Can I still buy property in Portugal and get residency?

Yes — but not through a Golden Visa. The Golden Visa property route closed in October 2023. However, you can still buy any property in Portugal freely and obtain residency through the D7 Passive Income Visa, which does not require a property investment — only proof of regular income (€760/month for a single person in 2026). The D7 is in many ways better than the Golden Visa for Canadians who actually want to live in Portugal: it is cheaper (no €500,000 property investment requirement), it has the same 5-year pathway to citizenship, and it grants the same EU residency rights including Schengen travel. The D7 income requirement (€760/month) is easily met by most Canadians drawing CPP and OAS — the combined maximum of approximately $2,200 CAD/month well exceeds the threshold. The D7 visa also benefits from Portugal's 10% CPP/OAS withholding treaty rate — the best pension withholding rate of any country in the world for Canadians. The only thing the D7 cannot do that the Golden Visa could: the Golden Visa allowed renewal without actually spending much time in Portugal (7 days/year minimum in years 1–2, 14 days in years 3–4). The D7 requires genuine residence — at least 183 days/year or demonstrable primary residence. If you want Portugal lifestyle, D7 is the right visa.

Why did Spain cancel its Golden Visa and what happens to existing holders?

Spain's Golden Visa (Visado por Inversión) was cancelled effective April 3, 2025 by the government of Prime Minister Pedro Sánchez. The stated rationale was that the program contributed to housing affordability problems in Spanish cities by incentivizing speculative real estate investment by wealthy foreigners. Critics of the cancellation argued the causal link was overstated — the 14,000 Spanish Golden Visas granted over the program's 12 years represented a tiny fraction of the Spanish property market. Regardless of the policy debate, the practical reality for Canadians is: no new Spanish Golden Visa applications are accepted from April 3, 2025. Existing Spanish Golden Visa holders are fully grandfathered — their permits remain valid for their stated duration and can be renewed under the rules that applied when they were issued. For Canadians who still want Spanish residency, the Spain Non-Lucrative Visa (NLV) is the primary alternative — requiring €2,400/month income for the primary applicant (a higher bar than Portugal's D7) and genuinely requiring Spanish tax residency and physical presence. Spain has a partial Canada treaty that caps pension withholding at 15%, which is better than the 25% no-treaty rate but worse than Portugal's 10%.

Is Greece's Golden Visa worth it for Canadians in 2026?

Greece's Golden Visa is the last active property-based EU residency program and is worth serious consideration for Canadians who specifically want EU residency through real estate ownership. The key 2026 parameters: in most regions of Greece (outside Athens, Thessaloniki, Mykonos, and Santorini), the minimum is €250,000. In the high-demand zones listed above, the minimum increased to €800,000 for Athens and Thessaloniki, €500,000 for Mykonos and Santorini, and €400,000 for other high-demand areas. The program grants a 5-year renewable Greek residency card (residence permit). This card allows visa-free travel throughout the 27 Schengen countries. After 7 years of legal Greek residency with documented physical presence requirements, you can apply for Greek citizenship. There is no physical presence requirement to maintain the initial Golden Visa residency permit — you do not need to live in Greece. For Canadians who want the option of EU residency and Schengen travel freedom without necessarily relocating from Canada, this 'residency without presence' feature is the defining advantage. Greece has no comprehensive Canada-Greece treaty — CPP and OAS withholding remains at 25% for Greeks who become Canadian non-residents. If you want to actually live in Greece (versus holding the permit as an option), model the pension withholding cost carefully.

How does Panama's Friendly Nations Visa compare to European Golden Visas?

Panama's Friendly Nations Visa (Visa de Países Amigos) is structurally different from European Golden Visas in ways that make it better for some Canadians and worse for others. What makes it better: (1) Cost — $200,000 USD in Panamanian real estate or bank deposit versus €250,000–€800,000 for Greece. (2) Speed — permanent residency is granted immediately upon approval, not after years of temporary permits. Panama grants permanent residency on first application if you meet the criteria. (3) Pensionado Visa alternative — if you are 55+ with $1,000/month in pension income (most Canadians drawing CPP + OAS qualify), you can apply for Panama's Pensionado Visa with zero investment required and receive permanent residency plus extraordinary retiree discounts (25–50% off utilities, transport, restaurants, entertainment, medical, prescriptions). What makes it worse than European programs: (1) No EU access — Panamanian residency grants no Schengen travel rights. (2) No citizenship pathway equivalent to EU citizenship. (3) Panama is not a European lifestyle destination. (4) Canada-Panama treaty provides 15% pension withholding — better than no-treaty but not as good as Portugal's 10%. For Canadians who want maximum value Americas residency with the option to actually live there, Panama's Pensionado combined with Friendly Nations property investment is arguably the world's best retirement visa package.

Can Canadians use a Caribbean CBI program as a Golden Visa replacement?

Caribbean CBI programs are citizenship programs, not residency programs — they grant passports, not the right to live in the issuing country long-term. This makes them structurally different from EU Golden Visas, but they overlap in utility for some Canadian buyers. For Canadians who were interested in European Golden Visas primarily for: (1) Schengen travel — Caribbean CBI passports provide Schengen visitor access (90 days in 180 days, the same as visiting without any special visa). They do not provide the long-term EU residency rights that a Greek Golden Visa provides. (2) Second passport as optionality — Caribbean CBI delivers this directly. For Canadians who specifically wanted the ability to live in an EU country without restriction, Caribbean CBI cannot substitute. For Canadians who wanted a second passport for travel flexibility, tax optionality, or hedge against future Canadian restrictions, Caribbean CBI is a direct substitute at dramatically lower cost ($100,000–$400,000 USD versus €250,000–€800,000 for EU programs). The cheapest Caribbean CBI programs (Dominica at $100,000 USD, Antigua at $230,000 USD donation route) are by far the world's cheapest citizenship acquisition options and should be evaluated seriously by any Canadian who wanted a European Golden Visa for passport optionality rather than EU residency rights.

What is the Portugal D7 visa and why is it better than the Golden Visa for most Canadians?

The Portugal D7 Passive Income Visa is a Portuguese residency permit for individuals who can demonstrate sufficient passive income (pension, investments, rental income, royalties) to support themselves without working in Portugal. The 2026 income requirement is approximately €760/month for a single person (updated annually to roughly match Portugal's minimum wage), with €380/month for each additional dependent. For a couple, that is approximately €1,140/month — roughly $1,700 CAD. Combined CPP and OAS for a Canadian couple drawing maximum benefits significantly exceeds this threshold. Why D7 is typically better than the now-closed Golden Visa for Canadians who want to live in Portugal: (1) No investment required — you do not need €500,000 in an investment fund or any real estate investment beyond what you would buy for lifestyle reasons. (2) Same citizenship pathway — 5-year pathway to Portuguese (EU) citizenship. (3) Same Schengen travel rights once your residency is established. (4) Portugal's 10% CPP/OAS treaty withholding rate — the best pension withholding treaty in the world for Canadians — applies to D7 residents equally. (5) More authentic integration — the D7 requires you to actually live in Portugal, which is the point if you want the lifestyle. The only scenario where the now-closed Golden Visa was better: if you wanted EU residency optionality without actually moving to Portugal. The D7 requires genuine residence. Read our complete guide on the Portugal D7.

What happened to Italy's flat tax regime as a Golden Visa alternative?

Italy never had a property-based Golden Visa program equivalent to Portugal or Spain, but it has offered the Investor Visa for Italy (Visto per Investitori) — requiring €500,000 in Italian company investment or €250,000 in innovative startup investment — and the famous Flat Tax Regime (Regime Forfettario for freelancers, and the €100,000/year Flat Tax for wealthy new Italian residents). Italy's €100,000 flat tax regime allows high-net-worth individuals who become Italian tax residents to pay a flat €100,000/year annual substitute tax on all foreign income (replacing standard Italian progressive income tax on worldwide income). For Canadians with investment income or pension income above approximately €300,000–€400,000/year, Italy's flat tax is mathematically favorable. For typical Canadian retirees with $40,000–$80,000/year in combined pension and investment income, the €100,000 flat tax is not favorable — you would pay more in Italy than under any treaty partner's withholding rate. The Italian market is attractive for Canadian buyers who are lifestyle-focused and are purchasing with after-tax funds. Italy has a 15% Canada-Italy treaty rate for pension income — better than no-treaty, but not as favorable as Portugal's 10%.

What should a Canadian do right now if they were planning to apply for a Portuguese Golden Visa?

If you were planning to apply for a Portuguese Golden Visa through the property route: that option is closed. Your best alternatives depending on what you actually wanted: If you want to live in Portugal — the D7 visa is your path. The income requirements are modest, the pension treaty is excellent (10% CPP/OAS withholding), and the D7 has the same citizenship pathway. You will need to actually spend most of your time in Portugal, but if that is what you wanted (a Portuguese lifestyle), the D7 is superior to the Golden Visa in every practical dimension. If you wanted EU residency without living there — Greece's Golden Visa (€250,000+ in most regions) is the only remaining option, with the explicit 'no residency requirement' feature. You can hold a Greek Golden Visa without spending any significant time in Greece, maintaining Canadian residency and living in Portugal if you wish. If you wanted a second passport for travel and optionality — Caribbean CBI at $100,000–$400,000 USD is dramatically cheaper than European programs. The passport utility (Schengen visitor access, 150+ country visa-free) covers most of the travel flexibility use case. If you were purely financially motivated and wanted the investment return — the Portuguese investment fund route (€500,000, no property) remains open. Evaluate fund performance and structure carefully before committing.

Can I still buy property in Portugal and get residency?

Yes — but not through a Golden Visa. The Golden Visa property route closed in October 2023. However, you can still buy any property in Portugal freely and obtain residency through the D7 Passive Income Visa, which does not require a property investment — only proof of regular income (€760/month for a single person in 2026). The D7 is in many ways better than the Golden Visa for Canadians who actually want to live in Portugal: it is cheaper (no €500,000 property investment requirement), it has the same 5-year pathway to citizenship, and it grants the same EU residency rights including Schengen travel. The D7 income requirement (€760/month) is easily met by most Canadians drawing CPP and OAS — the combined maximum of approximately $2,200 CAD/month well exceeds the threshold. The D7 visa also benefits from Portugal's 10% CPP/OAS withholding treaty rate — the best pension withholding rate of any country in the world for Canadians. The only thing the D7 cannot do that the Golden Visa could: the Golden Visa allowed renewal without actually spending much time in Portugal (7 days/year minimum in years 1–2, 14 days in years 3–4). The D7 requires genuine residence — at least 183 days/year or demonstrable primary residence. If you want Portugal lifestyle, D7 is the right visa.

Why did Spain cancel its Golden Visa and what happens to existing holders?

Spain's Golden Visa (Visado por Inversión) was cancelled effective April 3, 2025 by the government of Prime Minister Pedro Sánchez. The stated rationale was that the program contributed to housing affordability problems in Spanish cities by incentivizing speculative real estate investment by wealthy foreigners. Critics of the cancellation argued the causal link was overstated — the 14,000 Spanish Golden Visas granted over the program's 12 years represented a tiny fraction of the Spanish property market. Regardless of the policy debate, the practical reality for Canadians is: no new Spanish Golden Visa applications are accepted from April 3, 2025. Existing Spanish Golden Visa holders are fully grandfathered — their permits remain valid for their stated duration and can be renewed under the rules that applied when they were issued. For Canadians who still want Spanish residency, the Spain Non-Lucrative Visa (NLV) is the primary alternative — requiring €2,400/month income for the primary applicant (a higher bar than Portugal's D7) and genuinely requiring Spanish tax residency and physical presence. Spain has a partial Canada treaty that caps pension withholding at 15%, which is better than the 25% no-treaty rate but worse than Portugal's 10%.

Is Greece's Golden Visa worth it for Canadians in 2026?

Greece's Golden Visa is the last active property-based EU residency program and is worth serious consideration for Canadians who specifically want EU residency through real estate ownership. The key 2026 parameters: in most regions of Greece (outside Athens, Thessaloniki, Mykonos, and Santorini), the minimum is €250,000. In the high-demand zones listed above, the minimum increased to €800,000 for Athens and Thessaloniki, €500,000 for Mykonos and Santorini, and €400,000 for other high-demand areas. The program grants a 5-year renewable Greek residency card (residence permit). This card allows visa-free travel throughout the 27 Schengen countries. After 7 years of legal Greek residency with documented physical presence requirements, you can apply for Greek citizenship. There is no physical presence requirement to maintain the initial Golden Visa residency permit — you do not need to live in Greece. For Canadians who want the option of EU residency and Schengen travel freedom without necessarily relocating from Canada, this 'residency without presence' feature is the defining advantage. Greece has no comprehensive Canada-Greece treaty — CPP and OAS withholding remains at 25% for Greeks who become Canadian non-residents. If you want to actually live in Greece (versus holding the permit as an option), model the pension withholding cost carefully.

How does Panama's Friendly Nations Visa compare to European Golden Visas?

Panama's Friendly Nations Visa (Visa de Países Amigos) is structurally different from European Golden Visas in ways that make it better for some Canadians and worse for others. What makes it better: (1) Cost — $200,000 USD in Panamanian real estate or bank deposit versus €250,000–€800,000 for Greece. (2) Speed — permanent residency is granted immediately upon approval, not after years of temporary permits. Panama grants permanent residency on first application if you meet the criteria. (3) Pensionado Visa alternative — if you are 55+ with $1,000/month in pension income (most Canadians drawing CPP + OAS qualify), you can apply for Panama's Pensionado Visa with zero investment required and receive permanent residency plus extraordinary retiree discounts (25–50% off utilities, transport, restaurants, entertainment, medical, prescriptions). What makes it worse than European programs: (1) No EU access — Panamanian residency grants no Schengen travel rights. (2) No citizenship pathway equivalent to EU citizenship. (3) Panama is not a European lifestyle destination. (4) Canada-Panama treaty provides 15% pension withholding — better than no-treaty but not as good as Portugal's 10%. For Canadians who want maximum value Americas residency with the option to actually live there, Panama's Pensionado combined with Friendly Nations property investment is arguably the world's best retirement visa package.

Can Canadians use a Caribbean CBI program as a Golden Visa replacement?

Caribbean CBI programs are citizenship programs, not residency programs — they grant passports, not the right to live in the issuing country long-term. This makes them structurally different from EU Golden Visas, but they overlap in utility for some Canadian buyers. For Canadians who were interested in European Golden Visas primarily for: (1) Schengen travel — Caribbean CBI passports provide Schengen visitor access (90 days in 180 days, the same as visiting without any special visa). They do not provide the long-term EU residency rights that a Greek Golden Visa provides. (2) Second passport as optionality — Caribbean CBI delivers this directly. For Canadians who specifically wanted the ability to live in an EU country without restriction, Caribbean CBI cannot substitute. For Canadians who wanted a second passport for travel flexibility, tax optionality, or hedge against future Canadian restrictions, Caribbean CBI is a direct substitute at dramatically lower cost ($100,000–$400,000 USD versus €250,000–€800,000 for EU programs). The cheapest Caribbean CBI programs (Dominica at $100,000 USD, Antigua at $230,000 USD donation route) are by far the world's cheapest citizenship acquisition options and should be evaluated seriously by any Canadian who wanted a European Golden Visa for passport optionality rather than EU residency rights.

What is the Portugal D7 visa and why is it better than the Golden Visa for most Canadians?

The Portugal D7 Passive Income Visa is a Portuguese residency permit for individuals who can demonstrate sufficient passive income (pension, investments, rental income, royalties) to support themselves without working in Portugal. The 2026 income requirement is approximately €760/month for a single person (updated annually to roughly match Portugal's minimum wage), with €380/month for each additional dependent. For a couple, that is approximately €1,140/month — roughly $1,700 CAD. Combined CPP and OAS for a Canadian couple drawing maximum benefits significantly exceeds this threshold. Why D7 is typically better than the now-closed Golden Visa for Canadians who want to live in Portugal: (1) No investment required — you do not need €500,000 in an investment fund or any real estate investment beyond what you would buy for lifestyle reasons. (2) Same citizenship pathway — 5-year pathway to Portuguese (EU) citizenship. (3) Same Schengen travel rights once your residency is established. (4) Portugal's 10% CPP/OAS treaty withholding rate — the best pension withholding treaty in the world for Canadians — applies to D7 residents equally. (5) More authentic integration — the D7 requires you to actually live in Portugal, which is the point if you want the lifestyle. The only scenario where the now-closed Golden Visa was better: if you wanted EU residency optionality without actually moving to Portugal. The D7 requires genuine residence. Read our complete guide on the Portugal D7.

What happened to Italy's flat tax regime as a Golden Visa alternative?

Italy never had a property-based Golden Visa program equivalent to Portugal or Spain, but it has offered the Investor Visa for Italy (Visto per Investitori) — requiring €500,000 in Italian company investment or €250,000 in innovative startup investment — and the famous Flat Tax Regime (Regime Forfettario for freelancers, and the €100,000/year Flat Tax for wealthy new Italian residents). Italy's €100,000 flat tax regime allows high-net-worth individuals who become Italian tax residents to pay a flat €100,000/year annual substitute tax on all foreign income (replacing standard Italian progressive income tax on worldwide income). For Canadians with investment income or pension income above approximately €300,000–€400,000/year, Italy's flat tax is mathematically favorable. For typical Canadian retirees with $40,000–$80,000/year in combined pension and investment income, the €100,000 flat tax is not favorable — you would pay more in Italy than under any treaty partner's withholding rate. The Italian market is attractive for Canadian buyers who are lifestyle-focused and are purchasing with after-tax funds. Italy has a 15% Canada-Italy treaty rate for pension income — better than no-treaty, but not as favorable as Portugal's 10%.

What should a Canadian do right now if they were planning to apply for a Portuguese Golden Visa?

If you were planning to apply for a Portuguese Golden Visa through the property route: that option is closed. Your best alternatives depending on what you actually wanted: If you want to live in Portugal — the D7 visa is your path. The income requirements are modest, the pension treaty is excellent (10% CPP/OAS withholding), and the D7 has the same citizenship pathway. You will need to actually spend most of your time in Portugal, but if that is what you wanted (a Portuguese lifestyle), the D7 is superior to the Golden Visa in every practical dimension. If you wanted EU residency without living there — Greece's Golden Visa (€250,000+ in most regions) is the only remaining option, with the explicit 'no residency requirement' feature. You can hold a Greek Golden Visa without spending any significant time in Greece, maintaining Canadian residency and living in Portugal if you wish. If you wanted a second passport for travel and optionality — Caribbean CBI at $100,000–$400,000 USD is dramatically cheaper than European programs. The passport utility (Schengen visitor access, 150+ country visa-free) covers most of the travel flexibility use case. If you were purely financially motivated and wanted the investment return — the Portuguese investment fund route (€500,000, no property) remains open. Evaluate fund performance and structure carefully before committing.

Portugal & Spain Golden Visas Closed: 2026 Alternatives Guide for Canadians

Reviewed on March 2026 by the Compass Abroad editorial team

Status Update: What Is and Is Not Active in 2026

Portugal property Golden Visa: CLOSED — October 2023. No new applications.
Spain Golden Visa: CANCELLED — April 3, 2025. No new applications.
Portugal D7 visa: OPEN — income visa, no property investment required.
Portugal investment fund route: OPEN — €500,000 into qualifying Portuguese funds.
Greece Golden Visa (property): OPEN — €250K (most regions) to €800K (Athens/islands).
Turkey CBI (citizenship): OPEN — $400K USD real estate, 3–6 months to passport.
Panama Friendly Nations / Pensionado: OPEN — $200K USD or $1,000/mo pension.
Caribbean CBI (St. Kitts, Antigua, Dominica, Grenada): OPEN — $100K–$400K USD.

Portugal's Golden Visa property route closed in October 2023. Spain's Golden Visa was cancelled effective April 2025. If you wanted EU residency through property investment: Greece is the last active EU Golden Visa, starting at €250,000. If you wanted to actually live in Portugal: the D7 income visa is better than the Golden Visa ever was for most Canadians.

The Golden Visa 'death' narrative misses the key insight: most Canadians who wanted a Portuguese or Spanish Golden Visa either (a) wanted to actually live there — in which case passive income visas (D7, NLV) are better and cheaper, or (b) wanted residency optionality — in which case Greece's Golden Visa or Caribbean CBI serves that goal. The demand for second residency and citizenship has been redirected, not eliminated.

Key Takeaways

Portugal's Golden Visa property route is closed. The Portuguese government closed the real estate investment route for Golden Visa applications in October 2023. The investment fund route (minimum €500,000 into qualifying Portuguese investment funds) remains open — but it does not provide property ownership. You get the residency pathway but not a house. Portuguese property buyers can still purchase property freely — they simply cannot use that purchase to obtain a Golden Visa residency permit as of October 2023.
Spain cancelled its Golden Visa program effective April 2025. The Spanish Golden Visa (Visado por Inversión) — which required €500,000 in Spanish real estate — was officially terminated by the Sánchez government after years of political pressure from housing advocates who argued the program inflated urban property prices. Existing Spanish Golden Visa holders were grandfathered. New applications from April 2025 onwards are not accepted. The Spain Non-Lucrative Visa (NLV) remains as the primary residency pathway for Canadians with passive income.
Greece is now the last active EU property-based Golden Visa program accessible to Canadians. Greece increased its minimum investment to €250,000 in most regions in 2023, and further to €400,000–€800,000 in Athens, Thessaloniki, Mykonos, Santorini, and other high-demand zones from August 2023. In lower-demand zones (most of mainland Greece, northern Aegean islands), the €250,000 minimum still applies. Greek Golden Visa grants 5-year renewable residency (not citizenship), with a pathway to citizenship after 7 years of legal residence.
Turkey's citizenship-by-investment program ($400,000 USD real estate, 3-year hold, 3–6 month processing) provides not just residency but citizenship — the only Mediterranean property-to-passport program currently active. Turkish citizenship grants a passport with 110+ country visa-free access, including the EU visitor visa for short stays (Turks can enter Schengen for 90/180 days). Turkish citizenship does not grant EU residency rights but provides genuine passport utility for travel and business. Canada and Turkey permit dual citizenship.
Panama's Friendly Nations Visa is the best-value residency program in the Americas for Canadians — and it is not technically an investment visa. Canada is on Panama's list of Friendly Nations (50 countries). Canadians can obtain Panamanian permanent residency by maintaining a $200,000 USD Panama bank deposit or investing $200,000 USD in Panamanian real estate. Permanent residency is granted immediately (not after years of temporary residency). Panama uses the US dollar, has no capital gains tax on property sales to foreigners, and the Pensionado visa for retirees drawing pension income is the world's most generous retiree visa.
Caribbean citizenship-by-investment (CBI) programs at $100,000–$400,000 represent the cheapest second-passport options in the world. The donation route (non-property) starts at $100,000 USD for Dominica's NDF contribution and $200,000 USD for Antigua's NDF. The real estate route requires $200,000–$400,000 USD depending on the island. These are citizenship programs (passports), not residency programs — and the passports provide genuine Schengen access for short-term visits. For Canadians who want a second passport primarily for visa-free travel or optionality, Caribbean CBI is the cheapest entry point.
Dubai's Golden Visa (UAE Investor Visa) requires AED 2,000,000 (~$750,000 CAD / $540,000 USD) in UAE real estate and grants a 10-year renewable residency. Dubai is not an EU market but is increasingly positioned by Canadian wealth managers as a global residency hub: zero income tax, zero capital gains tax, zero inheritance tax, English-language business environment, and extraordinary infrastructure. The UAE has a Canada-UAE tax treaty that is more favorable than most Caribbean jurisdictions for pension income treatment.
For Canadian retirees who are primarily seeking the right to live in a country rather than a pure investment return, passive income visas are often structurally superior to Golden Visas. Portugal's D7 visa (€760/month income requirement for 2026, approximately $1,150 CAD), Spain's Non-Lucrative Visa (€2,400/month income for the primary applicant), Costa Rica's Pensionado visa ($1,000/month pension income), and Panama's Pensionado visa ($1,000/month pension) all provide legal residency without requiring a €250,000+ real estate investment. CPP and OAS combined typically exceeds the income requirements for D7, Pensionado, and Friendly Nations programs.
The most important thing Canadians searching for 'Portugal Golden Visa' or 'Spain Golden Visa' need to understand: both programs targeted wealthy buyers who wanted EU residency without necessarily living in Portugal or Spain. If you want to actually live in Portugal, you do not need a Golden Visa — you can buy any property freely and apply for the D7 passive income visa with proof of €760/month income. The Golden Visa was always primarily for investors who wanted EU residency optionality without committing to actual residence.
The concept of 'residency by real estate' — buying property to obtain legal residency — is not dead. It has simply moved: from Portugal and Spain to Greece (EU Golden Visa), Montenegro (new €150K program), Turkey (CBI citizenship), Panama (Friendly Nations), and the Caribbean (CBI programs). The menu of options is actually more diverse in 2026 than it was in 2020. The headline story (Portugal Golden Visa closed, Spain cancelled) obscures the fact that the underlying demand for second residency and citizenship has been redirected rather than eliminated.

Golden Visa Alternatives 2026: Key Facts

Portugal Golden Visa property route closed?: Yes — closed October 2023. Fund route (€500K) still open. D7 visa unaffected.(Portuguese Immigration Authority (AIMA))
Spain Golden Visa cancelled?: Yes — effective April 3, 2025. Existing holders grandfathered.(Spanish Official State Gazette (BOE))
Last active EU property Golden Visa?: Greece — €250K (most regions) or €400K–€800K (high-demand zones)(Greek Enterprise & Investment Ministry)
Only Mediterranean property-to-citizenship?: Turkey — $400K USD, 3-year hold, passport in 3–6 months(Turkish Ministry of Interior)
Best value Americas residency for Canadians?: Panama Friendly Nations — $200K USD deposit or real estate, permanent residency(Panama National Immigration Service)
Cheapest second passport globally?: Dominica (non-property CBI) — $100K USD donation route(Dominica CBI Unit)
Portugal D7 income requirement (2026)?: €760/month (primary applicant); family members add €380/each(Portuguese immigration regulations 2026)
Dubai Golden Visa threshold?: AED 2,000,000 (~$750K CAD) in UAE real estate, 10-year renewable(UAE Federal Authority for Identity)
Canada permit dual citizenship?: Yes — Canada permits dual citizenship with all of the above countries(Citizenship Act Canada)
CPP + OAS max combined (2026)?: Approximately $2,200 CAD/month — exceeds D7, Pensionado, and Friendly Nations income requirements(Service Canada 2026 rates)

2026 Residency and Citizenship Programs for Canadian Buyers

Nine programs compared across investment requirement, what you receive, and Canadian pension treaty treatment.

2026 residency and citizenship alternatives for Canadian buyers — 9 programs compared
Program	Country	Investment Required	What You Get	Processing	EU Access	Canada Treaty	Best For
Golden Visa	Greece	€250K–€800K real estate	5-yr renewable EU residency	6–12 months	Full EU residency + Schengen travel	No (25% CPP/OAS withholding)	EU residency, last active EU property GV
D7 Passive Income Visa	Portugal	€0 investment — €760/mo income	2-yr renewable residency → citizenship path	3–6 months	EU residency + Schengen travel	Yes — 10% CPP/OAS withholding	Retirees who want Portugal lifestyle
Non-Lucrative Visa (NLV)	Spain	€0 investment — €2,400/mo income	1-yr renewable residency	1–3 months	EU residency + Schengen travel	Partial (15% withholding)	Higher-income retirees wanting Spain
Citizenship by Investment	Turkey	$400K USD real estate	Turkish citizenship + passport	3–6 months	Non-EU (Schengen 90/180 visitor)	Limited DTA (25% effectively)	Second passport, Mediterranean coastal
Friendly Nations Visa	Panama	$200K USD deposit or real estate	Permanent residency (immediate)	3–6 months	Non-EU	Partial (15% withholding)	Best Americas residency value
Pensionado Visa	Panama	$0 — $1,000/mo pension income	Permanent residency + discounts	3–6 months	Non-EU	Partial (15% withholding)	Retirees with pension income
CBI (Real Estate Track)	St. Kitts or Antigua	$400K USD approved project	Caribbean citizenship + passport	3–6 months	Non-EU (Schengen visitor 90/180)	No (25% CPP/OAS withholding)	Second passport, Caribbean property
Golden Visa	Dubai (UAE)	AED 2M (~$750K CAD) real estate	10-yr renewable UAE residency	2–4 weeks	Non-EU	Canada-UAE DTA exists	Tax-free global residency hub
Property Residency	Montenegro	€150K real estate	1-yr renewable temporary residency	1–3 months	Non-EU (EU accession 2028–30)	No (25% withholding)	Pre-accession Adriatic property play

The D7 Secret: Portugal Residency Without a Golden Visa

Here is the insight that most “Golden Visa closed” coverage misses: for Canadians who actually want to live in Portugal, the Portugal D7 Passive Income Visa is superior to the Golden Visa in almost every dimension:

No property investment required — just proof of €760/month in income
CPP + OAS from Canada easily meets the threshold
Same 5-year citizenship pathway as the Golden Visa
Same EU residency rights
Portugal’s 10% CPP/OAS treaty withholding rate — the best in the world for Canadians
You can still buy any property you want in Portugal; you just don’t need to for the visa

The only thing the D7 cannot do that the Golden Visa could: the Golden Visa allowed you to obtain Portuguese residency without actually living in Portugal. If you wanted the optionof EU residency while continuing to live in Canada — the D7 does not provide that. For that goal, only Greece’s active Golden Visa remains. Read the complete CPP and OAS guide for Portugal D7 applicants.

Greece: The Last Active EU Property Golden Visa

Greece’s Golden Visa is now the only EU member state offering property-based investment residency to Canadians. The minimum investment depends on where in Greece you buy. As of August 2023:

Athens and Thessaloniki: €800,000 minimum
Mykonos, Santorini: €800,000 minimum
Other islands and all other mainland regions: €400,000
Most of mainland Greece (excluding Athens & Thessaloniki): €250,000

The Greek Golden Visa grants 5-year renewable residency. No physical presence required to maintain the residency permit. Full Schengen travel rights as a Greek resident. No Canada-Greece comprehensive treaty — 25% CPP/OAS withholding for Greek residents. Pathway to Greek (EU) citizenship after 7 years of physical legal residence.

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Portugal & Spain Golden Visas Closed: Your 2026 Alternatives