Do You Still Need to Buy Real Estate for EU Residency in 2026?

Whether you still need to buy real estate for EU residency in 2026 is one of the most common questions investors ask, and the honest answer is: in most cases, no. 

The property-first golden visa era that defined the last decade has largely ended. Demand for European residency keeps climbing at the same time: 61% of Americans earning at least $200,000 say they are considering leaving the country, with Europe as the top destination (Source: Apex Capital Partners 2026 Expatriation Survey). 

Yet the routes into Europe look nothing like they did five years ago. Portugal removed property from its program, Spain closed its scheme entirely, and Greece pushed its real estate threshold sharply higher. 

At Bitizenship, we help Bitcoin-aligned investors navigate this new landscape, where funds and startups, not apartments, are the qualifying investments that actually matter.

Key Takeaways

• In 2026, most major EU programs no longer accept real estate for residency.
• Portugal shifted to a €500,000 fund route; Spain closed its program entirely.
• Italy's Investor Visa uses startups, not property, starting at €250,000.
• Bitizenship offers fund and startup routes to EU residency without real estate.
• Greece still allows property, but mostly at €400,000 to €800,000 now.

The Property-First Era That Defined EU Residency

For more than a decade, the phrase "golden visa" was almost synonymous with buying an apartment. When Portugal launched its program in 2012, the vast majority of qualifying capital flowed into residential property, and Spain, Greece, and Cyprus all built their programs around a similar promise. 

The pitch was straightforward: purchase a qualifying property, receive residency, and potentially rent the asset out along the way. 

For years, that model dominated the investment migration market and shaped how most people understood European residency programs, including many of the European residency programs investors still search for today.

Property held that dominant position for a few practical reasons:

• It was tangible and familiar, which made it easy for first-time investors to understand.
• It offered a dual purpose: residency plus a potential second home or rental income.
• It required no specialized financial knowledge, unlike funds or private equity.
• Governments were happy to channel foreign capital into local construction and tourism.

That combination made real estate the default. It also planted the seeds of the model's undoing, because the same property demand that governments welcomed eventually collided with domestic housing affordability.

What Actually Changed, and Why

The turning point arrived when European governments concluded that investor-driven property demand was inflating local housing costs. 

• Portugal removed real estate from its Golden Visa in October 2023 under its "Mais Habitação" housing reform. 
• Spain went further and abolished its entire program with effect from April 2025, citing housing market pressures. 
• Greece did not eliminate property but raised its threshold to €800,000 in high-demand areas such as Athens and the popular islands, keeping lower tiers only for conversion or restoration projects. 
• Ireland, the United Kingdom, and the Netherlands had already shut their investor routes. 

The direction of travel is unmistakable, and it has reshaped the Portugal Golden Visa fund landscape in particular.

The forces behind the shift were consistent across borders:

• Housing affordability became a central political issue in Portugal, Spain, and Greece.
• The European Commission increased scrutiny of residency programs tied to property.
• The OECD flagged real-estate-linked residency as the model most exposed to housing-driven restrictions.
• Governments began favoring "productive" capital: funds, companies, and startups over passive property.

The result is that Portugal's fund route is now the dominant pathway into the program, and property purchases no longer qualify for residency there at all. Real estate did not simply get more expensive. In the flagship programs, it stopped being an eligible route.

The Routes That Replaced Real Estate: Funds and Startups

With property gone from the most flexible programs, two structures have moved to the center: investment funds and startup equity. These are not interchangeable, and understanding the difference is the key to answering the real estate question.

In Portugal, the eligible route is now a fund. Qualifying vehicles must be regulated by the Portuguese Securities Market Commission, carry a minimum five-year maturity, allocate at least 60% of capital to Portuguese companies, and hold no real estate exposure. 

Bitizenship's Portugal Fund is a Golden Visa-eligible private equity fund that invests in a fully owned Portuguese company focused solely on the Bitcoin ecosystem, giving investors exposure to Bitcoin through the company's activities rather than a direct purchase. 

The Portugal pathway requires a €500,000 investment, only 14 days of stay every two years, and offers a pathway to permanent residency in five years, followed by a consequential path to citizenship (noting that Portugal's 2026 nationality reform extended citizenship timelines to ten years for most applicants, and seven for EU and CPLP nationals).

In Italy, the eligible route is a startup, and notably Italy never relied on real estate in the first place. Italy's Investor Visa offers four routes: an innovative startup at €250,000, an established company at €500,000, a philanthropic donation at €1,000,000, or government bonds at €2,000,000. 

Bitizenship's Bitcoin Dolce Visa is built around the startup route: a €250,000 equity investment in Bitizenship Italia S.r.l., a Milan-based Innovative Startup with strategic exposure to Bitcoin. Italy's program is officially the Investor Visa, sometimes informally called a golden visa, and it is residency by investment, so citizenship requires ten years of genuine legal residence.

To keep the distinction clear:

• Portugal is a fund: a Golden Visa-eligible private equity fund, not a company you invest in directly.
• Italy is a startup: an equity stake in an Italian Innovative Startup, not a fund.
• Neither route is a "Bitcoin fund," and neither requires or accepts investment made in Bitcoin.

Why the Move Away From Property Suits Bitcoin-Aligned Investors

For Bitcoin holders in particular, the old property requirement was always an awkward fit. Buying an apartment to secure residency meant selling Bitcoin to acquire an illiquid, geographically fixed asset that demands ongoing management, taxes, and maintenance. 

The shift toward funds and startups removes that forced trade and lets capital stay productive, which is precisely why Bitizenship structured both of its programs around Bitcoin ecosystem exposure rather than bricks and mortar.

The Bitcoin Dolce Visa illustrates how this works in practice:

• Investors acquire a €250,000 equity stake and gain indirect Bitcoin exposure through the company.
• The startup's treasury is held in BTC as working capital, deployed for non-custodial Bitcoin Layer-2 validation.
• The company retains ownership of its assets while participating in Layer-2 network validation and related research.
• Class B shareholders receive a preferential share of realized profits, subject to company performance.

None of this is a guarantee. This is startup equity, capital is at risk, distributions depend on company performance, and the qualifying transfer must be euro-denominated. What it does offer is a residency route that aligns with a Bitcoin-focused worldview instead of forcing a pivot into property.

How to Think About EU Residency in 2026 Without Buying Property

The clearest way to approach the question is to separate two goals that used to be bundled together: acquiring residency and owning European property. In 2026, those are now distinct decisions. 

You can pursue EU residency through a fund or a startup, and if you also want a home in Europe, you can buy one separately for lifestyle reasons rather than as a visa requirement.

As Bitizenship 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."

A practical framework for deciding:

• If you want a low-stay path to permanent residency with a consequential route to citizenship, Portugal's fund fits well.
• If you prioritize speed, a lower entry point, and flexibility, Italy's startup route may suit you better.
• If a passport is your genuine end goal, remember Italy's citizenship path requires real relocation and 183+ days per year.
• Whichever route you choose, conduct the same due diligence you would on any serious investment: source of funds, structure, and terms.

For a closer look at how the pathway works in Italy, the program detail matters as much as the headline number. The point is that real estate is no longer the gatekeeper it once was.

Conclusion

So, do you still need to buy real estate for EU residency in 2026? For the most flexible and widely used programs, the answer is no, and in Portugal and Spain that option is simply gone. 

The market has moved decisively toward funds and startups, driven by housing pressures and European policy, and where property still qualifies, in Greece for example, thresholds have climbed considerably. 

For Bitcoin-aligned investors, this shift is an opportunity rather than an obstacle, because it opens compliant routes that keep capital productive and connected to the Bitcoin ecosystem instead of locked into an apartment. 

Bitizenship offers both a Portugal fund route and an Italy startup route designed for exactly this new reality. 

Get in touch with Bitizenship’s team to explore which pathway fits your goals.

Read Next:

• Portugal Real Estate Investment Guide 2026
• Top 6 Mistakes That Kill Investor Visa Applications
• Best Golden Visa Fund Routes in Europe After the Real Estate Closures

FAQs:

1. Do You Still Need to Buy Real Estate for EU Residency in 2026?

In most cases, no, you do not need to buy real estate for EU residency in 2026. Portugal and Spain no longer offer a property route, and the most flexible remaining programs are built around funds and startups. Bitizenship's two pathways reflect this reality: a Golden Visa-eligible fund in Portugal and a €250,000 startup equity route in Italy, neither of which involves purchasing property.

2. Which EU Countries Still Allow Real Estate for EU Residency?

A handful of countries still allow real estate for EU residency, most notably Greece, where thresholds now range from €400,000 to €800,000 depending on the region, alongside options in Latvia, Cyprus, and Hungary through real estate funds. Portugal, Spain, Ireland, and the United Kingdom no longer offer property routes. Bitizenship focuses instead on Portugal's fund route and Italy's startup route, both of which avoid the property requirement entirely.

3. What Replaced Real Estate for EU Residency in Portugal?

In Portugal, regulated investment funds replaced real estate for EU residency after the 2023 reform. Qualifying funds must be supervised by the Portuguese Securities Market Commission, hold a minimum five-year maturity, and invest at least 60% in Portuguese companies. Bitizenship's Portugal Fund is a Golden Visa-eligible private equity fund investing in a Portuguese company focused on the Bitcoin ecosystem, requiring a €500,000 qualifying investment.

4. Can You Get EU Residency Without Real Estate Through a Startup?

Yes, you can get EU residency without real estate through a startup, and Italy is the clearest example. Italy's Investor Visa offers an innovative-startup route at €250,000, the lowest threshold among major EU programs. Bitizenship's Bitcoin Dolce Visa uses this route: a €250,000 equity investment in a Milan-based, Bitcoin-focused Innovative Startup, with visa approval coming before any capital is transferred.

5. Is Buying Real Estate for EU Residency a Good Idea in 2026?

Buying real estate for EU residency in 2026 is only worth considering in the few programs that still permit it, and even then it comes with higher thresholds and property management obligations. For many investors, especially Bitcoin holders, a fund or startup route keeps capital more productive and better aligned with their goals. Bitizenship can help you compare property-free options in Portugal and Italy through its Portugal program FAQs and program pages.

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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.