Anyone who has embarked on a new life abroad understands the challenges of securing residency. However, several European countries are now simplifying the process through Golden Visas, offering temporary or permanent residency in exchange for a significant financial investment—often for less than the price of an average UK home.
With average UK house prices hovering around £301,000, many homeowners are realising their money could stretch further overseas, providing not only a property investment but also a long-term backup plan in sunnier climes. While Spain ended its Golden Visa programme in 2025, other European destinations still offer opportunities for a second home.
A new study by Philippou Law has ranked the five countries offering Golden Visas, considering factors such as investment cost, cost of living, and time to secure residency.
1. Hungary
Hungary tops the list as the best country for a Golden Visa. Holders receive a 10-year residency, renewable for another decade. Since Spain's exit, Hungary has emerged as a surprise favourite for 2026, offering a European lifestyle at nearly half the UK's cost of living.
Full-time residents can apply for permanent residency after three years. The minimum investment starts at €250,000 (£216,363), with a path to citizenship in around eight years. The visa covers spouses, dependent children under 18, and dependent parents. Hungary boasts strong healthcare, quality education, low crime and tax rates, and a relaxed pace of life. Holders and their families get full access to national healthcare services.
2. Greece
Greece offers a Golden Visa with a €250,000 investment in historic restorations or commercial-to-residential conversions. Applicants secure a five-year residence permit, renewable every five years. Family members, including spouse, children, or parents, can be included. Successful applicants can travel freely across Greece and 29 Schengen countries without additional visas.
The minimum investment is €250,000 (£216,363), specifically for historic restorations or conversions. The path to citizenship takes seven years, and living costs are roughly 30% lower than in the UK.
3. Cyprus
Cyprus is a favourite among British expats due to its Common Law system, transparent property rules, and over 3,400 hours of sunshine annually. While some countries have lower entry costs, Cyprus is seen as a safer Mediterranean property option.
The minimum investment is €300,000 (£259,644), with a passport path of eight years and living costs 25% cheaper than the UK. Successful applicants receive permanent residency, not a temporary visa. There is no requirement to live full-time; residents only need to visit once every two years. The scheme includes spouses and dependent children up to age 25 if in full-time education.
4. Italy
Italy's Golden Visa offers long-term residency starting with a two-year permit, renewable as long as the investment is maintained. Permanent residency is possible after five years, and citizenship after 10 years of legal residence.
The minimum investment is €250,000 (£216,363), with living costs about 15% lower than in the UK. Holders can travel visa-free within the Schengen Area. The visa covers immediate family members. Italy's high quality of life, healthcare, education, culture, and cuisine are major draws.
5. Portugal
Portugal's Golden Visa is attractive for families, with some schemes allowing residency rights across multiple generations under a single investment. Since 2012, the programme has drawn over 15,000 investors and nearly 22,000 family members. It offers visa-free Schengen travel and a relatively quick path to EU citizenship.
The minimum investment is €500,000 (£432,725), but the passport path takes just five years—one of the shortest in Europe. Living costs are around 20% lower than the UK. Applicants need only spend an average of seven days per year in Portugal to maintain residency. With excellent weather, affordable healthcare, international schools, and widespread English, Portugal is a lucrative choice for UK families.
Things to Consider When Applying for a Golden Visa
As EU regulations tighten, Golden Visa schemes evolve quickly. Experts at Philippou Law advise ensuring your investment is 'grandfathered' in, protecting residency rights if rules change. The headline investment is rarely the final cost; legal fees, due diligence, stamp duties, and private health insurance can add to the total.
There is also a notable difference between residency status and tax residency. While some visas require only a short annual stay, spending longer in the country could trigger tax obligations.
Nikolas Avgousti, Associate at Philippou Law, concludes: 'In 2026, we see a shift in why families seek a Golden Visa. It's no longer just a "holiday home" dream; it's about having options and freedom. Following years of global volatility, secondary residency has become the ultimate insurance policy.'
