EU residence: Hungary, Cyprus, Portugal

Three programmes whose published conditions contain no restriction by nationality: the investment, presence requirements and what the status gives in practice.

Checked on: 4 October 2026

Italy and Greece have suspended their investor programmes for Russian citizens. In Hungary, Cyprus and Portugal the published programme conditions contain no restriction by nationality. Below is what each of the three programmes requires according to official documents.

Country	What the applicant receives	Minimum investment	Presence in the country
Hungary	Guest investor residence permit for up to 10 years, extendable for another 10	EUR 250,000 in real estate fund units	The application is filed in Hungary within 30 days of the first entry
Cyprus	Immigration permit with no expiry (permanent residence)	EUR 300,000	Arrive within one year of approval; the permit is cancelled after two years of absence
Portugal	Residence permit for investment activity (ARI)	EUR 500,000 in fund units	7 days in the first year and 14 days in each following two-year period

Hungary: Guest Investor

The residence permit for investors is granted under Act XC of 2023. The Hungarian immigration authority lists two options: the purchase of units in a real estate fund registered by the Hungarian National Bank for at least EUR 250,000, to be held for at least five years, or a donation of at least EUR 1,000,000 to a public higher education institution for education, research or the arts.

The permit is granted for up to 10 years and may be extended for another 10 years. Its holder may work in Hungary without restrictions. A guest investor visa is obtained first, and the residence permit application is filed within 30 days of the first entry into the country.

The purchase of residential property from EUR 500,000 is not on the immigration authority's current list, although the websites of some Hungarian embassies still mention it. The immigration authority's list is the one to rely on.

Cyprus: permanent residence

The immigration permit is granted for an investment of at least EUR 300,000 in one of four types of assets: new residential property from a developer (first sale, VAT is not counted towards this amount), commercial real estate, the capital of a Cyprus company with real activity and at least five employees, or units of Cyprus investment funds.

The second mandatory condition is a proven annual income of at least EUR 50,000, plus EUR 15,000 for a spouse and EUR 10,000 for each minor child. Where residential property is bought, the income must come from abroad. The permit covers the spouse and children under 18; children aged 18 to 25 can obtain it as students, subject to additional parental income.

The application is examined in about two months, and the filing fee is EUR 500. After approval, the investment has to be confirmed every year and a criminal record certificate provided every three years.

The Cyprus permit does not give the right to take up employment. The exception is a director's position in the company in which the applicant has invested.

Portugal: ARI through funds

The option for an investor who does not run a business in the country is the purchase of units in Portuguese investment funds for at least EUR 500,000. Requirements for the fund: it must not be a real estate fund, its maturity at the time of investment must be at least five years, and at least 60% of its money must be invested in companies registered in Portugal. The investment is kept for at least five years.

The presence requirement is minimal: 7 days in the first year and 14 days in each following two-year period.

The path to citizenship has become longer. Under Organic Law No. 1/2026 of 18 May 2026, naturalisation requires 10 years of residence (7 years for citizens of EU and Portuguese-speaking countries), as well as knowledge of the Portuguese language, culture and history. The law entered into force on 19 May 2026; applications filed earlier are decided under the previous wording.

EU banks

The EUR 100,000 limit on deposits of Russian citizens in EU banks does not apply to holders of a temporary or permanent residence permit in an EU country. Any of the three statuses takes its holder outside this restriction. The decision to open an account still rests with the bank.

What to check before applying

Whether the programme accepts an application from a Russian citizen on the filing date: the absence of a ban in the rules does not guarantee it.
Which bank will accept the payment and which source-of-funds documents it will ask for.
The terms of exit from the investment: the period for which the money is committed and how it is returned.
Tax consequences: a residence permit on its own does not, as a rule, make a person tax resident, but actually moving changes the position.
If the goal is EU citizenship: naturalisation periods are counted from actual residence and are measured in years.

Sources

This material is for reference only and is not legal, tax or investment advice. Programme terms change: verify them against the primary source before deciding.

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