Hungary Golden Visa Alternatives in 2027: Where Investors Go Next

Hungary’s golden visa, formally the guest investor visa and permit, would be phased out from 1 January 2027 under a government draft bill. If the bill passes as written, the last date to file under today’s rules is 31 December 2026, and no guest investor permit could be extended. That leaves two decisions for investors: whether to file in Hungary before the deadline, and which European programme to look at instead. This guide compares the main alternatives on entry amount, route and the kind of status each gives.

Status as of 9 November 2026: government draft in public consultation until 12 November 2026. Not yet submitted to Parliament. The text can still change.

Last updated: 9 November 2026.

This guide is general information about European residence by investment programmes and a Hungarian draft bill. It is not legal, tax, investment or immigration advice. Programme thresholds and conditions change, and some figures below were last verified on the dates shown. Obtain independent professional advice before making any application or investment decision.

Key facts at a glance

• Hungary today: at least EUR 250,000 in MNB-registered real estate fund units held for at least five years, or a donation of at least EUR 1,000,000. Permit valid for up to 10 years.
• Hungary under the draft: file and pay the fee by 31 December 2026. No permit could be extended, including permits already issued.
• Greece: property route from EUR 250,000 (conversions and listed buildings), EUR 400,000 or EUR 800,000 by location. Five-year renewable residence permit (checked 9 November 2026).
• Portugal: no property route since 7 October 2023. Headline route EUR 500,000 in Portuguese funds not aimed at real estate (amounts checked 9 November 2026).
• Italy: investor visa from EUR 250,000 in an innovative startup, then a two-year residence permit renewable for three-year periods (checked 9 November 2026).
• Malta: permanent residence through the MPRP, with property bought from EUR 375,000 or rented from EUR 14,000 a year (checked 9 November 2026).
• Cyprus: permanent residence from EUR 300,000 (as of late September 2026, not re-verified since).
• Spain: closed to investors since 3 April 2025 (as of 29 September 2026).

Is the Hungary golden visa still an option?

Yes, until the deadline. Until a law is passed and takes effect, the current rules apply and applications are being accepted. Under the draft, an application filed with its fee paid by 31 December 2026 would be decided under the current rules, even if the decision comes in 2027. The investment can follow during the six-month visa on the commitment route. Our 31 December 2026 deadline guide explains what must be in the file, and our explainer Hungary golden visa ending in 2027? covers the bill itself.

What changes is the horizon. Under current law the permit runs for up to 10 years and can be extended by up to 10 more. The draft would remove the extension, and it would create no replacement status at the end of the term. Investors who want residence beyond one permit term, or who cannot file in time, are the ones looking at alternatives.

How do the alternatives compare?

Greece

Greece runs a property route under its Migration Code (Law 5038/2023, art. 100(2), as amended by Law 5100/2024). The threshold depends on location: EUR 800,000 in Attica, Thessaloniki, Mykonos, Santorini (Thira) and islands with more than 3,100 residents, EUR 400,000 elsewhere, and EUR 250,000 for conversions to residential use and listed buildings. The investment must be in one property, of at least 120 m² for the EUR 800,000 and EUR 400,000 tiers. The permit is a five-year renewable residence permit. Figures as of 9 November 2026, checked on a consolidated legal text. See our guide to the Greece golden visa property route.

Portugal

Portugal has had no property route since 7 October 2023, and no investment route may be aimed, directly or indirectly, at real estate. The headline route is EUR 500,000 in units of Portuguese collective investment funds that are not aimed at real estate, with at least 60% invested in Portuguese companies. Other routes include EUR 500,000 in research, EUR 250,000 in artistic production or national cultural heritage, EUR 500,000 in a company plus five permanent jobs, or creating ten jobs (Law 23/2007 art. 3(1)(d) and (5), and art. 90-A, consolidated to Law 62/2026). Routes and amounts checked 9 November 2026 on a consolidated legal text. The five-year fund maturity and the minimum stay of 7 days in the first year and 14 days in later periods were last verified on 29 September 2026. See our guide to Portugal golden visa investment funds.

Italy

Italy’s Investor Visa (Legislative Decree 286/1998, art. 26-bis) offers four routes: EUR 250,000 in an innovative startup, EUR 500,000 in an Italian company or venture capital fund, a EUR 1,000,000 philanthropic donation, or EUR 2,000,000 in Italian government bonds. Bond, company and fund holdings must be kept for two years. The investor visa leads to a two-year residence permit for investors, renewable for three-year periods. Figures as of 9 November 2026. See our Italy golden visa guide.

Malta

Malta’s Permanent Residence Programme (S.L. 217.26, as amended) gives permanent residence, not a passport. As of 9 November 2026 the main components are: buy property from EUR 375,000 or rent from EUR 14,000 a year, the same across Malta and Gozo, held for five years; a government contribution of EUR 37,000; an administrative fee of EUR 60,000; an NGO donation of EUR 2,000; and capital of EUR 500,000 (of which EUR 150,000 in financial assets) or EUR 650,000 (of which EUR 75,000 in financial assets). Fees for additional dependants are not covered here. See our guide to the Malta Permanent Residence Programme.

Cyprus

Cyprus offers permanent residence (an Immigration Permit) under regulation 6(2) of its Aliens and Immigration Regulations. As of late September 2026, the fast-track route requires an investment of at least EUR 300,000, for example a new home from a developer at EUR 300,000 plus VAT, and a secured annual income from abroad of EUR 50,000, plus EUR 15,000 for the spouse and EUR 10,000 per child. These figures were not re-verified on 9 November 2026. See our guide to Cyprus permanent residency by investment.

What about Spain?

Spain removed all investor residence routes from 3 April 2025 (Organic Law 1/2025). See how Spain ended its golden visa.

Which alternative fits which Hungary applicant?

The right programme depends on what you were buying with the Hungarian permit. Matched only on the facts above:

• You wanted a fund investment, not property: Portugal’s fund route (EUR 500,000, funds not aimed at real estate) and Italy’s company or fund route (EUR 500,000) are the closest structures.
• You were budgeting around EUR 250,000: Greece’s conversion and listed building tier, Italy’s innovative startup route and Portugal’s arts and cultural heritage route start at that level. Each comes with its own conditions.
• You wanted permanent rather than temporary status: Malta and Cyprus grant permanent residence, each with conditions that must continue to be met.
• You are happy to own property: Greece and Malta are built around real estate, and Cyprus’s headline route is property. Malta also allows renting.

None of these is a like-for-like replacement. Thresholds, stay rules and the path to long-term status differ, and each needs its own advice. For a cost overview across programmes, see how much a golden visa costs.

Frequently asked questions

What is the best alternative to the Hungary golden visa?

There is no single answer. Portugal and Italy offer fund or company routes, Greece offers property, and Malta and Cyprus give permanent residence. The fit depends on budget, asset type and how long you want to stay.

Can I still apply for the Hungary golden visa instead?

Yes, until the deadline. Under the draft, an application filed with its fee paid by 31 December 2026 would be decided under the current rules. The permit could not be extended.

Is there a property route in Hungary?

No. The direct property purchase route ended with effect from 30 December 2024. Today’s routes are fund units or a donation.

Which alternatives give permanent residence rather than a temporary permit?

Malta, through the MPRP, and Cyprus, through the Immigration Permit. Greece, Portugal and Italy issue residence permits rather than permanent residence.

Does Portugal still have a property route?

No. Portugal has had no property route since 7 October 2023. Its headline route is EUR 500,000 in Portuguese funds not aimed at real estate (checked 9 November 2026).

Is Spain’s golden visa still open?

No. Spain removed all investor residence routes from 3 April 2025.

Sources

• Hungary: draft bill on law enforcement matters, public consultation from 4 November 2026: kormany.hu; Act XC of 2023: njt.hu; OIF guest investor permit factsheet: oif.gov.hu
• Greece: Law 5038/2023 (Migration Code) art. 100(2), as amended by Law 5100/2024
• Portugal: Law 23/2007 art. 3(1)(d), 3(5) and 90-A, as amended by Law 56/2023, consolidated to Law 62/2026 (pgdlisboa.pt); AIMA
• Italy: Legislative Decree 286/1998 (TUI) art. 26-bis, text in force from 18 December 2024 (Normattiva)
• Malta: Subsidiary Legislation 217.26, as amended; Residency Malta Agency: residencymalta.gov.mt
• Cyprus: Aliens and Immigration Regulations, reg. 6(2); Criteria, 4th Revision (2 May 2023), gov.cy
• Spain: Organic Law 1/2025, BOE

To discuss which programme fits your circumstances, speak with an accredited adviser. Advisory fees are quoted per engagement.

Update log

• 9 November 2026: first published. Greece, Italy and Malta figures and Portugal’s routes and amounts checked 9 November 2026. Portugal’s fund maturity and stay rule and Spain last verified 29 September 2026, Cyprus 25 to 29 September 2026.