Liberty Routes - Your Guide to Living Abroad

# Golden Visas and Investor Programs: Requirements and Costs for Americans in 2026

In a 13-month stretch, Americans lost two of the most recognizable ways to buy their way into Europe. Spain shut down its golden visa on April 3, 2025, after 12 years ([idealista](https://www.idealista.com/en/news/property-for-sale-in-spain/2025/04/04/838966-end-of-an-era-spain-shuts-down-golden-visa-scheme-after-12-years)). Twenty-seven days later, on April 30, 2025, the European Court of Justice ruled that Malta's citizenship-by-investment program was illegal—ending the last scheme in the EU that sold a passport outright ([eucrim](https://eucrim.eu/news/ecj-topples-maltas-golden-passport-scheme/)).

The market did not collapse, but it did reshape. Residency-by-investment programs in Portugal, Greece, Italy, the UAE, and across the Caribbean are still taking American money in 2026—with higher price tags and stricter rules than a few years ago. This article breaks down what each one costs, what you get, and the obligation that follows every US citizen no matter which passport or residence card they hold: the IRS.

First, two terms people constantly confuse

A **golden visa** (residency by investment) gives you the right to *live* in a country. You get a residence permit, usually renewable, and after several years you may be able to apply for citizenship through the normal naturalization track. Portugal, Greece, Italy, and the UAE run this type.

**Citizenship by investment (CBI)** gives you a *passport*—often in under a year, with no requirement to ever live there. After Malta's program was struck down, no EU country offers this. The Caribbean nations do.

The distinction matters for Americans because it determines what you actually buy: mobility and an EU foothold (residency), or a true second nationality (citizenship). It also matters for taxes, covered below.

Europe's residency programs that are still open

Portugal

Portugal removed its popular real estate route in October 2023, which is why so much pre-2024 advice is now wrong. The centerpiece in 2026 is a **minimum €500,000 (roughly $585,000) investment in qualifying Portuguese venture-capital or private-equity funds** ([Get Golden Visa](https://getgoldenvisa.com/portugal-golden-visa-investment-fund-option)). A lower-cost cultural or artistic donation route starts at €200,000–€250,000.

Government and processing fees for a single applicant run about €17,600 across submission, approval, and renewal—on top of the investment itself ([Immigrant Invest](https://immigrantinvest.com/portugal-golden-visa/)). The physical-presence requirement is light: roughly **7 days per year**. Applicants must show the funds were legally obtained, carry Portuguese health insurance, and have no Portuguese tax debts. The draw remains the path to citizenship eligibility after five years of residency.

Greece

Greece replaced its old flat €250,000 property threshold with a tiered system ([Global Citizen Solutions](https://www.globalcitizensolutions.com/golden-visa-greece/)):

**€800,000 (about $935,000)** in high-demand zones: the Athens and Thessaloniki metro areas, Mykonos, Santorini, and islands with populations over 3,100.
**€400,000 (about $470,000)** everywhere else in the country.
**€250,000** only for narrow cases—converting a commercial building to residential use, or restoring a listed property.

For the €400,000 and €800,000 tiers the property must be at least 120 square meters. Greece still imposes **no minimum-stay requirement**, which is its main selling point versus Portugal.

Italy

Italy's Investor Visa offers four entry points ([Get Golden Visa](https://getgoldenvisa.com/italy-golden-visa)):

**€250,000** in an innovative Italian startup
**€500,000** in an Italian limited company
**€2 million** in Italian government bonds
**€1 million** philanthropic donation

A notable feature: you receive approval *before* transferring the money. The permit runs two years and renews for three more if the investment is maintained, with no minimum-residency obligation. Processing typically takes three to six months.

What closed—and why it matters for planning

The contractions were driven by housing politics and EU pressure, not isolated decisions:

**Spain** ended its program on April 3, 2025. The political trigger was housing affordability in Madrid, Barcelona, the Balearics, and the Canary Islands ([Global Citizen Solutions](https://www.globalcitizensolutions.com/spain-golden-visa-changes/)).
**Ireland** closed its Immigrant Investor Programme in February 2023.
**Malta** lost its CBI program to the ECJ ruling in April 2025; the scheme had raised over €1.4 billion since 2015 ([eucrim](https://eucrim.eu/news/ecj-topples-maltas-golden-passport-scheme/)).
**The Netherlands** discontinued its program as well.

The lesson for 2026 applicants: **these programs can close while you are mid-process.** In Spain, Ireland, and similar cases, applications filed before the cutoff were generally honored and existing holders kept renewal rights ([imidaily](https://www.imidaily.com/analysis/what-happens-when-a-golden-visa-program-closes-and-youre-already-in-it/)). But anyone counting on a future program staying open is taking a policy risk. File early, and don't assume today's threshold is permanent.

Beyond Europe: the UAE and the Caribbean

United Arab Emirates

The UAE's 10-year Golden Visa requires real estate worth at least **AED 2,000,000 (about $545,000)**, documented by a Dubai Land Department valuation, or an equivalent deposit in an accredited UAE investment fund ([Immigrant Invest](https://immigrantinvest.com/blog/uae-golden-visa-for-us-citizens/)). The AED 2 million property threshold survived the April 2026 rule changes ([VisaHQ](https://www.visahq.news/2026-05-12/ae/property-route-to-uae-golden-visa-clarified-as-aed-2-million-threshold-survives-april-rule-changes/)). The visa is renewable indefinitely, and the UAE levies no personal income tax—though, as explained below, that does not free an American from US filing.

Caribbean citizenship by investment

These are the only programs that deliver an actual second passport quickly—often within six months. After a 2024 regional agreement, the OECS nations raised and standardized their minimums ([CS Global Partners](https://csglobalpartners.com/news/caribbean-citizenship-by-investment-programmes-compared/)):

**Dominica:** from **$200,000** donation—the lowest in the region
**Grenada:** from **$235,000**, covering a family of up to four
**St. Kitts and Nevis:** from **$250,000** (its Sustainable Island State Contribution)
**Antigua and Barbuda** and **St. Lucia** round out the five government programs

Grenada carries a specific advantage for some Americans: it holds an E-2 treaty with the United States, which a Grenadian passport can be used to access. For most US citizens, though, a Caribbean passport is about visa-free travel, a tax-friendly backup nationality, and optionality—not relocation.

For scale, it's worth knowing what the United States charges foreigners for the reverse trip: the **EB-5 investor green card** requires **$800,000** in a targeted employment area or **$1.05 million** elsewhere, plus the creation of 10 full-time US jobs, with the next inflation adjustment due in January 2027 ([Wikipedia: EB-5](https://en.wikipedia.org/wiki/EB-5_visa)). American golden-visa pricing abroad is broadly in this same range.

The catch every American has to understand: you still owe the IRS

This is where most golden-visa marketing goes quiet, and where Americans get hurt. **A second residency or even a second passport does not end your US tax obligations.** The United States is one of the only countries on earth that taxes based on *citizenship*, not residence.

The State Department states it plainly: "If you are a U.S. citizen or green card holder, you must file U.S. federal income tax returns while abroad" ([travel.state.gov](https://travel.state.gov/en/international-travel/living-abroad/federal-benefits-obligations.html)). The IRS confirms that citizens are taxed on **worldwide income from all sources**, regardless of where they live ([IRS](https://www.irs.gov/individuals/international-taxpayers/us-citizens-and-resident-aliens-abroad)).

Three consequences follow:

**You keep filing every year.** Tools like the Foreign Earned Income Exclusion and the Foreign Tax Credit can erase most or all of the actual tax owed—but only if you file a US return to claim them. Moving to the tax-free UAE does not change the filing requirement.
**Your foreign accounts get reported.** Under FATCA, foreign banks report US account holders to the IRS, and you may owe Form 8938. Separately, the FBAR (FinCEN Form 114) is required once your foreign accounts total **$10,000** at any point in the year ([travel.state.gov](https://travel.state.gov/en/international-travel/living-abroad/federal-benefits-obligations.html)). The investment account behind your golden visa almost certainly crosses this line.
**Only renunciation ends the obligation—and it has its own price.** As of April 13, 2026, the State Department renunciation fee dropped to **$450**, down from $2,350 ([McGowin Tax](https://mcgowintax.com/articles/how-to-renounce-us-citizenship-in-2026-the-lower-fee-the-exit-tax-and-what-to-plan-for/)). But if you are a "covered expatriate"—broadly, an average annual net income-tax liability above roughly **$206,000** over the prior five years, a net worth of $2 million or more, or any failure to certify five years of full tax compliance—you may owe a **US exit tax** on unrealized gains as if you sold everything the day before you left ([Greenback](https://www.greenbacktaxservices.com/knowledge-center/exit-taxes-us/)).

The practical takeaway: buy a golden visa for mobility, lifestyle, a relocation base, or family security. Do **not** buy one expecting it to cut your US tax bill. It won't, by itself.

Practical takeaways and action items

**Match the product to the goal.** Want to *live* in Europe? A residency program (Portugal, Greece, Italy) fits. Want a fast *second passport* and a tax-flexible backup nationality? Look to the Caribbean.
**Budget the full cost, not the headline.** Portugal's €500,000 fund investment carries roughly €17,600 in fees on top; every program adds legal, due-diligence, and government charges. Plan for 10–20% above the investment minimum.
**File early; assume thresholds can change.** Spain, Ireland, and Malta show that programs close—usually honoring in-flight applications. Lock in current rules rather than waiting for a "better" moment.
**Verify the route is current.** Portugal's real estate option is gone; Greece is tiered by location; Spain is closed entirely. Confirm the specific route directly with the issuing government or a licensed agent before wiring funds.
**Plan your US taxes in parallel, before you invest.** Talk to a cross-border tax advisor about FATCA reporting, FBAR, and how the investment is structured. A poorly structured foreign fund can create punishing US reporting (e.g., PFIC rules).
**If renunciation is the long-term plan, model the exit tax first.** The $450 fee is trivial next to a potential exit-tax bill. Get the five-year compliance and net-worth picture from a professional before deciding.

Conclusion: next steps

The 2026 landscape rewards Americans who treat a golden visa as a financial and tax decision, not a shopping trip. The EU's clampdown narrowed the field, but credible residency routes remain in Portugal, Greece, and Italy, the UAE offers a renewable 10-year option, and the Caribbean still delivers genuine second citizenship for $200,000 and up.

Start here: (1) define whether you need residency or citizenship; (2) confirm the current threshold and route with the issuing government; (3) engage a cross-border US tax advisor before committing any money; and (4) read the State Department's guidance on the obligations that travel with your US passport at [travel.state.gov](https://travel.state.gov/en/international-travel/living-abroad/federal-benefits-obligations.html). The investment is the easy part—the planning around it is what protects you.

*This article is general information, not legal or tax advice. Program rules, thresholds, and tax law change frequently; verify current requirements with the issuing government and a licensed cross-border advisor before acting.*