What Is a Golden Visa?
A golden visa is a residence permit granted in return for a qualifying investment, such as a regulated fund subscription, job-creating business, or (in some countries) real estate. It is residency by investment, not a tourist stamp and not automatic citizenship. The US EB-5 immigrant investor route, by contrast, is a green-card path: $1,050,000 standard or $800,000 in a targeted employment area, plus 10 jobs, under the 2022 Reform and Integrity Act. Spain’s golden visa closed to new applications on 3 April 2025. Malta’s citizenship-by-investment scheme was ruled contrary to EU law on 29 April 2025. A golden visa does not give you a second 90/180 Schengen tourist budget; it changes the legal basis of your stay in the issuing country.
This explainer is for travelers who hear "golden visa" used for three different products: a renewable residence card, a fast citizenship, and a marketing package. Those are not the same legal status.
The problem is expensive confusion. People buy property for a closed programme, treat a residence card as tax-free living, or assume an investor permit lets them roam Schengen for years without the issuing country’s rules.
After this post you will be able to separate residency-by-investment from citizenship-by-investment, see what still exists in 2026, and know which clocks (presence, tax, Schengen) still run. Related data: golden visa statistics 2026.
Key facts
| Fact | Detail |
|---|---|
| What it is | Residence (sometimes later citizenship) tied to a qualifying investment |
| What it is not | A tourist visa, a digital nomad visa, or guaranteed EU citizenship for sale |
| Typical ask | Capital investment + due diligence + fees; sometimes low physical presence |
| US analogue | EB-5: $1,050,000 or $800,000 TEA, 10 jobs (USCIS) |
| Spain | Programme ceased 3 April 2025 (Fragomen) |
| Malta CBI | CJEU held the 2020 investor citizenship scheme contrary to EU law on 29 April 2025 |
| Schengen effect | National residence, not a second tourist 90/180 pot |
How a golden visa works
You make an investment the host country has listed as qualifying. You pass identity, source-of-funds, and criminal-record checks. The state issues a residence permit that you renew while the investment is maintained.
The permit’s rights are national. A Portuguese ARI (Autorizacao de Residencia para Investimento) is Portuguese residence. It is not a German work permit. It is not a substitute for a digital nomad visa if your real goal is remote employment without a seven-figure cheque.
Physical presence varies. Some programmes were designed so investors spend only short periods in-country each year. That is a legislative choice, not a universal rule. Renewal, biometrics, and "do not abandon the investment" conditions still apply. Confirm current day-minimums with the issuing agency, such as AIMA in Portugal.
Tax is a separate system. Holding an investor residence card does not automatically make you a tax resident, and avoiding the card does not automatically prevent tax residency if you spend 183 days on the ground. See what tax residency is.
Example: residency vs a tourist year
Jordan, a US citizen, spends 80 days a year in Lisbon on visa-free entries. That is legal short stays only if each rolling 180-day window stays at or under 90 Schengen days. In March 2026 Jordan instead completes a qualifying Portuguese fund subscription (the post-2023 ARI route after real estate was removed) and receives an ARI card. Schengen 90/180 no longer governs those Portuguese residence days. Jordan still must obey ARI maintenance rules, US worldwide filing, and any Portuguese tax tests that follow actual presence and ties.
Who golden visas apply to
They target third-country nationals who can move large, clean capital. EU, EEA, and Swiss citizens already have free movement inside the EU, so they are not the customer for an EU golden visa.
Dependents are often included, which is a reason families use these routes. Each extra person can mean extra fees and extra diligence, not a free extra passport.
People who need the right to work for a local employer, or who cannot lock capital for years, are usually better served by work, study, family, or digital nomad routes. A golden visa is a poor substitute for a job offer.
Residency by investment is not citizenship by investment
Residency by investment (RBI / "golden visa") lets you live (and often travel visa-free in Schengen while the card is valid) without immediately becoming a citizen. Citizenship, if offered at all, comes later through ordinary naturalisation: years of residence, language, integration, and clean record.
Citizenship by investment (CBI / "golden passport") grants nationality itself in return for a donation or investment. Inside the EU that model is now legally radioactive. On 29 April 2025 the Court of Justice of the EU held in Commission v Malta (C-181/23) that Malta’s 2020 investor citizenship scheme commercialised the grant of nationality and, by extension, Union citizenship. The Court said a Member State cannot grant nationality in exchange for predetermined payments or investments. The official press release is the primary source; marketing blogs are not.
Non-EU CBI programmes still exist in some Caribbean and other states. They do not confer EU free movement. Due diligence quality varies. This article does not recommend any of them.
What changed in Europe and the US by 2026
Spain. Legislation published in January 2025 ended the golden visa on 3 April 2025. Fragomen noted a three-month transition: applications filed before the cut-off could still be decided, and approvals granted before the effective date remain renewable. Do not plan a new Spanish real-estate golden visa in 2026.
Portugal. The ARI programme remains, but Law 56/2023 (Mais Habitacao) removed residential real estate as a qualifying route from October 2023. Remaining categories are investment-activity routes such as regulated funds, research, culture, and job creation. Thresholds and evidence sit with AIMA; treat any "EUR 250,000 property still works" pitch as outdated.
Greece. Investor residence continues, with higher real-estate floors from 1 September 2024: EUR 800,000 in Attica, Thessaloniki, Mykonos, Santorini, and more populated islands, and EUR 400,000 in other regions, with a 120 square metre single-property rule in the main tiers (Law 5038/2023 as amended). Lower historic EUR 250,000 marketing is no longer the default.
United States. EB-5 is immigrant investment, not a European-style low-presence card. USCIS requires investment in a new commercial enterprise and 10 full-time jobs. For petitions filed on or after 15 March 2022 the minimums are $1,050,000, or $800,000 in a targeted employment area or infrastructure project. Inflation adjustments are scheduled every five years, first effective for petitions filed on or after 1 January 2027. Regional Center visas are authorised through 30 September 2027.
Malta. The 2020 investor citizenship scheme is the CJEU case above. Do not conflate any remaining Maltese residence products with a purchasable EU passport.
How a golden visa interacts with Schengen and tax
An investor residence permit issued by a Schengen state takes you out of the tourist 90/180 regime in line with that permit. Days in the issuing country as a resident are not tourist days. Hopping to another Schengen state can still be a short stay relative to that second state if your card does not confer a right to reside there. Read the permit.
EES generally does not register holders of long-stay visas or residence permits issued by EES-operating countries. That exemption does not turn the card into unlimited multi-country residence.
Tax residency can still trigger at 183 days, by a permanent home, or by centre-of-life tests. US citizens keep US filing wherever they live. A golden visa is not a tax product.
Common mistakes
Buying into a closed route. Spain is closed. Portuguese residential property is not an ARI route. Greece’s old EUR 250,000 headline is not the standard 2026 price.
Confusing the card with a passport. Residence is not nationality. Malta’s CBI judgment is a warning, not a loophole.
Ignoring maintenance. If the law says keep the fund units or the jobs, selling on day 366 can sink the renewal.
Skipping day counts. Low-presence programmes still have entry, biometrics, and sometimes a minimum number of days. Tax tests do not care that your immigration lawyer called the card "non-resident friendly."
Using tourist entries while the application is pending. Processing backlogs do not freeze 90/180. Track both clocks.
How Staywise tracks investor and tourist days
Staywise (the visa compliance app for digital nomads) does not sell golden visas and does not advise on investments. It tracks the days that still decide compliance: Schengen 90/180 before a permit is issued, presence needed to keep a residence card, and 183-day tax lines in other countries. Passport details stay on the device.
For comparisons of tracking tools, see Best Visa Tracker Apps for Digital Nomads (2026).
Download Staywise on the App Store
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Frequently Asked Questions
What is a golden visa?
A golden visa is a residence permit issued because you made a qualifying investment the host country recognises, such as a fund, a job-creating company, or (where still allowed) real estate. It is immigration status for a defined purpose, usually renewable while you keep the investment and pass checks. It is not a tourist visa, not automatic citizenship, and not a worldwide work permit. Some countries later allow ordinary naturalisation after years of residence. Others never did. Always read the national statute, not a broker brochure.
Is a golden visa the same as buying citizenship?
No. A golden visa is residency by investment. Citizenship by investment grants a passport in return for money. The Court of Justice of the EU held on 29 April 2025 that Malta’s 2020 investor citizenship scheme was contrary to EU law because it commercialised nationality and Union citizenship. Non-EU CBI programmes are a different legal world and do not create EU free movement. If a salesperson uses "golden visa" and "EU passport" as synonyms, walk away.
Do EU golden visas still exist in 2026?
Some residency-by-investment routes still exist; several famous ones do not. Spain ended its programme on 3 April 2025. Portugal’s ARI continues without the old real-estate path. Greece still offers investor residence at higher property thresholds. Malta’s citizenship-for-investment model failed at the CJEU. Rules move quickly. Verify the live route list with the national immigration authority before you transfer funds or sign a purchase.
Does a golden visa give me extra Schengen tourist days?
No. You do not receive a second 90/180 allowance. If the permit is a national long-stay status from a Schengen country, those resident days are not counted as short-stay tourist days in the issuing state. Travel to other Schengen states may still be a short stay unless EU law or the card says otherwise. Before the card is issued, ordinary 90/180 and EES rules apply. After it lapses, you are a tourist again.
Do I still need to track days if I hold a golden visa?
Yes. Immigration presence for renewal, tax-residency day counts, and any time you spend as a visitor in other countries are separate clocks. A low-presence investor card does not cancel the US substantial presence test, a Portuguese 183-day tax year, or Schengen short-stay rules in a country where you are not a resident. Staywise can count the days; it cannot choose an investment or file your tax return.
Sources
- USCIS, About the EB-5 Visa Classification
- Court of Justice of the EU, Press release 52/25, Commission v Malta (C-181/23)
- Fragomen, Spain: Golden Visa Program to be Eliminated
Related guides
- Golden visa statistics 2026
- What is a residence permit?
- Digital nomad visa vs residence permit
- Tax residency vs citizenship vs domicile
About Staywise
Staywise is the visa compliance app for digital nomads. Built by nomads for nomads, it tracks your days across every country automatically, alerts you before overstays, and keeps passport details on your device for privacy. The in-app AI assistant answers visa questions in plain English. Available on iOS.
Important: This content is informational and does not constitute legal, tax, or immigration advice. Visa rules, tax regulations, and entry requirements change frequently and vary by individual circumstances. Always verify current requirements with official government sources or a qualified professional before making travel decisions. Staywise tracks your days and surfaces compliance information, but final responsibility for compliance rests with the traveler.