Top 7 countries for European residence by investment

1. Visa-free travel. Holders of an EU residence permit can travel freely within the Schengen Area without needing a visa. The region currently includes 27 countries, with Bulgaria and Romania ultimately joining in 2024 or 2025.

2. Foreigners can establish businesses within the European Union, facilitating entrepreneurial ventures and economic opportunities.

Portugal is in the top 10 of the most innovative startup hubs in Europe, according to Financial Times. Hungary is ranked 1st among the best places to launch a startup by Business Name Generator.

3. Tax benefits. In some cases, residency permits offer tax advantages, potentially reducing tax burdens for individuals and businesses. For example, new residents enjoy preferential tax treatment in Italy, paying a flat income tax of €200,000 per year instead of progressive rates ranging from 23 to 43%.

4. Access to the EU services. Residence permit holders typically have access to quality healthcare services and education within the EU. Children of the region’s legal residents might be enrolled in local schools and universities for free or with significant discounts.

5. Residency rights. Residence permits may grant certain residency rights, providing stability and security for individuals and their families. They can move to the country of residence in case of a black swan event in their homeland.

6. Retirement planning. European residency can be an attractive option for retirees, offering a high standard of living, safety, and access to amenities and recreational activities.

7. Cultural enrichment. Living in Europe exposes residents to diverse cultures, languages, and experiences, fostering personal growth and intercultural understanding.

According to the study by Eurobarometer, 33% of the EU population speaks English; the other most spoken languages are German, French, Italian, and Spanish.

Since 2012, Portugal has been granting residence permits by investment, welcoming approximately 13,000 investors and extending this privilege to around 20,000 of their family members.

Significant changes have been made to the Portugal Golden Visa program, diverging from its 2012 iteration in terms of both requirements and costs. In October 2023, the Portuguese Parliament prohibited foreigners from obtaining residence permits solely by real estate purchasing.

Presently, investors have five options to get a Golden Visa:

1. Contribute €250,000 towards preserving Portugal’s national heritage, art, and culture.

2. Invest €500,000 in public or private research institutions.

3. Invest €500,000 in the Portuguese funds.

4. Establish or expand a business with a minimum investment of €500,000, creating at least five jobs for Portuguese citizens within three years.

5. Generate a minimum of 10 new full-time positions for Portuguese citizens or a minimum of 8 jobs in sparsely populated areas.

Investing in funds remains the preferred option among investors, offering the potential for returns within 5 to 10 years, with an annual yield of 3—10%.

Eligibility for a residence permit in Portugal extends to:

• the investor, a non-Portuguese adult with a verifiable source of income outside Portugal;

• the investor’s spouse;

• children under 26, financially dependent on the investor and unmarried;

• the investor’s and spouse’s parents.

The Greek Golden Visa stands out as one of Europe’s most accessible options. Prospective residents can acquire a seaside residence permit by investing in real estate valued at €250,000 or more.

Greece has raised the minimum investment threshold for real estate to €800,000 in the country’s most sought-after regions. However, investors can secure their participation under the previous conditions by making a 10% deposit before August 31st, 2024, completing the investment by December 31st, 2024, and applying for a Golden Visa.

Starting on September 1st, 2024, Greece will offer seven pathways to obtain a residence permit by investment:

1. Purchase residential or commercial real estate valued at €400,000. Properties in prime locations such as the north, south, and centre of Athens, Thessaloniki, Mykonos, or Santorini have a higher investment threshold, starting at €800,000.

2. Acquire architectural landmarks or industrial facilities for restoration at a minimum investment of €250,000.

3. Lease a hotel or tourist residence for 10 years, subject to the property holding the necessary licence from the government.

4. Invest in a timeshare.

5. Direct investment in the Greek economy. This could involve investing in the capital of a company registered in Greece, purchasing corporate or government bonds, placing a fixed deposit in a Greek bank, or buying shares in real estate investment companies. The minimum investment is €500,000.

6. Purchase of shares in mutual or alternative investment funds for at least €350,000.

7. Purchase of corporate and government bonds listed for trading for at least €800,000.

In spite of the recent changes, the demand for the Greek Golden Visa is on the rise. In January and February 2024 alone, the program garnered 1,299 applications from investors, marking an increase of 51 applications compared to the same period in 2023.

Eligibility for a residence permit in Greece extends to:

• the investor, a non-Greek adult with a verifiable source of income and a clean criminal record;

• the investor’s spouse;

• children under 24, financially dependent on the investor and unmarried;

• the investor’s and spouse’s financially dependent parents.

Real estate for investors in Greece

Greece, Santorini

€388,000 — €905,000

Villa in a gated complex overlooking the sea and vineyards in Santorini

109 m² — 224 m²

3—5

2—4

Greece, Santorini

€505,000 — €550,000

Mediterranean style villa next to the sea in Santorini with guaranteed rent

84 m² — 94 m²

3

1

Greece, Kissamos

€830,000 — €1,550,000

Traditional style villas on the seafront in Crete, Greece

126 m² — 157 m²

3

3

Hungary is to start issuing a residence permit to investors in the summer of 2024. It will be a 10-year residence permit in one go, contingent upon the foreign investor’s contribution to the country’s economy by the following options:

1. €250,000+ — purchasing shares in Hungarian investment funds.

2. €500,000+ — investing in residential property.

3. €1,000,000+ — a donation to the public funds supporting colleges and higher education institutions in Hungary.

In comparison with other Golden Visas, the Hungarian one will be a tasty morsel for investors since the country is to grant residency for purchasing real estate.

Along with the main applicant, residence can be obtained by their spouse and children under 18 years of age.

Acting promptly is important here. Hungary Golden Visa is to be issued on a “first come-first served” basis. It means that the earlier a foreigner applies, the higher the chances for them to obtain residency.

Applicants seeking a Spanish residence permit typically invest a minimum of €500,000 in the country’s economy.

With residence permit status, the investor and their family members gain the right to reside and work in Spain for an initial period of three years, extendable for an additional five years.

The following investment options are available to prospective investors:

1. Purchase residential or commercial real estate, with the flexibility to acquire multiple properties for rental purposes, valued at €500,000.

2. Open a deposit of €1,000,000 in a Spanish bank.

3. Acquire shares or blocks of shares valued at €1,000,000 in Spanish joint-stock companies.

4. Invest €1,000,000 in shares of funds in Spain.

5. Purchase government bonds for €2,000,000.

6. Establish a business that contributes to job creation, national economic development, or innovation.

The investor aged 18 or above and with a clean criminal record can apply with their spouse, financially dependent children, and parents of the investor or their spouse.

The Spanish Cabinet decided to suspend residency by real estate investment in early April 2024. However, investors still have an opportunity to pursue this option by applying for a visa before the enactment of the new law.

Spain has not yet announced the timeline for implementing the new regulations, so now is the best time to apply for a Golden Visa.

Italy’s Investor Visa program was once deemed one of Europe’s most expensive investment pathways. However, since 2020, acquiring an Italian residence permit has become more accessible, starting at €250,000, which is probably the most affordable in the EU, alongside Greece and Hungary.

Here are four options to obtain a residence permit in Italy by investment:

1. Invest €250,000 in an Italian startup listed as the official innovative project.

2. Purchase shares of existing Italian companies for €500,000.

3. Invest €1,000,000 in any Italian cultural, educational, immigration, or scientific project of public interest.

4. Buy government bonds with a maturity of at least two years for €2,000,000.

Even though Italy does not grant residency for purchasing real estate, the country still requires that investors buy or rent residential property when applying for a Golden Visa.

According to the Idealista website, Verbano-Cusio-Ossola, Syracuse, Venice, and Como are the primary destinations for foreign property buyers, sometimes receiving more visits from abroad than from within the country itself.

Here’s who gets Italian residence along with the main applicant:

• the investor’s spouse;

• children under 18 and adult children financially dependent on the investor;

• the investor’s and their spouse’s financially dependent parents.

The Malta Global Residence Programme grants a permit for 1 year in 3—4 months.

An investor is able to include family members, such as a spouse, principally dependent children under 25 and siblings, as well as service personnel.

To participate in the program, a foreigner buys or rents a property in Malta. The minimum rental price is €9,600 per year, for purchases — €275,000.

In the south of Malta and on the island of Gozo, the minimum investment is lower — at €8,750 for rental per year and €220,000 for the property purchase.

There are additional costs to consider when applying for a Maltese residence permit by investment:

• an administration fee — €6,000;

• health insurance at approximately €500 per year;

• an income tax — at least €15,000 per year.

The Malta Permanent Residence Programme (MPRP) offers a unique opportunity for non-EU, non-EEA, and non-Swiss citizens to establish roots in the heart of the Mediterranean.

Under this program, investors can secure permanent residency for life by purchasing or renting real estate, paying state fees, and making charitable donations to non-governmental organisations. They also confirm that they have a capital of €500,000, at least €150,000 of which must be financial assets.

Upon purchasing real estate, the principal investor must retain ownership for a period of five years from the date permanent residence is granted. Following this timeframe, the property can be sold, allowing for a portion of the initial investment to be returned.

An investor can add to the application the family members:

• spouse or partner, including same-sex unions;

• children under 18;

• children over 18, unmarried and principally dependent on the main applicant;

• principally dependent parents or grandparents of either applicant or spouse.

Cyprus stands out as one of the select EU nations offering immediate issuance of permanent residence permits by investment. Within a mere 6 months, applicants can secure lifelong permanent resident status.

Here are three pathways to obtain a Golden Visa in Cyprus by investment totalling €300,000 or more:

1. Purchase one or more residential or commercial properties. Notably, residential properties must be acquired directly from the developer.

2. Acquire shares in Cypriot companies.

3. Invest in securities issued by the Cyprus Investment Fund Association.

Along with the main applicant, permanent residency is obtained by their spouse, financially dependent children under 25, and disabled children of any age.

Austria does not offer traditional investment programs. Instead, the EU state provides residence permits exclusively for financially independent individuals.

The process for obtaining residency in Austria typically takes three to six months and requires applicants to fulfil several criteria:

1. Demonstrate sufficient monthly income to cover family expenses, housing, and transportation.

2. Purchase or rent property in Austria.

3. Obtain medical insurance.

4. Have basic proficiency in German at the A1 level.

5. Reside in Austria for a minimum of 183 days per year.

6. Initially, a residence permit is issued for one year and can be renewed annually for another year, then subsequently for three-year intervals, with income confirmation required each time.

Residency extends to the investor, their spouse, and children under 18.

After five years of residency, individuals can apply for permanent residency. Citizenship is acquired after six to ten years, which can be passed on to future generations.

Austria is an attractive destination for investors due to its robust economic and political stability, offering the perks of visa-free travel to Schengen countries, esteemed education, high-quality healthcare, and the potential for EU citizenship.

Additionally, Vienna, the capital, has consistently topped the Mercer World Quality of Life Ranking for eight consecutive years.

Obtaining a residence permit in Switzerland is also tailored for financially independent individuals. While no investment is required, applicants must demonstrate the ability to support themselves and their families without working in Switzerland. Income must be sourced from outside the country.

Investors seeking an Andorra residence permit can do so by making a minimum investment of at least €600,000 in the country’s economy.

Andorran residents benefit from advantageous tax policies, including exemption from capital gains and dividends taxes, as well as savings on income and corporate taxes.

Europe PR and residence permit by investment: a comparison

Country

Portugal

Min investment

€250,000

RP validity

2 years

Time till citizenship

5 years

Country

Spain

Min investment

€500,000

RP validity

3 years

Time till citizenship

10 years

Country

Greece

Min investment

€250,000

RP validity

5 years

Time till citizenship

7 years

Country

Hungary

Min investment

€250,000

RP validity

10 years

Time till citizenship

11 years

Country

Italy

Min investment

€250,000

RP validity

2 years

Time till citizenship

10 years

Country

Cyprus PR

Min investment

€300,000

RP validity

For life

Time till citizenship

7 years

Country

Malta residence permit

Min investment

€30,000

RP validity

1 year

Time till citizenship

—

Country

Malta PR

Min investment

€150,000

RP validity

For life

Time till citizenship

—

Country

Austria

Min investment

€100,000

RP validity

1 year

Time till citizenship

6—10 years

Country

Switzerland

Min investment

₣450,000 per year

RP validity

1 year

Time till citizenship

10 years

Country

Andorra

Min investment

€600,000

RP validity

2 years

Time till citizenship

20 years

1. A “Golden Visa” is a common term for a residence permit obtained by investment. It denotes a special type of residency granted to foreign investors who contribute to a country’s economy.

2. Several countries in the EU grant residency by investment. Among them are Portugal, Spain, Hungary, Greece, and Italy.

3. European residence permits offer visa-free travel, business establishment opportunities, and access to quality services such as healthcare and education.

4. Hungary, Spain, Greece, and Malta grant a residence permit for purchasing real estate.

5. Spain is to end its real estate route, so it is better to act promptly. Greece has raised the minimum investment for real estate purchases, which indicates that Golden Visas are becoming more and more challenging to obtain.