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Top 7 countries for European residence by investment

Over the past decade, EU countries have collectively garnered approximately 25 billion euros in foreign direct investment through residency-by-investment programs.

With an EU residence permit, investors are able to travel to the Schengen countries visa-free, establish a business, and, in some cases, receive tax benefits.

Let’s discuss how investors can move abroad and the best places to do so.

Albert Ioffe

Author •Albert Ioffe

Compared the most popular EU residency-by-investment programs

Residence permit by investment in Europe

Top 7 countries for European residence by investment

What is residency by investment?

A residence permit by investment is often called a "Golden Visa." This refers to residency granted to foreign investors contributing to a country’s economy.

Golden Visa eligibility involves investment options such as purchasing real estate, acquiring government bonds, and opening bank deposits and businesses, but conditions are different in each country.

While EU nations continue to grant residence permits by investment, they are progressively adjusting the terms for investors.

Portugal has banned obtaining a residence permit for purchasing real estate, and Greece has raised the threshold for investment in real estate from €250,000 to €400,000—800,000 in the country’s most popular regions. This is why timing is crucial for getting residency by investment.

One key advantage of the Golden Visa is that investors aren’t required to continuously reside in the country to maintain their residence permit.

Investors can usually apply for permanent residency or citizenship after fulfilling residency requirements, starting from the issuance of residency permit cards. In Portugal, applying for a passport is possible 5 years after requesting a residence permit.

Looking to obtain a residence permit in Europe?

Practical Guide

Looking to obtain a residence permit in Europe?

7 benefits of a European residence permit

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 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.

Europe investor visa to Italy

Foreigners who obtain Italian residency by investment can move to the homeland of Romeo and Juliet and visit the famous Casa di Giulietta in Verona

Residence permit by investment in Portugal

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.

Individual cost calculation for residence by investment in Portugal

Individual cost calculation for residence by investment in Portugal

Greece residence permit by investment

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 requirement for real estate to €800,000 in the country’s most sought-after regions. However, investors can apply under the €250,000 threshold if they purchase a property for renovation or conversion into residential space.

Greece offers 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. The minimum investment is €400,000.

  4. Invest at least €400,000 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 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 parents.

Individual cost calculation for residence by investment in Greece

Individual cost calculation for residence by investment in Greece

Hungary Golden Visa

Hungary started issuing residence permits to investors in the summer of 2024. It is 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. The option will become available from January 1st, 2025.

  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 25.

Individual cost calculation for residence by investment in Hungary

Individual cost calculation for residence by investment in Hungary

Permanent residence by investment in Malta

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.

Expenses on Malta’s PR by investment

Expenses

Rent for 5 years

Property purchase

Real estate

€50,000 — in the south of Malta or on the island of Gozo

€60,000 — in the north or centre of Malta

€300,000 — in the south of Malta or on the island of Gozo

€350,000 — in the north or centre of Malta

Administrative fee

€40,000

€40,000

Contribution fee

€58,000

€28,000

Charitable donation

€2,000

€2,000

Insurance policy

€400

€800

Total

€150,400+

€370,800

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.

Individual cost calculation for permanent residence in Malta

Individual cost calculation for permanent residence in Malta

Cyprus permanent residence

Cyprus stands out as one of the select EU nations offering immediate issuance of permanent residence permits by investment. Within a mere 9 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.

Individual cost calculation for permanent residence in Cyprus

Individual cost calculation for permanent residence in Cyprus

Spain Golden Visa

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 investment in 2025. However, investors still have an opportunity to pursue this option by applying for a visa before the enactment of the new law.

Individual cost calculation for residence by investment in Spain

Individual cost calculation for residence by investment in Spain

Italy 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.

Individual cost calculation for residence by investment in Italy

Individual cost calculation for residence by investment in Italy

Residence permit by investment in Malta

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.

which countries give residency by buying property: Malta RP by investment

Saint John’s Co-Cathedral in Malta’s capital, Valletta, is home to Caravaggio’s notable works of art

Honourable mentions

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

Min investment

€250,000

RP validity

2 years

Time till citizenship

5 years

Country

Min investment

€500,000

RP validity

3 years

Time till citizenship

10 years

Country

Min investment

€250,000

RP validity

5 years

Time till citizenship

7 years

Country

Min investment

€250,000

RP validity

10 years

Time till citizenship

11 years

Country

Min investment

€250,000

RP validity

2 years

Time till citizenship

10 years

Country

Min investment

€300,000

RP validity

For life

Time till citizenship

8 years

Country

Min investment

€30,000

RP validity

1 year

Time till citizenship

Country

Min investment

€150,000

RP validity

For life

Time till citizenship

Country

Min investment

€100,000

RP validity

1 year

Time till citizenship

6—10 years

Country

Min investment

₣450,000 per year

RP validity

1 year

Time till citizenship

10 years

Country

Min investment

€600,000

RP validity

2 years

Time till citizenship

20 years

How to obtain EU residence by investment

Obtaining a residence permit in the EU takes several months, typically 4—9.

As an example, here’s a step-by-step procedure for applying for a Greece Golden Visa by purchasing a property.

1

1 day

Preliminary Due Diligence

A certified Anti Money Laundering Officer conducts a preliminary Due Diligence check. It reduces the rejection risk to 1%.

If there are any risks, Immigrant Invest offers an alternative solution, such as another program.

2

1 week

Preparation of documents

Lawyers fill out government forms and present a list of financial and personal documents needed for the application.

The investor collects the documents and signs a power of attorney authorising the lawyer to act on their behalf in Greece.

3

Up to 1 week

Getting a tax number in Greece

The lawyer submits an application and documents for the tax number registration. Typically, the number is issued within 3 to 7 working days. This step cannot be skipped since a tax number is needed for most financial operations in Greece.

4

1—3 months

Property purchase

Immigrant Invest real estate experts help investors select property for purchase.

The investor signs a preliminary purchase agreement and deposits 10% of the property cost.

The investor or a lawyer can sign the purchase agreement. The lawyer submits the agreement for registration in the Land Registry and the Cadastre, obtaining a registration certificate.

5

1 day

Applying for a residence permit

The application for the Golden Visa is submitted after the deal is closed. The investor should complete the purchase by this time.

Documents are submitted online via the official website of the Greek migration service. While waiting for the decision, the investor can stay in the country for one year.

6

1 day

Submission of biometrics

All applicants submit their biometric data, such as photographs and fingerprints, in Greece.

Scheduling a biometric appointment is possible 1—2 weeks after applying. The procedure must be completed within 6 months from the date of the residency application and before the expiry of one year.

7

1—2 months

Receiving residence permit cards

The application for a residence permit in Greece is processed within 1—2 months. The investor can collect the residence permit card personally or by a lawyer.

8

Every 5 years

Residence permit renewal

Residence permits are valid for 5 years and can be renewed. To do so, applications submit documents within two months before the expiry of the current permit and prove the ownership of the property or that other investment assets are being maintained.

Things to know about best European residency by investment programs

  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.

Immigrant Invest is a licensed agent for citizenship and residence by investment programs in the EU, the Caribbean, Asia, and the Middle East. Take advantage of our global 15-year expertise — schedule a meeting with our investment programs experts.

Ultimate comparison of Golden Visa programs

Practical Guide

Ultimate comparison of Golden Visa programs

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Frequently asked questions

  • How to get a residence permit in Portugal?

    ​​To obtain a residence permit in Portugal, create 10 jobs after starting a business, buy fund units, or support the country’s science and culture. Meet legal requirements, apply through the appropriate channels, and comply with residency conditions.

  • How to get a residence permit by investment in Greece?

    To obtain a residence permit by investment in Greece, invest a minimum of €250,000 in the country’s economy.

    Options include buying residential real estate, opening a bank deposit, and purchasing property for restoration.

  • How to get a residence permit by investment in Italy?

    Italy’s Investor Visa program, once considered costly, has become more accessible since 2020, starting at €250,000, among the most affordable in the EU.

    Options include investing in startups, purchasing shares, funding public projects, or buying government bonds.

  • How to get a residence permit by investment in Hungary?

    Hungary issues a 10-year residence permit to investors contributing to the economy at least €250,000.

    Residence extends to the main applicant, spouse, and children under 25. The process operates on a "first come, first served" basis, emphasising the importance of prompt action for securing residency.

  • How to get a residence permit by investment in Spain?

    Applicants for a Spanish residence permit typically invest a minimum of €500,000 in the country’s economy. This grants them and their family members the right to reside and work in Spain for an initial three-year period, extendable for another five years.

    Investment options include real estate, bank deposits, shares, funds, and government bonds.

    However, the Spanish Cabinet decided to suspend residency by real estate investment in 2025, offering a window for investors to apply before the new law is enforced, though the timeline remains uncertain.

  • How to get a residence permit by investment in Malta?

    To obtain a residence permit in Malta, a foreigner needs to buy or rent property in the country. The minimum rental price is €9,600 per year, and purchases should be valued at least €275,000.

    In the south of Malta and on the island of Gozo, the minimum is slightly lower — €8,750 for rental housing per year and €20,000 for a purchase.

  • How to get permanent residence in Malta?

    To secure permanent residence in Malta, individuals must invest in real estate either through renting, priced at €10,000 annually, or purchasing, with a minimum threshold of €300,000, along with associated administrative fees.

  • How to get a residence permit by investment in Austria?

    To secure a residence permit in Austria, applicants must demonstrate financial independence, confirming sufficient income to cover family expenses, housing, and transportation. They must also obtain health insurance and possess basic proficiency in German at the A1 level.

  • How to get permanent residence in Cyprus?

    Cyprus offers issuance of permanent residence permits by investment, granting lifelong residency within six months. Applicants can pursue a Golden Visa by investing €300,000 or more, acquiring property or shares in Cypriot companies, or investing in securities. Family members can also obtain residency.

  • What is the easiest EU residency to get?

    The ease of obtaining EU residency varies depending on individual circumstances and the specific residency program. However, some countries, such as Portugal, Greece, and Hungary, offer relatively accessible Golden Visas.

    These programs typically have straightforward requirements and relatively low investment thresholds compared to other EU countries.

  • How do I get EU residence?

    Obtaining EU residence typically involves meeting specific criteria set by each member state’s immigration laws. While requirements vary between countries, common pathways to EU residence include:

    1. Investment. Many EU countries offer residence permits or visas to individuals who invest in the country’s economy, often by real estate investment.

    2. Employment. Some EU countries grant residence permits to skilled workers, entrepreneurs, or individuals with job offers from local employers.

    3. Education. Students studying at EU universities may be eligible for residence permits during their studies and, in some cases, after graduation to seek employment opportunities.

  • What can I do with an EU residence permit?

    With an EU residence permit, you can enjoy freedom of movement within the Schengen Area, work in the chosen country, access public services, and potentially benefit from tax advantages.