13 Cheapest Golden Visa Programs in the EU and Caribbean

A Golden Visa is a residency by investment program allowing wealthy individuals to obtain residency in another country. Depending on the terms, an applicant can invest in real estate, government bonds or a state-approved project.

Investors choose to apply for a Golden Visa for many reasons, including freedom of travel, new business opportunities, tax optimisation, and access to education and healthcare systems. In some cases, it’s also a chance to relocate to a country with a better climate.

Citizenship by investment programs in the Caribbean are also sometimes referred to as Golden Visas. While this designation is incorrect, Caribbean passports are often mentioned in the same conversation as they provide similar benefits and are great value for money.

1. Safe haven. Obtaining a residence permit or citizenship helps one travel to that country even when borders are closed for tourists and stay there indefinitely.

2. Freedom of travel. Becoming a resident in a European Union country increases global mobility, enabling visa-free travel to the other Schengen Area countries with a permitted stay of 90 days out of 180.

3. Visas for the whole family. All Golden Visa programs allow investors to include their spouses and children in the application.

4. Potential investment return. With a few exceptions, investors can receive their money back in a few years, provided they comply with the terms.

5. Business opportunities. Residents or citizens can open a new business in the country where they have a Golden Visa or move an existing company there.

6. Access to education and healthcare. Investors and their family members can undergo treatment in their country of residence. Their children also have the right to study in schools and universities there.

7. Path to citizenship. Some countries issue a passport immediately after investment. In others, it’s necessary to maintain residency for a few years before being eligible for citizenship. In particular cases, though, it may only be a remote possibility for investors.

To become a resident of a European country, applicants have to invest at least €150,000. Citizenship in the Caribbean is available for investing at least $200,000.

Here are the cheapest Golden Visa countries:

1. Vanuatu — $130,000.

2. Malta — €150,000.

3. Dominica — $200,000.

4. UAE — $204,000.

5. Antigua and Barbuda — $230,000.

6. Grenada — $235,000.

7. St Lucia — $240,000.

8. St Kitts and Nevis — $250,000.

9. Greece — €250,000.

10. Portugal — €250,000.

11. Italy — €250,000.

12. Hungary — €250,000.

13. Cyprus — €300,000.

Let’s explore all Golden Visas in detail, starting with the offers in Europe, following by the Middle Eastern and the Caribbean ones.

Portugal offers five investment options to obtain a residence permit. The minimum investment threshold is €250,000 for supporting arts and restoring cultural heritage.

With real estate investment options abolished in 2023, the most popular option is purchasing investment fund units for a minimum of €500,000. The holding period is at least 5 years, but in practice, the money is usually returned in 6—10 years.

Golden Visa holders must only spend 7 days a year in Portugal to maintain their residency.

The residence permit cards must be renewed every two years. After five years of residence, investors can apply for Portugal citizenship.

Pros of the Portugal Golden Visa:

• visa-free travel to the Schengen Area countries;

• a short stay requirement;

• path to EU citizenship in 5 years.

The Malta Permanent Residence Programme is available to non-EU, non-EEA, and non-Swiss citizens.

One option for investors to obtain permanent residency in Malta is to rent a property with the following expenses:

• renting real estate for five years — €50,000+ in the south of Malta or on the island of Gozo, or €60,000+ in other areas;

• administrative fee — €40,000;

• contribution fee — €58,000, with an extra €7,500 fee paid for every parent and grandparent;

• charitable donation — €2,000.

The other option is purchasing real estate worth at least €300,000 in the south of Malta or on the island of Gozo and €350,000 in other areas. The contribution fee is €28,000, with the other expenses unchanged.

The investor must also confirm having assets of at least €500,000.

The application is processed for at least 6 months. Permanent residence is granted for life, allowing the investor and family members to visit the Schengen Area for 90 days in 180. The permanent residence card must be renewed every 5 years, though.

Pros of the Malta Permanent Residence Programme:

• residency for life;

• visa-free travel to Schengen countries;

• living, working, and doing business in Malta.

Hungary formally relaunched the Golden Visa in July 2024, allowing non-EU and non-EEA citizens obtain a 10-year residence permit in the country.

The cheapest option to apply for a residence permit is purchasing fund units for €250,000.

The investment fund should allocate at least 40% of its assets to residential real estate in Hungary for it to be eligible for the program. The share certificate must have a 5-year maturity period.

In January 2025, residential real estate purchase will also be an option to obtain a Golden Visa. However, its minimum value required is €500,000, twice as much as the investment fund option. Properties bought before January 1st, 2025, will not be eligible for the program.

The residence permit can be renewed for another 10-year period.

After 3 years of living in the country with a residence permit, the investor becomes eligible for permanent residency. To apply for citizenship, they must live in Hungary for 8 years as a permanent resident.

Pros of the Hungary Golden Visa:

• visa-free travel across the Schengen Area;

• opportunity to live at the heart of Europe;

• low cost of living by European standards.

There are multiple options to obtain a 5-year Greece residence permit by investment for a minimum amount of €250,000.

The most popular option is investing in real estate. However, the minimum investment threshold is €800,000 in the most popular markets, such as Athens, Mykonos, Santorini, and Thessaloniki and €400,000 in other regions.

Other options requiring the same investment amount include renting a hotel or tourist residence for 10 years.

Obtaining a residence permit in Greece allows investors to spend up to 90 days out of 180 in any Schengen Area country without a visa. If they maintain residence in Greece for 7 years, they can apply for citizenship.

Pros of the Greece Golden Visa:

• visa-free travel to Schengen countries;

• returnable investment;

• a 5-year validity;

• benefits for new tax residents;

• path to EU citizenship in 7 years.

For Italy Golden Visa applicants, real estate investment is off the table. The cheapest option is contributing €250,000 to an innovative startup.

Other options include:

• business investment — €500,000;

• investment in a philanthropic organisation — €1,000,000;

• purchase of government bonds — €2,000,000.

The residence permit cards are issued for an initial two-year period and can be extended for three years. After 10 years of residing in Italy, investors can apply for citizenship.

Pros of the Italy Golden Visa:

• visa-free travel to Schengen countries;

• special tax regime for new residents;

• path to citizenship in 10 years.

Cyprus offers permanent residency to investors, unlike many other EU countries where it is only possible to obtain temporary residence permits first.

4 investment options are available, each of them worth €300,000:

• purchase of residential property;

• purchase of commercial property;

• purchase of shares of a local company;

• purchase of units of Cypriot investment funds.

Permanent residency is granted to the investor and their family members for life. They may be eligible for Cyprus citizenship if they live in the country for a total of 5 full years over an 8-year period. Those who become Cypriot citizens can return their investment.

Pros of the Cyprus permanent residency:

• lifelong residency in a EU country;

• tax optimisation;

• path to EU citizenship in 8 years.

Foreigners can obtain residency in the United Arab Emirates by purchasing real estate in freehold zones.

To receive a two-year residency visa, the minimum worth of the residential property must be at least AED 750,000 ($204,000). If a loan is taken, a down payment is worth at least 50% of the property value.

It’s also possible to apply for a 10-year visa, but in this case, the investor must purchase residential property for at least AED 2,000,000 ($545,000).

An investor can include a spouse and children in the application. The process can take 2 months, during which the applicant must be in the UAE.

Pros of UAE Residence Visa:

• fast processing time;

• large expat communities;

• business opportunities in an expanding economy;

• issuance of the Emirates ID and an Esaad Privilege Card, Dubai’s discount program.

The cheapest option to become a Vanuatu citizen is to contribute at least $130,000 to the state development fund. The investment is non-refundable. The applicant must also prove they have at least $250,000 in the bank account.

The second option is investing in the local coconut oil industry. The minimum investment for a single applicant or a family of up to 4 people is $157,000. An extra $26,500 is paid for each additional applicant, regardless of age.

Apart from a relatively low cost, the main advantage of the program is fast processing time. A passport can be issued a month after applying; the investor’s spouse, children, and parents are also eligible.

Pros of Vanuatu citizenship by investment:

• visa-free travel to 100+ countries;

• fastest processing time;

• no personal income tax;

• a 5-year B‑1/B‑2 visa to the USA;

• no minimum stay requirement.

Dominica offers two options to obtain citizenship by investment. The cheaper one is a non-refundable contribution to the Economic Diversification Fund. The minimum amount is $200,000 for a single investor and $250,000 for a family of up to 4 people.

The other option is purchasing at least $200,000 worth of shares in state-approved real estate projects, like spa resorts and hotels. The investment can be returned in 5 years if the property is resold to another program participant or in 3 years in other cases.

The passport can be issued after 6 months. The investor can include spouses, children under 30, parents and grandparents over the age of 65 in the application.

Pros of Dominica citizenship by investment:

• a relatively small investment;

• opportunity to return real estate investment;

• visa-free travel to 140+ countries;

• a 10-year B‑1/B‑2 visa to the USA;

Antigua and Barbuda allows investors to make a non-refundable contribution to the National Development Fund as the cheapest way to obtain citizenship. Starting from August 2024, the minimum investment threshold for this option is $230,000.

Investors who want to receive their money back can purchase shares in state-approved real estate projects for at least $300,000 with the option to resell the property in five years.

For families of six or more, there is a possibility of investing $260,000 in a higher education institution. The contribution is non-refundable.

Investors’ spouses, children under 30, parents over 55, and unmarried siblings could be included in the application. The processing time is at least 6 months.

Pros of Antigua and Barbuda citizenship by investment:

• visa-free travel to 150+ countries;

• a 10-year B‑1/B‑2 visa to the USA;

• a relatively small investment;

• a special offer for big families;

• no personal income tax.

To apply for Grenada citizenship, a single investor has to make a non-refundable contribution of $235,000 to the National Transformation Fund.

The second option is investing in state-approved real estate: a minimum of $270,000 for a share and $350,000 for full ownership. The funds can be returned in five years.

Investors’ spouses, children under 30, parents, and siblings can be included in the application. Obtaining a passport takes at least 8 months.

Pros of Grenada citizenship by investment:

• visa-free travel to 140+ countries;

• a 10-year B‑1/B‑2 visa to the USA;

• fewer major hurricanes compared to other Caribbean countries.

There are four ways to apply for St Lucia citizenship by investment. Like in other Caribbean states, the cheapest option is a $240,000 non-refundable contribution to the National Economic Fund.

In addition, the new “Infrastructure Option” also lets applicants invest in projects that will improve the country’s infrastructure: ports, bridges, roads, and so on. The prices start at $250,000.

The real estate investment starts at $300,000, and the property can be resold in 5 years. Investors can also buy non-interest-bearing government bonds for $300,000. They can be fully redeemed in 5 years as well.

Obtaining citizenship may take at least four months. Investors’ spouses, children under 30, parents over 55 and siblings under 18 may apply for citizenship along with the principal investor.

Pros of St Lucia citizenship by investment:

• a relatively small investment;

• greater global mobility;

• a 10-year B‑1/B‑2 visa to the USA;

• no residency requirement.

The minimum investment to obtain citizenship in St Kitts and Nevis amounts to $250,000. Investors contribute to the Federal Consolidated Fund or the Approved Public Benefit Projects.

For real estate investors, there are three options. They can purchase shares in a government-approved real estate project or a condominium unit for at least $325,000 or a single-family private dwelling for $600,000.

The real estate investment can only be returned in 7 years. However, the investor can earn an income of 2 to 5% per year from leasing the property.

Pros of St Kitts and Nevis citizenship by investment:

• a 10-year B‑1/B‑2 visa to the USA;

• lenient taxation system;

• an increase in global mobility;

• free healthcare for children under 18 and adults over 62.

The two most frequent investment options to obtain a Golden Visa are a non-refundable contribution and a real estate purchase.

The Golden Visas are valid for life or renewable if all the required conditions are still met.

The Spain Golden Visa is another popular option among investors who want to become a resident of a European country.

The minimum investment threshold is €500,000 for purchasing real estate, which is a more expensive option in comparison to other EU states, such as Portugal, Greece, Italy, and Hungary.

There are more European countries where it is possible to obtain residency permits by investment, such as Belgium, the Netherlands, Luxembourg and Ireland.

In the USA, an investment of at least $800,000 can make a foreigner eligible for a Green Card via the EB‑5 Immigrant Investor Program.

Specific requirements can vary between programs. However, in most cases, the investor must:

• be over 18 years old;

• have sufficient funds and prove the legality of their income;

• have no criminal record;

• have medical insurance and no serious illnesses.

The exact terms of obtaining a Golden Visa vary between countries. Below are the most frequent options for investors.

1. Real estate. The most popular option for investors looking for a second home is purchasing or renting residential property. Some countries, like Cyprus, also allow applicants to invest in commercial real estate.

2. Government bonds. Golden Visa applicants purchase government bonds as a low-risk investment option.

3. Business investment. Spain, Italy, and Portugal allow investors to establish new companies or invest in existing entities and create new jobs. Another variety of this option is a startup investment.

4. Bank deposits. In Greece and Spain, it is possible to open an account in a local bank and transfer a certain sum to become a resident.

5. Investment funds. Portugal and Spain offer investors the opportunity to purchase units of state-approved investment funds to obtain residency permits.

6. Contribution to national development funds. In the Caribbean countries, you can make a non-refundable contribution to the national funds to obtain citizenship. The minimum investment tends to be lower than for other options.

7. Arts and culture. In Portugal, the cheapest option to get a Golden Visa is to support national arts and cultural heritage.

1. Hungary Golden Visa is relaunched. The Hungarian government has decided to reintroduce the program aimed at attracting foreign investors. On July 1st, 2024, applications started to be considered for individuals who purchased investment fund units for €250,000.

2. Caribbean countries increased investment thresholds. Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, and St Lucia have started to implement the Memorandum of Agreement. The document states that the countries must increase the minimum investment threshold for citizenship programs to $200,000. Therefore:

• Dominica raised the threshold from $100,000 to $200,000;

• Antigua and Barbuda — from $100,000 to $230,000;

• Grenada — from $150,000 to $235,000;

• St Lucia — from $100,000 to $240,000.

St Kitts and Nevis previously updated the CBI terms, making the minimum investment $250,000. However, the Government lowered the contribution sum for families from $350,000 to $250,000 to keep the citizenship program marketable and competitive.

Besides, St Kitts and Nevis lowered the investment threshold for real estate from $400,000 to $325,000.

Another change was to lower the age threshold for the investor’s parents from 65 to 55 years.

3. Greece increased investment demands for real estate purchase. After August 31rd, 2024, the minimum real estate investment for the Golden Visa program will increase from €250,000 to €400,000. In the most popular areas, such as Athens, Thessaloniki, Mykonos, and Santorini, the threshold increases from €500,000 to €800,000.

The minimum investment of €250,000 will stay for properties requiring renovation and conversion to residential.

4. Vanuatu introduced a new investment option. Investors can buy shares of the CNO Future Fund, created to develop coconut oil production to be used as a clean, renewable energy source. The minimum investment is $157,000 which can be returned in 5 years after obtaining Vanuatu citizenship.

1. A Golden Visa allows foreigners to obtain residency by investment in the country’s economy. It can also serve as an umbrella term for investment programs, including permanent residency and citizenship by investment.

2. Vanuatu offers the least expensive path towards obtaining citizenship by investment: a passport of this country can be obtained for $130,000.

3. The Malta Permanent Residence Programme starts at €150,000. Applicants have to rent property for 5 years.

4. Caribbean countries have raised the investment threshold for citizenship by investment programs. However, it is still possible to become a Dominica citizen for a non-refundable contribution of $200,000.

5. The cheapest Golden Visa countries in the EU are Portugal, Italy, Greece, and Hungary. In each of these states, a residence permit can be obtained for €250,000.