Golden Visas in Europe 2026: Portugal, Italy and France Compared

A quick comparison of some Golden Visas in 2026

This is a table I put together using all the information I gathered all these years writing about Golden Visas and using authoritative resources to catch any updates that I might have missed out on.

What a Golden Visa is not in 2026–2027

In 2026, I’ve seen for the first time misunderstandings about what a Golden Visa is, thanks to an unlikely prospect: a new measure by the USA administration!

Remember that you can be awarded a Golden Visa in return for an investment. This last word — in-vest-ment — is very important.

In 2025, the Trump administration launched the Trump Gold Card. It’s a permanent residence visa that expats can earn if they pay extravagant fees. I managed to gather some specifics from the internet:

The Trump Gold Card requires a nonrefundable $15,000 Department of Homeland Security (DHS) processing fee, followed by a $1 million unrestricted financial gift to the U.S. Department of Commerce.

A nonrefundable fee plus an unrestricted gift? Yes, it’s clear the Trump Gold Card is not a Golden Visa. The Golden Visa asks you to invest in the country. This means that you could’ve, in certain circumstances, purchased an apartment, or set up a company, and with that also set yourself up for a new life in that country. The Gold Card is just a gift they request from you so that you can then roam freely in the USA. In other words, with a Golden Visa you invest, but with this card, you just spend.

And yes, if you read the fine print, a couple of Golden Visas in Europe also accept donations, but they're one option among several investment routes. The Gold Card has no investment route at all.

Thanks to this new USA visa, this is the first time I’ve noticed informal chat among expats saying that a Golden Visa is a way to throw away your money. That’s not the case! It’s just that the most talked-about residency path in 2026 is called “gold” and asks you to spend (and to spend a lot, by the way).

The information problem with Golden Visas

I’ve been writing for years about visas, and I’d say that a big problem with these investment paths is how information is presented.

Fortunately, some countries have extraordinary frameworks for immigration. When you look at them, it’s evident that the administration sat down and worked on them and gave options for almost every case. I’ll mention Portugal. This sunny and lovely country has easily one of the best visa programs in the world for expats who want to live and work there.

But these countries are sometimes awful at explaining how you can even access those programs! And when I say “awful,” I’m being polite. Portugal has important web apps for your immigration that won’t even load, or if they load, tell you they’ve been deactivated (and yes, this was before all the PHP scare.) Moreover, their comms in Portuguese and English don’t always match up. For example, earlier this year, I was reading a translated version of a Portuguese page on the job seeker visa. Then I read an official English version saying that the visa was discontinued!

So sometimes, Golden Visas in Europe hang in a mysterious balance: it’s difficult to determine whether they’re available or not, but at the same time, since they’re so advantageous, that factor outweighs the shortcomings and makes them appealing.

So there’s a definite tilt towards pursuing them, especially if you find ways to have someone help you obtain them, or you find resources from people who have investigated the visas.

I’ll cover three investment paths in this piece: Portugal, Italy, and France. These are some of the Golden Visas I think are worth a try in 2026–27.

Portugal has one of Europe’s best Golden Visa programs

Portugal is still one of the best Golden Visa paths, especially if you know whom to ask for help.

Portugal D9 Visa, commonly recognized as the Golden Visa, lets you get residency through an investment. While real estate is no longer an option (in 2023, the government acknowledged it was creating a housing crisis; to be fair, many expats working in Lisbon say this is true), there are still a few ways to qualify.

Golden Visa holders can enter Portugal without a residence visa, live and work there while retaining a residence elsewhere, travel freely inside the Schengen area, bring family members, and apply for permanent residency after five years.

Before I go ahead, I want to underline that I believe that Portuguese bureaucracy is a bit complicated unless you know whom to contact. JS Privé is one of the most sought-after experts in Portugal and has helped dozens of clients over recent years. If you’d like a full, itemized walk-through of documents, fees, and timelines, you may request a meeting here or join a live webinar hosted each month, to see the full process for US investors in practice.

Portugal Golden Visa requirements in 2026

To qualify, investors must meet a minimum investment requirement in Portugal, with options such as:

• Investment funds: Minimum €500,000 in qualifying non-real-estate Portuguese investment funds, with at least 60% invested in companies based in Portugal.
• Creating business or jobs: Create at least 10 jobs in Portugal (or 8 in low-density areas).
• Business investment: Minimum €500,000 to set up or recapitalize a Portuguese company, creating 5 permanent jobs (or keeping 10) for 3 years.
• Research contribution (like patching PHP up): €500,000 minimum investment in scientific or technological research.
• Arts and culture donation: €250,000 minimum contribution to cultural heritage or artistic projects.
• (Investments must be maintained for at least five years after receiving the residence permit.)

No real estate: In 2023, with the Mais Habitação program, the Portuguese government removed real estate purchases from this list.

Your first residency card under the Golden Visa is issued for a period of two years, and each renewal adds another two years. You need to stay in Portugal at least 7 days in the first year, and then 14 days in each following two-year period. Since early 2026, renewals are filed online only.

Processing times

AIMA, Portugal’s immigration agency, is working through a big backlog. In October 2026, the government told parliament it had processed about 6,000 of the 46,000 pending Golden Visa applications, and it has pledged to clear the backlog by the end of 2026. Online users say that waiting for the card can take up to two years!

D9 visa fees: Portugal Golden Visa fees or total cost

There are a few fees to consider for the Portuguese D9 visa. The application analysis fee is €842 per person. The card issuance fee is €8,418 per person. The renewal fee is €4,210 per person. If you file digitally, each fee is 25% lower.

Having in mind the minimum investment is €250,000 (specific to cultural heritage or artistic production), plus the fees, you will need around €260k in savings for your individual application. This does not include additional costs such as family members, hiring immigration specialists, flights, or travel insurance.

Portuguese citizenship in 2026

You should note that, with Portugal’s new nationality law, the requirement for citizenship has moved up to ten years in this country. It used to be five.

If you ask me, it’s still worth your shot. Pay attention to what I always say about becoming a Portuguese (or Dutch, or German) citizen: It means that, once you have it, you can seek jobs in Munich, Paris, Madrid or Athens alike. Becoming a citizen is the ultimate job-opening strategy for expats.

You’ll also need to pass a test on Portuguese language and culture. Applications that were already pending on May 19, 2026 stay under the old rules.

Online users say that, even under the old rules, the citizenship step alone took 24 to 30 months!

Taxes in Portugal

I don’t want to be a scaremonger here, but, yes, taxes in Portugal are quite complex (you can check our Portugal tax guide for a quick reference; when it comes to taxing income, I consider them one of the most elaborate systems in Europe!). So it’s a good idea that you match up with experts if you want to get a Portuguese Golden Visa.

Portugal Tax Calculator: Calculate Your Take-Home Income in Portugal →

Like I mentioned, JS Privé is among Portugal's most esteemed professionals when it comes to Golden Visas. If you’d like a full, itemized walk-through of documents, fees, and timelines, you can connect with them to see the full process for US investors in practice.

Italy’s investor visa

If you were planning to buy a small house in the Tuscan countryside, binge in a few wine-soaked pasta dinners and thus get the Italian residence permit… that won’t work. Italy’s Investor Visa has no real estate route. You can qualify by putting €2 million into Italian government bonds, €500,000 into an Italian company, or €250,000 into an innovative startup. You can also donate €1 million to public-interest projects.

First, you request a nulla osta (a pre-approval) online. Then you apply for the visa at the consulate, and you have three months from entering Italy to make the investment. The permit lasts two years and can be renewed for three-year periods as long as you keep the investment.

Citizenship takes 10 years of residence. That’s twice as long as in the Netherlands. If you have a high foreign income, note that Italy’s flat tax for new residents rose to €300,000 a year (plus €50,000 for each family member you include) for people who move from 2026.

As someone who writes a lot about visas, I haven’t come across anyone who’s successfully gone down this path, and online users also say that first-hand stories about Italy’s investor visa are hard to find.

France’s talent passport for investors

France has no Golden Visa per se. The closest route is the “talent” residence permit for economic investors, still most commonly called the passeport talent.

You need to invest at least €300,000 in fixed assets, either directly or through a company you manage or own at least 30% of. The investment has to create or keep jobs in France within four years. It’s a business route, not a passive investment.

Since May 1, 2026, the stamp for a first residence permit costs €350. Citizenship follows the standard naturalization path, after five years of residence.

Golden Visas in Europe: Get help from experienced professionals

The process of a Golden Visa in Europe for expats can feel a bit confusing at first, particularly when you go down the rabbit hole of taxes and reporting rules. If you want some direction, you can speak with experienced legal partners handling Golden Visa applications for expats or consult a specialist for a shortlist of qualified funds.