Blogs • January 26, 2026 • 15 Min

Best Golden Visa Alternatives to Portugal in 2026

Portugal remains a respected residency-by-investment destination, but recent changes and policy discussions have introduced uncertainty around timelines and investment routes. This does not make Portugal a poor choice, but it has prompted some investors to explore additional or alternative options in Europe. If you are building a mobility plan for yourself or your family, it helps to understand which other residency-by-investment frameworks offer low stay requirements, Schengen access, and structured pathways to citizenship. This guide highlights the strongest alternatives for 2026 so you can compare objectively and plan with more clarity. Why Investors Are Considering Alternatives to Portugal’s Golden Visa? Short Answer: Because parts of the Portugal Golden Visa process have become less predictable. The real estate route has closed, processing times are longer, and a proposal to extend naturalisation timelines from five to ten years is being reviewed. Portugal remains a respected option, but these factors encourage investors to look at additional pathways in Europe. Details: Residency-by-investment planning often involves family timelines, business decisions, and long-term citizenship goals. When rules shift or processing slows, investors naturally compare jurisdictions that offer similar residency benefits with clearer timelines or different investment structures. The profiles most interested in alternatives include: Investors who preferred the real estate route Applicants seeking shorter or more defined processing timelines Families planning future citizenship for children Mobile professionals who prefer low stay requirements Investors integrating tax residency into their strategy What most of them are looking for is consistent across markets: Low or minimal physical stay requirements Predictable timelines for residency Real estate, business, or fund investment choices Pathways to long-term residency or citizenship Schengen or EU mobility Family inclusion Optional tax residency planning The next step is understanding which European jurisdictions actually meet these criteria in 2026 and how they compare to Portugal in practice. What Makes a Good Golden Visa Alternative? Short Answer: A strong alternative should offer residency rights, predictable timelines, flexible investment routes, low stay requirements, and a credible path to long-term settlement or citizenship. It does not need to mirror Portugal exactly, but it should satisfy similar strategic objectives. Details: Investors generally compare programs based on the same core criteria. The best alternatives tend to include: Residency Rights The ability to legally reside in the country with renewals. Schengen or EU Mobility Attractive for investors who value European travel access. Flexible Investment Routes Real estate, business, funds, bonds, or government contributions. Low Physical Stay Requirements Useful for mobile investors who do not intend to relocate immediately. Structured Citizenship or Long-Term Path Timelines vary, but frameworks must be clear and achievable. Family Inclusion Spouses and dependent children can usually be added. Predictable Processing Timelines Even if not fast, predictability is key. Tax Considerations Non-domicile regimes or territorial systems can add strategic value. Different jurisdictions emphasise different benefits. For example, Greece and Malta prioritise Schengen access and structured pathways, while Italy highlights tax options and minimal stay requirements. The following sections break down how these trade-offs work in practice across the leading EU programs. What Are the Best Golden Visa Alternatives to Portugal in 2026? Italy — Investor Visa Short Answer: Italy has quietly become one of the most interesting alternatives, mainly because it offers EU presidency, Schengen access, and zero stay requirements, all with several investment routes that start at €250,000. Details: Italy was not on many people’s radar a few years ago, but as timelines and rules shift elsewhere, investors are taking a closer look. The structure is simple: you invest, you get lawful residency, and you can renew and upgrade from there. No relocation is required unless you are aiming for long-term settlement or tax residency. Key elements of Italy’s Investor Visa look like this: Residency: Two-year residence permit, renewable for three. Mobility: 29 Schengen states. Investment Routes: €250,000 in an innovative startup €500,000 in an Italian company €1,000,000 as a philanthropic donation €2,000,000 in government bonds Stay Requirements: None, unless you want to pursue citizenship later. Citizenship Timeline: Around ten years with actual residence and integration. Family: Reunification after the main applicant receives residence. Tax Angle: Italy has a non-dom regime that caps foreign income tax at a flat annual amount. Italy suits investors who like optionality. You can treat it as a mobility and lifestyle play, or you can go deeper, take tax residency, and build a long-term European base. For many globally mobile applicants, particularly Americans and GCC residents, that mix feels familiar. Greece — Golden Visa Short Answer: Greece offers EU residency through real estate or financial investments, with Schengen mobility and a clear path to citizenship after seven years of residence. It is a practical choice for families who like the Mediterranean lifestyle without committing to immediate relocation. Details: Greece has been a steady player in this space for years. It became even more visible as investors started diversifying beyond Portugal, partly because it keeps the real estate route open and partly because it offers a long-term settlement option. The real estate thresholds recently shifted, and they now look like this: €800,000 in the Administrative Region of Attica €400,000 in other regions of Greece €250,000 for restoration projects in designated properties There are also financial investment routes, corporate shares, government bonds, and investment funds, typically in the €400,000 range. Other factors matter: Residency: Five-year permit, renewable. Mobility: 29 Schengen states. Stay Requirements: None, unless applying for citizenship. Citizenship Timeline: Seven years of actual residence plus Greek language and integration. Family: Spouses and dependent children can be included. Processing: Often 6–12 months, depending on volume. Greece works for applicants who want optional relocation. You can buy a property, hold residency, and keep your existing life elsewhere. If you later decide to relocate and naturalise, the path exists. Families from the Middle East and Eastern Europe tend to like that flexibility. Malta — Permanent Residency Program (MPRP) Short Answer: Malta offers permanent residency from day one, with Schengen access, English-speaking administration, and a combination of government contribution, property leasing or purchase, and financial asset requirements. Details: Malta sits in a different category from classic “Golden Visa” structures. It does not offer a direct citizenship track through investment, but it does offer permanent residency, which is something many investors value more than temporary permits. The structure looks like this: Residency Status: Permanent, subject to compliance. Mobility: 29 Schengen states. Property: Lease from roughly €14,000/year, or Purchase at €375,000 or above Government Contribution: €28,000–€58,000 depending on lease vs purchase Donation:€2,000 to a registered NGO Financial Assets: Total capital in the €500,000–€650,000 range, with a liquid portion Stay Requirements: No physical presence needed to maintain status. Citizenship: Possible through naturalisation only, which requires residence and integration over several years. Family: Multi-generational inclusion is possible. Processing: Roughly 6–8 months, with strong due diligence. Malta is particularly attractive to families who want a stable Schengen base without committing to a relocation timeline. The English language environment also removes friction around administration, schooling, and professional life. Cyprus — Residency by Investment Short Answer: Cyprus offers EU residency through real estate investment, with low stay requirements and a stable, English-friendly environment. It is not a Schengen member, but it is an EU state, and that distinction is important for long-term strategy. Details: Cyprus has been on the radar for years, largely because it sits at the intersection of Europe and the Middle East, both geographically and commercially. While it no longer offers citizenship by investment, the residency framework is still active and straightforward. The structure is built around real estate, and the threshold has been consistently positioned at around €300,000 for new property purchases. That gives you permanent residency rights and access to local services, schooling, and business infrastructure. A few practical points: Residency: Grant of permanent residency, subject to basic compliance. Mobility: Cyprus is an EU member state, but not Schengen. However, residency can support Schengen access via standard visa channels and may be helpful for naturalisation later. Investment: Primarily €300,000 in new-build real estate VAT considerations apply (often 5–19 percent depending on use and eligibility) Stay Requirements: Minimal physical presence, mainly administrative. Citizenship Path: Naturalisation is possible through long-term residence, usually with physical presence, language, and integration over several years. Family: Spouses and dependent children can be included. Processing: 2-3 months. Cyprus suits investors who want an EU foothold with real estate exposure and low bureaucracy, especially those who operate between Europe and the Middle East. It is also a common pick for people who like to “hedge”, secure residency now, and keep optionality as EU policy evolves. Latvia — Residency by Investment Program Short Answer: Latvia offers temporary residency through business, real estate, deposit, or bond investments. It includes Schengen mobility, low stay requirements, and relatively quick processing. Citizenship exists as a long-term option, but only with real residence. Details: Latvia has been part of the European residency landscape for more than a decade, and it occupies a different strategic position than Southern Europe. Investors rarely approach Latvia as a lifestyle play. They see it as an EU foothold that is administratively predictable and financially efficient. There are several investment routes, each with its own logic: Business Investment: From €50,000 in a Latvian company (common among entrepreneurs) Real Estate: Purchase from around €250,000 Bank Deposit: Around €280,000 Additional points matter: Residency: Temporary residency, typically renewable on an annual or multi-year basis depending on the route. Mobility: 29 Schengen states. Stay Requirements: Minimal for residency; more physical presence is required if citizenship is the goal. Citizenship Timeline: Up to 10 years, with long-term residence and integration. Family: Spouses and dependent children can be included. Processing: 1–3 months for many cases, which is significantly faster than Southern Europe. Latvia is often chosen by applicants who care about Schengen mobility and low-friction administration rather than lifestyle or tax residency. It sometimes becomes a strategic “pause and hold” option for investors who want to secure EU status quickly and reassess their longer-term European plans later. Hungary — Guest Investor Program Short Answer: Hungary has reintroduced an investment-based residency framework through the Guest Investor Program. It provides EU residency with no stay requirements, Schengen access, and attractive tax positioning. Citizenship is possible after long-term residence. Details: Hungary is an interesting case because it sits at the edge of Central Europe geopolitically and economically. For years, the country attracted investors through a bond-based residency program. The current Guest Investor Program follows a similar logic: simplicity on the residency side and stronger controls on the investment side. The program includes the following routes: Property Fund Investment: €250,000 in real estate investment funds that meet government criteria Additional elements to understand: Residency: Ten-year residence permit, renewable once (total potential 20 years). Mobility: 29 Schengen states. Stay Requirements: None to maintain residency. Citizenship Timeline: Possible after eight years of real residence with integration requirements. Family: Immediate family can be included. Tax Positioning: Hungary is notable for its 9% corporate income tax, 15% flat personal income tax, and a territorial approach to certain types of foreign income, which appeals to entrepreneurs. Hungary attracts a specific type of investor: people who want EU residency and Schengen mobility without committing to relocation, and who appreciate the tax efficiency and relative affordability. Political positioning can influence personal preference, but from a pure residency mechanics standpoint, it is a credible alternative. Which Alternatives Offer the Fastest Citizenship Pathways? Short Answer: None of these programs provide instant citizenship. The timelines vary by country and depend on actual residence, integration, and language. The quickest theoretical route is Greece at seven years, followed by Hungary at eight, and Italy and Latvia at ten. Malta and Cyprus require longer-term naturalisation through standard residence rules. Details: Investors often compare timelines because citizenship affects family planning, succession, and future mobility. It is important to separate residency (which most programs grant easily) from citizenship (which requires physical presence and integration in every EU member state). What Mistakes Do Investors Make When Comparing Alternatives? Short Answer: The most common mistakes happen when people assume every EU residency program works like Portugal’s former model. Rules on presence, investment, and citizenship differ widely, and overlooking these differences creates false expectations. Details: Frequent mistakes include: Confusing Residency with Citizenship Holding a residence permit does not guarantee a passport. Citizenship in every EU state requires physical presence, language, and integration. Ignoring Physical Presence Rules Some programs require no presence to keep residency, but do require it for citizenship (Italy, Greece, Hungary, etc.). Overestimating Real Estate Availability Not all programs offer real estate routes. Example: Italy does not include real estate under its Investor Visa. Mixing Up EU and Schengen They are not the same. Example: Cyprus is EU but not Schengen. Missing Tax Residency Triggers Residency permits do not automatically trigger tax residency, but relocating or spending 183 days might. Underestimating Timelines Southern Europe can be slower during demand spikes. Central and Eastern Europe are often faster. Not Planning Family Inclusion Rules for adult children or parents vary across programs. What Risks and Limitations Should Applicants Be Aware Of? Short Answer: The main risks relate to policy changes, investment liquidity, processing predictability, and unrealistic expectations around citizenship timelines. Details: Key risks include: Policy and Legislative Changes Thresholds, routes, or categories may change over time. Liquidity and Exit Risk Some real estate markets are less liquid than others (e.g., Latvia or Cyprus compared to Southern Europe). Processing Delays Greece and Malta can slow during high-demand cycles. Citizenship Uncertainty Naturalisation depends on presence, language, and integration everywhere in the EU. Tax Changes Countries like Italy, Greece, and Hungary use tax incentives, incentives can evolve. The bottom line is that buying into these programs means buying residency, not automatic passports or tax residency, those require separate decisions and real life planning. What Tax Considerations Should Investors Keep in Mind? Short Answer: Residency permits do not automatically trigger tax residency. Most EU countries apply tax residency only if you relocate or meet specific presence or “center of life” criteria. Some programs offer attractive tax regimes if you do decide to move. Details: There are three practical realities that investors often overlook: 1. Residency ≠ Tax Residency Holding a residence permit is not the same as becoming a tax resident. Tax residency usually triggers when you: Spend 183+ days in the country, or Establish your center of vital interests there, or Formally elect tax residency through local registration If you do not relocate, most programs will not tax you. 2. Some Countries Offer Special Tax Regimes A few alternatives offer incentives for foreign income, which is why sophisticated applicants sometimes relocate later: Italy: Non-dom regime with a flat substitute tax on foreign income (lump-sum model) Greece: Non-dom regime at €100,000 flat tax per year for qualifying applicants Hungary: 9% corporate tax + 15% flat personal income tax, territorial elements for certain income Malta: Remittance-based elements for foreign income under certain conditions These regimes matter only if you actually become tax resident. 3. Some Programs Are Pure Mobility Plays If your goal is Schengen mobility or EU optionality, and not relocation, then tax rarely enters the picture. Examples: Italy Investor Visa (if you do not elect residency) Greece Golden Visa (if you do not relocate) Malta MPRP (no stay requirement) Hungary Guest Investor (no stay requirement) Most of these allow you to hold residency without becoming a taxpayer, as long as you structure your life accordingly. Tax Positioning Table (At a Glance) The Practical Takeaway Tax only becomes relevant if you relocate your life, not if you merely hold a residency permit. This distinction is central to mobility planning and frequently misunderstood. What Questions Should You Ask Before Choosing a Program? Short Answer: The best program depends on your goals, mobility, optional relocation, citizenship, tax planning, or real estate deployment. Asking the right questions early prevents mismatches and unrealistic expectations later. Details: Experienced applicants and advisors tend to start with the same core questions: 1. What Is My Actual Goal? Is it: Schengen mobility? EU residency? Eventual citizenship? A safe hedge? Tax planning? Real estate exposure? Different goals lead to different programs. 2. Do I Intend to Relocate or Not? If yes, then citizenship timelines, tax rules, and lifestyle matter. If no, then stay requirements, processing ease, and mobility matter more. 3. How Important Is Schengen Mobility to Me? Example: Cyprus = EU, not Schengen Latvia / Greece / Italy / Hungary = EU + Schengen Malta = Schengen via residency This distinction affects travel rights. 4. Do I Care About Citizenship or Only Residency? If citizenship matters, ask: How many years of actual residence are required? Are there language/integration requirements? Is dual citizenship allowed? 5. What Investment Structure Do I Prefer? Options vary: Real estate Business or startup investment Bonds or funds Government contributions Donations Italy, for example, has no real estate route under its Investor Visa, while Greece remains real estate-focused. 6. How Important Are Tax Considerations? If tax residency is relevant, evaluate: Territorial regimes Non-dom regimes Flat tax systems Capital gains treatment Corporate tax rates If not relevant, skip this entirely. 7. Who Needs to Be Included with Me? Check: Spouse eligibility Children age limits Parent/grandparent rules Dependency criteria These differ substantially across programs. 8. How Soon Do I Need an Answer? Timing influences choice: Latvia and Hungary = faster processing Greece and Malta = moderate Italy = predictable but depends on route Choosing the Right Alternative There is no single “best” alternative to Portugal. Each program solves something different. Italy and Malta work well for Schengen access without relocation. Greece and Cyprus suit investors who want a real estate route. Latvia offers lower entry and fast processing. Hungary adds Schengen mobility with a competitive tax environment. The key is matching the program to your actual goal, mobility, optional relocation, real estate deployment, tax residency, or a future citizenship path for your family. If You Are Comparing Options If you want structured guidance, contact Savory & Partners for an eligibility review, documentation support, and next steps aligned with your objectives. FAQs About Golden Visa Alternatives Is Portugal still worth considering in 2026? Yes. Portugal remains a respected residency framework. Some investors are simply exploring alternatives due to uncertainty around processing times and policy discussions. Which alternative has the lowest stay requirements? Italy, Malta, Greece, and Hungary all allow residency to be maintained with no physical stay requirement. Citizenship (if desired) always requires real residence. Which program leads to the fastest EU citizenship? Greece has the shortest timeline on paper (~7 years with actual residence). Hungary follows at ~8 years. Italy and Latvia are generally ~10 years. Malta and Cyprus require standard naturalisation through residence and integration. Is there a cheap Golden Visa alternative? Latvia offers the lowest entry point via a €50,000 business investment route. However, “cheap” should not be the only factor; timelines, mobility, and structure matter. Can I get a passport just by buying real estate? No. No EU country grants citizenship purely through real estate investment. Citizenship requires physical residence, language, and integration. Do residency permits make me a tax resident? No. Tax residency is separate and usually requires 183+ days of presence or a declared center of life. Special regimes apply only if you actively relocate. Is Cyprus a Schengen country? No. Cyprus is EU but not Schengen. This matters for travel rights but not for EU residency benefits. Can my family be included in my application? Yes, in all cases, but rules vary: Age limits for children differ Parent/grandparent inclusion varies Dependency criteria matter Do these programs guarantee approval? No. All EU residency programs include due diligence checks. Applications may be declined for compliance, source of funds, or security reasons. Is real estate mandatory? Not always. Italy, Hungary, and Malta offer non-real-estate routes. Greece and Cyprus are more real-estate-driven. References Italy — Investor Visa for Italy. Referred from: https://investorvisa.mise.gov.it/index.php/en/ Greece — Golden Visa Program. Referred from: https://migration.gov.gr/en/golden-visa/ Malta — Permanent Residence Program (MPRP). Referred from: https://residencymalta.gov.mt/legal-framework-mprp-2/ Hungary — Guest Investor Residence Permit. Referred from: https://oif.gov.hu/factsheets/residence-permit-for-guest-investor Cyprus — Golden Visa / Residency by Investment. Referred from: https://en.wikipedia.org/wiki/Cyprus_Investment_Programme