Golden visas are residency‑by‑investment programs that allow non‑EU citizens to obtain a temporary residence permit in a European country by making a qualifying investment. After a period of legal residence, the permit can be converted into permanent residence and, in many cases, citizenship for the applicant and their immediate family.
Portugal
- Investment options (post‑Jan 2022):
• €350,000 in real‑estate located in Lisbon, Porto or the Algarve
• €500,000 in a venture capital fund - Physical presence: Minimum 14 days in Portugal every two years.
- Path to permanent residence: 5 years of legal residence while maintaining the investment.
- Citizenship: Eligible after 6 years (5 years residence + 1 year additional). Formal approval typically takes 1–2 years after application.
- Family inclusion: Spouse, children, and in some cases parents or grandparents.
Spain
- Investment requirement: €500,000 in real‑estate (other asset classes require higher amounts).
- Processing time: Approximately 10 months (due‑diligence checks tightened since 2021).
- Physical presence: Not required for the initial visa; required only when renewing the residence permit.
- Permanent residence: After 5 years of legal residence.
- Citizenship: After 10 years of residence and 483 days of physical presence.
- Dual citizenship: Generally not permitted unless the applicant is from a Latin American country with a bilateral agreement; renunciation of original nationality may be required.
Italy
- Investment options:
• €250,000 in an Italian startup (minimum) – the most common route. - Processing time: Roughly 3 months.
- Physical presence: Not required for the visa itself; for citizenship, 183 days per year for 10 years.
- Permanent residence: After 5 years of legal residence.
- Citizenship: After 10 years of residence.
- Tax regime: Optional flat tax of €100,000 per year on worldwide income for new residents who qualify as “tax residents.”
Greece
- Investment requirement: €250,000 in real‑estate (increased to €500,000 for properties in Athens or other major cities from Jan 2023).
- Processing time: About 5 months.
- Physical presence: No minimum stay required to maintain the residence permit; citizenship requires 7 years of residence with actual presence.
- Permanent residence: After 5 years of legal residence.
- Citizenship: After 7 years; male applicants (19‑45) may be subject to 12‑month military service, with possible exemptions.
- Tax regime: Flat tax of €100,000 per year on worldwide income, similar to Italy.
Malta
- Investment requirement: Purchase of property for €300,000 (South Malta) or €350,000 (other areas) plus €70,000 government fees.
- Processing time: 7–8 years to citizenship in practice; residence permit obtained earlier.
- Physical presence: Must reside in Malta for 12 months immediately before the citizenship application and at least 6 months per year during the preceding period.
- Citizenship: Possible after 5 years, but actual approval usually takes longer; language proficiency and genuine ties to Malta are required.
- Restrictions: Property cannot be sold or investment withdrawn before citizenship is granted, otherwise the visa is cancelled.
Cyprus
- Fast‑track option:
• €300,000 for a newly built property
• Proof of overseas income ≥ €30,000 (plus €5,000‑€8,000 per dependent).
• Permanent residence granted in ~2 months. - Slow‑track option:
• No minimum property price; must show overseas income ≥ €10,000.
• Permanent residence granted in ~12 months. - Physical presence: Required for citizenship, not for the residence permit.
- Citizenship: After 7 years of residence, with at least 5 years of actual physical presence.
- Military service: Male citizens (19‑45) are subject to mandatory service, similar to Greece.
Latvia
- Investment routes:
• €280,000 capital deposit in a Latvian bank
• €250,000 in real‑estate
• €50,000 to start a company (cheapest option) plus a one‑time government fee of €10,000 and annual taxes of ~€40,000. - Physical presence: Not required to maintain the residence permit.
- Permanent residence: After 5 years of holding the visa.
- Citizenship: After an additional 5 years (total 10 years) of residence, language and cultural integration required.
- Dual citizenship: Allowed only for citizens of certain countries (e.g., New Zealand, Australia, Brazil).
Key considerations when choosing a European golden‑visa program
- Investment size vs. benefits: Portugal and Greece offer the lowest real‑estate thresholds; Italy and Cyprus provide lower‑cost startup or property options.
- Physical presence requirements: Portugal and Greece allow minimal stays; Spain and Italy require longer stays for citizenship; Malta and Cyprus impose stricter residency conditions.
- Path to citizenship: Portugal (6 years), Greece (7 years), Italy (10 years), Spain (10 years), Malta (5+ years but lengthy processing), Cyprus (7 years).
- Tax incentives: Italy and Greece offer a flat €100,000 annual tax on worldwide income for qualifying residents.
- Dual citizenship: Spain generally prohibits it; Latvia permits it only for selected nationalities; Cyprus and Malta allow it but with conditions.
- Processing times: Italy (≈3 months) and Portugal (≈6 months) are among the fastest; Malta and Cyprus can exceed several years for citizenship.
Prospective applicants should match their financial capacity, desired level of physical presence, tax planning goals, and citizenship preferences to the specific criteria of each program.
