Golden Visa of the EU countries is a money-based path to get permanent residency or citizenship of Schengen countries. Though most countries have stopped issuing golden visas, many are still practicing them.
Please note: Spain has currently stopped issuing the Golden visas.
What Is a Golden Visa in Europe?
A Golden Visa is an authorization based on investment that provides a path to citizenship or permanent residence in another nation.
Numerous nations within the EU and Schengen Zone provide Golden Visa programs. You may qualify for EU citizenship and residency through EU Golden Visa programs by establishing a business, investing money, or making a donation.
The Greek government granted 412 golden visas last May alone.
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Which people are mostly interested in EU Golden Visas?
Eligibility for Golden Visa programs in Spain, Portugal, and Greece typically requires a clean criminal record and non-citizenship in the EU, EEA, or Switzerland, alongside a qualifying investment. Individuals commonly attracted to these residencies by investment programs include:
Citizens from Developing Nations and many non-EU Countries:
- Many individuals from developing nations desire the opportunities, healthcare, education, safety, and stability available in developed countries.
- Europe’s Golden Visa programs offer these benefits, including hassle-free travel and potential European citizenship upon meeting requirements.
Investors and Business Owners:
- Golden Visa programs are appealing to investors and business owners seeking substantial time in Europe, providing unlimited access to EU Schengen countries.
- These permits offer an attractive option for those aiming to live, work, and travel in Europe.
Hong Kong Citizens and US Citizens:
- US and Hong Kong citizens are becoming more and more interested in Golden Visa programs, even though their countries are not considered developing ones.
- Motivations range from tax considerations to lifestyle preferences or dissatisfaction with their home country.
British Citizens:
- Post-Brexit, British citizens are exploring Golden Visa programs for European residency and potential citizenship.
- Previously enjoying unrestricted stay in EU countries, they now seek security and opportunities amid changing circumstances.
Which nations in Europe provide golden visas?
It’s essential to mention the European nations that provide Golden Visas before addressing how to obtain one in Europe. The following are a few of the most well-known nations that provide Golden Visas:
Greece
Greece’s Golden Visa program offers an appealing investment threshold starting at €250,000. Notably, it doesn’t mandate full-time residency, providing investors with flexibility in their commitments.
Ireland
Ireland’s Immigrant Investor Program is a gateway for investors seeking opportunities in an English-speaking EU environment. With a minimum investment of €1 million or a €500,000 donation, it caters to those eyeing investment prospects in a conducive setting.
Italy
Italy invites investors to contribute to its economy through its Golden Visa program. Requiring a minimum investment of €500,000, it offers pathways to residency, with potential citizenship eligibility after a decade of residency.
Malta
Malta offers residency through real estate investments, leasing, and mandatory donations. Investors need to meet a minimum investment of €150,000 for the Permanent Residence Program. Importantly, residency status can be maintained without the need for physical presence in Malta.
Portugal
Portugal’s Golden Visa program stands out for its pathway to citizenship within five years. While real estate and capital transfer options are no longer viable, investors can qualify through investments in Portuguese Venture Capital and Private Equity funds. The program entails a minimum investment of €250,000, with a minimal stay requirement of seven days annually.
Spain
Spain’s Golden Visa initiative offers investors various investment avenues, including real estate, capital transfer, or business establishment. A minimum investment of €500,000 is required, accompanied by a minimal stay obligation of just one day annually, making it an attractive option for those seeking European residency.
In Southern Europe, so-called “residency by investment” (RBI) programs are fairly common.
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Advantages of Golden Visa
Golden Visa programs offer a range of common benefits for all applicants. These benefits typically include the right to reside in the host country, travel freely within Schengen states without additional visas, and the ability to include dependent family members in the application.
While these rights are consistent, the specific extent may vary slightly depending on the program. For a quick comparison of the most popular programs, refer to the chart below:
Spain
- Residence: Grants the right to live in Spain
- Employment: Allows for working in Spain
- Travel: Travel within EU Schengen Area
- Family Inclusion: Includes family members in application
Portugal
- Residence: Grants the right to live in Portugal
- Employment: Allows for working in Portugal
- Travel: Travel within EU Schengen Area
- Family Inclusion: Includes family members in application
Greece
- Residence: Grants the right to live in Greece
- Employment: Working not included
- Travel: Travel within EU Schengen Area
- Family Inclusion: Includes family members in application
Stay Requirement
How long must a person stay in the nation to be granted a Golden Visa? Upon acquiring your Golden Visa:
Spain
In Spain, there’s no need for an extended residency commitment. Merely entering the country once a year suffices, translating to a one-day stay requirement annually.
Portugal
Portugal mandates an average of seven days’ stay per year to maintain your Golden Visa status. For instance, if your permit spans two years, Portugal expects a total of 14 days’ presence within that duration.
Greece
Greece, on the other hand, imposes no stay requirements.
Citizenship by investment (CBI) has been very famous program in Bulgaria, Cyprus and Malta. Bulgaria and Cyprus have now abolished this method of granting citizenship, while Malta refuses to grant such passports specifically to Russians and Belarusians.
Investment Eligibility
Investment is a prerequisite for Golden Visa applications. Spain, Portugal, and Greece each outline specific investment options eligible for their respective residency by investment programs. Outlined below is a comprehensive list detailing the qualifying investments for the Golden Visa programs in these three countries.
Spain Golden Visa Eligible Investments
- Real estate acquisition in Spain valued at €500,000 or more
- Capital transfer of €1 million
- Minimum €1 million investment in a Spanish business
- Minimum investment of €2 million in Spanish government bonds
Portugal Golden Visa Eligible Investments
- Establishment of a company creating employment for ten (10) Portuguese citizens
- Minimum investment of €500,000 in a certified Portuguese fund
- Allocation of €250,000 or more to support Portuguese heritage, arts, and culture
- Minimum investment of €500,000 in Portuguese research and development projects
Greece Golden Visa Eligible Investments
- Acquisition of Greek real estate valued at €250,000 or more
- Capital contribution of €400,000 towards Greek government bonds
Acquiring EU Permanent Residency via Investment
Golden Visa initiatives in EU nations typically provide provisional residence permits initially. Upon satisfying residency conditions and other prerequisites, individuals can secure permanent residency.
For instance, Portugal’s Golden Visa program grants permanent residency after five years. Meeting the stipulated residency requirement, approximately totaling 35 days over five years, qualifies applicants for permanent residency.
Citizenship: Does the Europe Golden Visa Program Lead to Citizenship?
Yes, the Golden Visa pathway indirectly facilitates citizenship. By obtaining a Golden Visa, individuals gain residency, which can ultimately lead to citizenship, subject to meeting the specific naturalization criteria of the respective country. Below, you’ll find the citizenship requirements for Spain, Portugal, and Greece following the Golden Visa acquisition.
Citizenship Requirements for Golden Visa Holders:
Spain
- Reside in Spain for 10 years
- Pass Spanish language and culture tests
- Maintain a clean criminal record
Portugal
- Reside in Portugal for seven days per year for five years
- Pass the Portuguese language test
- Clear tax record
- Maintain a clean criminal record
Greece
- Reside in Greece for 183 days per year for seven years
- Pass the Greek citizenship test
- Maintain a clean criminal record
Notice: Expedited Spanish Citizenship for Former Colonies
Recent legislative updates present a rapid citizenship avenue for citizens from past colonies. Two years of residency suffice. Contact us for further information.
Travel Privileges with European Passports:
- Spanish Passport: Grants visa-free access to 194 countries (2024).
- Portuguese Passport: Provides visa-free entry to 191 countries (2024).
- Greek Passport: Allows travel to 190 countries without a visa (2024).
European Golden Visa Processing Time and Duration
The timeframe to acquire your EU Golden Visa varies by country and immigration office workload. As of 2024, the average processing times following investment and application submission for the Golden Visa are:
- Spain Golden Visa: Six months
- Portugal Golden Visa: Seven months
- Greece Golden Visa: Three months
Note: Assumptions are made considering no travel restrictions to the host country, allowing timely provision of biometric data at immigration offices. However, it is advisable to seek updates from your legal counsel regarding recent wait times during your application.
Regarding validity, the table below delineates the current duration of the Golden Visa cards for the three distinct residencies by investment programs.
Golden Visa Card Validity Duration
Spain
- Initial Permit: One year; visit Spain to obtain the two-year permit.
- Second Permit: Two years.
- Subsequent Permits: Five years each.
Portugal
- Initial Permit: Initially one year (changed to two years in 2020).
- Subsequent Permits: Two years each.
Greece
- Permits are valid for five years at a time.
Portugal initially issued the first permit for one year. However, a legislative change in 2020, prompted by COVID-19, extended the validity of the first card to two years, aligning it with subsequent cards.
Application Costs for Europe Golden Visa
Initial Application Fees:
- Spain: €87.57 per person.
- Portugal: €533.90 per main applicant, €83.30 per family member. Additionally, €5,325 per person.
- Greece: €2,000 per main applicant, €500 per family member (21+), €150 per family member (under 21).
Renewal Fees:
- Spain: €87.57 per person.
- Portugal: €2,663 per person.
- Greece: €2,000 per main applicant, €500 per family member (21+), €150 per family member (under 21).
Tax Implications of Golden Visa Europe Programs
Taxation is primarily tied to tax residency rather than the Golden Visa itself. Having a Golden Visa from Portugal, Greece, or Spain does not guarantee tax residency in those nations.
As a non-resident, taxes are only levied on income earned within the host country, with no obligation on foreign income. However, choosing to become a tax resident entails the following tax rates:
Spain
- Income Tax: 19% to 45%
- Corporate Tax: 25%
- Inheritance & Gift Tax: 1% to 7%
- No Tax Incentive Program for Foreigners
Portugal
- Income Tax: 14.5% to 45%
- Corporate Tax: 21%
- Inheritance & Gift Tax: Varies
- Non-Habitual Residence Program (NHR) with a ten-year tax exemption
Greece
- Income Tax: 9% to 44%
- Corporate Tax: 24%
- Inheritance & Gift Tax: Varies
- Proposed Tax Incentive Program: 7% flat rate for ten years
Portugal’s Non-Habitual Residency (NHR) Program offers an attractive tax scheme, while Greece is considering a similar program with a flat tax rate for the initial decade of residence.
Comparing Golden Visa Europe Programs
Each program in Spain, Portugal, and Greece provides residency, Schengen travel, family inclusion, and association with desirable Mediterranean locales. However, nuanced differences exist.
Advantages:
- Residency
- Schengen travel
- Family Inclusion
- Association with Mediterranean locales.
In addition, small but essential differences exist among the three programs, which we have categorized accordingly.
Spain Golden Visa: Highest GDP Option
Introduced in 2013, Spain’s Golden Visa offers access to a thriving economy with abundant business opportunities. Spanish, spoken by nearly 600 million people globally, adds to its appeal. However, citizenship is attainable only through prolonged residency.
Portugal Golden Visa: The Simplest Way to Become an EU Citizen
Launched in 2012, Portugal’s Golden Visa requires just seven days’ presence annually in the country. After five years, obtaining Portuguese citizenship becomes relatively straightforward, granting EU privileges.
Greece Golden Visa: Cheapest Route to EU Residency
Established in 2013, Greece’s Golden Visa demands a minimum real estate investment of €250,000, enabling qualification for Greek residency without any time obligations. Family members can also benefit from this generous offering.
Choosing the right residency or citizenship investment program involves considering various factors, including evolving program dynamics. Identifying priorities is crucial for finding the most suitable option. We are available to help you make sense of these options. Please do not hesitate to contact us for more details and advice.
Frequently Asked Questions about Golden Visa
Which European nations offer Golden Visas?
Golden visa programs are available in several EU and Schengen countries, including Greece, Malta, Portugal, and Spain. A Golden Visa program is also accessible from Italy.
Who qualifies for a Golden Visa?
Eligibility criteria vary by country but generally require applicants to be over 18 years old, possess a clean criminal record, and have sufficient funds to meet investment requirements.
What is the investment requirement for a Golden Visa?
Investment thresholds vary depending on the chosen program. For instance, Portugal’s donation option requires €250,000, while Spain’s real estate acquisition demands €500,000.
Which European Golden Visa is considered the best?
The ideal Golden Visa program depends on individual needs. Portugal may be preferable for those seeking citizenship without full relocation, given its flexible stay requirements.
Can citizenship in Europe be purchased?
Yes, Malta’s citizenship by investment program offers citizenship within 12 to 36 months for a minimum investment starting from €690,000.
Does a Golden Visa grant passport issuance?
While a Golden Visa is not a direct passport route, meeting requirements may eventually qualify applicants to apply for citizenship.
What advantages are associated with getting a Golden Visa?
Golden Visas offer advantages such as increased mobility, tax benefits, business prospects, and educational opportunities.
Can you work with a Golden Visa?
Work permissions vary by country. Portugal typically allows Golden Visa holders to work, whereas Greece does not grant such rights.
Which countries grant citizenship through property investment?
Several Caribbean nations, including St. Kitts and Nevis, Antigua and Barbuda, and Dominica, offer citizenship for property investment. Malta and Turkey also provide citizenship through property acquisition.
Which countries offer citizenship easily?
Malta, Antigua and Barbuda, Dominica, St. Kitts and Nevis, and Turkey are among the nations known for relatively straightforward citizenship processes.
How can I obtain a Golden Visa in Europe?
Golden Visa acquisition methods, such as real estate investment, capital transfer, or company formation, vary by country. Additional requirements often include demonstrating the source of funds and presenting a clean criminal record.
Which European countries offer the most affordable Golden Visa programs?
Malta’s Permanent Residence Program stands out as one of the most economical options in Europe, with a minimum investment of €150,000.