European Residency Planning: Which Country and Which Route for HNW Individuals

Europe offers a wider range of residency and investment migration options for internationally mobile HNW individuals than any other region in the world. From Portugal's passive income visa to Italy's flat tax regime, from Greece's golden visa to Cyprus's rapid permanent residency, the landscape is rich but also changing rapidly: several programmes have been closed or significantly modified in recent years, and the regulatory environment continues to evolve under EU pressure. Making a well-informed choice requires understanding not just the current rules but the likely trajectory of each programme.

This guide compares the major European residency routes available in 2026 across the dimensions that matter most to HNW applicants: cost and investment structure, physical presence requirements, tax implications, and the pathway — or absence thereof — to EU citizenship.

The Strategic Context: Why European Residency?

For non-EU nationals considering European residency, the underlying objectives typically fall into several categories:

EU passport access. An EU passport provides free movement throughout the 27 EU member states and Schengen area, the right to live and work anywhere in the EU, and, for UK nationals post-Brexit, a restoration of freedom of movement that was lost. EU citizenship by naturalisation requires a qualifying period of legal residence — typically five to ten years depending on the country — which means that European residency is often the first step in a multi-year journey to an EU passport.

Schengen residency. Even short of citizenship, EU residency provides a formal basis for living in the Schengen area. This is valuable for individuals who wish to spend significant time in Europe without the constraints of tourist visa restrictions.

Tax planning. Several EU and European Economic Area countries offer attractive personal tax regimes for new residents, including Italy's flat tax, Portugal's IFICI regime, and Greece's non-domicile programme. These regimes make European residency attractive from a tax perspective, though they require genuine physical presence to activate and maintain.

Property investment. Several European golden visa programmes were designed around property investment, creating an alignment between a desire to own European property and the ability to obtain residency rights.

Portugal: The D7 Visa and the Post-2023 Golden Visa

Portugal has been one of the most popular European residency destinations for internationally mobile individuals for a decade. Two distinct routes currently operate.

Portugal D7 Passive Income Visa. The D7 is not an investment programme — it requires no minimum asset investment. Instead, it requires the applicant to demonstrate passive income sufficient to support themselves in Portugal: a minimum of approximately EUR 760 per month (as of 2026; the threshold is linked to Portugal's national minimum wage and increases periodically). Passive income can include pension income, rental income, dividends, interest, and similar unearned income sources.

The D7 requires a minimum of 183 days of physical presence in Portugal in the first year and progressively shorter periods in subsequent years. It provides a legal basis for EU/Schengen residency and a pathway to permanent residency after five years and Portuguese citizenship after a qualifying period of legal residence — which, following the nationality-law reform (Lei Orgânica 1/2026, in force from 19 May 2026), is now seven years for nationals of CPLP and EU member states and ten years for other nationalities, rather than the previous five.

The D7 is well-suited to individuals who genuinely intend to relocate to Portugal, have sufficient passive income, and are planning over a multi-year horizon to acquire EU citizenship. It is not suitable for those who want European residency without physical presence.

Portugal Golden Visa (post-2023). Following the Mais Habitação legislation in 2023, Portugal closed the property investment route for the Golden Visa in most areas of the country. New Golden Visa applications based on real estate purchases are no longer accepted in metropolitan areas such as Lisbon, Porto, and the Algarve, or in areas of high housing pressure.

The Golden Visa continues to exist via: investment in qualifying venture capital funds or private equity funds (minimum EUR 500,000); creation of ten or more jobs; investment in scientific research; or investment in qualified artistic production or national cultural heritage. (The former EUR 1.5 million capital-transfer route was abolished alongside the property route under the 2023 reforms and is no longer available.) The property route that made Portugal's Golden Visa popular with Asian and Middle Eastern investors is effectively closed for new applicants in the most desirable locations.

Existing Golden Visa holders are unaffected as regards their residency rights. The pathway to citizenship remains available to Golden Visa holders, though the qualifying period was extended in 2026 from five years to seven years (CPLP/EU nationals) or ten years (other nationalities); applications filed on or before 18 May 2026 are assessed under the former five-year rule.

Portugal also operates the IFICI (ex-NHR) tax regime for new residents, providing preferential income tax treatment on certain categories of income for the first ten years of residence. This regime replaced the former Non-Habitual Resident (NHR) regime. The specific categories of qualifying income and the applicable rates should be verified with Portuguese tax counsel, as the rules were materially changed with effect from 2024.

Greece: The Golden Visa at Revised Thresholds

Greece's Golden Visa programme allows non-EU nationals to obtain a five-year renewable residency permit through property investment. Following significant demand pressure, particularly from Chinese, Middle Eastern, and US investors, the Greek government raised the minimum investment thresholds in May 2023, with a tiered structure:

• EUR 800,000 minimum for properties in the metropolitan municipalities of Athens and Thessaloniki, the islands of Mykonos and Santorini, and other areas with high property demand.
• EUR 400,000 minimum for properties in other parts of Greece.
• The lower EUR 250,000 threshold, which applied to all of Greece previously, is no longer available for new residential property purchases. It remains available for conversion of commercial to residential use.

The Greek Golden Visa requires no minimum annual physical presence in Greece to maintain the permit, which distinguishes it from the Portuguese D7. This makes it suitable for individuals who want European residency rights (including Schengen access) while maintaining their primary residence elsewhere.

The pathway to Greek citizenship is available after seven years of legal residence, subject to meeting language (B1 level modern Greek), integration, and other criteria. Greek citizenship is a full EU citizenship with the associated rights.

Greece also operates a non-domicile tax regime, which allows new Greek tax residents with foreign-source income to opt for a flat annual tax of EUR 100,000 on all foreign income, regardless of the amount, for a period of fifteen years. Family members can also be covered for EUR 20,000 each. This regime is designed to attract globally mobile HNW individuals who have significant income from outside Greece.

Spain: The End of the Golden Visa

Spain announced the closure of its Golden Visa programme in early 2025. The programme, which had allowed residency through property investment of EUR 500,000 or more (or other investment routes), was discontinued as part of housing market pressure policy. No new Golden Visa applications are being accepted.

Spain continues to offer the Non-Lucrative Visa (NLV), which provides residency for individuals who can demonstrate sufficient passive income (a minimum of approximately EUR 28,800 per year for the principal applicant) and who do not intend to work in Spain. The NLV requires genuine residence in Spain — the holder must spend the majority of the year in Spain to maintain status.

The pathway to Spanish citizenship by naturalisation is ten years of legal residence (the longest in Europe for non-special-case applicants), reduced to two years for nationals of Ibero-American countries, the Philippines, Equatorial Guinea, and Sephardic Jews.

Spain is no longer a viable route for investment-based residency for new applicants in 2026. Those seeking an EU residency that can be maintained without significant physical presence in the specific country should look elsewhere.

Italy: The Flat Tax Regime and Elective Residency

Italy offers one of Europe's most attractive personal tax propositions for HNW individuals: the Forfettario Regime per i Neo-Residenti, commonly called the flat tax regime. Under this regime, new Italian residents who have not been resident in Italy in the preceding nine of ten fiscal years can opt to pay a single annual flat tax on all foreign-source income, regardless of the actual amount of that income. For individuals establishing Italian tax residency from 10 August 2024 onwards the flat amount is EUR 200,000 per year (it was EUR 100,000 for those who entered the regime before that date, and they retain the lower figure). There is no upper limit — the flat charge covers everything from a EUR 1 million annual dividend to a EUR 50 million capital gain, all taxed at the flat rate.

Family members can also opt into the regime at EUR 25,000 each per year.

The regime lasts for fifteen years, subject to annual election. During this period, foreign-source income is not subject to additional Italian income tax. Italian-source income is taxed at normal Italian rates.

The critical requirement is genuine Italian tax residence: the applicant must actually spend 183 days or more per year in Italy. Italy applies anti-abuse provisions and has been known to challenge cases where the economic substance of Italian residency is questioned. Establishing a genuine home, developing Italian connections, and spending real time in the country are all important.

Italy does not offer a direct investment-for-residency programme comparable to a golden visa. Residency is obtained through a standard long-stay visa (Elective Residency Visa or similar) combined with registering with the local municipality. The flat tax is a personal tax election made when filing Italian returns, not a requirement of the visa.

The pathway to Italian citizenship is ten years of legal residence (reduced to three years for EU nationals and two years for individuals of Italian descent within two generations).

Malta: Permanent Residency Programme (Citizenship Route Now Closed)

Malta Permanent Residency Programme (MPRP). Malta offers a permanent residency route through investment: a EUR 150,000 contribution (in designated areas), EUR 10,000 annual rental or EUR 300,000 property purchase, a EUR 2,000 donation to a Maltese NGO, and government and administrative fees. The MPRP grants permanent residency in Malta and provides Schengen residency access. It does not provide a pathway to Maltese citizenship — it is a permanent residency only.

Malta Exceptional Investor Naturalisation (MEIN) — withdrawn. Malta formerly operated a citizenship-by-naturalisation programme for exceptional contributors. On 29 April 2025 the Court of Justice of the EU ruled the programme unlawful, finding that it amounted to the commercialisation of EU citizenship in breach of EU law, and Malta has since withdrawn the investor-citizenship route. As a result, there is no longer any citizenship-by-investment programme anywhere in the EU. Maltese citizenship can now be acquired only through ordinary naturalisation after a qualifying period of genuine residence, or potentially through a merit-based route Malta has indicated it intends to introduce.

For investors, this means Malta no longer offers a fast, investment-driven path to an EU passport. The MPRP remains available for those who want Maltese permanent residency and Schengen access, but it does not confer citizenship.

Cyprus: Fastest EU Permanent Residency

Cyprus (an EU member state) offers one of the most accessible routes to EU permanent residency through its Category F permanent residency permit for individuals with independent income. The requirement is demonstrating an annual income of at least EUR 9,568 plus EUR 4,613 for a dependent spouse and EUR 4,613 per dependent child, sourced from abroad.

The Cyprus permanent residency can be obtained relatively quickly — processing times of two to three months are typical for straightforward cases — making it one of the fastest EU permanent residency routes available.

However, Cyprus permanent residency does not itself provide a fast pathway to Cypriot citizenship. Naturalisation in Cyprus requires seven years of legal residence, among other criteria.

For individuals who want EU permanent residency quickly and at lower cost than other routes, Cyprus provides a viable option. The island itself has a well-established British expatriate community, English is widely spoken, and the property market offers accessible entry points compared with Western European capitals.

Latvia, Serbia, and Other Emerging European Routes

Several Eastern European and EU candidate states offer residency or temporary residence routes that may interest specific applicant profiles. Latvia offers a startup visa and investment-based routes. Serbia, as an EU candidate state, offers residency that provides proximity to European markets without EU membership. These routes suit specific profiles — typically entrepreneurs or individuals with a specific regional connection — rather than the broad HNW audience seeking EU citizenship or established Schengen residency.

Choosing the Right European Route

The right European residency route depends on your specific combination of objectives:

Objective	Recommended Route
Fastest EU permanent residency	Cyprus Category F
Cheapest EU golden visa pathway to EU citizenship	Portugal D7 (no minimum investment) or Portugal Golden Visa (fund route)
Property investment with residency and potential citizenship	Greece (EUR 400,000+ most areas; EUR 800,000 in prime zones)
Strongest tax advantage with genuine relocation	Italy flat tax regime or Greece non-dom
Pathway to an EU passport (no CBI route remains)	Portugal (fund/D7) or Greece, via residence + naturalisation
Schengen residency without property commitment	Portugal D7 or Cyprus

Disclaimer

European residency and citizenship rules are complex and subject to change. Several programmes mentioned in this guide have been closed or modified in recent years and may be further changed. Investment minimums, tax regime terms, and naturalisation criteria are all subject to legislative change at any time. The information in this guide reflects publicly available information as of mid-2026 and is provided for general awareness only. It does not constitute legal, tax, immigration, or financial advice. Seek qualified professional advice in the relevant jurisdictions before making any decisions.

How Global Investments Can Help

Global Investments has direct knowledge of the European property and residency landscape across the international markets in which we operate, including Spain, Greece, and Cyprus. We help clients navigate the interaction between property investment, residency rights, and long-term citizenship planning — assessing not just the investment case but the immigration and tax implications of each option. Contact our team to explore which European route aligns best with your specific objectives.