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A Golden Visa is a residence permit granted for investments. Contributing money to the state’s economy can get investors residence permits or permanent residence in 4—8 months. In addition, investors and their families get the freedom to travel within the Schengen Area.
Such programs operate in more than 100 countries. For example, Portugal and Greece issue residence permits for investments of €250,000 or more. Programs in Malta, Spain and other countries are more expensive.
What is a residency by investment in Europe?
Many governments attract investments into their economies by granting residence permits or citizenship to investors. This method of obtaining a residence permit is also called a Golden Visa, and the legally accurate term is a “residence permit by investment”.
Most European countries have government-approved Golden Visa programs. They are the fastest way to get a temporary or permanent residence permit in Europe.
Features of residence investment programs:
- help to get a residence permit by investing in the country’s economy;
- prospects of obtaining citizenship in future;
- visa-free travel to more than 140 countries, including the Schengen Area;
- opportunity to add family members to a program;
- possibility of profit if investing in liquid assets;
- the requirement to spend only several days a year in the program country;
- variety of investment options — real estate, funds, business, or culture;
- short obtainment period, a residence permit is issued in 2-8 months.
A residence permit or permanent residence card confirms the resident status. The rules of each country regulate the features of this document. However, all countries have common attributes of their cards: a card holder’s photo, a microchip with their fingerprints and signature, and the permit’s validity period.
An example of additional information can be observed on the Czech resident permit card. Under the new rules, this document contains either permission or prohibition to work in the country.
Statistics of approved residence applications in Europe
Competition in the investment visa market is growing. Almost all European countries have investment programs. They have different minimum investment amounts and registration procedures.
The most popular programs are available in the EU countries: Greece, Portugal and Spain. According to the number of approved applications, Greece and Portugal are the leaders, with more than 1,000 residence permits issued annually.
Spain usually issues half as many Golden Visas. The difference is due to higher participation costs of at least €500,000. A residence permit in Greece will cost two times cheaper.
Top 5 European countries with a residence permit for investors and financially independent persons
| Country | Participation costs | Residency obtaining period |
| 🇦🇹 Austria | €100,000 | 3 months |
| 🇬🇷 Greece | €250,000 | 6 months |
| 🇲🇹 Malta | €30,000 + €8,750 per year to maintain the status | 3–4 months |
| 🇵🇹 Portugal | €250,000 | 2–6 months |
| 🇨🇭 Switzerland | ₣450,000 per year | 6 months |
What is the difference between a residence permit and permanent residence?
A residence permit is temporary. The status is valid for 1-2 years and requires renewal. Investors periodically submit documents confirming the fulfilment of the state program conditions, for example, an ownership certificate for a property.
After receiving permission to extend a temporary residence permit, investors apply for a new card. This process always requires submitting biometrics.
Permanent residence is permission to live in a country without time restrictions. It can be obtained by investment, too, but programs like that are rare. For example, one of the most popular ones is the Malta Permanent Residence Programme.
Permanent residence is indefinite, and only a periodical re-issuance of the card is required. A Malta permanent residence card for investors is re-issued every five years.
Benefits of a residence permit in Europe
The resident status allows moving to another country or visiting it without restrictions, even if the borders are closed.
Freedom of movement. A resident of a Schengen country has the freedom of movement even if borders are closed for foreigners or flights are restricted like it was with the global pandemic. Investors choose residence permit programs for freedom of movement within the Schengen Area.
Obtaining citizenship in the future. Becoming a citizen of the European Union is possible through naturalisation. It means that a required time must pass after obtaining a residence permit. For European countries, the average period is 5 to 10 years.
During this period, a person integrates into the new society: learns the language and gets acquainted with traditions. Or, on the contrary, realises that the country does not suit them.
Obtaining citizenship may initially be relevant for the investor, their family, or only for their children. In this case, it is necessary to immediately find out the naturalisation conditions in force in the country.
What to invest in to get a residence permit?
Residential real estate remains the most popular investment option. Investors receive not only a residence permit but also a home abroad. It can be rented out, used for recreation, or both.
Advantages of the option include clear participation procedures and the possibility of selling real estate after several years of ownership.
One of the disadvantages is the need to maintain real estate. Investors will need a management company or a trustee to repair and clean the premises and pay utility bills and taxes.
There are many alternative options if the investor doesn’t need a property abroad. For example, Portugal’s program offers seven investment options other than real estate.
Investment and expenses for a residence permit in Europe
| Country | Investment options and additional costs | Minimum investment |
| Austria | Sufficient income level and owned or leased place of residence. Minimum monthly income, excluding housing costs: €2,000 per month for an adult €3,000 for a married couple €300 per child | €80,000 per year for a family of 3—4 people |
| Greece | Buying real estate Renting a hotel Buying securities or opening a bank deposit Buying land for construction or agriculture Timeshare for 10 years Receiving real estate as an inheritance or under a gift agreement | €250,000 |
| Ireland | Charitable contribution Contribution to an investment fund | €500,000 |
| Cyprus | Purchase of real estate Purchase of shares in a Cypriot company Investments in funds | €300,000 |
| Portugal | Purchase of real estate Purchase of investment fund units Support of culture and art Investment in scientific projects Transfer of capitalInvestments in business Launching a company | €280,000 |
| Switzerland | Annual lump-sum tax | ₣450,000 |
Who can participate in the investment residence program
Depending on the program, the list of relatives who can join the investor’s application will be different.
Each European program allows the addition of the investor’s spouse to the application. For citizens of countries that do not allow same-sex marriage, it is possible to marry officially in Portugal. Free entry is available via Greece and Hungary. If there is no possibility of visiting the European Union, remote marriage registration is allowed.
Minor children under 18 and children over 18 who are financially or principally dependent on the investor can join the program. However, there are age restrictions. For example, only children under 26 can participate in Spain and Portugal.
Not all countries allow the participation of investors’ parents or siblings. Malta allows investors to add siblings. Children and siblings need to prove their principal dependency on investors.
In practice, spouses do not always register a relationship, or an investor may have children from several marriages.
How an investor with a residence permit can get citizenship
After several years of maintaining a residence permit by investment, you can apply for citizenship by naturalisation. At the same time, you will have to pass exams on knowledge of the country’s language, history and culture. You will also need to confirm your integration into the country’s society.
If an investor receives a residence permit and immediately aims for citizenship, it is necessary to consider the legal requirements. For example, Greece requires a person and their family to reside permanently. And to obtain Portugal citizenship, an investor only needs to stay in the country 7 days a year.
Conditions for investors who want to obtain citizenship
| Country | When it is allowed to apply for citizenship | Requirements for staying in the country | Number of visa-free countries with a passport |
| 🇦🇹 Austria | In 6 years | 183 days a year | 189 |
| 🇵🇹 Portugal | In 5 years | 7 days a year | 188 |
| 🇬🇷 Greece | In 7 years | Entire-time | 186 |
| 🇨🇭 Switzerland | In 12 years | Entire-time | 187 |
| 🇲🇹 Malta | In 1 or 3 years | None | 186 |
The naturalisation of investors is easier in some countries. For example, Malta can grant citizenship by naturalisation for exceptional services by direct investment. Applicants get residence permits first and apply for citizenship in 1 or 3 years.
Frequently Asked Questions
Why do I need a Golden Visa?
To move freely within the Schengen Area and choose where to live, work, and study. For those who want to move abroad, this visa helps to shorten the path to obtaining a passport.
Which program offers the greatest opportunities?
Residence permits of all Schengen Agreement countries allow similar benefits. Permanent Residence Programme. But with the Malta Permanent Residence Programme, investors get a permanent residence status for life, renewing it every five years. is valid for life, and the card needs to be changed every five years.
Can I get a loan to obtain a Golden Visa?
No, investment funds should be the investor’s personal capital; it is the meaning of government programs. The origin of funds is carefully checked during Due Diligence.
Which EU country offers the fastest Golden Visa program?
Since all Schengen residence by investment programs usually take from 2 to 8 months, pay more attention to an investment option of a particular program that you are choosing. For example, the option of opening a bank deposit or transferring your capital will take less time than choosing and buying real estate.
Are there investment programs outside of Europe?
Yes. New Zealand, Australia, the UAE, and Singapore offer residency in exchange for investment.
The very first programs operating under the Golden Visa scheme appeared in the United States.
Which EU country has the cheapest Golden Visa?
In Austria, there is no minimum investment requirement for financially independent individuals who want to get a residence permit. However, they have to prove at least €40,000 in liquid funds, purchase or rent real estate for the entire family, and obtain private healthcare insurance. They will be eligible for Austrian citizenship in 10 years.
