen. (source) |
| Bulgaria | licensed fund units (permanent residence) | €511,291.88 | Not published on an official page | BGN 1,000,000 at the fixed rate 1.95583. Permanent residence granted directly; InvestBulgaria certifies the investment. (source) |
| Bulgaria | company with 10 jobs (permanent residence) | €255,645.94 | Not published on an official page | BGN 500,000 into a Bulgarian company you own at least half of, with new fixed assets of at least BGN 500,000 and at least 10 jobs for Bulgarian citizens. Permanent residence granted directly (art. 25(1)(16)); the Ministry of Innovation and Growth certifies the investment. (source) |
| Bulgaria | company in a less-developed region with 5 jobs | €127,822.97 | Not published on an official page | BGN 250,000 into a company you own at least half of in an economically disadvantaged region, new fixed assets of at least BGN 250,000 and at least 5 jobs for Bulgarian citizens (art. 24(1)(20)). Renewable residence permit of up to 1 year at a time (art. 23(1)(2)); permanent residence after keeping the investment 5 years (art. 25(1)(17)). (source) |
| Hungary | registered real-estate fund units | €250,000 | Visa fee €110; Residence permit fee €106.81 | Held 5 years in a blocked account. The fund must hold at least 40% Hungarian residential property. Permit up to 10 years, once renewable; unrestricted work. (source) |
| Hungary | donation to a university trust | €1,000,000 | Visa fee €110; Residence permit fee €106.81 | A gift to a higher-education institution run by a public-interest trust: the money does not come back. (source) |
| Latvia | small company (pays €40,000+ tax a year) | €50,000 | One-off payment to the state budget €10,000; Application review fee €160 | Permit up to 2 years under the law in force since 15 September 2026. Russian citizens are barred. (source) |
| Latvia | larger company (pays €100,000+ tax a year) | €100,000 | One-off payment to the state budget €10,000; Application review fee €160 | Permit up to 2 years. (source) |
| Lithuania | company with 5 jobs | €260,000 | Application fee €220; Residence card €75 | Equity in a company active at least 6 months, 5 full-time jobs, you manage it or hold at least a third. 3-year permit. (source) |
| Luxembourg (being abolished) | existing or new company | €500,000 verify | Residence permit fee €80 verify | Keep investment and staff 5 years, or create 5 jobs within 3 years. Real estate does not count. Permit up to 3 years, renewable. (source) |
| Luxembourg (being abolished) | management or investment structure | €3,000,000 verify | Residence permit fee €80 verify | The structure needs real substance in Luxembourg. (source) |
| Luxembourg (being abolished) | bank deposit | €20,000,000 verify | Residence permit fee €80 verify | Deposited with a Luxembourg institution for at least 5 years. (source) |
| France | talent card for an economic investor | €300,000 | Residence card fee €350 | Fixed assets in France, directly or through a company you own at least 30% of, with jobs created or kept. Spouse and children get a family card. (source) |
| Estonia | large investor | €1,000,000 | State fee €350 | Permanent direct investment in an Estonian company or a fund investing mainly in Estonian companies; you must settle in Estonia and show income of €1,320 a month (6 × the subsistence level). Permit up to 5 years. (source) |
| Czechia | investment of CZK 75 million with 20 jobs | €3,074,904.68 | Not published on an official page | CZK 75,000,000 converted at the ECB rate of 12 October 2026 (indicative); at least 20 new jobs; up to 60% may be other assets; a shareholder needs at least a 30% stake (Gov. Decree 223/2017). Permit up to 2 years. (source) |
Luxembourg's investor permit is being abolished (bill 8586); permits already issued stay valid until they expire. Also an option: Malta's MPRP by renting a home for at least €14,000 a year with €99,000 of programme fees — see Malta. Estonia (€1,000,000), Lithuania (€260,000 with 5 jobs) and Latvia (€50,000 + €10,000) are company routes that expect you to live there. Spain, the Netherlands and Ireland closed their investor routes.
What the money buys — and what it does not
- A residence permit for that country, usually 2 to 5 years and renewable while you keep the investment — not citizenship.
- Cyprus (€300,000) and Bulgaria's fund and company routes give permanent residence at once; Greece's verify and Italy's permits need no minimum stay, Portugal's only 7 days in the first year verify.
- Greek investor permits give no right to work verify; Hungary's and Italy's do.
- From 10 July 2027 the EU anti-money-laundering regulation (2024/1624, art. 41) requires banks to apply enhanced checks to customers applying for residence through an investment.
Buying a home instead? Four EU countries still give residence for a property purchase — residency by buying property. Malta also accepts renting a home for at least €14,000 a year with the same programme fees — see Malta.
Before you rely on this: what to confirm
These points rest on a law firm, a commercial source or a single source, or the official page could not be read. Ask a licensed lawyer to confirm them against the official tariff or law before you pay anything.
- Greece's start-up amount and fee (Law 5162/2024) — read on a copy of the law.
- Italian and Bulgarian government fees — not published on an official page we could read.
- Whether family members pay the same fees — this calculator uses the published per-person fee where one exists.
Questions people ask
What is the minimum investment for EU residency without property?
For a passive investment, €250,000 in Portugal (arts or heritage), Italy (innovative start-up), Greece (registered start-up) and Hungary (units of a real-estate fund). Cyprus asks €300,000 in a company or fund and gives permanent residence; most fund, bond and company routes need €350,000 to €500,000. Business routes start lower: Latvia €50,000 + €10,000, Bulgaria €127,822.97 (5 jobs, less-developed region).
Which countries still have an investor visa in the EU?
Portugal, Italy, Malta (by renting), Greece, Cyprus, Bulgaria, Hungary, Czechia, Latvia, Lithuania, France, Estonia and — until bill 8586 takes effect — Luxembourg. Spain closed all investor routes on 3 April 2025.
Do I get my investment back?
Fund units, shares, bonds and deposits remain yours and can rise or fall in value; donations (Italy €1 million, Hungary €1 million) and government fees are spent.
What does a Golden Visa entitle you to?
A residence permit in the country that issued it — usually for 2 to 5 years and renewable while you keep the investment — and, if that country is in Schengen, travel in the Schengen area for up to 90 days in any 180. It is not citizenship and not a right to live or work elsewhere in the EU.