What European countries offer Golden Visa and what are the differences in their investment visa programs? Find out in our detailed comparison of residency and citizenship programs for investment in the EU.
Golden Visa is a residence permit scheme that allows investors from various parts of the globe to legally reside in a country by making a suitable investment. Each country has specific investment routes, benefits, and eligibility criteria.
While some of the European countries offers investors to get only residency in the country in exchange for an investment others like Portugal for example offers both permanent residency and citizenship.
Let's compare Portugal Golden Visa to Other European residency & citizenship by investment visa programs.
Until 1984 when St. Kittens and Nevis introduced the maiden citizenship by investment program, such program did not exist. However, since the emergence of the first program, there have been a various countries throughout the world to offer Golden Visa programs. Currently, 13 European countries are offering EU citizenship by investment.
The following are some of the top European countries that offer citizenship through investment (Golden Passport) or residency through investment (Golden Visa) programs to investors outside of EU.
(or have similar residency and citizenship by investment visa programs)
In our Golden Visa residency comparison table, we’ll compare Portugal Golden Visa with other European citizenship by investment visa programs so that you can make the right decision.
| Country | Permanent residency | Citizenship | Residency rules / Stay requirement | Visa-free access * | Minimum investment |
|---|---|---|---|---|---|
| Austria | 5 years | 10 years | No minimum residency requirements | 131 countries | €2,000,000 EUR |
| Belgium | 3 years | 5 years | 1 day/year for residency and 2 years for citizenship | 131 countries | €350,000 EUR |
| Bulgaria | 6 months | 18 months | No minimum residency requirements | 124 countries | €390,000 EUR |
| Greece | 2-3 months | 7 years | Residency: No minimum stay requirements; Citizenship: at least 183 days/year for 7 years | 130 countries | €250,000 EUR |
| Ireland | 2 years | 5 years | 1 day/year for residency and 5 years for citizenship | 131 countries | €500,000 EUR |
| Italy | 5 years | 10 years | Not stay outside Italy for more than 365 days during the validity of the visa | 131 countries | €250,000 EUR |
| Latvia | 5 years | 10 years | 4 years | 128 countries | €275,000 EUR |
| Malta | 1-3 months | 1-3 years | 12-36 months | 127 countries | €690,000 EUR |
| Montenegro | 1 month | 3-6 months | No minimum residency requirements | 72 countries | €350,000 EUR |
| Netherlands | 5 years | 5 years | 4 months/year | 130 countries | €1,250,000 EUR |
| Portugal | 5 years | 5 years | 35 days | 130 countries | €250,000 EUR |
| Spain | 5 years | 10 years | 1 day/year for residency and 6 months/year for citizenship | 132 countries | €500,000 EUR |
| Switzerland | 10 years | 10 years | 183 days/year | 132 countries | €1,000,000 EUR |
| Turkey | 1 month | 2-4 months | No minimum residency requirements | 96 countries | €208,000 EUR |
* Visa-free access source: Passport Index
Austria is the only Western European country that allows you to apply for citizenship by investment and get an EU passport with no prior residence requirements. You only have to make a minimum contribution of €2 million EUR. To apply for Austria’s Residence-by-Investment program, you have to invest €40,000 EUR in liquid funds on a bank account (the exact amount depends on the family size).
Austria is an attractive place for investors as it is an international financial centre. Unlike Portugal, Austria does not offer a golden visa for passive investment and real estate investments are not allowed by the Austrian government. Austria Investment Visa is available for investors who are willing to actively invest in the Austrian economy. The investment must be significant, create job and affect the country’s economy. Investment options include:
The application processing time for Residence-by-Investment usually takes 1-3 months.
You can renew the residence permit card every year.
You may become Austrian citizen after 10 years of legal residence. However, in certain circumstances, you may be eligible for citizenship after 6 years.
Belgium residence visa is strictly for foreign investors and entrepreneurs who want to invest and run business activities in Belgium.
Unlike Portugal, the visa applications are reviewed on a case by case basis and there is no real estate investment option. The only route is through investment in business. You have to make a minimum investment of €350,000 EUR in a Belgian company to be eligible for a permanent residency and citizenship.
Temporary residency within 3 months
Residency is issued for a year but annual renewal is possible.
Successful applicants can gain citizenship after five years.
Bulgaria like Austria and Belgium does not offer real estate-based investment in exchange for residency. To obtain a residency by investment in Bulgaria, you must make an investment in various EU regulated fund vehicles including private equity, exchange-traded funds, REITs, venture capital or hedge funds, intellectual property or own shares of Bulgarian company.
Citizenship is granted after five years but there's also a fast-track program where you can get it in 18 months if you double your investment to the total amount of €1,024,000 EUR.
To qualify for Bulgarian citizenship by investment, you must make an investment in any of the following investment routes:
The Bulgarian investor visa (type D) is usually granted within 35 business days.
The Bulgarian type D visa is a long-term visa issued either for 6 or 12 months. The Bulgarian permanent residence permit is valid for five years and on next renewal an indefinite permanent residency is granted.
Fast track Bulgarian citizenship is only 18 months.
Greece has matched Portugal in recent years in terms of the most renowned citizenship by investment programs in Europe. This is mainly because of the two schemes being equally estimated and having comparable requirements. However, there are a few main differences between the two golden visas in Europe.
The Greece Golden Visa program doesn’t lead to citizenship without having to live in the country for at least 183 days yearly, for seven years. Moreover, the program doesn’t allow you to work in Greece.
Moreover, Greece accept only dependent relatives under 21, while the Portugal Golden Visa program doesn’t impose such age constraints.
Portugal’s real estate industry has developed at a steady rate over the past few years, whereas the property market in Greece is still undergoing a period of immobility that started with the worldwide fiscal crisis.
To qualify for Greece Golden Visa program, you must meet any of the following requirements:
Greece has a fairly quicker application processing time of just 2-3 months for approval.
Greece provides a residence permit that is valid for 5 years. You can renew the visa every 5 years as long as you maintain your investment.
The Golden Visa program in Greece necessitates candidates to spend at least 183 days in the country every year for 7 years.
On the other hand, Portugal’s residency scheme necessitates candidates to spend only a week in the country for just 5 years.
The Irish Residency Program is a great opportunity for high net worth individuals that wish to get permanent residency in Ireland. According to this scheme, you can apply for a number of investment routes, ranging from €500,000 EUR to €2,000,000 EUR.
Ireland gives you a residence permit for up to 5 years with the option of continuing renewal. The most affordable investment option is €500,000 EUR investment in a public project profiting the local arts, sports, healthcare, traditions, or education. However, keep in mind that it is a non-refundable charitable contribution so applicants do not receive any monetary return.
The application processing normally takes around 2 months until you hear from the Department of Justice.
The initial validity is of 2 years with a further renewal for three years.
The Ireland Immigrant Investor Program is formally a residency scheme, but if you fulfill the suitable conditions, you can either apply for permanent residency (after two years) or become eligible for citizenship (after five years).
It is important to note that, unlike Portugal, Italy doesn’t have a real estate investment route yet. You can become eligible for Italy’s Golden Visa by making a single investment into either of the following:
Applying for Italy’s Golden Visa involves two distinct parts.
After the visa is granted, all you have to do is travel to Italy and get the Residence Permit that allows you to reside in the country for a long-term.
Once you submit documents for Italy Investor Visa Nulla Osta, they are scrutinized by the Investor Visa Committee that will submit their final and binding decision within 30 days.
After that, you have 6 months to apply for the visa at an Italian Embassy nearest to you. Once you are granted the Italian Embassy visa, you have 2 years to enter Italy.
The permit is valid for 2 years after you enter Italy. Right from the date of application, you have 3 months for the Residence Permit to make your contribution or investment in full. Failing to do so will annul your golden visa.
If you live in Italy for at least 10 years, you become eligible to apply for Italian citizenship by naturalization.
As an Italian citizen, you can enjoy the right to live and move freely throughout the entire EU, the right to vote and to pass on your citizenship to your children.
Latvia was once known as the best and easiest place in the Europe to qualify for citizenship. In the beginning, its minimum real estate investment requirement was €160,000 EUR. But today, it has grown to €250,000 EUR plus a 5% application fee depending on the property price.
This new requirement was introduced in 2014 and applies to the first 800 investors. After that, the investment limit rises to €500,000 EUR.
You only have to visit Latvia once a year to maintain your residency status. However, if your objective is to get a second passport, you’ll have to spend more time in the country, including living in Latvia full-time during the 12 months prior to applying for naturalization.
Unlike Portugal, Latvia necessitates fluency in its local language to become a citizen. Moreover, it doesn’t recognize dual citizenship. You should only get residency in Latvia if you want to live there and are ready to renounce your existing nationality and passport.
The application process for residence takes 30 to 90 days.
The initial residency permit is valid for 5 years. You have to live in the country for at least 4 of those years. Along with that, you must know the local language, country’s history, and national anthem to qualify.
You can apply for Latvian citizenship after 10 years of residency permit.
In Europe, Malta has highly coveted citizenship by investment program because of its access to both the European Union and Schengen Area. A Maltese passport grants you visa-free access to 127 countries around the world including the US, UK, and Canada.
Since 29th March 2021 Malta launched a new highly attractive residency program known as The Malta Permanent Residence Programme (MPRP).
Currently this is one of the most cost-effective residency solutions open to all non-EU nationals who invest in Malta in exchange for residency rights. The investment requirements are in the range of €150,000 EUR plus application and processing fees:
The Citizenship by Investment Program of Malta, now known as the Maltese Citizenship by Naturalization for Exceptional Services by Direct Investment (MEIN), targets ultra-high net worth individuals.
Applicants have to contribute at least €600,000 EUR to the national development fund set up by the government and maintain 3 years of residency.
There’s an accelerated path that necessitates an investment of €750,000 EUR and proof of 1-year residency. Investors have to also contribute €50,000 EUR per each additional dependent included in their application.
Along with the contribution, applicants must also invest an additional €700,000 EUR into residential real estate, or enter into a rental agreement at a minimum value of €16,000 EUR per year that must be maintained for 5 years.
An obligatory contribution of €10,000 EUR to a registered charitable, cultural, sport, scientific, animal welfare or artistic non-governmental approved organization or society is also essential.
Another thing to keep in mind is that there’s a cap of 1,500 applications, with no more than 400 successful applications per year.
It normally takes around 3 months to receive confirmation that your application and supporting documents are in order. The applicant is subject to additional time for verification by The Community Malta Agency (CMA).
You first have to purchase qualifying property in Malta and register for the residence permit. After 12 to 36 months, apply for Maltese citizenship by investment, pay the due diligence charges, submit paperwork, and pass a criminal background check.
After 120 to 150 days, Malta’s government will formally approve whether your application has been successful and provide a provisional acceptance. Once all requirements are fulfilled, the applicant and their immediate family will get a naturalization certificate as well as the country’s passport.
The first residence card has a validity of 3 years. Later, you must come to Malta (young children excluded) for biometric data collection for the residency permit.
After 1 to 3 years of residency (depending on the investment route), you can apply for Maltese citizenship and get a second passport.
As of today, Montenegro is still trying to join the European Union. Although it is striving to meet the EU requirements for accession it is not expected until at least 2025. The implication of their pending membership means that you cannot get visa-free access to UK, Ireland, the US, and some other important countries.
However, the country is a member of the United Nations, NATO and the World Trade Organization and offers one of the most attractive tax regimes in all of Europe.
It is worthy to mention that Montenegro has one of the most promising real estate markets in the region. Additionally, Montenegro is one of the 5 countries that offer an access-free visa to Russia. Eligibility for a Montenegrin passport requires:
Approximately 3 weeks from submission of the application to approval.
Temporary residence permits are valid for one year and can be renewed for subsequent one-year terms. All Montenegro passports issued to investors are valid for 10 years.
You can get citizenship/passport in 3-6 months after completing the investment and passing background checks.
The Netherlands is one of the most developed countries, ranked as the 17th largest economy in the world. As of 2020, the Netherlands remains one of the leading European nations that attracts foreign investment - an ideal country to reside and make business.
In 2013, the Netherlands announced its Golden Visa program to attract venture capital funding into small business startups. The reputation for this program was low in the initial years, so in 2018 the Dutch government introduced a few practical changes in the investment requirements.
The important requirement for any high-net worth applicant is that an investment of €1.25 million EUR needs to be made directly into a Dutch startup company or alternatively into a Dutch Venture Capital Fund, which will invest the fund’s money in several Dutch startups.
The Netherlands, like a few other European countries, do not allow passive investment (real estate).
Expect at least 2-3 months of processing time to receive your golden visa.
The residence permit issued is valid for maximum 3 years and can be prolonged by visiting migration office in Netherlands.
After 5 years of living in Netherlands, you should be able to get permanent residency which then later converts into citizenship. Expect 6 years for citizenship. You must also pass Dutch language and cultural tests.
Spain’s Golden Visa Program just like Portugal's is one of the most successful residency schemes in Europe. It is even more interesting in the sense that you don’t have to live in Spain to get or renew your residency permit.
Both countries have implemented the famous Golden Visa Residency program to encourage foreign investment and improve the state economy by attracting qualified investors every year.
Although they both offer golden visas in Europe, Spain and Portugal have different program requirements and conditions. They both offer remarkable benefits including visa-free travel to 26 EU nations as part of the Schengen zone and immediate family eligibility for residency.
Citizenship and an EU passport take ten years. To obtain a Spanish residency visa, you must choose one of the following investment routes:
Spain has a quick and efficient Golden Visa application processing time. At the beginning of 2020, its visa issuing time was 6 months.
Portugal has an initial residence permit validity for 2 years, which can then be renewed for 3 years. Each card after that is then valid for 3 years.
Spain issues a residence card that is valid for a year. The candidate has to visit the country and apply for the 2-year Golden Visa within that year. After these 2 years are over, Spain issues a 5-year permit after which all residence cards are valid for 5 years each.
Spain doesn’t automatically grant you citizenship unless you’re a national from one of its former colonies. You have to first live as a temporary resident in Spain, with an opportunity to become a permanent resident after the first 5 years.
To obtain permanent residency in Spain, you have to physically live in the country for at least 183 days per annum. You can only apply for citizenship after you reside in Spain for 10 years.
Although Portugal also doesn’t grant you citizenship immediately, the process of getting permanent residency and citizenship is less complex and quicker than in Spain. You can apply for Portuguese Citizenship after 5 years and you're not required to live there for more than 7 days per year.
To attract foreign investment, experience and talent to Switzerland, the government offers Swiss residence for wealthy individuals and qualified workforce. Switzerland golden visa is the most challenging Golden Visa program for a foreigner. To get your residency by investment, you would have to make one of the following investments: business establishment or annual lump sum tax payment.
Issuance of temporary residence permit (type D Visa) takes 2-4 months
The residence permit is valid for 1 year, subject to annual renewal. If a third-party national intends to settle in Switzerland, they can apply for a C-type permanent residence permit after having continuously lived in the country for 10 years.
Swiss citizenship is granted to foreigners after 10 years of permanent residence in the country.
The Turkish citizenship-by-investment program was introduced in January 2017 to attract foreign direct investment and boost development in the country’s real estate sector. The program allows candidates to select from a number of different kinds of financial contributions to Turkish society.
While Turkey is not fully European with limited access to the Schengen region, it offers a standard of living that is similar to Europe. You can get citizenship by investment in Turkey if you invest in real estate, SME, and Ventures. The process can sometimes be complicated because you need to purchase all properties on the same day. All properties must also be titled in the same office. But the catch is that you can invest in any real estate of your choice. The requirements to get Turkish Citizenship by Investment include:
After candidates have selected the qualifying investment option, a residence permit application shall be made on the family’s behalf. The investor is then required to open a bank account in Turkey. You only have to make a property purchase of at least $250,000 USD (€208,000 EUR). Undoubtedly, Turkey has one of the cheapest citizenship by investment programs available.
It takes approximately 1 month from submission of the application to approval.
Once the application is approved, residency permit is issued. The passport application can then be submitted.
Citizenship of Turkey is granted after 2-4 months following the investment. The applicant must hold the investment for a minimum of 3 years.
According to rankings on work and travel privileges, stay requirements and investment returns, Portugal offers the best residency and citizenship by investment program in Europe.