Best Alternatives to Buying Real Estate for EU Residency

The best alternatives to buying real estate for EU residency now matter more than ever, because the property route that once defined the category has been dismantled across most of Europe. 

Spain closed its program entirely in April 2025, Portugal removed real estate as a qualifying route back in October 2023, and Greece pushed its prime-location threshold to 800,000 euros. 

Demand has not slowed despite this: the number of U.S. nationals registered as residents in Portugal reached 20,959 in 2024, a nearly 50% jump from the year before (Source: AIMA). Investors are simply shifting to non-property routes. 

At Bitizenship, we structure compliant investment vehicles in Portugal and Italy for Bitcoin-aligned investors who want EU residency without buying an apartment they will never live in. 

This guide walks through the strongest alternatives available today.

Key Takeaways

• Real estate routes for EU residency have closed or tightened across most of Europe.
• Regulated funds and startup equity are now the leading alternatives to real estate.
• Italy's Investor Visa starts at 250,000 euros through an innovative startup equity stake.
• Bitizenship offers fund and startup alternatives for EU residency aligned with Bitcoin.
• Every route carries investment risk; residency outcomes are never guaranteed.

Why Real Estate Is No Longer the Default

Buying property was the original golden visa pitch: wire money into an apartment and receive a residence card. That model has aged badly, as governments across Europe blamed investor demand for rising housing costs and pulled the route one by one. The result is a market that has moved decisively toward financial and corporate investment vehicles.

• Spain abolished its investor visa entirely in April 2025.
• Portugal removed all real estate routes in October 2023 under its housing reform.
• Greece raised its prime-location property threshold to 800,000 euros.

Property also carried hidden friction that the alternatives avoid: transfer taxes, maintenance, management, and the risk that a single asset underperforms. The shift mirrors broader wealth migration trends, as investors increasingly treat residency as a mobility strategy rather than a property purchase. The sections below rank the routes that have replaced real estate, from the most popular to the most specialized.

Top 6 Alternatives to Buying Real Estate for EU Residency in 2026

These are the six routes that have replaced property as the way into European residency, ordered from the most widely used to the most specialized.

1. Regulated Investment Funds

Investment funds have become the dominant alternative to property, especially in Portugal, where real estate was removed and qualifying fund subscriptions now lead the market. Instead of buying a building, you subscribe to units in a regulated fund that deploys capital into companies and projects, and the subscription itself counts as your qualifying investment.

• The fund must be regulated by the relevant supervisory authority.
• Capital is pooled and managed by a licensed entity, not held by you directly.
• Returns depend on fund performance and are never guaranteed.

Bitizenship's Portugal Fund sits in this category as a Golden Visa-eligible private equity fund that invests in a fully owned Portuguese company focused on the Bitcoin ecosystem, giving investors indirect exposure to Bitcoin through the company's activities. 

The 500,000 euro fund route pairs with one of Europe's lightest stay requirements, just 14 days every two years, and leads to permanent residency eligibility after five years with a pathway to citizenship thereafter. 

Funds suit investors who want a structured, regulated vehicle rather than the maintenance and illiquidity of owning property.

2. Innovative Startup Equity

A direct equity stake in an innovative startup is the lowest-cost alternative to real estate for EU residency, and it is the engine behind Italy's program growth. Rather than donating money or buying property, your capital buys shares in a real company that could grow or fail, making it a genuine investment rather than a fee.

• Italy's Investor Visa allows a 250,000 euro equity investment in a qualifying innovative startup.
• The startup must be registered in the special section of the Chamber of Commerce.
• Visa approval comes before capital is transferred, a rare protection.

Bitizenship's Bitcoin Dolce Visa structures this route around Bitizenship Italia S.r.l., a Milan-based Innovative Startup whose treasury is held in BTC as working capital and deployed for non-custodial Bitcoin Layer-2 network validation and related R&D. 

Investors acquire a 250,000 euro equity stake and gain indirect Bitcoin exposure through that equity, not through any direct Bitcoin purchase on their behalf. Italy is pure residency by investment: there is no minimum stay requirement to maintain the visa, while citizenship requires ten years of genuine legal residence at 183 or more days per year. 

This route fits investors prioritizing a lower entry point, speed, and flexibility.

3. Direct Equity in an Established Company

If early-stage risk is not your preference, a direct equity investment into an established company offers exposure to proven businesses instead of startups. This route trades the upside potential of a young company for the relative stability of one with real revenue.

• Italy's Investor Visa includes a 500,000 euro route into an Italian S.r.l. or S.p.A.
• The capital must be a direct investment, not routed through a fund or intermediary.
• The company can be listed or unlisted, established or growth-stage.

This alternative appeals to investors who want a tangible stake in an operating Italian business with full shareholder rights, without the property management burden that real estate brings. It carries ordinary business and market risk, and like every route here, it must be maintained for the duration of the permit period. 

For a broader view of how the Italian system works in practice, our guide to residency in Italy covers the most common questions. Direct company equity is a middle path between the higher risk of a startup and the passivity of a donation or bond.

4. Government Bonds

Government bonds are the most conservative alternative to buying real estate for EU residency, suited to investors who prioritize capital preservation over returns. You are effectively lending to a sovereign state, which carries near-zero default risk in the case of a stable EU economy.

• Italy's Investor Visa offers a 2 million euro route into Italian government bonds (BTP).
• A minimum two-year maturity typically applies.
• Returns are predictable, with no corporate or property management complexity.

The clear drawback is the price tag, which puts this route out of reach for most applicants and well above the startup or fund alternatives. Still, for ultra-conservative high-net-worth individuals who want the simplest possible structure and the lowest possible investment risk, sovereign debt remains a viable choice among the available golden visa options. It is the route to consider when peace of mind matters more than upside.

5. Philanthropic and Cultural Donations

A non-recoverable donation is the simplest structure of all, removing shareholder agreements, governance, and exit mechanics from the equation. 

The trade-off is straightforward: you never see the money again, so this is a route chosen for simplicity and impact rather than financial return.

• Portugal retains a cultural and artistic contribution route from 250,000 euros (200,000 euros in low-density areas).
• Italy's Investor Visa includes a 1 million euro philanthropic donation route.
• There is no ongoing management, no corporate paperwork, and no capital return.

This alternative works for philanthropists and for investors who value a clean, low-administration path and are comfortable treating the contribution as a sunk cost. It is worth weighing against the fund and equity routes, which keep your capital invested rather than gifted. 

Our overview of Portugal Golden Visa alternatives puts the donation route in context alongside the others. Donations make sense when simplicity and contribution outweigh the desire to recover or grow the capital.

6. Bitcoin-Aligned Investment Structures

For a growing segment of investors whose wealth is denominated in Bitcoin, the newest alternative is an equity investment in an Italian innovative startup that holds Bitcoin as its treasury asset. This resolves an awkward tension: selling Bitcoin to buy a conventional asset purely to satisfy a residency rule can feel like a forced trade.

• The vehicle is a conventional Italian limited company, not a fund or a financial product.
• The company qualifies as an innovative startup through proprietary software and R&D activity.
• Investors gain indirect Bitcoin exposure through equity, while the company retains ownership of its assets.

Bitizenship Italia S.r.l. is built on exactly this model, using its BTC treasury as working capital for non-custodial Bitcoin Layer-2 validation rather than passively holding coins. The 250,000 euro equity investment must be a euro-denominated transfer for legal and immigration compliance, not a Bitcoin payment, and distributions depend on company performance and are not guaranteed. 

How to Choose the Right Alternative

Picking among these routes comes down to three questions: how much you want to invest, how much risk you will accept, and what you ultimately want the residency to do. There is no single best alternative, only the one that fits your profile.

• Budget-focused: the 250,000 euro startup route is the lowest entry point in the EU.
• Risk-averse: government bonds or a regulated fund minimize or spread your exposure.
• Citizenship-minded: weigh Portugal's PR-at-five-years path against Italy's ten-year residency rule.

As our co-founder Alessandro Palombo puts it, "Most people save for a second home. The smartest ones save for a second passport. One gives you a better view. The other gives you and every generation after you options no amount of money can buy later." 

Bitizenship structures two of these routes directly, the Portugal Fund and the Bitcoin Dolce Visa, both with founder-led legal oversight and a vetted legal and tax partner network. 

If you want to compare the fund and startup options side by side, our Bitcoin Ecosystem Golden Visa page lays out the Portugal route in detail.

Conclusion

The best alternatives to buying real estate for EU residency are no longer fringe options, they are the mainstream of the market now that property routes have closed or tightened across Europe. 

Regulated funds, innovative startup equity, direct company stakes, government bonds, donations, and Bitcoin-aligned structures each suit a different investor profile, and the right choice depends on your budget, risk appetite, and whether your goal is residency, eventual citizenship eligibility, or simply a Plan B. 

Bitizenship structures two of the strongest of these routes, a Portugal Fund and the Bitcoin Dolce Visa in Italy, for investors who want European mobility aligned with the Bitcoin ecosystem rather than tied to a building. 

Get in touch to map your capital to the right route and start building a European Plan B that fits the way you actually want to live.

Read Next:

• Can Self-Custodied Bitcoin Be Used as Proof of Wealth?
• Portugal Golden Visa Alternatives in 2026
• Can Crypto Millionaires Use Bitcoin for Qualifying for a Golden Visa?

FAQs:

1. What are the best alternatives to buying real estate for EU residency?

The best alternatives to buying real estate for EU residency are regulated investment funds and innovative startup equity, followed by direct company investments, government bonds, and philanthropic donations. Funds dominate in Portugal, while Italy's Investor Visa offers a 250,000 euro startup equity route. Bitizenship operates a vehicle in both the fund and startup categories, structuring a Golden Visa-eligible private equity fund in Portugal and an equity investment in a Milan-based Innovative Startup in Italy.

2. Why are investors looking for alternatives to real estate for EU residency?

Investors are seeking alternatives to real estate for EU residency because property routes have been removed or restricted across most of Europe, with Spain closing its program in 2025, Portugal ending real estate in 2023, and Greece raising prime thresholds. Non-property routes also avoid maintenance, transaction taxes, and illiquidity. Bitizenship helps investors access compliant fund and startup routes in Portugal and Italy that do not require buying property.

3. Is a startup equity investment a good alternative to real estate for EU residency?

A startup equity investment is the lowest-cost alternative to real estate for EU residency, with Italy's Investor Visa available from a 250,000 euro equity stake in a qualifying innovative startup. It offers genuine equity rather than a sunk cost, and visa approval comes before capital is transferred. Bitizenship's Bitcoin Dolce Visa structures this route through Bitizenship Italia S.r.l., a Milan-based Innovative Startup with treasury held in BTC as working capital.

4. Can Bitcoin holders use these alternatives to real estate for EU residency?

Bitcoin holders can use these alternatives to real estate for EU residency, and one route is specifically designed for them: an equity investment in an Italian innovative startup that holds Bitcoin as its treasury asset. The investment itself must be a euro-denominated transfer for compliance, while exposure to Bitcoin comes indirectly through the equity. Bitizenship built Bitizenship Italia S.r.l. on this model so investors keep a Bitcoin-aligned position while pursuing Italian residency.

5. Do alternatives to real estate for EU residency lead to citizenship?

Some alternatives to real estate for EU residency can lead to citizenship eligibility over time, but outcomes are never automatic or guaranteed. Portugal's fund route leads to permanent residency at five years and a pathway to citizenship thereafter, while Italy's Investor Visa is pure residency by investment, with citizenship requiring ten years of legal residence at 183 or more days per year. Bitizenship guides investors through both pathways with founder-led legal oversight and a vetted partner network.

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Disclaimer:
This article is published by Bitizenship for informational and educational purposes only. It reflects Bitizenship's perspective on the investment migration market and is not intended as legal, tax, immigration, investment, or financial advice, nor as an offer or solicitation to subscribe to any investment product. Comparisons with other firms are based on publicly available information and our own assessment of structural differences in business models. We have aimed for accuracy, but descriptions of programs, regulations, and competitor offerings are necessarily summaries and may not capture every legal nuance. Program terms, eligibility criteria, processing times, tax regimes, and regulatory frameworks change frequently and vary by individual circumstances. The Bitcoin Dolce Visa involves an equity investment in Bitizenship Italia S.r.l., an Italian private company. Any investment decision should be made only after reviewing the official documentation and consulting independent legal, tax, and financial advisors qualified in the relevant jurisdictions. Past performance does not guarantee future results. Capital is at risk. Residency and citizenship outcomes depend on meeting all legal, language, residency, and integration requirements set by the relevant authorities and are never guaranteed. Always refer to official government and regulatory sources, and engage qualified professionals before acting on any information in this article.