European investment residence (golden visas) and citizenship by investment today
Information checked: October 2026. Program rules and amounts change often; check the country's current official rules.
A "European golden visa" usually means a program under which a European country grants a residence permit in exchange for investment (real estate, funds, a company, a donation and so on). This area has changed a great deal in the past few years: the EU has steadily tightened its stance, several countries have closed or substantially reworked their programs, and directly exchanging investment for citizenship (a passport) no longer exists in any EU member state.
For investors considering a U.S. E-2, including Chinese nationals, European programs are most often misunderstood in two ways: treating "residence" as "citizenship," and assuming every European country is an E-2 treaty country. This article first explains the status of citizenship by investment in the EU, then summarizes the investment residence programs still open, the programs that have closed and the time needed to naturalize, and finally explains how they relate to the U.S. E-2.
Our role: Wang Law Firm, LLC (David Wang, Managing Attorney) provides U.S. immigration legal services only. We are not an authorized agent for any country's citizenship by investment or investment residence program; we do not sell programs, take program commissions, or handle residence or citizenship in other countries. Applications in European countries must be handled by locally licensed lawyers or government-recognized bodies. We can coordinate with them; our role is planning the subsequent U.S. visa (such as E-2).
1. The EU currently has no citizenship by investment programs
According to 2026 public sources and official information, all three citizenship by investment programs that once existed in EU member states have ended:
- Malta: on April 29, 2025, the Court of Justice of the European Union, sitting as the Grand Chamber in Commission v. Malta (C-181/23), held that Malta's granting of citizenship on the basis of predetermined payments or investments violated EU law. According to public sources, Malta then legislated in 2025 to end its former citizenship by investment framework, keeping only a discretionary route to citizenship based on exceptional contributions to Malta, which does not make payment or investment a condition of citizenship. Check Malta's current official rules.
- Cyprus: the Cyprus citizenship by investment program stopped on November 1, 2020.
- Bulgaria: Bulgaria's parliament amended the law in 2022 to abolish acquiring citizenship through investment.
So if anyone now claims you can "get an EU passport directly" through investment, verify it with great care. The European investment programs that exist today all grant residence permits; to become a citizen of an EU country you still have to go through each country's general naturalization rules, with years of residence, language and integration tests, and other steps.
2. Investment residence programs still open
We list below only the programs we could confirm in this review. All amounts are compiled according to 2026 public sources; check the country's current official rules. Each country also charges government fees and taxes, which this article does not itemize.
Greece
Greek investment residence is mainly based on real estate, and in 2024 the thresholds were adjusted by region (according to public sources, the legal basis is Law 5100/2024's amendment of Article 100 of the Migration Code):
- €800,000: the Attica region (including Athens), Thessaloniki, Mykonos, Santorini, and islands with more than 3,100 residents;
- €400,000: other areas;
- €250,000: limited to two narrow cases, converting commercial property to residential use as permitted by law, or restoring a listed heritage building, both subject to strict conditions.
According to public sources, the investment must be in a single property, generally with a main area of at least 120 square meters, and it may not be used for short-term rentals. The residence permit lasts 5 years and is renewable; public sources indicate no minimum stay requirement, and investment residence generally does not include the right to be employed in Greece. There are also capital investment options (such as deposits, bonds and funds), with amounts and conditions per the current rules of the Greek Ministry of Migration and Asylum. The Greek government has adjusted this program several times in recent years; verify the latest rules before filing.
Portugal
Portugal abolished the real estate route in its October 2023 "More Housing" (Mais Habitação) legislation; current investment residence (ARI) is mainly non-real-estate:
- investment in regulated investment funds: €500,000 (real estate funds excluded);
- donation to scientific research: €500,000 (reduced in low-density areas);
- donation to arts or cultural heritage: €250,000 (reduced in low-density areas);
- investing €500,000 in a Portuguese company and creating 5 permanent jobs, or creating 10 jobs (reduced in low-density areas).
According to public sources, the initial residence permit is for 2 years and is then renewed; the stay requirement is at least 7 days in Portugal in the first year and at least 14 days in each subsequent two-year period. After 5 years, you can apply for permanent residence.
2026 nationality law amendment: according to public sources, Portugal's Organic Law No. 1/2026 (Lei Orgânica n.º 1/2026) was published in the Diário da República on May 18, 2026 and took effect the following day. It raises the period of lawful residence required for naturalization from 5 years to: 7 years for nationals of the Community of Portuguese Language Countries (CPLP) and EU member states, and 10 years for nationals of other countries (including Chinese citizens). The residence period runs from the date the first residence permit is issued, and new requirements for Portuguese language, culture and civic knowledge are added. Naturalization applications filed with the registry on or before May 18, 2026 are processed under the old law. For people who already hold a golden visa but have not yet applied for naturalization, public sources indicate it is still disputed how previously accumulated residence time will be counted; rely on the Portuguese government's later implementing rules and local counsel's advice.
Italy
Italy's "investor visa" (Visto per Investitori, under Article 26-bis of the Consolidated Immigration Act) does not accept real estate. The options include:
- Italian government bonds: €2 million;
- equity investment in an Italian company: €500,000;
- investment in an Italian innovative startup: €250,000;
- philanthropic donation for a public-interest project: €1 million.
The process generally begins with a clearance (nulla osta) from the Investor Visa Committee of the Italian Ministry of Enterprises and Made in Italy, followed by a visa application at an Italian consulate and, after entry, a residence permit application. According to public sources, the residence permit is for 2 years initially and renewable for 3 years, and the investment must be maintained. Naturalization generally requires 10 years of lawful residence plus language and other requirements.
Hungary
Hungary relaunched a "Guest Investor" residence program in 2024. According to public sources, the main options are a €250,000 investment in a real estate fund registered with the Hungarian central bank, or a €1 million donation to a higher education institution. Public sources are inconsistent on whether directly buying a residential property is an option; check the Hungarian government's current rules. The residence permit lasts 10 years and can be renewed once; public sources indicate no minimum stay requirement. Naturalization generally requires many years of actual residence in Hungary (generally 8 years) and passing language and constitutional knowledge tests.
Malta Permanent Residence (MPRP)
The Malta Permanent Residence Programme (MPRP) is administered by Residency Malta Agency and grants permanent residence. According to 2026 public sources, the main requirements include:
- buying a residential property worth at least €375,000, or renting one for at least €14,000 per year;
- a €37,000 government contribution, a €60,000 administrative fee, and a €2,000 donation to a locally registered non-profit;
- main applicant asset requirement: total assets of €500,000 (at least €150,000 in financial assets), or total assets of €650,000 (at least €75,000 in financial assets);
- dependants such as a spouse, children, and both spouses' parents and grandparents can be included, with additional fees for additional adult dependants.
Public sources indicate the MPRP has no minimum stay requirement. To emphasize: the MPRP is residence, not citizenship. Malta's former citizenship by investment framework has ended; an MPRP holder who wants to become a Maltese citizen must apply under the general naturalization provisions of Malta's citizenship law (including residence period, language and so on).
Cyprus permanent residence
According to public sources, Cyprus's fast-track permanent residence through investment (commonly called Regulation 6(2)) requires:
- buying a newly built residential property (from a developer) worth at least €300,000 (plus VAT), or qualifying commercial property and the like;
- a stable annual income from outside Cyprus of at least €50,000 for the main applicant, with additional amounts for the spouse and each child;
- after approval, visiting Cyprus at least once every two years to maintain status.
According to public sources, naturalization in Cyprus generally requires several years of actual residence within a set period (public sources indicate generally 8 years of actual residence within 10 years, shorter in some cases), plus language and other requirements. Check the current rules of the Civil Registry and Migration Department of the Cyprus Ministry of Interior.
Latvia: major changes from September 2026
According to 2026 public sources, Latvia's new Immigration Law took effect on September 15, 2026, and the real estate and bank deposit residence routes no longer accept new applications. The investment-based residence grounds kept or added are mainly:
- investment in a Latvian company's share capital: €50,000 for a smaller company or €100,000 for a larger company, plus a payment to the state budget; the residence permit term is shortened from up to 5 years to up to 2 years;
- investment in a state-established alternative investment fund: €150,000, held for at least 5 years, plus a payment to the state budget; according to public sources, the fund is not yet operating and the implementing rules have yet to be adopted by the government.
According to public sources, applications filed before the new law took effect are processed under the old law; holders of residence permits under the real estate or deposit routes may apply to continue their residence under the transition provisions while their permits remain valid. Latvian investment residence is temporary residence; naturalization requires first obtaining permanent residence and meeting residence period and Latvian language requirements, per the current rules of Latvia's Office of Citizenship and Migration Affairs (PMLP).
3. Closed or abolished programs
| Country | Program | Status (per official or public sources) |
|---|---|---|
| Spain | Investment residence (golden visa) | No new applications accepted from April 3, 2025 (Organic Law 1/2025) |
| Ireland | Immigrant Investor Programme (IIP) | No new applications accepted from February 15, 2023 |
| Netherlands | Foreign investor residence permit | Abolished in 2024 |
| Portugal | Real estate route (and some routes such as capital transfer) | Abolished from October 2023; other routes remain |
| Latvia | Real estate and bank deposit routes | No new applications accepted from September 15, 2026 |
| Malta | Citizenship by investment | Ended after the 2025 CJEU judgment (MPRP permanent residence remains) |
| Cyprus | Citizenship by investment | Stopped November 1, 2020 (permanent residence route remains) |
| Bulgaria | Citizenship by investment | Abolished by legislation in 2022 |
After a program closes, existing holders are generally renewed on the original terms or handled under transition rules, but the specifics vary by country; check each country's official rules.
4. Comparison table
The table below is a general comparison compiled according to 2026 public sources; amounts and periods change, so check the country's current official rules. "Naturalization period" means the residence period generally required for naturalization; meeting it does not mean you will be naturalized. Countries commonly also require language, integration tests, a clean criminal record and so on, and some require actual physical residence.
| Country | Main threshold (according to 2026 public sources) | Type of residence | Stay requirement to maintain status | General naturalization period | U.S. E visa treaty |
|---|---|---|---|---|---|
| Greece | Real estate €800,000 / €400,000 / €250,000 (by region and special cases) | 5-year renewable residence | Public sources indicate no minimum days | Generally 7 years of lawful residence | E-1 only, no E-2 |
| Portugal | Funds €500,000, research €500,000, culture €250,000, company investment, etc. (no real estate) | Temporary residence; permanent residence available after 5 years | 7 days in the first year, then 14 days every two years | 10 years for non-EU / non-CPLP nationals (2026 law) | E-1, E-2 |
| Italy | Innovative startup €250,000, company €500,000, donation €1 million, government bonds €2 million | Temporary residence (2 years + 3 years) | Investment must be maintained; naturalization requires actual residence | Generally 10 years | E-1, E-2 |
| Hungary | Real estate fund €250,000 or donation €1 million | 10-year residence, renewable once | Public sources indicate no minimum days | Generally 8 years of actual residence | Not on the treaty list |
| Malta | Property purchase €375,000 or rent €14,000 per year, plus government contribution, administrative fee and asset requirements | Permanent residence (MPRP) | Public sources indicate no minimum days | Under general naturalization rules (about 5 years of residence, with detailed calculation rules) | Not on the treaty list |
| Cyprus | New property €300,000 (plus VAT) + foreign income requirement | Permanent residence | Visit at least once every two years | Generally 8 years of actual residence within 10 years (shorter in some cases) | Not on the treaty list |
| Latvia | From September 2026: company share capital €50,000 / €100,000, state fund €150,000 (not yet established) | Temporary residence | Per PMLP rules | Must first obtain permanent residence, then meet period and language requirements | E-1, E-2 |
U.S. E visa treaty status is based on the U.S. Department of State's treaty country list (checked October 2026); rely on the Department of State's current list.
5. Residence is not citizenship
This is the single most important point in this article. Every open program above grants a residence permit (temporary or permanent), not citizenship:
- a Chinese citizen with European residence still holds a Chinese passport, and travel, consular protection and visa treatment follow Chinese nationality;
- most investment residence permits allow short trips within the Schengen area, but living or working long-term in another EU country usually requires a separate application;
- to acquire citizenship, you must apply under the country's general naturalization rules: residence periods range from a few years to ten, language skills and integration or civic knowledge tests are commonly required, some countries require actual physical residence, and approval is discretionary;
- people who meet only an investment residence program's minimum visit requirement (such as 14 days every two years) often have difficulty meeting the residence conditions for naturalization.
6. European status and the U.S. E-2
The U.S. E-2 visa requires the applicant to have treaty-country nationality. Among the countries covered in this article, according to the Department of State's treaty country list (checked October 2026):
- Portugal, Italy and Latvia are E-1 and E-2 treaty countries (Portugal began issuing E visas on March 15, 2024);
- Greece has E-1 (treaty trader) only and is not an E-2 treaty country, so Greek nationals cannot apply for an E-2 investor visa on the basis of Greek nationality;
- Hungary, Malta and Cyprus are not on the treaty list;
- Spain, Ireland, the Netherlands and Bulgaria, whose programs have closed, are E-2 treaty countries, but none currently offers a channel for new investment residence applications, so they are not directly relevant to the investment route.
In other words, even for a treaty country, you must first acquire that country's citizenship before you can apply for E-2 as its national. A Chinese citizen holding Portuguese or Italian residence cannot apply for E-2. Under Portugal's 2026 law, Chinese citizens generally need 10 years of lawful residence before applying to naturalize; Italy is also generally 10 years. For people who want to run a business in the United States within a few years, the European timeline often doesn't match E-2 needs and calls for a realistic assessment.
The AMIGOS Act
The AMIGOS Act, enacted in December 2022 as part of the National Defense Authorization Act for Fiscal Year 2023, provides that a person who has never held E status and who acquired a treaty country's nationality through a financial investment in that country must have been domiciled there for at least 3 continuous years before applying for an E visa. The Department of State's implementing guidance is at 9 FAM 402.9; rely on the current official version.
Europe currently has no citizenship by investment programs; the common situation is "obtain residence through investment first, then naturalize based on years of residence." Whether that counts as "acquiring nationality through a financial investment," and whether residence before naturalization can satisfy the 3-year continuous domicile requirement, requires case-by-case analysis. In general, people who acquire citizenship under general naturalization rules already tend to have a long record of lawful residence in the country, but how this is assessed still depends on the specific facts and evidence.
7. A reminder about PRC nationality law
China's Nationality Law does not recognize dual nationality for Chinese citizens (Article 3); a Chinese citizen who has settled abroad and voluntarily acquires foreign nationality automatically loses Chinese nationality (Article 9). Simply holding a European residence permit generally does not involve losing Chinese nationality; but if you plan eventually to naturalize, consider in advance the potential effects on your Chinese household registration (hukou), passport, travel in and out of China, management of property and financial assets in China, inheritance and so on, and consult a Chinese legal professional.
Frequently asked questions
Can I still get a passport directly through investment in Europe?
According to 2026 public sources and official information, no EU member state still has a citizenship by investment program. Malta's program ended after the 2025 CJEU judgment, and Cyprus and Bulgaria had already closed theirs. Today's European investment programs all grant residence permits; citizenship must be obtained under general naturalization rules.
With a Greek golden visa, can I apply for a U.S. E-2?
No. First, a golden visa is residence, not citizenship. Second, according to the Department of State's treaty country list, Greece is only an E-1 treaty country, not an E-2 treaty country, so even with Greek citizenship you could not apply for E-2 on the basis of Greek nationality.
Can I still qualify for Portugal's golden visa by buying property?
No. Portugal abolished the real estate route in 2023; the current options are mainly investment funds, research or cultural donations, company investment and job creation. In addition, according to public sources, the new nationality law effective in May 2026 raised the naturalization residence period to 10 years for nationals of non-EU, non-CPLP countries, including Chinese citizens.
Is Spain's golden visa still available?
No. Spain has not accepted new investment residence applications since April 3, 2025. How existing holders renew is governed by Spain's official rules.
Is Malta's MPRP permanent residence the same as the old Maltese passport program?
No. The MPRP is a permanent residence program and is still running; the former citizenship by investment framework ended in 2025. An MPRP holder who wants citizenship must apply under the general naturalization provisions of Malta's citizenship law. Also, Malta is not on the U.S. E visa treaty list.
If I get European residence first and later naturalize and apply for E-2, will the AMIGOS Act affect me?
This requires case-by-case analysis. The AMIGOS Act applies to people who acquired treaty-country nationality through a financial investment and have never held E status, requiring them to have been continuously domiciled in that country for at least 3 years. How "invest for residence first, naturalize based on years of residence later" is characterized depends on the legal basis of your citizenship and the evidence of actual residence, under the Department of State's current implementing guidance.
If my goal is to run a business in the U.S. as soon as possible, is the European route a good fit?
It needs a realistic assessment. Naturalization in Europe generally requires years of residence (10 years in Portugal for Chinese citizens, generally 10 years in Italy, generally 7 years in Greece), and some countries are not E-2 treaty countries. If your main goal is to invest in and run a business in the United States, you can also look at U.S. visa routes such as EB-5 investor immigration and L-1 intracompany managers before deciding whether you need third-country status.
Can you handle a European golden visa for me?
No. Our firm provides U.S. immigration legal services only, is not an authorized agent for any country's program, and does not handle residence or citizenship in other countries. Please engage a locally licensed lawyer for European applications. We can assess things from the U.S. visa perspective and coordinate with your local lawyer.
Official sources
- U.S. Department of State: Treaty Countries travel.state.gov (if this link changes, rely on the current page on the Department of State website)
- U.S. Department of State: Visa Reciprocity and Civil Documents by Country travel.state.gov
- U.S. Department of State Foreign Affairs Manual, 9 FAM 402.9 fam.state.gov
- National Defense Authorization Act for Fiscal Year 2023, which includes the AMIGOS Act (Public Law 117-263) congress.gov
- Court of Justice of the European Union, Case C-181/23 (Commission v. Malta) curia.europa.eu
- Greek Ministry of Migration and Asylum migration.gov.gr
- Portuguese Agency for Integration, Migration and Asylum (AIMA) aima.gov.pt; Portugal's Diário da República diariodarepublica.pt
- Italy's official investor visa portal investorvisa.mimit.gov.it
- Hungarian National Directorate-General for Aliens Policing oif.gov.hu
- Residency Malta Agency residencymalta.gov.mt
- Cyprus Ministry of Interior moi.gov.cy
- Latvia Office of Citizenship and Migration Affairs (PMLP) pmlp.gov.lv
- Spanish official explanation: abolition of the investor visa and its implications one.gob.es
- Irish Immigration Service irishimmigration.ie; Netherlands Immigration and Naturalisation Service (IND) ind.nl
- Nationality Law of the People's Republic of China National People's Congress website
Related reading
- Global mobility planning: section home
- Applying for a U.S. E-2 through third-country citizenship
- Panama Qualified Investor permanent residence
- Turkey citizenship by investment
- E-2 section: applying for E-2 through third-country citizenship
- EB-5 investor immigration
European residence, European citizenship and a U.S. E-2 are three different things. Before you put money into a European program, we can help you sort things out from the U.S. visa perspective: whether the target country is an E-2 treaty country, how many years naturalization takes, how the AMIGOS Act might affect you, and whether there is a more direct U.S. visa route. Book an attorney assessment
This article is general information, not legal advice. Our firm provides U.S. immigration legal services only and is not an authorized agent for any citizenship by investment program; for citizenship or residence in other countries, consult a local licensed lawyer or a government-authorized agent.