Spain’s Golden Visa program ended in April 2025, closing one of the most popular paths to EU residency (and citizenship) through investment for Americans moving to Europe. The Spanish government believed that the program had distorted the housing market.
However, several Golden Visa residency by investment programs across Europe are still available to Americans looking to relocate. In this article, we’ll look at the some of the best Golden Visa options available, their qualifying criteria and benefits, and how to choose the right one for you.
Portugal: A simple path to EU citizenship
Investment from €250,000
Despite recent changes, Portugal remains one of the most attractive options. Portugal offers a relaxed and affordable way of life as well as a time zone one hour closer to the US. Its current Golden Visa program now excludes real estate, but allows investments in approved funds, cultural projects, or research initiatives. The minimum investment starts at €250,000 for investments in the arts or cultural heritage in Portugal, or €500,000 in general. It may also be possible to use funds from a SD IRA (for this option you should speak with a US tax attorney who understands the joint tax treaty).
Pros:
- Minimal stay requirement of 7 days in the first year and 14 days in the subsequent two-year periods
- Permanent residency after 5 years
- Path to citizenship
- Strong passport tax regime available for certain professionals and residents
Cons:
- No real estate option
- Funds must be carefully vetted to ensure they’re Golden Visa-compliant and managed by credible professionals with a solid track record.
Verdict: Still arguably the best EU Golden Visa for investors seeking long-term EU access, especially if you’re not set on property.
Greece: Affordable and real estate-friendly
Investment from €250,000
The cradle of Western Civilization, Greece offers an intriguing culture and history and a relaxed and affordable lifestyle. Greece also offers one of the lowest entry points for real estate-based Golden Visas in Europe, depending where in Greece you’re looking to buy. With a minimum investment of €250,000 (€500,000–€800,000 in more popular and urban areas), Greece is often popular for buyers who want a vacation home that also serves as a path to residency.
Pros:
- Real estate investment allowed
- No minimum stay requirement
- Fast processing (within 2–3 months)
- Permanent residence renewable every 5 years
Cons:
- No direct path to citizenship without relocating
- Bureaucracy can be complex
Verdict: Best value-for-money Golden Visa if you want a property and don’t mind annual visits or using a local agent.
Malta: A higher end option with a higher price tag
Permanent Residency from €455,000
Malta is a fascinating island nation in the mid Mediterranean with separate permanent residency and a citizenship-by-investment programs. The residency path is not technically a Golden Visa, but it still provides permanent EU residency with a property lease or purchase and contribution. You can either purchase a property for at least €375,000 with an admin fee of €50,000 and a contribution to the government of €30,000. Or, rent a property for at least €70,000 over 5 years, with the same admin fee and a government contribution of €60,000.
Pros:
- English-speaking
- Schengen access
- Separate citizenship program available starting at €650,000
- Stable, EU-based financial hub
Cons:
- Relatively high cost for both residency and citizenship
- Scrutiny from EU institutions on citizenship-by-investment programs
Verdict: Ideal for high-net-worth individuals seeking a stable base in Europe. Expensive, but comprehensive.
Italy: Flexible and lifestyle-friendly
Investment from €250,000
Italy has been a top-ranking destination for Americans for decades, thanks to its climate, culture, and cuisine. Italy’s Golden Visa offers several investment options (but not real estate), including startup funding, government bonds, or philanthropic donations. It’s ideal for those interested in living or doing business in Italy.
Pros:
- Attractive lifestyle
- Low investment minimums
- No stay requirement for residency
- 5-year residency path to citizenship
Cons:
- This option isn’t ideal for passive investors, since both startup and government bond investments often require ongoing involvement, such as active decision-making, paperwork, or proving compliance with certain conditions.
- Slower bureaucracy
Verdict: A great lifestyle option if you want to eventually live in Italy or spend part of the year there. Also solid for business-minded applicants.
Hungary: A lower cost of living
Investment from €250,000
A slightly left of field option, Hungary has a lot to offer in terms of low taxes and an affordable lifestyle. Hungary recently relaunched its Golden Visa recently with real estate fund and donation options. It’s one of the lesser-known residency by investment programs, but offers a straightforward path to permanent residency and eventual citizenship.
Pros:
- Competitive minimum investment
- Permanent residency after 5 years
- Low tax country
- Low cost of living
Cons:
- Less international appeal than Portugal, Italy or Greece
- Fund investments must be reviewed carefully
Verdict: Underrated but an option for investors who want EU access.
Which Golden Visa is best for you?
For passive investors seeking long-term EU access: Portugal remains king – short required annual stays, fund-based, and a clear path to EU citizenship.
For real estate investors who want property and residency: Greece offers a low entry price and flexibility.
For high-net-worth individuals wanting English-speaking Europe or quick citizenship: Malta is an interesting option, with both residency and direct citizenship programs.
For lifestyle seekers wanting to live in the EU long-term: Italy gives a warm welcome with flexible routes.
For a lower-cost, off the beaten track option: Hungary is worth considering.
Seeking advice
Spain’s decision to end its Golden Visa closes one route to European residence and citizenship, but several others remain available, if you’re looking to relocate or for an EU Plan B.
When deciding where to invest and possibly live, consider your goals. Are you looking for citizenship, lifestyle, investment returns, or a real estate foothold? Once you’re clear on what matters most, you can choose the European Golden Visa program that gets you there faster and legally.
And as always, seek financial planning, legal and both US and local tax advice before committing. An expat financial planner will work in partnership with other professionals who are experienced working with Americans in your situation and with local and US rules to ensure you synchronize and optimize your situation and future based on your long-term goals. Keep informed, too, as rules change fairly often for residency-by-investment programs in Europe.
