Golden Visas in 2026: What's Left, What's Gone, and What Actually Works

If you're researching Golden Visas based on articles written before 2025, most of what you'll read is wrong. Spain's programme is gone. Portugal's property route is gone. Greece's thresholds have tripled in prime areas. Italy's flat tax regime just tripled to €300,000. The landscape has changed fundamentally in the last 18 months.

Here's the actual state of affairs as of early 2026, country by country.

Spain: Closed

Spain officially abolished its Golden Visa on 3 April 2025. No new applications are accepted. The government cited housing speculation and EU-level scrutiny as reasons.

Existing holders are protected under transitional provisions. They can renew indefinitely under the original rules, provided they still hold their qualifying investment and have visited Spain at least once per year. If you already have a Spanish Golden Visa, nothing changes for you.

For new applicants, the alternatives are:

Non-Lucrative Visa (NLV)

For financially independent individuals who won't work in Spain. Requires ~€2,400/month in passive income (pensions, rental income, dividends). Initial grant of 1 year, renewable for 2-year periods. You become a Spanish tax resident (183+ days/year). No right to work. Permanent residency after 5 years, citizenship eligibility after 10.

Digital Nomad Visa (DNV)

For remote workers employed by non-Spanish companies (80%+ revenue from outside Spain). Income requirement: ~€2,849/month. Initial permit: 3 years, renewable. The key benefit: a 24% flat tax rate on Spanish-sourced income for the first 4 years. Around 28,000 non-EU residents have used this programme since its 2023 launch — it's the most requested digital nomad visa globally.

Self-Employment (Autónomo) Visa

For freelancers and entrepreneurs. Requires a viable business plan, proof of qualifications, and sufficient resources. 1-year initial permit, renewable for 4 years. Must register with Spanish Social Security. Path to permanent residency after 5 years.

Portugal: Active, But Different

Portugal removed the real estate investment route in October 2023. You cannot get a Portuguese Golden Visa through property purchase — residential or commercial. Despite this, the programme itself remains open and 2024 was actually a record year: nearly 4,987 Golden Visas granted, a 72% increase over 2023, driven by a backlog of pre-reform applications and the fund-based route.

The remaining investment routes:

Route	Minimum	Notes
Investment fund	€500,000	Most popular route now. Must be qualifying Portuguese VC/PE funds; 60%+ invested in Portuguese businesses; 5-year hold
Business investment	€500,000	Into an existing company, creating 5+ jobs for 3+ years
Cultural/heritage donation	€250,000	Non-refundable. Lowest entry point. No financial return
Job creation	10 jobs	No minimum capital, but you must create and maintain the positions

The key advantage: only 7 days/year physical presence required. Citizenship eligibility after 5 years. For investors who want an EU passport without relocating full-time, Portugal's Golden Visa via the fund or cultural route is the strongest option in Europe.

NHR Is Gone — What Replaced It

Portugal's Non-Habitual Resident tax regime ended for new applicants on 31 March 2025. Existing holders keep their benefits for the remainder of their 10-year period.

The replacement is IFICI (Tax Incentives for Scientific Research and Innovation). It offers a 20% flat tax on qualifying Portuguese-source income and exemptions on most foreign income — but eligibility is narrow. You need a minimum Level 6 EQF qualification (bachelor's degree + 3 years) or a PhD, and you must work in qualifying sectors: science, technology, healthcare, green energy, R&D, or startups.

If you're a retiree or passive-income holder, IFICI does not apply to you. Foreign pensions are now fully taxable under standard Portuguese progressive rates. This is probably the single biggest change affecting UK buyers in Portugal.

Greece: Active, But Expensive

Greece still offers a Golden Visa, but the thresholds have changed dramatically:

Zone	Minimum	Where
Tier 1 (Prime)	€800,000	Athens, Thessaloniki, Mykonos, Santorini, major islands
Tier 2 (Other)	€400,000	Less populated mainland and island regions
Restoration	€250,000	Commercial-to-residential conversions or heritage buildings

The €250,000 figure that made Greek Golden Visas famous now only applies to niche restoration projects, not standard property purchases in popular areas. At €800,000 for Athens or the popular islands, Greece is no longer the "cheap" option.

Additional 2026 rules: properties must be at least 120 sqm, and short-term rentals (Airbnb) are banned on Golden Visa properties. That second point kills the strategy of offsetting ownership costs through holiday lets.

Processing has improved significantly — wait times hit a 14-month low by late 2025, with some recent cases approved in under 30 days. But the 24% drop in foreign investment flows in the first 9 months of 2025 shows the threshold increases are having an impact on demand.

Italy: The Quiet Option

Italy's Investor Visa offers Golden Visa-style residency through several routes, the lowest being €250,000 into an Italian innovative startup. Processing takes about 3–4 months. No mandatory physical residence to maintain the card. Citizenship after 10 years.

The flat-tax regime for new residents — Italy's answer to Portugal's NHR — has just been hit with a major increase. The 2026 Budget Law tripled the annual substitute tax:

	Pre-2025	2025	2026 onwards
Main applicant	€100,000	€200,000	€300,000
Each family member	€25,000	€25,000	€50,000

At €300,000/year, this is now only relevant for the very wealthy. However, Italy still has a separate scheme that's much more accessible: relocate to a municipality under 20,000 residents in southern Italy or certain earthquake-affected areas, and foreign income is taxed at a flat 7% for up to 10 years. For retirees with UK pensions, this remains one of Europe's most attractive tax regimes.

Malta and Cyprus

Malta's citizenship-by-investment was struck down by the EU Court of Justice in April 2025. Only the Malta Permanent Residence Programme (MPRP) remains: roughly €100,000–150,000 in fees plus property purchase (€375,000+) or rental. Foreign income remitted to Malta taxed at a flat 15%, minimum €7,500/year.

Cyprus offers residency through a €300,000 property investment plus €50,000/year foreign income. The pension tax is excellent — under €3,420/year is tax-free, and above that it's a flat 5%. But Cyprus is not in Schengen, so it doesn't solve the 90/180-day travel issue for UK citizens wanting to move freely across continental Europe.

Best Routes for UK Buyers by Profile

Retirees (pension/passive income)

Portugal D7 — €920/month, lowest threshold in Europe, citizenship in 5 years. Or Italy Elective Residence with the 7% southern Italy regime if you're drawn to that lifestyle.

Remote workers

Spain Digital Nomad Visa — 3-year initial permit, 24% flat tax, clear path to residency. The strongest structured option available.

Investors

Portugal Golden Visa (cultural route at €250,000 or fund route at €500,000) — 7 days/year physical presence, fastest path to EU citizenship at 5 years. Italy's startup visa at €250,000 is competitive on price but requires 10 years to citizenship.

Things to Watch

• Many online sources still advertise Spain's Golden Visa as active — it is not
• Portugal's NHR is still widely cited — it's closed to new applicants
• Greece's "€250,000 Golden Visa" headline figure is largely historical for standard purchases
• Italy's "€100,000 flat tax" was two increases ago — it's now €300,000

Immigration law changes fast. Get professional advice before committing to any route, and verify that the information you're reading is current. Anything published before mid-2025 is likely to contain at least one significant error.