A recent piece by Euronews examines how shifting regulations, rising costs and geopolitical uncertainty are reshaping demand for so-called “golden visas” — residency permits granted in exchange for investment — and highlights the European countries where such programs remain relatively accessible compared with the cost of housing in the UK.
The trend is being driven by a combination of factors, including global instability, evolving immigration rules and surging property prices. With the average UK home now costing around £301,000 (€347,776), many individuals are exploring alternatives that offer greater value, mobility and long-term security. At the same time, traditional
Golden visas have long provided a shortcut, particularly for high-net-worth individuals, by allowing residency in exchange for investments — often in real estate — sometimes without requiring physical presence in the country. However, tightening regulations have begun to limit access. A notable example is Spain’s decision to close its property-based golden visa route in 2025.
According to Nikolas Avgousti of Philippou Law, motivations are also evolving. “In 2026, we are seeing a shift in why families seek a golden visa,” he said. “It’s no longer just a ‘holiday home’ dream; it’s about having options and freedom… a secondary residency has become the ultimate insurance policy.”
Against this backdrop, several European countries continue to offer comparatively affordable golden visa options.
In Hungary, the Guest Investor Program has gained traction, offering residency for a minimum investment of €250,000. This grants a 10-year residence permit, renewable for another decade, and covers spouses and children. There is no minimum stay requirement, making it attractive for those seeking flexibility. Investors may apply for permanent residency after three years if they meet conditions including living in the country for at least 183 days annually, maintaining their investment, and holding health insurance and lawful income. Citizenship becomes possible after eight years of continuous residence. The investment must typically be directed into a Hungarian National Bank-registered real estate fund, with at least 40% allocated to residential property, or alternatively through a €1 million non-refundable donation to a public trust supporting higher education. Hungary’s cost of living is estimated to be around 40% lower than that of the UK.
Greece also remains a key destination, though costs have risen significantly in popular locations such as Athens and Santorini, where investment thresholds now range from €400,000 to €800,000. However, two
In Cyprus, the Permanent Residence Program requires a minimum investment of €300,000 in real estate, funds or company shares. The permit extends to spouses and financially dependent children up to age 25, with a requirement to visit the country at least once every two years. Applicants must demonstrate a clean criminal record and a foreign income exceeding €50,000 annually, with higher thresholds for families. Citizenship may be granted after seven years of residency. Avgousti emphasized Cyprus’s legal framework, noting that its common law system and transparent land registry provide stability and clarity, while the cost of living is about 25% lower than in the UK.
Italy offers an Investor Visa with multiple entry points, the most accessible being a €250,000 investment in an innovative startup. This provides a two-year renewable residence permit without minimum stay requirements, with eligibility for permanent residency after five years and citizenship after ten. The program also covers spouses, dependent children and parents. Alternative routes include investments of €500,000 in companies, €1 million in public interest projects, or €2 million in government bonds. Italy’s cost of living is estimated at around 15% below that of the UK.
Portugal, which ended its real estate-based golden visa option in 2023 to curb property speculation, still offers alternative
Despite their appeal, golden visas come with important considerations. One key issue is whether investments are “grandfathered,” ensuring that residency rights remain protected if regulations change. This has become increasingly relevant as both EU-wide and national policies continue to evolve.
Additionally, the headline investment figure rarely reflects the full cost. Applicants must also account for taxes, legal fees, due diligence and mandatory health insurance. Another critical distinction is between legal residency and tax residency: while many programs require only minimal physical presence, extended stays can trigger broader tax obligations.
By Tamilla Hasanova
