One Europe, Three doors: Portugal vs Greece vs Hungary Golden Visa 2026

Three of Europe's most talked-about residency-by-investment programmes Portugal, Greece, and Hungary all lead to the same headline benefit: a legal residence permit in an EU member state, visa-free movement across the Schengen Area, and the option to bring your family. But in 2026 they are no longer variations on the same idea. After two years of reform, each programme now suits a genuinely different type of investor.

​This guide breaks down what each one actually requires today, what has changed, and, most importantly, how to decide which one fits your goals.

What You Actually Get for Your Money

Portugal: The Passport Long Game

Portugal restructured its Golden Visa (formally the ARI, or Residence Permit for Investment Activity) under the 2023 "Mais Habitação" law, which removed real estate as a qualifying route for new applicants. Buying an apartment in Lisbon no longer earns you residency. The programme now channels capital into the productive economy instead.

The most widely used route today is a €500,000 investment into a qualifying Portuguese fund that does not invest in real estate, regulated by Portugal's securities regulator (CMVM). A lower-cost cultural and heritage donation route also exists, from €250,000 (reduced to around €200,000 in designated low-density areas), alongside scientific-research and business/job-creation routes.

Two things make Portugal stand out:

1. Very low physical presence. You only need to spend an average of around seven days per year in the country to maintain the permit  one of the most flexible requirements in Europe.

2. Permanent residency at year five. Even after the 2026 nationality reform (see below), Golden Visa holders can still apply for permanent residency after five years, giving an independent long-term right to live and work in Portugal and the EU without keeping the investment in place.

The 2026 change you need to understand: In May 2026, Portugal promulgated a revised Nationality Law that extended the residence period required for citizenship to 10 years for most non-EU nationals (and seven years for EU nationals and citizens of Portuguese-speaking countries). The investment routes and residency rights themselves did not change; only the timeline to a passport. For investors whose real goal is permanent residency and EU optionality rather than a quick passport, Portugal remains compelling. For those who specifically wanted citizenship in five years, the calculus has shifted.

Greece: Own the Asset, Skip the Stay

Greece is the choice for investors who want to own a tangible asset. Following an overhaul that took full effect in 2024, the property route now operates on a three-tier, location-based system:

• €800,000 — for property in the highest-demand zones, including Attica (Athens and Piraeus), greater Thessaloniki, and popular islands such as Mykonos and Santorini. A single property of at least 120 m² is required.

• €400,000 — for property in the rest of the country, also with a 120 m² minimum.

• €250,000 — preserved only for specific projects: converting commercial buildings into residential use, or restoring listed/heritage buildings. No size restriction, available anywhere.

Greece's advantages are direct ownership, no minimum stay requirement to maintain the permit, and a largely remote process. The main trade-offs: Golden Visa properties cannot be used for short-term (Airbnb-style) rentals; violations trigger permit revocation and a €50,000 fine, and the citizenship path is slower and stricter, generally requiring seven years of genuine residence (183 days per year) plus a language and culture exam.

Hungary: Europe's Quiet Bargain

Hungary relaunched its Golden Visa, officially the Guest Investor Programme (GIP), in 2024. In 2026 there are two active routes:

• €250,000 into a qualifying real-estate investment fund, regulated by the Hungarian National Bank, with at least 40% of the fund's assets in Hungarian residential property. The investment must be held for a minimum of five years.

• €1,000,000 non-refundable donation to a Hungarian higher-education public trust.

Hungary's headline strengths are real: the 10-year residence permit is the longest in this comparison and renewable for another 10, there is no minimum-stay requirement, and a distinctive feature lets you apply for the visa first and transfer the investment only after approval, reducing upfront risk. Processing is relatively fast at roughly four to six months.

The catch: Hungary is not a citizenship-by-investment programme. A passport comes only through standard naturalisation, typically eight years of residence plus a Hungarian-language requirement, so it is best understood as a long-term residency tool, not a fast track to an EU passport.

All Three at a Glance

Figures are indicative for 2026 and exclude government, legal and processing fees. Always confirm current thresholds before applying.

So, Which Door Do You Walk Through?

Rather than asking "which is cheapest," the better question in 2026 is "what do I actually want to hold, and what is my endgame?"

Choose Portugal if your priority is the long-term EU citizenship pathway and you are comfortable with fund investing rather than property. The longer citizenship clock is a real consideration, but the ability to reach permanent residency at year five  with minimal physical presence keeps Portugal at the top for investors who value optionality and a genuine European safety net for the family.​

Choose Greece if you want to own something tangible. Property gives you a usable asset, potential long-term appreciation, and a Mediterranean lifestyle base, with no obligation to spend time in the country. Just go in clear-eyed about the short-term-rental ban and the higher thresholds in prime locations.​

Choose Hungary if you want the most cost-efficient, lowest-maintenance EU residency and a passport is not your near-term goal. The €250,000 fund entry, the 10-year permit, and the "invest after approval" structure make it one of the most practical options in Europe for a flexible second base, particularly for families who want stability without relocation.

For many Gulf-based investors, the deciding factor is not the country at all but fit with an existing structure, how the investment interacts with your residency status, your source-of-funds documentation, and your tax position in a low- or zero-tax jurisdiction. That is where personalised advice matters far more than a headline number.

The Questions Investors Always Ask

Can I still get residency by buying property in Portugal? No. For new applicants, direct real-estate purchase is no longer a qualifying Golden Visa route in Portugal. You can still buy property there, but it does not earn residency; the qualifying routes are funds, cultural support, research and business investment.

Do any of these require me to move to Europe? No. Greece and Hungary have no minimum-stay requirement to maintain the permit, and Portugal requires only about seven days per year on average. Note, however, that if your goal is eventual citizenship, genuine residence and stronger ties become far more relevant.

Can my family be included? Yes. All three programmes allow family inclusion, typically covering a spouse and dependent children, and in some cases dependent parents, subject to documentary proof and approval.

How Capital28 Can help 

If you would like a clear, no-obligation assessment of which programme fits your goals  and how it works alongside your existing residency or business structure, our investment-migration specialists can map it out with you.