Your Guide to Europe's Golden Visa Programs

Thinking about securing residency in Europe through investment? You are exploring the “Golden Visa,” a popular pathway for non-EU citizens to live, work, and travel freely across the continent. This guide breaks down the most popular options, explaining exactly what they are, their requirements, and the benefits they offer you and your family.

What Exactly Is a Golden Visa?

A “Golden Visa” is a common term for a residency-by-investment program. These programs are offered by several European countries to attract foreign capital from non-European Union (EU) nationals. In exchange for a significant, qualifying investment in the country’s economy, the investor and their eligible family members are granted a residence permit.

This permit allows them to live in the country and, most importantly, travel visa-free throughout the Schengen Area. This zone comprises 27 European countries that have officially abolished all passport and other types of border control at their mutual borders. While each country’s program has unique rules, they all share this common goal of exchanging investment for residency privileges. These programs are not direct citizenship programs; rather, they are the first step on a potential path toward permanent residency and, eventually, citizenship.

Top Golden Visa Programs in Europe

The landscape for these programs is always changing, with countries adjusting their rules and investment requirements. Here is a detailed look at some of the most prominent and popular Golden Visa options currently available.

Greece Golden Visa Program

The Greek program is one of the most popular in Europe, primarily known for its relatively straightforward real estate investment path and fast processing times. It offers a five-year residency permit, which can be renewed as long as the investment is maintained.

  • Investment Options: The main route is through real estate. The minimum investment was historically €250,000, which made it one of the most accessible options. However, in 2023, the requirement was increased to €500,000 for properties located in high-demand areas, including Athens, Thessaloniki, Mykonos, and Santorini. The €250,000 minimum still applies in other regions of the country.
  • Key Requirements: You must maintain the investment and have a clean criminal record. One of the biggest advantages of the Greek program is that there is no minimum stay requirement to maintain your residency status. You do not have to live in Greece at all.
  • Benefits: This program is excellent for those seeking quick access to the Schengen Area for themselves and their family without the obligation to relocate. The application can include a spouse, children under 21, and the parents of both the main applicant and their spouse.

Spain Golden Visa Program

Spain’s “Residencia por Inversión” program is another top choice, especially for those who wish to invest in a major Western European economy. It offers flexibility and a clear path to long-term residency.

  • Investment Options: Spain provides several routes for investors:
    • Real Estate: The most common option is a minimum investment of €500,000 in Spanish real estate. This can be one or multiple properties.
    • Capital Transfer: You can invest €1 million in shares of Spanish companies or in a Spanish bank deposit.
    • Government Bonds: An investment of €2 million in Spanish government debt securities is another path.
  • Key Requirements: The initial residence permit is valid for two years and can be renewed for five-year periods, provided the investment is maintained. There is no requirement to live in Spain to renew the visa, but a visit is required for the renewal process. To pursue permanent residency or citizenship, you would need to establish tax residency and spend significant time in the country.
  • Benefits: Spain’s program is attractive due to the strength of its economy and the quality of life. It allows the holder to work and live anywhere in Spain and is a solid option for those looking for a stable investment in a major European nation.

Portugal Golden Visa Program

Portugal’s program has long been considered one of the best in the world due to its flexibility and very favorable path to citizenship. However, it underwent significant changes in late 2023. It is crucial to understand the new rules.

  • Important Update: The popular real estate and capital transfer options for the Golden Visa have been discontinued. You can no longer qualify by purchasing property or making a large bank deposit.
  • Current Investment Options: The primary routes now focus on channeling funds into the Portuguese economy:
    • Investment Funds: A minimum investment of €500,000 in a qualifying Portuguese investment fund or venture capital fund. This has become the most popular option for new applicants.
    • Job Creation: Create at least 10 new full-time jobs in a Portuguese business.
    • Donation: Make a donation of €250,000 to support arts or national heritage, or €500,000 to research and development activities.
  • Key Requirements: The program is famous for its very low minimum stay requirement: an average of just seven days per year in Portugal.
  • Benefits: The biggest draw of the Portuguese Golden Visa is the clear and achievable path to citizenship. After holding the residency permit for just five years and passing a basic Portuguese language test, you can apply for citizenship without ever having to live in the country full-time.

Italy Investor Visa

Italy offers a residency program aimed at high-net-worth individuals who want to make a substantial contribution to the Italian economy. The initial visa is valid for two years and is renewable for three-year periods.

  • Investment Options: The Italian Investor Visa has some of the highest capital requirements:
    • Government Bonds: A minimum investment of €2 million in Italian government bonds.
    • Italian Company: An investment of at least €500,000 in an Italian limited company.
    • Philanthropic Donation: A donation of €1 million to a project of public interest in Italy, such as culture, education, or scientific research.
  • Key Requirements: The investment must be made within three months of arriving in Italy and must be maintained for the duration of the residency permit.
  • Benefits: This program grants the right to live in Italy and travel through the Schengen Area. It is best suited for serious investors who are interested in directly contributing to Italy’s economic or cultural landscape.

Frequently Asked Questions

What is the main difference between residency and citizenship? Residency gives you the right to live in a country and travel within the Schengen Area. You remain a citizen of your home country and travel on that passport. Citizenship makes you a legal citizen of the new country. You can vote, hold public office, and travel on that country’s passport, which in the case of an EU country, grants you the right to live and work in any other EU member state.

Can I bring my family with me on a Golden Visa? Yes. All of the programs mentioned allow the main applicant to include immediate family members. This typically includes a spouse or legal partner, dependent children, and in some cases, dependent parents of the applicant and spouse.

Do I have to live in the country full-time? It depends on your goal. To simply maintain your residency permit, most programs have very low physical presence requirements (from zero days in Greece to seven days per year in Portugal). However, if your long-term goal is to obtain permanent residency or citizenship, you will generally need to spend a significant amount of time in the country to demonstrate genuine ties.