How to get a residence permit in Europe by investing in real estate

Only a few European countries allow investors to obtain a residence permit by purchasing real estate. Such residence permits are often called Golden Visas.

Obtaining a residence permit in Europe by real estate investment provides several significant benefits, both for investors and their families. Here are some of the key advantages:

• freedom of movement across the Schengen Area, which includes 29 European countries;

• access to high-quality healthcare and education;

• pathway to permanent residency or citizenship;

• tax optimisation and financial benefits;

• enhanced business and employment opportunities

• better quality of life.

Where to get residence permit by real estate investment

Let’s explore popular European countries where you can buy a property and get residency.

Greece has one of the most affordable programs with the lowest threshold in Europe, requiring a minimum investment of €250,000 in real estate. Investors gain the right to reside in Greece and travel freely within the Schengen Area.

As Greece continues its economic growth, real estate prices are still remaining relatively low, offering the future income potential alongside the residency benefits.

Cyprus offers a straightforward residency program for those investing in real estate. By purchasing property worth at least €300,000, investors and their families can obtain permanent residency.

The offer also allows investors to benefit from Cyprus’ favourable tax regime and its location at the crossroads of Europe, Asia, and Africa.

Malta offers two prominent programs for non-EU nationals seeking residency, both of which grant significant tax and lifestyle benefits:

1. The Malta Global Residence Programme is ideal for non-EU nationals, providing a flat 15% tax rate on foreign income remitted to Malta. Applicants must purchase or rent property and meet specific income requirements. This program also offers access to healthcare and education.

2. The Malta Permanent Residence Programme is an option that offers residency through real estate investments, charitable donations, and government fees. Applicants must have assets of at least €500,000.

Spain. To qualify, investors must purchase property worth at least €500,000. This investment grants them and their family members the right to live, work, and study in Spain, as well as visa-free travel across the Schengen Area.

Hungary relaunched its Golden Visa program in July 2024, offering an attractive pathway for non-EU investors to obtain long-term residence in the country. Investing in a real estate option requires a minimum of €500,000. Investors are eligible to obtain a residence permit through real estate purchase starting January 1st, 2025.

The above-mentioned countries don’t impose residency conditions to maintain the permit. In other words, investors are not obliged to live in the country. However, the Malta Global Residence Programme has the condition that investors cannot spend more than 183 days per year in any other single country, ensuring that they don’t become tax residents elsewhere.

European countries that grant a residence permit for real estate purchase

Country

Minimum investment

Processing time

Who can be included in the application

Greece

€250,000

4+ months

Spouse, children under 24, parents

Cyprus

€300,000

9+ months

Spouse, children

Malta
Residence permit

€220,000

3+ months

Spouse, children under 25, siblings, parents, and grandparents

Malta
Permanent residency

€300,000

6+ months

Spouse, children, parents, and grandparents

Spain

€500,000

4+ months

Spouse, children, and parents

Hungary

€500,000

5+ months

Spouse, children under 18, parents

The Greece Golden Visa program offers several pathways, primarily focused on real estate.

The minimum investment amount for real estate depends on the property location and type:

• €800,000 — in Attica, Thessaloniki, Mykonos, Santorini, and islands with over 3,100 residents;

• €400,000 — in all other regions of the country;

• €250,000 — for properties converted into residential or restoration projects.

Also, by investment of €400,000 or more, the Greece Golden Visa program offers several flexible options:

1. Investors can rent a fully furnished hotel or tourist residence in a resort with a minimum rental agreement of 10 years. This option allows for property use without ownership while fulfilling the program’s investment requirements.

2. Investors can enter a timeshare agreement, which grants the right to use the property for specific periods each year. The contract duration can range from 1 to 60 years, and the property must be licensed by the Greek National Tourism Organisation.

3. Investors can qualify by inheriting or receiving a property as a donation, provided they submit legal documentation, such as a notarized inheritance certificate or gift deed, confirming the acquisition.

Investors who acquire property through the Greece Golden Visa program are allowed to rent their properties out for a long term, providing a steady income stream while maintaining their residency status.

Additionally, properties purchased or deposits made before August 31, 2024, qualify for short-term rentals, such as for tourists, which can generate higher returns during Greece’s peak tourism seasons.

By investing in real estate, individuals can secure long-term residency in this island nation, which is known for its favourable tax system and mild climate.

To obtain permanent residence in Cyprus by real estate investment, applicants must invest a minimum of €300,000 in one of the following categories:

1. Purchase of new residential property, up to two properties allowed.

2. Purchase of commercial property, such as offices or hotels.

The applicant must demonstrate an annual income of at least €50,000 from sources outside Cyprus. This amount increases by an additional €15,000 for each adult dependent and by €10,000 for each child, starting from the second one in families with three or more people.

Examples of Cyprus properties to qualify for a residence permit

Cyprus, Limassol

€695,000+

Apartments in a residential complex near the sea

78 m²

2

1

Cyprus, Limassol

€419,000 — €519,000

Apartments in a unique closed residential eco-project

96 m² — 127 m²

2—3

2—3

Cyprus, Limassol

€1,060,000+

Apartment in a luxury residence with guaranteed return

110 m² — 111 m²

1

1

Buying a home in Malta is an important condition for obtaining a residence permit. The minimum amount of investment starts at €275,000 for properties in the central or northern part of Malta, or at €220,000 for properties on the island of Gozo or in the south of the country.

Investors can also rent housing for five years. The minimum annual rent should be €8,750 for the south and Gozo, or €9,600 for the north and centre of the country.

The second part of the requirements is related to obtaining a special tax resident status in Malta. Malta has agreements on the avoidance of double taxation with other countries. Residents are required to pay an income tax of 15% on income received outside of Malta, or a minimum of €15,000 per year. This is less than in many European countries.

Examples of Malta properties to qualify for a residence permit

Malta, Kalkara

€300,000 — €1,900,000

Apartments in a large-scale residential project on the first coastline

71 m² — 310 m²

1—3

1—3

Malta, Sliema

€920,000 — €1,300,000

Apartments in a new residential high-rise project near the sea

176 m² — 211 m²

2—3

2

Malta, Valletta

€1,510,000 — €3,370,000

Modern apartments not far from sea in Valetta

123 m² — 281 m²

1—3

1—3

The status of a permanent resident gives almost the same rights as citizenship of Malta, except for the ability to live indefinitely in the other EU countries, participate in elections, and work in government agencies.

To obtain permanent residence in Malta through investment in real estate, applicants fulfil several mandatory requirements: buy or rent real estate, pay a state fee, and donate to a charitable organisation.

Real estate investment. The price of purchased real estate must be at least:

• €300,000 if the property is located in the south of Malta or on the island of Gozo;

• €350,000 if the property is located in northern or central Malta.

The required investment depends on the property’s location. A rented property must cost at least:

• €10,000 per annum if located in the south of Malta or on the island of Gozo;

• €12,000 per annum if located in northern or central Malta.

The bought property can be resold after five years. In the case of renting, the investor must maintain the rent for five years.

The investor can change the rented property, provided that its cost meets the required standards and the lease term is at least one year to fulfil the eligibility criteria. The applicant must always maintain a valid residence in Malta without any interruptions.

State fees include an administrative fee of €40,000. The investor also pays a contribution fee of €28,000 if purchasing real estate and €58,000 if renting one.

A donation of €2,000 must be made to a locally registered charitable, cultural, sports, scientific, or artistic non-governmental organisation or society registered with the Commissioner for Voluntary Organisations.

Additional expenses. The investor must purchase health insurance for themselves and all family members included in the application. The average cost of health insurance is €400 per person, depending on age and state of health.

There are also legal fees, including translation, notarisation, and apostilling of documents, amounting to €4,000 or more.

Availability of assets. The investor must have assets of at least €500,000, with €150,000 being liquid.

Acquiring a residence permit in Spain by real estate investment offers a gateway to one of the most desirable lifestyles in Europe. The Spain Golden Visa grants residency not only for the investor but also for their family, including spouses, children, and parents.

To obtain a residence permit, an investor is required to buy either residential or commercial real estate for a minimum of €500,000. The property must remain in the investor’s possession; otherwise, the residence permit will be revoked.

During the years of ownership, the property can be rented out, making for a 4—7% of additional income.

Examples of Spain properties to qualify for a residence permit

Spain, Palma de Mallorca

€360,000 — €420,000

Apartments in a new residential complex with a swimming pool

61 m²

2

2

Spain, Algorfa

€485,000 — €519,000

Modern villa near Golf club

119 m²

3

2

Spain, Benidorm

€340,000 — €650,000

Apartments and villas with sea and mountain view

73 m² — 230 m²

2—3

2—3

The Golden Visa program in Hungary is designed for non-EU and non-EEA citizens who wish to gain long-term residency in the country.

Investors can qualify by purchasing residential property in Hungary for €500,000 or more. This property must remain in the investor’s possession for at least five years. There are also stamp duty and legal fees of up to 5% of the property value.

However, investors can already obtain Hungarian residency by submitting their documents under two currently active options:

1. Investment in real estate funds — €250,000. This option allows investors to purchase units with at least 40% of the fund’s assets allocated to residential real estate in Hungary. The fund investment has a five-year maturity period.

2. Donation to higher education — €1,000,000. The invested money will be allocated to support educational initiatives, scientific research, and various artistic or creative endeavours.

Obtaining a residence permit by investment can be the first step towards securing EU citizenship for your entire family at a relatively low cost. However, this does not apply to Maltese citizenship, which is only granted under the naturalisation for exceptional services by direct investment pathway.

One of the most efficient routes is through Greece, where you can apply for citizenship after holding a residence permit for seven years. In other countries, such as Cyprus, Hungary and Spain, the path to citizenship typically requires between eight and eleven years of residency.

Obtaining citizenship in Spain requires renouncing your original citizenship, except for citizens of certain countries, such as those in Latin America, Andorra, the Philippines, or Portugal.

Maltese citizenship involving real estate purchase can only be acquired through naturalisation for exceptional services by direct investment, which involves a more rigorous process and additional requirements.

By investing at least €700,000 in Maltese property, along with a contribution to the national development fund of €600,000 and a charitable donation of €10,000, investors can apply for Maltese citizenship after one to three years of residency.

Investment amount. Each country sets a different minimum investment threshold for qualifying real estate purchases. For example, Greece offers one of the most affordable options, starting at €250,000, while Spain requires a minimum of €500,000.

Path to citizenship. The timeline and requirements for citizenship vary widely. Greece offers citizenship after 7 years, while in Spain, Hungary or Cyprus, you may need 8—11 years of residency. Reflect on how soon you wish to obtain EU citizenship and how it aligns with your overall plans.

Legal and tax considerations. Different countries offer varying tax incentives and structures. Some countries, like Malta and Cyprus, provide favourable tax regimes for foreign residents, which may include exemptions on global income.

Market conditions and potential returns. Research the real estate market in your target country. For example, real estate in Spain has shown steady growth, with an increase of about 8% compared to the previous year.

The rental yields in Spain’s major cities typically range from 4 to 7%, offering some of the best returns due to strong demand from both tourists and locals.

Family inclusion. Check whether the program allows you to include family members, such as spouses, children, and parents, under the same application.

Processing time and bureaucracy: Some programs are quicker and more streamlined than others. For example, Greece typically processes applications within 4 months, whereas Cyprus might take longer depending on demand.

1. Greece, with the lowest investment threshold starting at just €250,000, is a top choice for those seeking EU residency at a lower cost.

2. Cyprus offers a luxury property market with a minimum real estate investment of €300,000. Its location, favourable tax regime, and Mediterranean lifestyle make it ideal for high-net-worth individuals.

3. Malta is known for its stability and strong rental market. The Malta Permanent Residence Program (MPRP) allows investors to gain residency by purchasing property for €300,000+ in the southern part of the island, or €350,000+ in other areas.

4. Spain requires an investment of €500,000 or more in either residential or commercial real estate, which can be rented out after the purchase. Popular regions include Madrid, Barcelona, and Costa del Sol, where demand for both rental and purchase is high.

5. Hungary’s Golden Visa was established in July 2024, providing a unique opportunity to obtain EU residency through property investment. Investors can buy residential property for at least €500,000 to qualify for a 10-year residence permit.