Portugal's program, which closed on January 1, 2024, had been the most popular. It required a minimum €280,000 investment in real estate in low-density regions or €500,000 in urban areas, or €1.5 million in government bonds. Investors received a one-year residence permit renewable for two years at a time. After five years, you could apply for permanent residency; after six years of legal residence, citizenship. The program attracted tens of thousands of applicants—the Portuguese government issued over 100,000 golden visa permits between 2012 and 2023. It's gone now. If you were counting on Portugal, you're too late.
Greece remains open but is tightening. The current program requires a minimum €500,000 real estate investment (or €250,000 in certain regions designated as "depressed areas"). You receive a five-year residence permit, renewable indefinitely as long as you hold the property. After seven years of legal residence, you can apply for permanent residency; after ten years, citizenship. Greece has been discussing raising the threshold to €800,000 or €1 million, so the €500,000 floor may not last. Processing takes roughly three to six months.
Spain's golden visa program requires €500,000 in real estate investment or €1 million in business investment (creating at least two jobs). You get a two-year residence permit, renewable for five years at a time. After five years of legal residence, you're eligible for permanent residency; after ten years, citizenship. Spain has not closed the program, but the government has publicly stated it may do so, and there is political pressure to restrict it. Processing typically takes four to eight weeks.
Italy offers a residence permit for investors, though it's less formal than other programs. You can obtain a residence permit by demonstrating financial self-sufficiency—roughly €6,000 to €8,000 per month in passive income or savings. This is not a golden visa in the traditional sense; it's a self-sufficiency visa. Processing is slower and less predictable than dedicated investment programs, but the capital requirement is lower.
Malta and Cyprus both offer citizenship-by-investment programs, not just residency. Malta requires a €600,000 investment in government bonds or real estate (or a combination), plus €10,000 annual rent or €250,000 property purchase. You receive citizenship within months, which grants you an EU passport. Cyprus requires €2 million in real estate investment and grants citizenship after three years. Both programs are expensive but fast-track citizenship, not just residency. Both countries have faced EU scrutiny over these programs.
The mechanics of renewal matter. In Greece, you must hold the property continuously. If you sell, your permit lapses. In Spain, the investment must be maintained for the duration of your residence permit; after you obtain permanent residency, the requirement typically ends. In Portugal (before closure), the investment had to be maintained for five years; after that, you could sell and keep your residency status. Read the specific terms for the country you're considering. A lawyer licensed in that country is not optional—it's essential.
Tax obligations vary sharply. Portugal had no wealth tax and favorable tax treatment for new residents (the NHR program, though it was being phased out). Greece has no wealth tax but does tax worldwide income for residents. Spain taxes worldwide income for residents and has a wealth tax on assets over €600,000. If you're investing €500,000 or more, tax residency status matters enormously. You need to understand whether obtaining a residence permit makes you tax-resident in that country, and what your obligations are in your home country. The US taxes citizens on worldwide income regardless of where they live; if you're American, you'll owe US taxes even if you're tax-resident in Greece. Other countries may have tax treaties that prevent double taxation, but you need to verify this before you invest.
Processing times range from six weeks (Spain) to six months (Greece). Malta and Cyprus process citizenship applications faster, sometimes within three to four months, but the investment is higher. During processing, you typically receive a temporary residence permit or a letter of approval that allows you to enter and stay in the country. You can often open a bank account and begin living there before the final permit is issued.
The investment itself has real costs beyond the capital. Real estate purchases in Greece and Spain involve notary fees, transfer taxes, and legal fees—typically 7 to 10 percent of the purchase price. Government bond investments are straightforward but offer low returns. Business investments require due diligence and carry operational risk. If you're buying real estate, you need to understand local property law, rental regulations, and whether you can rent the property out or must leave it vacant. Some programs require the property to be your primary residence; others do not.
Citizenship timelines are long. Greece and Spain both require ten years of legal residence before you're eligible for citizenship. Malta and Cyprus grant citizenship much faster—within months or a few years—but the investment is higher. If citizenship is your goal, calculate the total cost: the investment, the legal fees, the annual taxes, and the opportunity cost of capital. For some people, it's worth it. For others, permanent residency is sufficient, and the ten-year wait for citizenship is unnecessary.
The programs are legitimate, but they're not equal. Some countries have stricter due diligence on the source of funds. Some require you to spend a minimum number of days in-country per year (though most do not). Some allow you to pass the permit to family members; others do not. Some require language proficiency for citizenship; others do not. The fine print is where you get trapped.
If you're serious about a European golden visa, start now. Hire a lawyer in the country you're targeting—not a visa consultant or immigration agent, but a lawyer licensed to practice in that country. Ask them to walk you through the exact requirements, the renewal process, the tax implications, and the path to permanent residency or citizenship. Ask them what's changed in the past six months. Ask them what the government is signaling about future restrictions. Then make your decision with full information. The window is real, and it's closing.
