The so-called “Golden Visa” programs gained popularity in recent years. But what are they? Golden Visa refers to a temporary residence permit obtained by making a qualifying investment in the host country. The permit grants a number of rights to you, typically involving a right to live and work in the country, visa-free travel within a number of countries, among others.
The most popular European Golden Visa programs are offered by Italy, Portugal, and Greece. In this article, we will take a closer look at each and compare the three programs across several criteria.
What You Will Find in This Article
- What Is a Golden Visa in Europe?
- Target Market: Who Can Apply for a Golden Visa in Europe?
- Benefits of Golden Visa Programs
- Which European Countries Offer Golden Visas?
- Europe Golden Visa Programs: Comparison
- “Stay Requirement”: How much time needs to be spent in the country for a Golden Visa?
- Investment: Which investment types qualify for the Golden Visa in Europe
- Citizenship: Does Europe Golden Visa Program Lead to Citizenship?
- Application Costs for the Europe Golden Visa
- Tax: What Are the Taxation Consequences of Golden Visa Europe Programs?
- Golden Visa Europe Comparison: Which Golden Visa Europe Program Is the Best?
What Is a Golden Visa in Europe?
A Golden Visa is an investment-based type of authorization that offers a route to permanent residency or citizenship in a foreign country.
Golden Visa programs are offered by many EU and Schengen Zone countries. Through EU Golden Visa programs, you can be eligible for EU residency and citizenship by investment, company set up, or through a donation.
Target Market: Who Can Apply for a Golden Visa in Europe?
Technically, if you have a clean criminal record and aren’t an EU, EEA, or Swiss citizen, you can apply for the Golden Visa programs in Italy, Portugal, and Greece, as long as you make a qualifying investment.
The following groups of people typically find these residency by investment programs appealing;
Citizens from Developing Nations and Emerging Countries
Many people from the developing world have access to means; however, they desire access to opportunities, healthcare, education, safety, and stability in developed countries.
European Golden Visa programs hold the most benefits for this group of people. The programs provide them and their families with the above luxuries, as well as hassle-free travel opportunities. The programs even lead to European citizenship, as long as their requirements are met.
Investors and Business Owners
These programs are compelling for investors and business owners looking to spend a significant amount of time in Europe. The programs in all three countries allow the applicant to get unlimited access in the EU Schengen countries. So if your goal is to live, work, and travel in Europe, these permits may perhaps do the trick.
Hong Kong Citizens and US Citizens
Although neither country is a developing nation, investors from Hong Kong and the US are showing an increasing interest in the Golden Visa programs.
Their motives to get an additional residency or citizenship may range from taxation reasons, retirement, business relocation, a lifestyle change, or just an idealistic discomfort with their home country.
British Citizens
British people have started to show interest in Europe Golden Visa programs post-Brexit. Previously, they were free to stay in the EU countries for as long as they wanted. As the circumstances have changed, they’re trying to secure European residency and even citizenship at the end of a certain period.
Benefits of Golden Visa Programs
All Golden Visa programs provide applicants with similar rights and benefits in general.
These common rights include
- The right to live in the host country,
- The ability to travel within Schengen states without an additional visa,
- The right to include dependent family members within their application.
The extent of these rights and benefits slightly differs between programs. See the chart below for a quick comparison of the most popular ones:
- Living: Yes
- Working: Yes
- Traveling: Travel within the EU Schengen Area without an additional visa
- Family Inclusion: Yes
- Living: Yes
- Working: No
- Traveling: Travel within the EU Schengen Area without an additional visa
- Family Inclusion: Yes
- Living: Yes
- Working: Yes
- Traveling: Travel within the EU Schengen Area without an additional visa
- Family Inclusion: Yes
The stay requirement and the right to apply for citizenship are two important factors. We will cover them in the coming sections.
1. Greece
Greece’s Golden Visa is one of the best residency by investment schemes thanks to its low investment threshold of €250,000. Plus, the country doesn’t require the Greece Golden Visa holders to stay in the country, which is a great incentive if you’re not ready to commit yourself to live in Greece full time.
2. Italy
Italy’s Golden Visa program is suitable for those who are ready to invest in the Italian economy. The minimum investment amount is €250,000 for Italy’s Golden Visa program, which is through an investment in an Italian start-up. Also, if you live in Italy for 10 years, you can be eligible for citizenship.
3. Portugal
Portugal’s Golden Visa is among the best residency by investment programs as it leads to citizenship in five years. Real estate, real estate-related funds, or capital transfer are no longer qualifying options for applying for the program.
However, you can still invest in Portuguese Venture Capital and Private Equity funds to qualify for a Portugal Golden Visa. The minimum investment amount is €250,000, which is available through donations to arts and culture. The stay requirement is only for seven days on average per year.
4. Spain
NOTE: In previous years, a real estate investment worth €500,000 was applicable under the Spain Golden Visa program. However, the Spanish Parliament decided to terminate the real estate investment option under the Golden Visa program as of April 3, 2025.
Spain offered a Golden Visa scheme that is available through real estate purchase, capital transfer, or business setup in the country. The minimum investment amount for Spain’s Golden Visa was €500,000, and the stay requirement was only for one day a year.
Which European Countries Offer Golden Visas?
Before answering how to get a Golden Visa in Europe, it’s important to list the European countries that offer Golden Visas.
Here are some of the most popular countries that offer Golden Visas:
- Greece
- Italy
- Portugal
- Spain
Europe Golden Visa Programs: Comparison
| Features | Italy | Portugal | Greece |
|---|---|---|---|
| Processing Time | 3–4 months | 8–12 months | 6–9 months |
| Pre-Approval | Yes (Nulla Osta) | No | No |
| Minimum Residency | No | 7 days per year | No |
| Minimum Investment | €250,000 (start-up) | €500,000 (fund) | €250,000 (real estate) |
| Family Inclusion | Yes | Yes | Yes |
| Citizenship | 10 years | 5 years | 7 years |
“Stay Requirement”: How much time needs to be spent in the country for a Golden Visa?
Once you obtain your Golden Visa;
- Portugal requires you to stay an average of seven days a year in the country to uphold your Golden Visa status. If your Golden Visa permit is valid for a period of two years, Portugal requires you to spend a total of 14 days in the country within the two years.
- Greece and Italy don’t have any stay requirements.
Investment: Which investment types qualify for the Golden Visa in Europe?
An investment has to be made in order to apply for the Golden Visa. Italy, Portugal, and Greece each have a list of qualifying investments for their residency by investment programs.
Below, you may find a comprehensive list of qualifying investments for the three Golden Visa programs.
Portugal Golden Visa Investment Options
- Fund Subscription €500,000
- Company Creation of a minimum of 10 new full-time jobs
- Investing a minimum of €500,000 in an existing Portuguese business
- Donation: minimum €250,000 investment in national heritage (€200,000 in low-density areas), or minimum €500,000 investment in R&D
Greece Golden Visa Investment Options
- Real estate investment in Greece worth at least €250,000
- Real estate investment of €400,000 in rural areas, low-density cities, or islands in Greece (must be at least 120 m²)
- Real estate investment of €800,000 in Athens, Thessaloniki, and islands with a population of more than 3,100
- A 10-year lease agreement for hotel accommodation or furnished tourist residences worth at least €400,000 or €800,000
- Purchase of Greek government bonds worth €500,000 with a minimum maturity of three years
- Purchase of shares worth €800,000
- Investment of €350,000 in corporate bonds or purchase of shares in a fund that invests in Greek equities, corporate bonds, or government bonds.
Italy Golden Visa Investment Options
- €250,000 investment in an Italian innovative start-up
- €500,000 investment in an Italian limited company
- €2 million investment in Italian government bonds
- €1 million donations to a philanthropic initiative in Italy
Getting EU Permanent Residence Through Investment
In general, Golden Visa EU countries offer a temporary residence permit at the first approval stage. After meeting the stay requirements and other criteria, you can get permanent residency in the EU.
For example. Portugal Golden Visa leads to permanent residency after five years. If you manage to meet the stay requirement at the end of this period, which is around 35 days in total in five years, you can be eligible for permanent residency.
Citizenship: Does Europe Golden Visa Program Lead to Citizenship?
Yes, a Golden Visa indirectly leads to citizenship. A Golden Visa is a path to residency in a country. Residency is a path to citizenship, provided that you meet the specific naturalization requirements of the country.
Below, you will find the citizenship requirements of Italy, Portugal, and Greece, once you have a Golden Visa.
Italian Citizenship by Investment
- 10 years of residing the majority of the year in Italy
- B1 Italian language test (CILS)
- Clean criminal record from the home country
Portuguese Citizenship by Investment
- Five years of residing, an average of seven days per year in Portugal
- A2 Portuguese Language test and culture test
- Clean criminal record from the home country
- No unpaid taxes in Portugal
Greek Citizenship by Investment
- Seven years of residing for more than 183 days per year in Greece
- Greek citizenship test
- Clean criminal record from the home country
Passport Strengths of Golden Visa Countries
How many countries can you visit with an Italian Passport?
Italian passport holders can visit 192 countries without a visa as of 2025.
How many countries can you visit with a Portuguese Passport?
Portuguese citizens can travel to 190 countries without a visa as of 2025.
How many countries can you visit with a Greek Passport?
The citizens of Greece can visit 189 countries as of 2025.
Wait Time and Validity for European Golden Visa
How Long Does It Take to Get a Golden Visa and How Long Is It Valid?
The wait times to receive your EU Golden Visa vary depending on the country and on how busy the immigration office is.
As of 2025, the average wait times after making your investment and applying for the Golden Visa are listed in the table below.
| Italy Golden Visa | Portugal Golden Visa | Greece Golden Visa | |
|---|---|---|---|
| Wait Times | 3–4 Months | 15–18 Months | 6–9 Months |
Mind you, these are assuming that you have no travel restrictions to the host country, thus you can visit the corresponding immigration offices to provide your biometric data on time.
Nevertheless, it is best to get an update from your law firm regarding the most recent wait times at the time of your application.
Validity Periods of Golden Visas
Once you receive your Golden Visa card, how long is it valid for? The table below lists the current validity periods of the three different residency by investment programs.
- Initial Permit Valid for two years.
- Chance to renew three times
- Initial Permit Valid For One Year (changed in 2020 to Two-Years)
- The rest of the permits are valid for two years each
- Permits are valid for five years at a time
- Renewal every 5 years
Application Costs for the Europe Golden Visa
How Much Does It Cost to Apply for a Golden Visa for Europe?
Apart from making the qualifying investment, applying for a Golden Visa requires paying fees to be paid to the corresponding government. These fees are typically paid per applicant and per dependent.
In the chart below, you will find how these fees differ between Italy, Portugal, and Greece.
- A processing fee of €176.46 per person is payable upon the initial application and each renewal.
- A fee of €126.46 is charged for the residence permit card.
- €618.60 per the main applicant and 83.30 Euro per family member as an initial processing fee
- €6,179.40 per person at the initial application
- €3,090.40. per person at each renewal
- €2,000 per the main applicant and €500 per family member older than 21 and €150 per family member under 21 at initial application and each renewal
Tax: What Are the Taxation Consequences of Golden Visa Europe Programs?
Taxation has little to do with a Golden Visa; it has everything to do with tax residency. If you have a Golden Visa from Italy, Portugal, or Greece, it doesn’t automatically make you a tax resident in any of these countries. And as long as you aren’t a tax resident in these countries, you only have a tax obligation on your income that you generate in the host country. You have no tax obligation on your foreign income.
If you choose to spend the majority of your year and become a tax resident in these countries, you will be faced with the following tax rates.
- Income Tax: 23% to 43%
- Corporate Tax: 24%
- Inheritance & Gift Tax: 4% – 8%
- Tax Incentive Program for Foreigners: Tax Incentives for Investors (paying a fixed annual tax of €200,000)
- Income Tax: 14,5% to 45%
- Corporate Tax: 21%
- Inheritance & Gift Tax: 0%
- Tax Incentive Program for Foreigners: IFICI (a reduction of the personal income tax rate to 20%)
- Income Tax: 9% to 44%
- Corporate Tax: 24%
- Inheritance & Gift Tax: 10% to 40%* varies by relation
- Tax Incentive Program for Foreigners: Double Taxation Agreements, Non-Dom regime for pensioners
Golden Visa Europe Comparison: Which Golden Visa Europe Program Is the Best?
It’s not fair to label one Golden Visa program as “the best”, as they each have their own pros and cons.
All three Golden Visa programs of Italy, Portugal, and Greece provide a basic set of advantages that are stable for all. These include:
- The ability to live in the host country,
- The ability to travel within the European Schengen countries without an additional visa,
- The ability to add family members to the application,
- The luxury of having an association with a beautiful, sunny country with low crime rates and lovely people near the Mediterranean.
Besides these, there are small details that differ between the three programs. We categorized each three according to these small, but essential differences;
Secure and Tax-Favorable Program: Italy Golden Visa
Under the Italy Golden Visa program, a minimum investment of €250,000 can be made in a start-up. However, the most preferred option is investing €500,000 in an Italian joint-stock company. This way, you can invest capital in an established and active company and take advantage of the investment with high return potential.
During your application process, you are required to pass a pre-approval stage called “Nulla Osta”. After that, you can make your investment and conclude your process.
Once issued, an Italian Golden Visa grants investors the right to live and work in Italy. Plus, the country allows investors to pay a fixed annual tax of €200,000 on income earned outside of Italy.
There is no residency requirement to keep your residency. However, if your goal is to acquire Italian citizenship, you must reside in Italy for 10 years at least 183 days each year.
The Easiest Path to EU Citizenship: Portugal Golden Visa
The Portuguese Golden Visa program, which was launched in 2012, only requires the Golden Visa applicants to spend an average of seven days in Portugal in a year. After five years, it is pretty straightforward to apply for Portuguese citizenship, which practically gives you all the perks of being a European Union citizen.
The Best Way to EU Residency by Buying a House: Greece Golden Visa
The Golden Visa Greece program, which was launched in 2013, only requires the Golden Visa applicant to spend a minimum of €250,000 on any real estate in Greece. This is enough to qualify for the Greek residence permit for the main applicant and a generous menu of family dependents. Furthermore, there is no requirement to spend any time in Greece.
There are many moving parts when choosing the right residency or citizenship by investment program. Each Golden Visa program has gone through many changes since its emergence. The most important part is to come up with your priorities and find the right program that fits your search criteria.
At Get Golden Visa, we strive to do exactly that. Please feel free to contact us, and we would be glad to give you further information on the programs and answer any and all questions you may have regarding the details.
Get Golden Visa: Who We Are and What We Do
Get Golden Visa is a full-service investment immigration agency & investment advisory company. We provide end-to-end solutions for residence and citizenship by investment programs in numerous countries worldwide.
We have local offices in Greece, Portugal, Italy, Turkey, and the UK with legal professionals and licensed real estate professionals in our team.
We work with clients from all around the world, interested in obtaining Golden Visas or in making real estate investments internationally in Greece, Portugal, Italy, and Turkey.
Contact us and talk to one of our experienced team members to help you with any and all your questions.
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Frequently Asked Questions on Golden Visa in Europe
Which European countries have Golden Visas?
Golden visa programs exist in several EU and Schengen nations, allowing foreign investors to become permanent citizens. Greece, Malta, Portugal, and Italy are some of the European countries that offer Golden Visas. You can also check out Italy Golden Visa.
Who is eligible for a Golden Visa?
The eligibility for a Golden Visa varies depending on the country. But in general, you have to meet the following eligibility criteria:
- You’re over 18 years old
- You have a clean criminal record
- You have sufficient funds to make the required investment
How much do I need to invest to get a Golden Visa?
The investment you need to make depends on the program you choose. For example, in Portugal, the amount is €250,000 for the donation option. For real estate acquisition in Greece, the required minimum investment is €250,000.
What is the best Golden Visa in Europe?
The answer to this question depends on your needs. If you want to get citizenship without fully relocating to the country, Portugal can be a good option as its stay requirements are very flexible – only seven days on average per year. However, if you aim to get residency, you can go to Italy and Greece, as there is no minimum stay requirement.
Can I buy citizenship in Europe?
If you want to buy citizenship in Europe, you can check out the Malta citizenship by investment program. The minimum investment amount starts from €690,000, and it offers citizenship between 12 to 36 months. As of 2025, the program is subject to change due to European Court of Justice rejections.
Why should I get a Golden Visa?
There are many reasons why you should get a Golden Visa. Its benefits include the following:
- More mobility
- Tax benefits
- Business opportunities
- Education
Can you work on Golden Visa?
Working on a Golden Visa depends on the country. For example, Portugal allows Golden Visa holders to work in the country. However, Greece doesn’t grant such rights.
Which countries give citizenship if you buy a property?
There are many countries in the Caribbean that offer citizenship in exchange for property investment. St.Kitts and Nevis, Antigua and Barbuda, and Dominica are some of these countries. Malta and Turkey are two other countries that give citizenship if you buy property.
Which country gives citizenship easily?
Below countries give citizenship easily if you meet the requirements:
- Malta
- Antigua and Barbuda
- Dominica
- St.Kitts and Nevis
- Turkey
How to get a Golden Visa in Europe?
Although the route to getting a Golden Visa differs depending on the country’s regulations, it is mainly done through real estate acquisition, capital transfer, or company formation. The other requirements usually include proving the source of your funds and presenting a clear criminal record.
What are the cheapest Golden Visa Europe countries that offer?
The Latvia Golden Visa program lately stands out as the cheapest Golden Visa country in Europe with a minimum investment amount of €50.000. This program gives you a residence permit for five years initially. You can apply for permanent residency after five years, on condition that you meet the main criteria.
