Visa & Residency
Golden Visa Alternatives for Americans Who Want European Residency
With Portugal ending its property Golden Visa and Spain planning to do the same, where does that leave Americans who want European residency without spending €500,000+? Here are the real alternatives.
The Golden Visa — European residency through property investment — was for years the simplest path to a European base for wealthy Americans. But the landscape has changed significantly. Portugal ended its property route in 2023. Spain has announced plans to follow. So what are the real alternatives?
The D7 / Passive Income Visa (Portugal, and equivalents elsewhere)
This is the best-kept secret in European immigration for retirees. Portugal's D7 visa requires proof of passive income (pension, investments, rental income) of approximately €760/month per person — no minimum property investment. You must spend at least 183 days per year in Portugal (or 6 months per tax year).
Equivalents: Spain's Non-Lucrative Visa (higher income requirements, ~€2,160/month); Italy's Elective Residency Visa (~€31,000/year income); Greece's Retirement Visa (income requirements around €2,000/month).
Who this works for: Retirees with reliable Social Security, pension, or investment income. The D7 is the most accessible of these.
Greece Golden Visa (still active)
Greece's Golden Visa program is currently one of the last major European property investment routes still open. Minimum investment: €400,000 in most of Greece; €800,000 in Athens, Thessaloniki, and the major islands.
Unique advantage: No minimum stay requirement. You can hold Greek residency while living primarily in the US. This is valuable for Americans who want a European base without committing to full-time relocation.
Malta Individual Investor Programme
Malta (an EU member) offers residency through a combination of property rental (€10,000/year) or purchase (€375,000) plus a government contribution (€28,000–58,000 depending on location) and a charity donation. Citizenship is available after 12 months of residency (exceptional contribution route) or 36 months (standard route).
Malta citizenship provides EU citizenship — the right to live and work anywhere in the EU.
Italy's Investor Visa
Italy offers investor visas for: €500,000 in an innovative Italian startup; €1,000,000 in a philanthropic donation; €2,000,000 in Italian government bonds. These are high thresholds but provide a direct path to Italian residency.
The Freelancer / Digital Nomad Visa
Several European countries now offer specific visas for remote workers and digital nomads. Portugal, Spain, Italy, and Greece all have versions of this visa. While targeted at workers rather than retirees, some Americans with consulting income or part-time work qualify.
Our honest recommendation
For most American retirees, the passive income visa route (D7 in Portugal, Non-Lucrative in Spain, Elective Residency in Italy) is simpler, cheaper, and more appropriate than a Golden Visa. Golden Visas make sense primarily for investors who want residency flexibility without a minimum stay requirement and can meet the investment threshold.
We evaluate your specific financial situation and help you identify the right pathway. Speak with an advisor to get a personalised assessment.