For years, buying property was the default path to securing a European Golden Visa. That is no longer the case.
Across Europe, governments have gradually shifted investment migration away from residential real estate and toward productive sectors such as private equity, venture capital, innovation, and business investment. Portugal removed its property route, Spain closed its Golden Visa program, and several countries now encourage capital to flow into funds rather than housing.
For investors, this creates a new question:
Can you still obtain residency by investment without buying property?
The answer is yes. Several European jurisdictions continue to offer investment-linked residence programs through regulated financial assets, corporate investment, or approved funds.
Why Golden Visas Are Moving Beyond Real Estate
The shift is largely driven by housing policy.
Governments increasingly want foreign investment to support economic growth rather than compete with local buyers in residential property markets. As a result, many modern Golden Visa programs now reward investments that create jobs, finance businesses, or strengthen domestic capital markets.
This has transformed the Golden Visa from a property strategy into a broader capital allocation strategy.
Best Golden Visa Options Without Buying Property
Portugal: Private Equity & Venture Capital Funds
Portugal remains one of Europe’s strongest options for investors who prefer financial assets over real estate.
Minimum investment: €500,000
Instead of purchasing property, applicants invest in qualifying funds regulated by Portugal’s securities authority. These funds typically focus on sectors such as technology, renewable energy, healthcare, and Portuguese businesses.
Best suited for: Investors seeking a professionally managed, passive investment with minimal residence requirements.
Hungary: Approved Real Estate Funds
Hungary offers one of the lowest investment thresholds among European residence programs without requiring direct property ownership.
Minimum investment: €250,000
Rather than purchasing a home, investors acquire units in qualifying real estate investment funds approved under the Guest Investor Program.
Best suited for: Investors looking for long-duration European residence without managing physical property.
Italy: Business & Innovation Investment
Italy’s Investor Visa focuses on supporting entrepreneurship and corporate growth rather than residential property.
Investment options include:
- €250,000 in an innovative startup
- €500,000 in an Italian company
- €1 million philanthropic contribution
- €2 million in government bonds
This route is particularly attractive for founders and business owners planning commercial expansion into Europe.
Best suited for: Entrepreneurs, executives, and investors with long-term business interests in Italy.
Greece: Financial Investment Routes
Although Greece is best known for its property-based Golden Visa, it also provides financial investment alternatives for qualifying investors.
Depending on the investment category, applicants may qualify through approved investment funds, securities, or other regulated financial assets instead of purchasing residential property.
Best suited for: Investors who want Schengen residency while avoiding direct real estate ownership.
Comparing the Leading Non-Property Routes
Country | Minimum Investment | Investment Type | Best For |
Portugal | €500,000 | Regulated PE/VC funds | Passive investors seeking long-term EU mobility |
Hungary | €250,000 | Approved investment funds | Cost-efficient European residence |
Italy | €250,000 | Startups, companies or bonds | Entrepreneurs and business expansion |
Greece | Varies | Financial assets & investment funds | Investors avoiding direct property ownership |
Are Fund-Based Golden Visas Better Than Property?
Not necessarily, they simply involve different risks.
Fund Route | Property Route |
Professionally managed portfolio | Tangible real estate asset |
No tenant or maintenance management | Rental income potential |
Limited liquidity until fund exit | Market-dependent resale liquidity |
Exposure to manager performance | Exposure to local property cycles |
The right option depends less on returns and more on an investor’s objectives: passive wealth management, business expansion, or lifestyle-driven property ownership.
Which Route Fits Your Investment Strategy?
Choose Portugal if your priority is a diversified financial investment with a potential long-term European residence strategy.
Choose Hungary if you’re looking for one of the lowest-cost investment pathways into Europe without buying property.
Choose Italy if your goal is to expand a business or invest directly in innovation.
Choose Greece if you want financial investment alternatives while maintaining access to one of Europe’s most established residency-by-investment frameworks.
Conclusion
Golden Visas have not disappeared, they have evolved.
In 2026, investors no longer need to buy residential property to access several leading residency-by-investment programs. Instead, regulated funds, business investment, and financial assets have become the preferred routes for governments seeking productive capital.
For internationally mobile families, the key is no longer asking “Which property should I buy?” but rather “Which investment structure best supports my long-term mobility and wealth strategy?”
Follow us on social media and website for more insights!
