The Cheapest Permanent Residency in Europe, and Where Italy Fits

Search for the cheapest permanent residency in Europe and you will find a list of numbers. €250,000 here, €400,000 there, a fund subscription somewhere else. The list was very different three years ago, and it will look different again in three years’ time.

For families with significant wealth, the entry ticket is rarely the number that decides the outcome. What the residence permit allows you to do with the rest of your life and capital matters far more.

A note on terms. Most of what is searched for as “permanent residency” in Europe is in fact a renewable residence permit. Greece issues a five-year permit, Hungary’s guest investor permit runs for ten years, and Portugal and Italy grant permits that are renewed as long as the investment is maintained. Of the programmes below, only Malta grants permanent residence from the start. In the other countries, permanent or long-term resident status comes later, after years of qualifying residence.

How the map changed between 2023 and 2026

Europe’s residency-by-investment market contracted faster in this period than at any time since the programmes began:

  • Portugal closed its real estate route in October 2023
  • Greece raised its property thresholds in September 2024, to €800,000 in Attica, Thessaloniki, Mykonos, Santorini and the larger islands, and €400,000 elsewhere
  • Spain abolished its Golden Visa entirely on 3 April 2025
  • Portugal extended the residence period for citizenship to ten years in May 2026

What remains is a smaller group of programmes, each with its own logic.

The cheapest permanent residency options in Europe in 2026

Greece still offers a €250,000 property route, now limited to commercial-to-residential conversions and listed buildings under restoration. Standard residential purchases start at €400,000, and short-term rentals of Golden Visa properties are banned.

Hungary reopened residency by investment through a €250,000 subscription to approved real estate funds.

Portugal offers a €250,000 cultural donation, a non-recoverable contribution, alongside its main €500,000 fund route.

Malta runs a permanent residence programme built on government contributions and a property purchase or long lease, with total outlay depending on how the property element is structured.

Italy starts at €250,000 in an innovative Italian startup.

On paper, several of these sit at the same price point.

What the numbers leave out

Recoverability

A cultural donation is spent the day it is made. A property in a market you would never have chosen is often sold at a discount when the permit is no longer needed. By contrast, a share in a growing Italian company carries risk, and it also carries the possibility of a return.

The tax position after you arrive

None of the €250,000 routes gives access to a regime comparable to Italy’s flat tax for new residents: €300,000 a year covering all foreign income, with no wealth tax on assets abroad and no inheritance tax on foreign estates.

By our estimates, for a family with €2 million or more in annual foreign income, the difference in tax over a decade can exceed the investment itself several times over.

Where you will actually live

A Golden Visa in a country where you spend seven days a year is an insurance policy. Families who intend to live part of the year in Europe usually choose the country first and the programme second.

Milan, Lake Como, Florence and Rome are where many of the families we speak with already spend their summers.

Our view

The cheapest permanent residency in Europe is the one that fits your plans without forcing a second move later. For an investor who wants a Schengen permit and nothing more, Greece or Hungary may be enough.

For families looking at tax residence, succession planning and a real life in Europe, Italy’s €250,000 entry point combined with the flat tax tends to deliver more value per euro than any of its lower-priced neighbours.

Frequently asked questions

What is the cheapest Golden Visa in Europe in 2026?

Several programmes start around €250,000, including Italy’s startup route, Hungary’s fund route, Greece’s conversion and heritage property route and Portugal’s cultural donation. Conditions and recoverability differ widely.

Is Spain’s Golden Visa still available?

No. Spain abolished its investor residence permit on 3 April 2025.

Can I get Italian residency without investing?

Italy offers other routes, such as the Elective Residence Visa for people living on passive income. It requires a home in Italy and does not allow work.

Plan your next step

Comparing programmes on price alone misses most of the value. Book a private consultation with Brera 1901 to see how Italy compares with your other options on the figures that matter to your family.

This article is for general information only and does not constitute legal, tax or investment advice. Rules and thresholds may change. Consult qualified professionals before making any decision.

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A structured transition from Portugal’s investor visa programme into Italy.
Portugal’s golden visa changed its rules three times between 2022 and 2025. The real estate route closed. Processing times stretched past 40 months for some applicants, and in October 2025 the government confirmed publicly that investor cases had been handled last. Families who had committed capital were left waiting with no timeline in sight.

For families already inside the Portuguese system, or those who had been planning to enter it, We manage your full transition into the Italy Golden Visa program, start to finish.

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We start with an AI-powered eligibility check that quickly assesses your likely pathways, required documentation and any immediate blockers. It does not replace legal advice, but it saves time and identifies the right route.

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In case you are eligible, the next step is a 30-minute private session with our CEO. We verify the AI summary, collect high-level source-of-fund information and deliver a written next-steps memo. This session is charged to preserve resources and focus, and the fee is refunded if you engage Brera for the full concierge package.

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Tax Planning integrates Italian and international tax considerations to ensure compliant and efficient structuring. This includes evaluating residency implications, cross-border exposure, and long-term fiscal positioning in coordination with trusted legal and accounting partners.

Flat Tax Regime

Italy’s €300,000 substitute tax regime for new residents.

The Italian flat tax regime allows qualifying individuals to substitute foreign-source income taxation with a fixed annual payment. It is particularly relevant for high-net-worth individuals with international income streams seeking predictability and clarity within the Italian tax system.

7% Tax Regime

Special tax regime for eligible pensioners relocating to Southern Italy.

 

The 7% tax regime applies to qualifying foreign pension income for individuals relocating to specific municipalities in Southern Italy. It offers a reduced flat taxation on foreign income for a defined period, subject to statutory requirements.

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Our Strategic Asset Allocation service focuses on constructing disciplined, diversified portfolios that align with both financial performance and mobility goals. Whether through qualifying Golden Visa pathways or broader allocation strategies, the emphasis remains on governance, transparency, and long-term capital preservation.

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Relocation Concierge services ensure that the administrative, legal, and practical aspects of moving to Italy are handled seamlessly. This includes assistance with residence permits, healthcare registration, schooling, banking, and integration into the local environment, reducing operational friction during the transition.
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Strategic residency and citizenship planning through structured funding pathways.

 

Economic Residency is the intersection between capital allocation and legal positioning. We assist internationally mobile families and entrepreneurs in structuring compliant residency options aligned with their broader financial, tax, and family objectives. The focus is not on the visa itself, but on integrating mobility into long-term wealth planning.

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Residency by capital deployment through Italy’s Golden Visa Programme.

 

The Italian Golden Visa allows non-EU nationals to obtain Italian residency through qualifying capital commitments. The programme is asset-led, not property-driven, and provides approval before funds are deployed. It offers a structured pathway to long-term European residency without mandatory relocation requirements.

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Italian residency for financially independent individuals.

 

The Elective Residence Visa is designed for individuals with stable passive income who wish to reside in Italy without engaging in local employment. It is particularly suitable for retirees, wealth holders, and families seeking lifestyle relocation supported by independent financial resources.

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