As global mobility becomes more important for high-net-worth individuals and internationally minded families, “Golden Visa” programs in Europe have gained widespread popularity. These residence-by-investment schemes offer the ability to live, travel, and sometimes work in the European Union — often with the opportunity to gain permanent residency or even citizenship over time.
This in-depth guide compares the top five Golden Visa programs in Europe based on cost, benefits, residency requirements, investment types, and citizenship pathways. If you’re exploring options for investment-based immigration in 2025, this article will help you decide where to invest — and how to do it strategically.
What Is a Golden Visa?
A Golden Visa is a residence permit granted to foreign nationals who make a significant investment in a country’s economy. These investments often include real estate purchases, government bonds, business creation, or donations. In return, applicants receive residency rights and can eventually apply for permanent residency or citizenship, depending on the program.
The most attractive European Golden Visa programs offer:
- Visa-free travel across the Schengen Area
- Pathways to permanent residency or citizenship
- Family inclusion (spouses, children, and sometimes parents)
- Investment security through real estate or economic funds
1. Portugal Golden Visa
Overview
Portugal’s Golden Visa has been one of the most successful in the world, offering flexible residency with a relatively low physical stay requirement. As of 2024, Portugal phased out real estate investment as a qualifying option, shifting its focus to fund investment and job creation.
Investment Options (2025):
- €500,000 in a qualified investment fund (e.g., venture capital, private equity)
- €500,000 in scientific research or tech-related activities
- €250,000 donation to arts and cultural heritage
- Job creation or company establishment
Residency & Citizenship:
- Minimum stay: 7 days per year (on average)
- Eligible for permanent residency after 5 years
- Citizenship eligible after 5 years (language test required)
Pros:
- Low physical presence requirement
- Path to EU citizenship
- Visa-free Schengen travel
Cons:
- No more real estate route
- Fund investment requires due diligence
Official Website: https://vistos.mne.gov.pt/en/
2. Greece Golden Visa
Overview
Greece offers one of the most affordable Golden Visa programs in Europe, with a real estate investment minimum starting at €250,000 (in some regions). In 2023, Greece updated the rules to increase the minimum to €500,000 in high-demand areas like Athens and Santorini.
Investment Options (2025):
- €250,000 in real estate (low-demand areas)
- €500,000 in real estate (Athens, Thessaloniki, islands)
- €400,000 in Greek government bonds or corporate securities
- Lease agreements in tourism/hospitality sectors
Residency & Citizenship:
- No minimum stay requirement
- Permanent residency valid for 5 years and renewable
- Citizenship after 7 years of continuous residency and integration (language/culture test required)
Pros:
- Low cost of entry in non-urban areas
- Real estate option still available
- No stay requirement
Cons:
- Citizenship requires real presence
- Regional price variations
Official Website: https://migration.gov.gr/en/golden-visa/
3. Spain Golden Visa
Overview
Spain’s Golden Visa remains popular due to its strong real estate sector and broad travel rights within the Schengen zone. It is also attractive to Latin American and Filipino investors due to historical ties.
Investment Options (2025):
- €500,000 in Spanish real estate
- €1 million in Spanish company shares or bank deposits
- €2 million in government bonds
- Business projects of public interest
Residency & Citizenship:
- Initial residence: 2 years, renewable
- Permanent residency: after 5 years of actual residence in Spain
- Citizenship: after 10 years (only 2 years for Latin American citizens, Andorra, Philippines, etc.)
Pros:
- Real estate option still valid
- No minimum stay required for residency (but needed for PR/citizenship)
- Fast initial processing (~20 days)
Cons:
- Long citizenship path for most applicants
- High taxes on global income if resident
4. Italy Investor Visa
Overview
Italy offers a highly respected Investor Visa for Italy that appeals to entrepreneurs, business owners, and investors. Although not technically labeled a “Golden Visa,” it provides residence and long-term pathways for investors.
Investment Options (2025):
- €250,000 in innovative startups
- €500,000 in Italian companies
- €1 million donation to culture or public interest projects
- €2 million in government bonds
Residency & Citizenship:
- 2-year visa, renewable for 3 years
- Eligible for permanent residency after 5 years of continuous stay
- Citizenship after 10 years of legal residence
Pros:
- Investment into real businesses
- Flexible renewal structure
- Pathway to EU residency/citizenship
Cons:
- No real estate route
- Physical presence required
- Less automated process
5. Malta Permanent Residence Programme (MPRP)
Overview
Malta discontinued its previous Individual Investor Programme (IIP) and now offers the Malta Permanent Residence Programme (MPRP) — a hybrid residency-by-investment model with strong long-term security. It also offers a separate citizenship-by-investment program for ultra-high-net-worth applicants.
Investment Options (MPRP):
- €98,000 government contribution (if leasing property) or €68,000 (if buying)
- €300,000 real estate purchase or €10,000/year lease (minimum 5 years)
- €2,000 donation to a local NGO
Residency & Citizenship:
- Permanent residency granted immediately upon approval
- No physical stay required
- Citizenship route available via a separate program (after 12–36 months)
Pros:
- Low overall cost compared to other EU PR schemes
- Immediate PR
- Favorable tax system for non-domiciled residents
Cons:
- Dual structure can be confusing
- Citizenship route requires a separate, more complex process
Comparative Overview: Which Golden Visa Is Best for You?
| Country | Minimum Investment | Real Estate Option | Stay Requirement | Citizenship Timeline |
|---|---|---|---|---|
| Portugal | €250,000 (donation) / €500,000 (funds) | ❌ | 7 days/year | 5 years |
| Greece | €250,000–€500,000 | ✅ | None | 7 years (with residence) |
| Spain | €500,000+ | ✅ | None for visa, required for PR | 10 years (2 years for some) |
| Italy | €250,000+ | ❌ | Yes | 10 years |
| Malta | €150,000–€350,000 (total package) | ✅ | None | 12–36 months (citizenship program) |
Factors to Consider When Choosing a Golden Visa
When selecting the right Golden Visa program, consider the following:
- Investment Goals:
- Do you want real estate, business equity, or donations?
- Are you seeking returns or just residency?
- Family Inclusion:
- All top programs include family members, but age limits and dependents vary
- Tax Implications:
- Consider local tax rules, especially for global income
- Path to Citizenship:
- Portugal and Malta offer the fastest paths
- Greece, Italy, and Spain require physical residence
- Lifestyle & Residency Preferences:
- Portugal: Low cost of living, English widely spoken
- Greece: Scenic, Mediterranean lifestyle, affordable property
- Spain: High quality of life, great infrastructure
- Italy: Historic, business-friendly for EU startups
- Malta: English-speaking, favorable for non-doms
Final Thoughts
Golden Visas remain one of the most attractive global mobility tools for those seeking European residency and citizenship. Whether you’re investing for lifestyle, tax planning, family security, or global freedom, each program offers distinct benefits and trade-offs.
In 2025, Portugal and Malta lead in efficiency and citizenship speed, while Greece and Spain continue to offer affordable, flexible property-based routes. Italy appeals to those interested in startup and corporate investments.
Always consult a licensed immigration advisor or legal expert before making financial commitments. The official websites and immigration authorities in each country remain the best sources of up-to-date program details.
Resources:
- Portugal Golden Visa: https://vistos.mne.gov.pt/en/
- Greece Golden Visa: https://migration.gov.gr/en/golden-visa/
