Golden Visa in Europe 2026: Greece, Cyprus, Portugal and Italy - What Remains, What It Costs and What Buying Property Gives You

The term Golden Visa is used in real estate marketing for almost anything: a residence permit, permanent residency and sometimes even a "European passport". In practice it means something narrower: a residence permit granted because of investment, and not because of work, studies or family. Over the past three years the map in Europe has changed substantially. Some countries abolished the real estate route, others raised the threshold, and transactions that qualified in 2022 no longer qualify today.

This guide sets out the position in the four countries Israelis ask about most, Greece, Cyprus, Portugal and Italy, and adds the position in Romania and Bulgaria. The information is correct as of November 2026, and it changes frequently. Each country has a detailed guide on the site, which is worth reading before any decision.

1What is a Golden Visa, and what is it not?

A Golden Visa is a residence permit. It allows the investor, and usually their immediate family as well, to live in the country lawfully as long as the investment is maintained. It is not citizenship, and does not give a passport. In most routes it also does not permit work in the country, and does not make the holder a tax resident there. Residency for tax purposes is determined by each country's tax tests, and on the Israeli side by the centre-of-life test, as we explained in the guide to the Israeli side of property abroad.

Citizenship-by-investment programmes in the European Union have almost disappeared. Cyprus abolished its passport programme on 1 November 2020, and Bulgaria abolished its citizenship-by-investment route in 2022. Anyone offering "a European passport in return for an apartment" is offering something that does not exist in law in any of the countries in this guide.

2Greece Golden Visa 2026: what is the threshold and what has changed?

Greece is still the main country in which buying residential property gives a residence permit. The permit is granted for five years and is renewable, and there is no minimum-stay requirement for renewal. Since the reform under Law 5100/2024 the threshold depends on location, and as of November 2026 it stands at:

• EUR 800,000 in Attica (most of Athens and Piraeus), in Thessaloniki, in Mykonos, in Santorini and on any island with a population above 3,100.
• EUR 400,000 in the remaining areas. Both routes require a single unit of at least 120 sq m, and several small units cannot be aggregated to reach the threshold.
• EUR 250,000 in two cases only: a property lawfully converted from commercial to residential use, or the restoration of a listed building.

Two restrictions are particularly important for Israelis. First: a property that served as the basis for a Golden Visa may not be let on a short-term, Airbnb-style basis, and a breach exposes the holder to cancellation of the permit and a fine of up to EUR 50,000. Second: the qualifying investment amount must come from own funds, not from a mortgage. The permit does not allow work in Greece. Citizenship is possible only after seven years of actual residence, at least 183 days a year, subject to language and civics examinations. Full details are in the Greece Golden Visa guide, and anyone considering an island such as Rhodes or Santorini should also check the permit for buying in border areas.

3Cyprus Golden Visa and permanent residency: how much do you need to invest?

In Cyprus the route is called an immigration permit under Regulation 6(2), and it gives permanent residency with no time limit, as long as the conditions are maintained. As of November 2026 the main requirements are:

• An investment of at least EUR 300,000 plus VAT. For residential property, only a new property from a first sale by a developer. Non-residential property can also be resale, and there are also share and fund routes.
• A secured annual income of at least EUR 50,000, plus EUR 15,000 for a spouse and EUR 10,000 for each minor child.
• Payment of the full investment amount already when the application is filed, from the applicant's or the spouse's account, with documentation of the source of funds.
• A declaration that there is no intention to work in Cyprus, except as a director of the company in which the investment was made.

A point that surprises buyers: anyone who buys a new apartment for the purpose of the permit, and not as a main residence in which they live, usually pays VAT at the standard rate of 19%, not the reduced rate. In addition, an Israeli without a European passport needs a Council of Ministers permit for the property to be registered in their name. Selling the property without an alternative investment may cancel the permit. Details are in the guide to permanent residency in Cyprus.

4Portugal Golden Visa: does buying an apartment still qualify?

No. Lei 56/2023, of October 2023, abolished the real estate routes of the residence permit for investment (ARI). According to the Portuguese immigration agency AIMA, the investment cannot be directed to real estate, directly or indirectly. Five non-real-estate routes remain, including investment funds that are not real estate funds (EUR 500,000), setting up a company and creating jobs, scientific research and culture. The stay requirement is low: seven days in the first year and 14 days in each two-year period thereafter.

Permits granted on the basis of real estate before the change continue to exist and to be renewed subject to conditions, but selling the property may jeopardise renewal. Anyone who actually wants to live in Portugal usually looks at the D7 visa for passive income, in which an apartment you own serves only as proof of accommodation. It is also important to know that since 19 May 2026 an Israeli who is not an EU citizen needs ten years of legal residence to apply for citizenship. We expanded on this in the guide to residency, tax and citizenship in Portugal.

5Italy Golden Visa: does buying property give a residence visa?

No. Italy's investor visa (Investor Visa for Italy, under Article 26-bis of the Italian immigration law) is built around investments in "strategic assets" for the economy, not around apartments. According to professional reviews from 2026, the routes are government bonds (EUR 2,000,000), investment in an Italian company (EUR 500,000), an innovative start-up (EUR 250,000) and a donation to a public cause (EUR 1,000,000). Buying a house, apartment or villa is not one of them.

The route in which property does play a role is Elective Residence, a visa for those who live on passive income. According to the Italian Consulate in Houston, the applicant must show stable and documented financial resources that do not derive from work, and a place of residence in Italy, owned or rented. Visa holders are not allowed to work in Italy. In other words, the apartment is one of several conditions, not the ground. The income threshold is set by the consulate, so it should be checked with the consulate. For the purchase itself, see the guide to the purchase process in Italy.

6And what about Romania and Bulgaria?

Romania has no Golden Visa. Under the Romanian aliens law, Emergency Ordinance 194/2002, owning property is not a purpose of stay. A bill for a Golden Visa programme with a threshold of EUR 400,000 was tabled in the Senate in October 2025 and withdrawn on 8 December 2025, and no replacement bill was identified during 2026. Property serves at most as proof of address in an immigration file based on another ground, such as employment or family reunification. See the map of residence routes in Romania.

In Bulgaria the position differs from what is commonly thought. According to reviews by law firms in Bulgaria, the aliens law includes a long-term residence permit route for anyone who invests at least BGN 600,000 (about EUR 306,775 at the fixed conversion rate) in buying property in Bulgaria, with new funds transferred through a Bulgarian bank, where no more than a quarter of the price is financed by a loan. The permit is granted for one year and renewed every year as long as the investment is maintained, and after five consecutive years one can apply for permanent residency. This is a high-threshold route, not a "holiday apartment with a visa". An ordinary apartment purchase in Bulgaria does not give any status.

7Comparison: Golden Visa and real estate by country

8Can a Golden Visa be financed with a mortgage?

In most cases, not the qualifying part. In Greece the investment amount must come from own funds, and the programme administration does not recognise mortgage funds. In Cyprus full, documented payment of the investment amount is required already at filing. In Bulgaria, according to the reviews, the loan is limited to a quarter of the price. Anyone planning to finance part of the transaction should check in advance which part may be financed and how own funds are documented. We wrote about financing options in each country in the guide to mortgages for property abroad.

9What should you check before choosing a property for a Golden Visa?

1. Check whether anyone in the family is entitled to a European passport. An EU citizen does not need a Golden Visa at all, and in Cyprus also does not need a Council of Ministers permit.
2. Define the goal: actually living there, family security, or an investment property. The answer determines whether an investment route is the right tool at all.
3. Verify the threshold according to the exact location and the date on which you will apply, not according to what was published a year ago.
4. Check the restrictions on use: in Greece, if you planned income from short-term rental, the qualifying property is not suitable for that.
5. Prepare an orderly source-of-funds file from Israel, including transfer confirmations, before the first payment.
6. Plan the exit: selling the property without an alternative investment may cancel the permit.
7. Check the Israeli side: reporting, tax on rental income and tax residency status.

10How we assist a buyer interested in a Golden Visa

We start with the question of why the client needs the permit, and only then move on to the property. On the property side, we check title, encumbrances and permits, draft the contract so that it meets the requirements of the immigration file, and coordinate the transfer of funds from Israel and the documentation of their source. The immigration application itself is filed with the authorities in the country by licensed local lawyers, and we coordinate between them and the tax adviser in Israel. We do not guarantee immigration authorities' timetables or the outcome of an application.

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