Residency-by-investment programs have become a popular path for non-EU nationals seeking to live, work, and invest in Europe. These programs, often dubbed “Golden Visas,” provide residency permits in exchange for financial contributions such as real estate purchases, business investments, or government bonds. The allure lies in the freedom to travel within the Schengen Area, access to quality healthcare and education, and the eventual possibility of citizenship.
Among the many options, Portugal’s Golden Visa stands out for its affordability, flexibility, and quality of life. However, it is essential to understand how Portugal compares to other popular European programs such as Spain, Greece, Malta, and Cyprus. This blog explores the key features, benefits, and drawbacks of these programs to help potential investors decide which residency scheme suits their needs best.
Portugal’s Golden Visa program, launched in 2012, quickly became one of Europe’s most sought-after residency-by-investment schemes. It offers multiple investment routes, including a minimum €280,000 investment in rehabilitation projects, €350,000 in research, or the classic €500,000 real estate purchase (with reduced thresholds in low-density areas). The program requires just a minimal stay—7 days per year—making it highly flexible for international investors.
One of Portugal’s biggest advantages is the pathway to citizenship after five years, without strict physical presence requirements. The country also boasts a high quality of life, a growing economy, and access to the entire Schengen Area. However, recent reforms have restricted real estate investments in high-density areas, pushing investors towards alternative routes such as venture capital and cultural donations, aiming to address housing affordability issues.
Spain’s residency-by-investment program also centers around real estate, with a minimum investment of €500,000. Unlike Portugal, Spain requires a longer physical presence: at least 183 days per year for maintaining residency status. While the initial visa is valid for two years, renewals require maintaining the investment and physical presence.
Spain offers excellent infrastructure, a warm climate, and a vibrant culture, but the higher stay requirement may deter investors seeking a more flexible arrangement. Citizenship can only be applied for after ten years of residency, much longer than Portugal’s five-year timeline. Additionally, Spain’s bureaucracy can be slower, and the real estate market tends to be more expensive, especially in popular cities like Madrid and Barcelona. See Also
Greece offers one of the most affordable Golden Visa programs in Europe, requiring a real estate investment of just €250,000. The residency permit grants free travel within the Schengen Zone and is renewed every five years as long as the investment is maintained. Notably, Greece does not require a minimum stay, making it appealing for passive investors.
However, Greece’s Golden Visa does not offer a direct path to citizenship. To qualify for citizenship, applicants must reside in Greece for at least seven years, a significant commitment compared to Portugal. The country’s economy and infrastructure, while improving, may not be as developed as Portugal’s, which can affect long-term lifestyle and business prospects.
Malta’s Individual Investor Program (IIP) offers one of the fastest routes to citizenship, granting passports in as little as 12 months. However, the program is expensive, requiring a minimum contribution of around €600,000, plus real estate investments or rental commitments, and a residency requirement of 12 months.
Malta’s citizenship-by-investment is ideal for those seeking EU passports quickly but comes with a high price tag and more stringent due diligence. Unlike Portugal’s Golden Visa, Malta’s program focuses primarily on citizenship rather than residency, and it has faced criticism and scrutiny for transparency. Malta also provides access to the Schengen Area, but lifestyle and infrastructure differ significantly from Portugal.
Cyprus used to offer a lucrative citizenship-by-investment scheme requiring a €2 million real estate investment, but this program was suspended in late 2020 due to controversies. Currently, Cyprus offers residency permits for investments starting at €300,000, but citizenship is no longer available via investment.
While Cyprus remains an attractive destination for residency due to its Mediterranean climate and favorable tax regime, its programs lack the direct citizenship pathway that Portugal offers. Investors looking for citizenship must rely on long-term naturalization routes, which can take several years.
Each European residency-by-investment program offers unique advantages and challenges. Portugal’s Golden Visa combines affordable investment thresholds, low stay requirements, and a relatively quick path to citizenship, making it highly attractive for global investors. Spain offers a vibrant lifestyle but demands a more significant physical presence and longer citizenship timeline. Greece presents affordability and ease but lacks fast citizenship. Malta’s fast-track citizenship is compelling but comes at a high cost, while Cyprus’s program currently lacks a direct citizenship option.