EU Citizenship by Investment: Closed Routes in 2026

No direct EU citizenship by investment scheme among Malta, Cyprus and Bulgaria is open to new applicants. Malta closed MEIN in 2025 following an EU court ruling. See the Malta citizenship closure guide.

Key Takeaways

• Malta closed its investment-based citizenship scheme to new applicants in 2025 after the EU court ruling; see the Malta citizenship closure guide.
• Cyprus and Bulgaria are closed: The Cyprus Investment Programme (CIP) ended in 2020, and the Bulgarian CBI scheme was abolished in 2022 following EU pressure.
• Portugal’s 2026 nationality law now requires 10 years of legal residence or 7 for EU and CPLP nationals, counted from the first permit issue date. Citizenship applications filed before 19 May 2026 retain the old rules. See Lei Orgânica n.º 1/2026.
• Malta: Its former MEIN scheme required rigorous due diligence but no longer accepts new investment applications.
• Legal change: The EU Court of Justice ruled against Malta’s investment citizenship scheme in April 2025 and Malta amended its law that July.

What happened to the Cyprus and Bulgaria CBI programmes?

For nearly a decade, High Net Worth Individuals (HNWIs) had three primary choices for EU citizenship by investment. Cyprus was the fastest, often granting passports in six to nine months for a 2 million Euro investment in real estate. However, following a series of undercover investigations and allegations of systemic due diligence failures, the Cypriot government shuttered the programme in November 2020.

Bulgaria offered a slower but cheaper route, often referred to as the "fast-track" option. By investing roughly 1 million Euro in government bonds or private equity, investors could obtain a passport in two years. Under intense pressure from the European Commission, which argues that citizenship should not be "sold" without genuine links to a country, Bulgaria officially repealed the legislation in April 2022. All active applications that had not reached the final stage were subsequently cancelled.

Is Malta ESDI still an EU citizenship by investment option?

Malta’s former MEIN route is historical and accepts no new investment applicants. See the Malta closure guide.

The former MEIN route had three principal financial requirements but these are historical, not an application checklist:

1. A non-refundable contribution: 600,000 Euro (after 36 months of residency) or 750,000 Euro (after 12 months of residency).
2. A real estate commitment: The purchase of a residential property for at least 700,000 Euro or a five-year lease at a minimum of 16,000 Euro per annum.
3. A philanthropic donation: A mandatory 10,000 Euro contribution to a registered Maltese non-governmental organisation or society.

Additional contributions once applied to adult dependants. This historical cost structure does not apply to Malta’s discretionary citizenship by merit route.

How do the costs and timelines compare?

The former schemes help explain why investors now compare residence permits instead of direct EU citizenship by investment. Malta’s former route closed in 2025.

Historical comparison of closed EU pathways

What happened to Malta’s EU citizenship by investment route?

The European Commission challenged Malta’s citizenship scheme before the EU Court of Justice. The court ruled against Malta on 29 April 2025 and Malta amended its Citizenship Act on 24 July 2025. New investment-based citizenship applications are no longer accepted.

Malta’s former MEIN route is historical and accepts no new investment applicants. See the Malta closure guide.

Are there alternatives to direct CBI in Europe?

With Malta, Cyprus and Bulgaria closed to new investment citizenship applicants, investors can instead consider residency by investment. Residence does not automatically confer a passport and naturalisation has separate requirements.

1. Greece Golden Visa: Requires a 250,000 Euro to 800,000 Euro investment in real estate (depending on location). Citizenship is possible after seven years of residency and a language test.
2. Portugal Golden Visa: The residence route remains open but naturalisation now generally requires 10 years of legal residence or 7 for EU and CPLP nationals under Lei Orgânica n.º 1/2026 in the Diário da República.
3. Spain Golden Visa: Closed to new applications on 3 April 2025. See the Spain golden visa closure guide for alternatives.
4. Italy Dolce Vita Visa: Requires 250,000 Euro in a startup or 500,000 Euro in a limited company. This leads to permanent residency and eventually citizenship.

What should investors consider before applying?

The former Maltese MEIN scheme applied extensive due diligence to applicants. It no longer accepts new investment-based citizenship applications.

The former requirement to show a connection to Malta does not turn the closed MEIN investment route into an open programme. Citizenship by merit is discretionary and has no fixed investment amount.

Frequently Asked Questions

Can I still get a Cyprus passport through investment? No. The Cyprus Investment Programme was permanently abolished in November 2020. You can still obtain a residency permit via property purchase, but this does not lead to an expedited passport.

Can I apply to Malta’s former MEIN programme? No. Malta closed investment-based citizenship to new applicants in 2025. See the Malta citizenship closure guide.

Are historical MEIN costs relevant to a new applicant? No. Malta’s citizenship by merit route has no fixed investment or payment requirement.

Does the Bulgarian programme still exist for bonds? No. Bulgaria ceased all investment-based citizenship routes in 2022. The 512,000 Euro bond investment option is no longer valid for citizenship applications.

How long does it take to get an EU passport through a Golden Visa? Portugal’s 2026 nationality law now requires 10 years of legal residence or 7 for EU and CPLP nationals, counted from the first permit issue date. Citizenship applications filed before 19 May 2026 retain the old rules. See Lei Orgânica n.º 1/2026.

Disclaimer: This article does not constitute legal or tax advice. The regulatory environment for investment migration is highly volatile. Readers should consult with a qualified legal professional and a licensed agent within the specific jurisdiction before making any financial commitments.

Source references: Community Malta Agency, European Commission Press Corner, Republic of Cyprus Ministry of Interior.