There are only a handful of EU Golden Visas, and each offers a unique set of benefits, but – at a macro level – they can be categorized as either a paper residency program or an actual residency program.
Which EU residency by investment program is best for you should begin with that very question – do you plan to move to the EU or not – and if so, when?
The answer to that question can immediately add or delete EU Golden Visa options from your list of residency solutions.
And this is all you need to know about EU Golden Visas to answer that question.
EU Golden Visas – A Snapshot
During the 12 months from the summer of 2023 to the summer of 2024, the investment migration space [Golden Visas and Citizenship by Investment – aka passport programs] endured a paradigm shift like it had never seen before.
And most of the EU residency by investment programs were affected in some way.
Some programs are closing, some are relaunching, and others have changed investment options or increased prices.
As of this publishing, this is the up-to-date basic information about each EU Golden Visa.
Greece residency by investment
The Greek Golden Visa was the reigning king of residency programs until 1 September 2024, when it essentially tripled in price – its most popular real estate option increased from €250,000 to €800,000.
While the program still maintains two €250,000 property investment options, the one could prove to be the worst investment in the industry.
Also, a third option is said to be on the horizon, which would permit investing into Greek startups.
With that said, the primary real estate investment zones now have a required minimum cash investment of:
- €800,000 for all developed regions of Greece, including Athens, Crete, Thessaloniki, Santorini, and Mykonos
In addition, to qualify for the Greek Golden Visa, the property must be at least 120 sq.m. in size.
While the 250K option does not have any size or location restrictions, your residency status will be terminated if the property developer fails to complete the project within 5 years of your Golden Visa approval.
Furthermore, all Golden Visa properties – regardless of investment option – are now prohibited from capitalizing on the short-term rental/vacation market; only long-term rentals are permitted.
Of course, the property can be used as your own primary, secondary, or a vacation home exclusively for your family’s use.
Greek Golden Visa holders could become eligible for Greek/EU citizenship after 7 years.
Cyprus residency by investment
Cyprus is an unsung hero of sorts in the EU Golden Visa space.
It’s a Mediterranean island and an EU member state in the Eurozone.
The downside is that it has not yet joined the Schengen Zone, which is in the works, with the end of 2025 as the country’s target date to finalize the process.
But, Cyprus does offer some tax avoidance and tax optimization benefits.
The Cyprus Non-Dom Tax Program is arguably the best remaining Non-Dom in Europe.
The Cypriot Golden Visa is a real estate-based program and requires a cash purchase of a property that costs at least €300,000.
Unlike Greece, this property can be used for all rental options – short-term, vacation market, or long-term.
Cypriot Golden Visa holders could become eligible for Cypriot/EU citizenship after 8 years.
Hungary residency by investment
The new kid on the EU block, in 2024 Hungary revamped and relaunched its previously very successful Golden Visa program.
Hungry’s relaunch of its residency by investment program was strategically timed to match the price increase of the Greece residency program.
When Greece’s most popular option was €250,000, it was the most affordable and viable EU Golden Visa. Hungary’s €250,000 investment option is now one of the most affordable EU Golden Visa investment routes offering one of the best residency pathways.
The Hungarian Golden Visa offers three investment channels:
- €250,000 minimum cash investment in a government-approved real estate fund
- €500,000 minimum cash purchase of residential real estate anywhere in the country
- €1,000,000 cash donation to a government-approved institution focused on education or culture
Golden Visa holders could be eligible for Hungarian/EU citizenship after 8 years of residency.
Portugal residency by investment
Portugal was one of the EU residency programs on the chopping block in 2023 – only to be saved due to a restructuring of the program.
The most successful and popular investment option – real estate – was removed from the program and replaced with an Equity Fund option.
The current Portugal Golden Visa prohibits all connections to real estate, and no investment, including the Equity Fund, that connects to real estate will be approved.
The Portuguese Golden Visa program’s two most popular investment options are:
- €250,000 minimum cash donation to a government-approved organization that supports cultural or artistic initiatives
- €500,000 minimum cash investment into an approved Equity Fund
Golden Visa holders can become eligible for Portuguese/EU citizenship after 5 years of residency – and this five-year timeframe begins from the date of Golden Visa approval.
Spain residency by investment
Arguably, the best EU Golden Visa program while it is still available – Spain.
However, the Spanish government has announced it will terminate the Spain Golden Visa in April 2025.
Though a date for program termination has yet to be announced, insiders do not believe the Spain Golden Visa will still exist next summer.
All Golden Visas approved before the termination date will remain valid under the program’s rules.
The Spain Golden Visa is a real estate-based program and requires a cash purchase of a property that costs at least €500,000.
The property can be either residential or commercial and located anywhere in Spain.
After 10 years of residency, all legal residents of Spain can become eligible for Spain/EU citizenship.
Malta residency by investment
Officially called the Malta Permanent Residence Programme (MPRP), the MPRP could be the best EU Golden Visa option for certain investors while also being the worst EU Golden Visa option there is.
It is worth noting that the MPRP is also the most difficult to get approved for – which is why the price appears to make it the most affordable EU Golden Visa, but in reality, it is inaccessible to most.
What separates Malta’s program from the others is that it permits applicants to rent a house on the Island nation instead of requiring them to purchase one.
So, there is effectively no long-term commitment to the country – the entire process is typically finalized in 1 year.
That said, the MPRP involves:
- The most complex investment pathway
- Robust due diligence
- The most selective approval process
The Malta Golden Visa requires three stages of investment:
- Accommodation [pick one]
- €300,000 minimum cash purchase of real estate
- €50,000 paid in full, minimum total value of a 5-year rental
- Government Contribution
- €28,000 – if real estate is bought
- €58,000 – if rental option is chosen
- Donation to an Approved NGO
- €2,000 – cash donation
After which, an application fee of €40,000 must be paid to seek Golden Visa approval.
So, all in all, the minimum cost of the MPRP begins at €150,000.
Because Malta offers the EU’s only citizenship by investment program [EU passport program], MPRP holders do not become eligible for citizenship.
Paper Residency vs Actual Residency Programs
You may have heard the term paper residency but not fully understood why that differs from residency in general.
Well, it is actually a critically significant difference, and depending upon your current and future intentions, it will be a deciding factor on whether a program is a good investment for you or not.
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