Cyprus and Malta both moved on their residence schemes in the last week of September 2026, weeks after Latvia closed its property route. Greece’s Golden Visa still accepts property from €250,000, but its announced 15% transfer tax changes the comparison for non-EU buyers.
On 28 September, reports said Cyprus plans to tighten its investment residence scheme before joining Schengen. On 30 September, it was reported that Malta’s new Individual Tax Program takes effect on 1 January 2027 with much higher property thresholds. Both changes come as Greece’s own scheme is being reshaped.
The numbers
| Country | Property-linked threshold | Latest change |
|---|---|---|
| Greece (Golden Visa) | €800,000 in Attica, Thessaloniki, Mykonos, Santorini and islands over 3,100 inhabitants; €400,000 elsewhere; €250,000 for change-of-use conversions and listed buildings | 15% transfer tax for non-EU home buyers announced in September 2026; later reports give 1 July 2027 |
| Cyprus (golden visa) | €300,000 in residential or commercial property, company shares or fund units | Tightening under review before Schengen entry; no new thresholds announced |
| Latvia | €250,000 property route closed | Property and deposit routes closed to applications after 14 September 2026; company and €150,000 fund routes remain |
| Malta (Individual Tax Program) | €700,000 purchase (was €275,000) or €14,000 a year rent (was €9,600) | From 1 January 2027; €35,000 minimum annual tax for non-EU/EEA/Swiss residents |
Malta’s Individual Tax Program is a tax-residence scheme. According to reports, the Malta Permanent Residence Programme sits outside the new rules.
What is driving it
Cyprus: Schengen and permit numbers
Cyprus has not set a Schengen accession date. The European Commission gave a positive readiness assessment in July 2026, and member states discussed it on 15 September. Options reported to be under consideration include higher minimums, possibly tiered by region on the Greek model, and stricter due diligence.
The permit figures themselves conflict. A report to MPs in April 2026 counted 7,088 valid permits issued since 2013. A 2025 Finance Ministry letter put approvals at 12,189. Deputy minister Nicholas Ioannides said Cyprus needs investment, provided it arrives in a controlled manner.
Latvia: from property to funds
Latvia’s new immigration law ended its €250,000 property route and €280,000 deposit route from 15 September 2026. A company route and a new €150,000 fund route survive. On 17 September, it was reported that five Progressives lawmakers had filed a bill to scrap the fund route as well.
Greece: fewer applications, more approvals
Greek applications have already fallen. According to figures reported on 27 August, applications from January to July 2026 totalled 3,086, down 39% on the same period of 2025. The backlog stood at 29,273 files in July, from a peak above 52,000 in early 2025. Active investor permits reached 34,278, with Chinese investors holding just over half.
Approvals are moving the other way. Greek media reported 4,919 permits issued in the first half of 2026, up 21% year on year, against 2,551 new applications.
The €250,000 conversion route now leads new applications, according to the same reports. Whether the planned 15% transfer tax will apply to these conversions was still unresolved, Greek media reported on 8 September.
What it means for buyers
Among the schemes in the table, Greece still offers the lowest property entry point, at €250,000 for conversions. Cyprus requires €300,000, though that may change. Latvia no longer offers a property route at all.
The 15% tax changes the total cost for non-EU buyers in Greece. On a €250,000 home, the transfer tax would rise from about €7,725 to €38,625 including the municipal surcharge, according to figures reported in Greek media. The tax is announced, not legislated, and the start date was reported as 1 January 2027 before later reports gave 1 July 2027.
Cyprus buyers face uncertainty in the other direction. No new thresholds or timetable have been announced.
Our view
The direction across these programmes is the same: fewer property routes and higher thresholds. Greece still has a lower property entry point than the other schemes in this comparison. But if conversions are caught by the transfer tax, a €250,000 purchase would carry about €38,625 in tax, bringing the headline cost close to Cyprus’s €300,000 minimum. Clarity on the conversion question will matter more than the headline thresholds.
Buyers should confirm how this applies to them with a Greek lawyer or accountant.
