Which European Golden Visa Schemes Are Best By Value?

If you are a national of a non-EEA country (a country that doesn’t belong to the European Economic Area), you must apply for a residence permit to live permanently in an EU country. Golden Visa programs are designed to fast-track the process. However, each European country has its own unique flavor of the Golden Visa program. Let’s take a look to see which one is right for you.

Whether you come from the UK, the US, Canada, Australia, China, Russia, or any other non-EEA country, you must go through the same immigration procedures and comply with the requirements set by EU members for non-EEA citizens.

How to Become an EU Resident

To become an EU resident, you have to meet at least one of the following criteria:

1. Your close family members are legal EU residents
2. An EU company in the EU territory employs you
3. Your employer is relocating you to an EU branch
4. You are a person with enough passive income to qualify for a visa that expressly prohibits local employment or any paid work
5. You have the means to go through a Residency by Investment or Golden Visa scheme

Following routes 1 – 4, if you meet the requirements, you will first have to apply for a visa and then a short-term residency permit, which you will need to renew once or twice depending on where in the EU you are applying, before being able to apply for permanent residency.

Although the requirements vary among European countries, they all have one thing in common: the paperwork is tedious, the applications take time and effort, and they are not the most accessible paths to permanent residency in the EU.

Golden Visa schemes – the easiest way to get permanent residency in Europe

The easiest way to obtain permanent residency in the EU is to buy a qualifying property or make qualifying investments in an EU country that runs a Golden Visa scheme.

EU countries that run Golden Visa programs:

• Spain (coming to an end)
• Portugal
• Greece
• Cyprus
• Malta
• Italy
• Hungary
• Latvia

Each of the above countries requires investments in either property or government bonds with minimum connection to the country. Regardless of the country you choose, in addition to residency, you will also gain visa-free travel throughout the rest of Europe.

Montenegro

Although not yet in the EU, Montenegro can be a great option, considering the country has widespread support among EU members and is on the path to joining the EU by 2025.

Other countries, such as France and Austria, run special residency programs for active investors that require applicants to have close ties with the country and the businesses they invest in.

Which EU countries give you residency when you buy a property?

You can get EU permanent residency by buying a qualifying property with no other co-payments or investments required in the following countries*:

Cyprus – from €300,000. You can find more details in our Living In Cyprus guide in the residency section.

Greece – from €250,000. Find out more in Greece: Visa & Residency Options For Non-EU Nationals guide.

Spain – from €500,000. For more information, read our guide on Spain Residency, Registration On A Padron, NIE And Other Paperwork.

Latvia - from €250,000.

*The prices don’t include VAT, applicable property taxes, and legal services.

Which EU country gives the fastest permanent residency through Golden Visa?

This is how fast your application is approved in different EU countries when you buy a qualified property through the Golden Visa program:

Greece – up to 2 months

Cyprus – up to 6 months

Spain – up to 2 months

Malta – up to 4 months

Citizenship by Investment or Residency by Investment?

To decide whether you need a residency in the EU or European citizenship, ask yourself how restrictive the passport that you hold right now is.

If you need visa-free access to more countries than you have now, then you may need second citizenship. If you need a permit to reside in the EU on a permanent basis and are quite happy with the passport you currently hold, then EU permanent residency might be what you need.

Obtaining citizenship through Investment programs is, as a rule, much more expensive. You will pay a lot more if you want to obtain a second passport as fast as possible.

For example, you can get a Maltese passport in just one year if you contribute €750,000 in qualifying investments. Or for a minimum of €150,000, you can get permanent residency in Malta, which you can renew every five years as long as you hold a Maltese address.

Another thing to remember is this: if you hold permanent residency in an EU country, there will be an option to apply for citizenship after a certain period, provided you qualify.

One of the main requirements is that you have actually been living in the country for more than 183 days a year and can demonstrate close connections to the country. The conditions tend to vary between EU members, but the main point remains – holding EU permanent residency is a valid path to EU citizenship.

Best value European Golden Visa

The cheapest route to becoming an EU citizen is to go through Greece’s Golden Visa program.

Although in urban areas the minimum investment is €800,000, you can still acquire a property and the Golden Visa for at least €400,000 if you look outside Athens, the Municipality of Vari-Voula-Vouliagmeni, the Municipality of Thessaloniki and the islands of Mykonos and Santorini.

The minimum €250,000 is still applicable for commercial to residential conversions and for restoration of listed buildings.

With this, you can get a 5-year residency permit that you can renew every five years, provided you still own the property.

There’s no minimum stay requirement, so you can stay for as long or as little as you want; it won’t affect your residency renewal.

However, if you plan to apply for citizenship, you must actually live in Greece and pay taxes for seven years before you can do so. You will also have to prove that you have ties to the country and at least a basic knowledge of the language and culture.

You can find more information on Greece Golden Visa and other residency routes in our guide on Visa & Residency Options In Greece.

The fastest European Union citizenship route

Comparing European countries offering citizenship by investment, the fastest way to get an EU passport is through the Malta Citizenship by Investment Program.

You can obtain a Maltese passport in just one year and four months if you meet the following criteria:

1. Contribute €750,000 to the national development fund set up by the government;
2. Live in Malta for at least two weeks within a 12-month period;
3. Contribute €50,000 per each additional dependent included in your application;
4. Invest a further €700,000 into a property or rent a property for at least  €16,000 per year;
5. Make a donation of €10,000 to a registered philanthropic, cultural, sport, scientific, animal welfare, or artistic non-governmental approved organization or society.

EU Residency by Investment - ROI

As you venture into European residency and citizenship by investment, it's crucial to consider the potential return on investment (ROI).

In most cases, you will be offered to invest in real estate or other ventures with the capacity for financial gain.

All the options require you to maintain the investment for the whole duration of your golden visa residency permit. So there's not much flexibility - if you withdraw your investment, you will lose the residence. Hence, it makes sense to invest carefully with a long-term approach.

Let's say you are investing a minimum of €500,000 in Spanish real estate.

In 2023, according to Idealista, the Spanish property market was on the up. Prime locations such as Madrid, Barcelona, and the coastal areas experienced property value appreciation, and the trend seems to continue in 2024.

The Global Property Guide indicates that the rental yield in Spain is around 6.17% in the first quarter of 2024. This is slightly higher than the 6.09% reported in the third quarter of 2023. So, if you're thinking about investing in properties in high-demand areas and leasing them, these are the kinds of returns you could aim for in the near future.

Remember that housing markets can be volatile, and what looks like a good investment today can change tomorrow.

After five years of maintaining your investments, you can apply for citizenship (if you qualify) and, upon obtaining it, sell your properties. Or you can maintain your investment and residency for as long as you want.

Another scenario is that you are investing the same minimum of €500,000 in Portugal's approved investment funds. The shortest period you need to invest is five years. You have a choice of about 50 approved funds offering various combinations of risk and return. Some offer annual dividends and diversification, while others focus on achieving maximum capital growth by the end of your investment period.

Typically, if it's a residential real estate fund, you can expect a low risk and a yield of 3% on average. On the other end, a fund investing in business and commercial real estate is above medium risk but can bring you up to 10% in yields.

Again, to renew your residency permit, you have to maintain the investment, but depending on the funds you choose to invest in, you can enjoy an annual profit share. After six years of maintaining your investment, you can apply for citizenship If you qualify, you can exit the funds. Or, if you don't want citizenship, you can keep your investments and maintain your residency.

There are many options when it comes to investing your money, so exercising caution and doing your due diligence is key. You need to understand what levels of risk are acceptable for you, whether you are ready to lock your funds for several years in return for a residency permit, and how much you can earn by doing so.

How to choose a golden visa program in Europe

Start by pinpointing your key objectives. Are you mainly pursuing residency, or is citizenship your end goal?

If it's citizenship you want, in most cases, you will be required to physically live in the country for a certain period to qualify for citizenship, learn the language, etc. So you need to factor this in.

If it's a residency, find out the required minimum stay - how long you need to be physically present in the country to qualify for the residence permit.

Do you have a preference for a specific region or country? Research this country's offer to make sure it suits your objective.

Assess elements like investment options, financial requirements, residency benefits, program prerequisites, visa validity, and tax consequences.

Investment options considerations

• Property investment, bank deposits, government bonds, funds, or investment in local businesses
• What is the minimum required investment
• The fees involved (managing fees and other costs)
• For how long the investment is locked
• What are potential ROI

Financial requirements

• The application cost for the whole family: application and processing fees, lawyer fees, and other fees
• Financial requirements for the annual personal income (if any)

Residency benefits

If you plan to live in the country where you are applying, research whether the golden visa gives you the right to work, start a business and access public education and healthcare.

Tax consequences

In most cases, your investment income will be taxed locally even if you do not live in the country. Make sure you comply with the tax requirements.

Get help

When choosing your golden visa program, it can be beneficial to consult a specialist with a broader knowledge of all existing programs. However, theoretically, you can do all the research on your own.

When it comes to actually investing and applying, you have to hire professionals to help you navigate through the process.

Most popular Golden Visa schemes comparison

Here’s a comparison table of the required investments and typical legal costs for Golden Visa programs in Spain, Portugal, Malta, Greece, and Cyprus:

Things to consider:

• Processing times: Typically 3-6 months depending on the country.
• Due diligence costs: Some countries, like Malta and Cyprus, may have additional government due diligence fees ranging from €5,000 to €10,000.
• Taxes: Real estate investments are often subject to local taxes (e.g., VAT, stamp duty), which should be factored into the total investment.

Golden Visa application tips

To ensure a smooth and successful Golden Visa application process, keeping a few cardinal points in mind might prove beneficial. In the end, it all comes down to being informed, prepared, and strategic.

First and foremost, understand that patience is a virtue. The Golden Visa application process can often be time-consuming and could take several months to conclude. This is a given, considering the thorough vetting that embassies undertake to sniff out any potential fraudulent activities.

Thorough research and preparation

Before you start your application, take the time to research and familiarize yourself with your chosen country’s specific requirements and procedures. Each country's program differs, and knowing these subtle differences can aid your application immensely.

Ensure your investment is worth it

Investigate the potential return on your investment. While the primary aim of a Golden Visa is residency or citizenship, ensure the investment you make in that country also has the potential to provide a profitable return.

Seek legal counsel

Engaging the services of an experienced immigration attorney or consultant could be advantageous. They should be well-versed in the intricacies of the process and can guide you seamlessly through the legal labyrinth of the application process.

Be financially prepared

Unexpected costs can arise. Therefore, it's crucial to budget additional amounts for potential legal fees, processing fees, and other miscellaneous charges that may pop up along the way.

Keep all documents updated

Ensure all your documents are up-to-date and valid. This includes your passport, financial statements, and any supporting documents relating to your investment. Any outdated or erroneous documents can significantly delay the process.

EU Golden Visa Programs – summary

Greece, Portugal, Cyprus, Spain, and Malta are the most popular countries for Golden Visa. It’s not surprising, considering their favorable climate and lower cost of living.

As you can see, there are plenty of countries that offer relevant residency programs. Juggling the costs and benefits of each will help you decide the best country for your budget and lifestyle choices.

You might find useful:

• Spain Residency, Registration On A Padron, NIE And Other Paperwork - all about Spain residency options and how to register as a resident.
• Living In Spain Expat Guide - A complete guide covering every aspect of moving to and settling down in Spain.
• Living In Itlay As An Expat - an ultimate relocation guide that includes your visa and residency options.
• Living In Malta As An Expat - find out about your Malta visa and residency options in the residency section of the guide.
• Didn’t find what you were looking for or need further advice? Comment with your question below, and we will do our best to help.

Helpful external links:

• About Spain's Investor Visa - Spain's Foreign Office
• About Portugal's Investor Visa - Portugal Immigration Authorities
• Malta Investor Program - Malta Government website
• Cyprus Investor Visa - Cyprus Government website
• Italy Investor Visa - Italy Government website
• Greece Golden Visa - Greece Government website
• Global Property Guide - a resource for property investors