The cheapest Golden Visa in Europe in 2026

Headline price is not the real cost

A programme's minimum investment is one of four numbers that matter. The others are the money you pay and never get back, the cost of holding the investment for as long as you need the permit, and what the investment is worth when you leave.

• Money you do not get back. Government fees, contributions and donations. In Malta the administrative fee and government contribution alone come to €97,000 for a main applicant, before any property is bought or leased.
• Entry costs. Transfer taxes and professional fees. In Greece today these add roughly 5–7% to the price of a home.
• Holding costs. Renewal fees, health insurance, property tax, building charges or fund fees, over five to ten years.
• Exit value. What you can sell for, and to whom. A property bought under a special low threshold may not carry the same permit benefit for the next buyer.

A route with a higher threshold can cost less overall if most of the money stays in an asset you can sell. A lower threshold can cost more if much of it is spent on fees.

Programmes open to non-EU investors in 2026

The table shows the lowest investment route in each EU programme we checked, and its status on 27 September 2026. It is a summary for comparison, not a full list of every option in each country.

Owning property versus holding fund units

A property is an asset you choose, can inspect and can use. In Greece you may let it on long-term leases, for example to university students, but not short-term through digital platforms. You carry the running costs, the vacancy risk and the resale risk, and its value follows the local market.

Fund units are passive. A manager chooses and runs the assets, and you have no home to use. Your return depends on the fund's performance, its fees and its redemption terms, including how long you must stay invested and whether you can sell early.

Both carry risk, and neither is better for everyone. If you want a base in the country, or a tangible asset you can hand to your family, a property route fits. If you want the permit with the least involvement, a fund may suit you better, provided you have read the fund's documents with an adviser.

Greece's €250,000 route: conditions and limits

Greek law sets three investment levels. In Attica, Thessaloniki, Mykonos, Santorini and islands of more than 3,100 inhabitants the minimum is €800,000. Elsewhere, including Patras, it is €400,000. Both require one property with at least 120 m² of main living space. A lower threshold of €250,000 applies anywhere in Greece, with no size minimum, to property converted to residential use from another use, and to listed buildings under restoration.

The conditions

• One property, bought for at least €250,000 and paid in full through a Greek bank account before you apply.
• The change of use rests on a permitting act issued on or after 5 April 2024 and is completed before your application.
• The property is not a company seat or branch, and is not let short-term through platforms. A breach costs a €50,000 fine and the permit.
• Fees of €2,016 for the main applicant. The permit lasts five years and is renewable while you own the property, with no minimum stay.

The limits

• The permit does not give the right to work in Greece.
• The €250,000 benefit can be used once per property. A later non-EU buyer would need the €400,000 tier and 120 m², so a small converted home resells to the local market at local prices.
• New applications by Russian and Belarusian nationals are suspended.
• Rental yields at €250,000 are low. For a Patras studio let long-term, expect roughly 1–3% gross before costs. The value lies in the permit and in owning a simple, long-let home, not in the income.

The full rules, with the law and the Ministry's April 2026 circular, are in our guide to the €250,000 change-of-use route. The size question is covered in the 120 m² rule and the €250k conversion route.

Counting the ten-year cost

A fair comparison adds up the money that leaves your pocket over the life of the permit. For a €250,000 Greek purchase at today's rates, the main items are these.

How to choose

• Do you want a home you can use? Property routes in Greece, Cyprus and Malta give you one. Fund routes do not.
• How quickly might you need the money back? Property takes time to sell, and a Greek €250,000 conversion resells without the permit benefit. Fund exit terms vary.
• Will you live there? Greece sets no minimum stay to keep the permit. Naturalisation is a separate question: Greece requires seven years of lawful residence and a Greek language and civics exam, and actual residence is expected in practice. Portugal now asks for ten years for most non-EU nationals.
• Who needs to be covered? One Greek investment covers a spouse or registered partner, children under 21 and the parents of both spouses.
• Does your nationality restrict you? Greece has suspended new applications by Russian and Belarusian nationals, and Latvia's new investment routes exclude them.
• How much policy risk can you carry? Every programme in the table has changed since 2023. Assume more change, and prefer routes where your money sits in something you would want to own anyway.

If Greece fits, the next step is the paperwork: read the requirements checklist for 2026. MVR 19 in Patras offers 19 studios at €250,000 each, designed for the €250,000 change-of-use route; eligibility is subject to completion of the change of use, which is in preparation, and the change-of-use permitting act is still to be issued. Compare the 19 residences.