Golden Visa Europe for Americans 2026: Costs and US Tax

A golden visa is a residence permit you get by investing a set amount of money in a country. As of November 2026, Americans can still get a golden visa in Europe from Portugal, Greece, Italy, Malta, Cyprus and Bulgaria. Spain is no longer an option, because its program closed to new applicants on 3 April 2025.

The lowest investment routes start at €200,000 to €250,000 (roughly $230,000 to $287,500), and those routes are mostly non-refundable donations or narrow categories. No golden visa changes your US taxes. You still file a US return every year, and some golden visa investments, especially Portuguese funds, trigger extra IRS forms that catch many Americans off guard.

Question	Short answer (as of November 2026)
What is a golden visa?	A residence permit granted in exchange for a qualifying investment, donation or purchase
Open to Americans	Portugal, Greece, Italy, Malta (residence only), Cyprus, Bulgaria
Closed	Spain (April 2025), Ireland (2023), Netherlands (2024), UK
Lowest headline minimum	€200,000 (Portugal cultural donation, low-density areas); €250,000 in Portugal, Greece or Italy on narrow routes
Lightest stay rule	Greece and Italy (no minimum stay), Portugal (7 days in year one)
US tax effect	None by itself. You are still taxed on worldwide income and must report foreign assets
Exchange rate used	About $1.15 per euro, close to Greenback's 2026 rate (€500,000 = about $574,000)

What is a golden visa?

A golden visa is a residence-by-investment program. You put a minimum amount into property, funds, a company, government bonds or a donation, and the country gives you a renewable residence permit. It is not citizenship, and it is not designed as a work visa for a full-time move.

Most Americans use one for one of three reasons: a legal base in Europe without moving full time, a backup plan, or a long path toward permanent residence or citizenship. The appeal is the light stay rule. A Portuguese golden visa holder, for example, can keep the permit while spending only a couple of weeks in the country.

Tax and immigration rules here change often, so confirm your own case with the official government site or a qualified cross-border adviser before you commit money.

Which golden visa countries are open to Americans in 2026?

As of November 2026, the golden visa countries open to Americans are Portugal, Greece, Italy, Malta (residence only), Cyprus (permanent residence) and Bulgaria. US citizens face no nationality ban in any of them. The bigger issues for Americans are US tax reporting and long processing queues.

Lists online range from four to eight countries. Hungary and Latvia show up on some lists, but our sources conflict on whether Hungary's program is open. One source describes Latvia's company-investment route (from €50,000) as closing on a set date that we could not verify. Treat both as "check before you plan." Some low-quality pages still list Spain as open. It is not.

Country	Main 2026 routes and minimums	Approx. USD (at $1.15 per euro)	Minimum stay	Where it leads
Portugal	€500,000 regulated fund (no real estate); €250,000 cultural donation (€200,000 in low-density areas)	$575,000; $287,500 ($230,000)	7 days in year 1, then 14 days per 2-year period	Citizenship after about 10 years from your first permit
Greece	Property: €800,000 prime areas, €400,000 elsewhere, €250,000 conversions or listed buildings	$920,000; $460,000; $287,500	None to renew	5-year renewable permit, no direct passport
Italy	€250,000 startup, €500,000 company, €1M donation, €2M government bonds	$287,500 to $2.3M	None	2-year renewable permit; citizenship after about 10 years
Malta	MPRP: about €99,000 in fees (€60,000 admin fee, €37,000 contribution, €2,000 donation), extra for each adult dependant, plus €375,000+ property or about €14,000/year lease kept at least 5 years, and a capital test (see worked example)	About $113,850 fees plus property or lease	Check with Residency Malta Agency	Permanent residence (citizenship scheme closed)
Cyprus	€300,000 property or funds plus about €50,000/year foreign income	$345,000 plus $57,500/year income	Permit can lapse after 2 years of absence	Permanent residence
Bulgaria	About €512,000 into approved funds	About $589,000	Not covered in our sources	Permanent residence

Sources: Global Citizen Solutions, MovingTo, Arletti Partners, Residency Malta Agency, Viveurope, Taxes for Expats and Armenian Lawyer.

Portugal

Portugal's golden visa has been closed to real estate since October 2023. In 2026 the main route is a €500,000 subscription to a CMVM-regulated investment fund that does not hold real estate, according to Global Citizen Solutions. Advisers also report fund maturity and Portugal-investment conditions (often cited as at least 60% in Portuguese companies). Check the fund's CMVM documents and AIMA's current rules.

Other routes are €500,000 for scientific research, €500,000 for a job-creating business (sources differ on how many jobs are required) and the cultural-heritage contribution. If you want Portuguese property for its own sake, our guide to buying property in Portugal as an American covers that separately. It just won't get you a golden visa.

Greece

Greece sets property thresholds by location. The €800,000 tier applies in Attica (Athens), Thessaloniki, Mykonos, Santorini and islands with more than 3,100 residents. For the €400,000 and €800,000 tiers, you must buy a single property of at least 120 m², while the €250,000 conversion category allows several units, according to Astons. Pages still advertising "€250,000 anywhere in Greece" are out of date. Some advisers also cite a €250,000 investment route into Elevate Greece-registered startups under Law 5162/2024. Confirm with the Ministry of Migration.

You can rent the property out long term, but short-term holiday lets (Airbnb-style) and short-term subletting are banned for properties bought under the 2024 rules (Law 5100/2024). Breaking the rule brings a €50,000 fine and can cost you the permit, according to the Greek Ministry of Migration and Asylum. Sources differ on the exact day cut-off, so confirm with your Greek lawyer. Migration Minister Plevris announced stricter enforcement on 15 October 2026, so don't build your numbers on tourist-rental income.

Italy

Unlike Portugal and Greece, Italy lets you invest after approval. You get the nulla osta first, then move the money. The government bond route requires bonds with at least two years of remaining maturity, per Arletti Partners.

How much is a golden visa? Real golden visa cost by country

The real golden visa cost is the investment plus government fees, lawyer and fund fees, and the money you can never get back. A €250,000 donation is gone for good. A €500,000 fund stake can rise or fall in value. Compare programs on what you lose for sure, not only on the headline number.

Greenback puts Portugal's €500,000 minimum at about $574,000 at its 2026 exchange rate, with government fees and fund or adviser costs on top, according to Greenback Expat Tax Services. Greece's government application fee is about €2,000, per Digicare Insurance.

If a Portuguese fund falls in value, you can lose part of your capital. Ask the fund how it handles redemptions and failures, and whether a loss affects your permit.

Worked example: four ways to spend under $600,000

Take a 58-year-old couple from Texas with about $600,000 to commit. Using $1.15 per euro:

Greece, €400,000 property outside the prime zones: €400,000 + €2,000 fee = €402,000, about $462,300 before taxes, legal fees and running costs. You keep an asset you can live in, rent long term or sell.
Portugal fund route: €500,000, about $575,000, plus fund and adviser fees. The asset is a fund stake with market risk and US PFIC reporting (see below).
Portugal cultural donation in a low-density area: €200,000, about $230,000. It's the lowest Portuguese figure, but the money is not recoverable.
Malta MPRP with a lease: about €99,000 in fees (€60,000 admin fee, €37,000 contribution, €2,000 donation) plus €14,000 a year in rent, and the lease must be kept for at least five years. That is €99,000 + €70,000 = €169,000, about $194,350, none of it recoverable, and each adult dependant costs extra. You must also show capital of at least €500,000 (including €150,000 in financial assets) or €650,000 (including €75,000 in financial assets), held for the first five years, per the Residency Malta Agency. So this route suits people with existing wealth, not a small budget.

So which is the cheapest golden visa? On cash out the door, Malta's lease option or Portugal's €200,000 to €250,000 cultural donation look cheapest, but Malta only works if you already pass its capital test. Italy's €250,000 startup route is an equity stake with high risk, not a donation. On money you might get back, Greek property often wins. If you want an asset you can live in, Greek property is the main option.

Golden visa minimum stay requirements: how many days you must spend

Greece and Italy require no minimum physical presence to keep a golden visa, and Portugal requires only 7 days in the first year and 14 days in each following two-year period. Cyprus is stricter in one way: its permit can lapse after two years of absence.

Portugal's stay rule comes from Portugal Citizenship. Greece's 5-year permit renews with no mandatory stay, per Digicare Insurance. Italy's 2-year permit has no minimum presence, per Arletti Partners. For Malta, confirm the current presence rules with the Residency Malta Agency before you apply.

There is a catch. A light stay rule is good for keeping the permit, but it does not help much toward citizenship, which usually counts real residence. Since 19 May 2026, under Organic Law 1/2026 published in Portugal's official gazette, the Diário da República, on 18 May 2026, Americans need 10 years of legal residence for Portuguese citizenship, counted from the date the first residence permit is issued. Processing delays push that start date back.

Does a golden visa make me a tax resident?

No, not by itself. Portugal's minimal stay requirement does not make you a Portuguese tax resident, according to Portugal Citizenship. Local tax residence depends on where you actually live and spend your time. If you move full time, you will likely become a local tax resident too.

Is the Spain golden visa really closed?

Yes. Spain ended its golden visa for new applicants on 3 April 2025 under Organic Law 1/2025, published on 3 January 2025, according to KPMG Spain and the Spanish BOE. Applications filed before that date continue under the old rules.

As of 2026, Spain has not introduced a replacement investor visa. The remaining routes are the non-lucrative visa (about €28,800 a year for the main applicant in 2026, roughly $33,100) and the digital nomad visa, per citizenshipbyinvestment.global. Neither is a golden visa, and both expect you to actually live in Spain. Our guide to retiring in Spain as an American covers the non-lucrative route.

Spain is not alone. Ireland's Immigrant Investor Programme closed in February 2023, the Netherlands closed its route in January 2024 and the UK has also shut its investor route, per Euronews. Malta's citizenship-by-investment scheme was struck down by the EU Court of Justice in April 2025. Its Permanent Residence Programme, restructured by Legal Notice 146 of 2025, remains open, per Viveurope. Cyprus ended citizenship by investment in 2020 to 2021, but it still offers permanent residence by investment, per Taxes for Expats.

Do Americans pay US tax on golden visa investments?

Yes. US citizens and green card holders are taxed on worldwide income whatever foreign residence permit they hold. A golden visa does not change your US tax residency or create a new US tax by itself, but the investment's income and gains are taxable in the US, and the asset may need reporting.

Your FBAR, Form 8938 and Form 8621 obligations apply whether or not you move, according to VIDA Capital. So the golden visa that costs you the least in Europe can still cost you the most in US paperwork.

The PFIC problem with Portuguese golden visa funds

Fund-based golden visa investments, including Portugal's main route, are usually treated as PFICs (passive foreign investment companies) by the IRS. Each PFIC generally needs an annual Form 8621, even if the fund pays nothing out. The default PFIC tax treatment can be punitive, per Hock Tax Services.

The current form is the December 2025 revision of IRS Form 8621, which added a three-letter currency code and separate US-dollar reporting for certain distributions. You attach it to your tax return and file it by the due date, including extensions. If you have no return to file, you send it directly to the IRS in Ogden, UT, per the IRS instructions for Form 8621. Our guide on how Americans in Europe should invest and avoid PFIC traps explains the elections people discuss with their preparers.

Do I have to report foreign real estate to the IRS?

Foreign real estate you own directly is not reported on Form 8938. If you hold it through a foreign company, partnership or trust, your interest in that entity is reportable once you pass the threshold, according to the IRS.

Long-term rental income from a directly owned foreign property goes on Schedule E, and a taxable sale goes on Form 8949. Foreign bank and investment accounts and foreign funds are reportable on Form 8938. Foreign bank or brokerage accounts also go on the FBAR (FinCEN Form 114) if you meet the thresholds, per Greenback Expat Tax Services. Our guide to FBAR vs Form 8938 for Americans in Europe explains which form covers what.

Is Italy's flat tax useful to Americans?

Usually less than it sounds. As of January 2026, Italy's optional Article 24-bis flat tax for new residents rose to €300,000 a year (about $345,000), per Armenian Lawyer, plus €50,000 for each family member included, for people who move their tax residence from 1 January 2026, under Law 199/2025 (the 2026 Budget Law, art. 1, paras 25 to 26) in the Gazzetta Ufficiale. It is an Italian regime only and does not exempt a US citizen from US worldwide taxation. Ask a US preparer whether, and how much of, the lump sum can be credited against your US tax before you opt in.

Golden visa Europe for Americans: how to choose and apply

Start with your goal, then your budget, then your US tax picture. The application comes last. Most expensive mistakes happen because people pick the investment before talking to a US tax preparer.

Decide what you want: a part-time base, a full move, permanent residence or a long road to citizenship.
Price each route in full, splitting money you can recover (property, bonds, fund units) from money you can't (donations, fees, leases). For Malta, confirm you meet the capital test first.
Ask a US cross-border tax preparer how the asset will be taxed and reported, especially for funds that may be PFICs.
Hire a licensed local lawyer. In Italy, get the nulla osta before you invest. Elsewhere, confirm the asset qualifies before you pay.
Make the investment exactly as the route requires (for example, one Greek property of at least 120 m² on the €400,000 tier).
File the application and attend biometrics, then plan for delays.
Set a yearly US reporting calendar for Form 8621, Form 8938 and the FBAR as they apply.
Track your days in the country so you meet renewal rules.

How long does processing take in 2026?

Of the programs with published figures, Italy is the quickest at about 3 to 6 months from application to residence permit, per a June 2026 figure from Global Citizen Solutions. Greece is slow. Ministry data cited for August 2026 shows only 61% of February 2026 files had a decision, despite a two-month legal limit. Portugal is slower still: one law-firm source (not an official figure) reports nearly 40 months, with over 20,000 applicants waiting for biometrics. Because Portugal's citizenship clock starts only when your first permit is issued, that wait adds directly to your timeline.

Golden visa vs D7, non-lucrative or digital nomad visa

If you plan to live in Europe most of the year, an income-based visa is usually cheaper and simpler than a golden visa. Golden visas make sense mainly when you want residence without living there full time, or when you have capital but not the steady income those visas require.

A 62-year-old retiree from Ohio living on Social Security and a pension who wants to move to Lisbon full time probably doesn't need to tie up €500,000 in a fund. The Portugal D7 visa for US citizens is built for that person. A business owner in California who wants a European foothold but will only visit two weeks a year is the classic golden visa buyer. Before you decide, check your income with our Europe visa income checker to see which income-based visas you already qualify for.

Common mistakes Americans make with golden visas

The most common mistake is treating a golden visa as a tax plan. It isn't one for US citizens, because you remain taxed on worldwide income. Here are the other mistakes that come up most often:

Buying a Portuguese fund without checking PFIC status. Annual Form 8621 filings and default PFIC tax can eat into your returns.
Trusting outdated pages. Spain is closed, Portuguese property no longer qualifies, and Greece's €250,000-anywhere floor is gone.
Splitting the Greek purchase or planning on Airbnb. On the €400,000 and €800,000 tiers, it must be one property of at least 120 m². Short-term holiday lets and short-term subletting are banned for properties bought under the 2024 rules, so plan on long-term tenants (see the Greece section).
Assuming Malta is cheap. The fees and lease look low, but Malta's capital test (see the worked example) rules out small budgets.
Investing in Italy before approval. The money goes in after the nulla osta, not before.
Expecting a fast passport. Greece's permit doesn't lead directly to citizenship, Italy's path is about 10 years, and Portugal's is about 10 years from your first permit.
Forgetting the FBAR. A Greek or Portuguese bank account opened for the purchase can push you over the threshold.
Ignoring wait times. Portugal's reported backlog runs to years, so don't plan a move around a quick approval.

Frequently asked questions

What is the cheapest golden visa in Europe in 2026?

Portugal's cultural donation in low-density areas, €200,000 (about $230,000), is the lowest headline minimum, followed by €250,000 routes in Portugal, Greece and Italy. Malta's residence program needs less cash, about €99,000 in fees plus a lease of about €14,000 a year for at least five years. But Malta also requires you to hold at least €500,000 in capital for five years, so it suits people who already have wealth.

Can I still buy property in Portugal for a golden visa?

No. Portugal removed real estate from its golden visa in October 2023. In 2026 the main route is a €500,000 subscription to a CMVM-regulated fund that does not hold real estate. You can still buy Portuguese property as a foreigner, but it will not qualify you for the golden visa. Greece is the main European program where property still qualifies.

Can I rent out my Greek golden visa property on Airbnb?

Not as a holiday let if you bought under the 2024 rules: short-term Airbnb-style lets and short-term subletting are banned under Law 5100/2024, with a €50,000 fine and possible loss of the permit. Long-term renting is allowed, and the Greece section above covers the details, including the unsettled day cut-off you should confirm with a Greek lawyer.

Does a golden visa lead to citizenship?

Sometimes, but slowly. Portugal now requires about 10 years of legal residence counted from your first permit, so processing delays push the start date back. Italy's citizenship eligibility is about 10 years of residence. Greece's golden visa does not lead directly to a passport, and Malta closed its citizenship-by-investment scheme in 2025. Citizenship usually requires real residence, not just the minimum stay.

How many days a year must I spend there to keep a golden visa?

Very few. Greece and Italy have no minimum stay requirement. Portugal requires 7 days in the first year and then 14 days in each following two-year period. Cyprus permanent residence can lapse after two years of absence, and Malta's rules should be confirmed with its residency agency. These minimum stays keep the permit alive, but they do not make you a local tax resident on their own.

Can my family join me, and can I work on a golden visa?

Most golden visa programs let you include close family, but rules on spouses, children's ages and dependent parents differ by country, and our sources do not give one standard. Work rights also vary, since a golden visa is a residence permit, not a job offer. Check the specific program's official rules, and compare program summaries such as those from Taxes for Expats, before you apply.

References

Filed under Visa & Immigration Citizenship & PR

Muhammad Sahil

Founder and editor of EU Info Hub. Digital marketer with over seven years of freelance experience, now studying economics and business in Europe. He has been through the residence permit process himself. This article is general information, not legal or financial advice. Always confirm details with the relevant consulate or authority.