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The 14 Easiest and Cheapest Second Residencies in the EU

Global Citizen

November 8, 2024

We have a friend, Tim.

He’s originally from the United Kingdom but had just completed his PhD in the Netherlands. While there, he met his girlfriend of two years, who is originally from Taiwan. On her residence card, she is registered as a member of the family of a European Union (EU) citizen.

Upon coming back to the UK, they were both withheld at the airport and interrogated.

Airport customs claimed that they could no longer come to the UK and stay there if they were together.

Of course, as anyone would do in this situation, they freaked out and left. They both went to Portugal, where they got a second residence in just a matter of days.

It was remarkably easy and took less than ten minutes. 

Officially, to get a residence permit in Portugal, it was enough to declare under oath that they had enough money to live there. 

When Tim told the desk clerk that he had enough money to live in the country without working there, she looked at him suspiciously and asked to see his bank account. 

He had enough money.

And just like that, they were given non-habitual residence.

The total cost was €30. It was €15 for an EU citizen, then another €15 for a family member with a residence card.

As nationalist groups take hold in many countries in Europe, they are making it harder to get second residencies in the EU – especially in countries in Central Europe – but don’t let that discourage you. 

As you can see from the list of countries below, it is still possible to get a second residence in many European countries.

While some are more difficult to get than others, here are the 14 easiest and cheapest second residencies in the EU that you can get as a non-EU resident.

Easy Second Residence Countries in Europe

Belgium

cheapest-second-residencies-eu-belgium
If you want one of the most desirable European passports, then take Belgium into serious consideration. Their programs will best accommodate passionate entrepreneurs looking for a second home.

While the timeline toward citizenship has increased in recent years, the cost of obtaining a residence permit in Belgium has gone down. 

The country now requires less paid-up capital in a new venture and has changed rules regarding the minimum salary required for those seeking residence.

You can obtain residence in Belgium by starting a small business. Another option is to make a significant investment in a Belgian company or by self-employment.

As a non-EU citizen, it is best to first apply for a long-stay visa and then apply for Belgian residence. It will be easier, in the long run, to obtain permanent residence after living in Belgium on a visa. 

Since Belgium is in the EU and the Schengen zone, a Belgian resident can travel in the region visa-free.

Belgium is also one of the best countries offering a European passport. After about five years of legal residence, you can apply for a passport and essentially travel anywhere visa-free.

If you decide not to go the business route or opt for the long-stay visa, the Belgian residence permit is actually one of the more expensive programs out of all the EU countries. 

If you want to obtain a European residence permit here, it is easiest if you are an investor, entrepreneur or self-employed.

Malta

cheapest-second-residencies-eu-malta

Here are the Malta Permanent Residence Program (MPRP) investment options:

  • Property Purchase – For the purchase option, the minimum purchase value should be €300,000 in the south of Malta and €350,000 for the rest of the island.
  • Rent a Property – For renting the minimum amount should be €10,000 if in the south of Malta and €12,000 for the rest.

In both cases, you need to hold the property for five years.

You will spend a minimum of €300,000 (plus fees) for Malta’s EU residence permit. It takes from six to nine months to process all information through the MPRP.

Fees include a non-refundable administrative fee of €40,000, a Government contribution of €68,000 if purchasing a property or €98,000 if leasing a property, and a mandatory charity donation of €2,000.

Your other option is to go through the Global Residence Programme.

But hurry because Malta’s golden visa program is under pressure to close, and other European programs will soon follow. If such programs interest you, it’s imperative you get in touch with us today to discuss your options before it’s too late.

Portugal

best European cheap luxury cities

The Portugal Golden Visa was significantly amended recently, with the biggest change being the closure of the property investment option.

However, the Golden Visa program remains open, and the application process period will now count towards the five-year requirement for citizenship, starting from the date of application.

Despite the loss of the property investment route, attractive alternatives are still available, such as company creation, donations to research and investments in venture capital and private equity funds.

Additionally, the Non-Habitual Residency (NHR) tax regime has been replaced with the new NHR 2.0.

Outside of the entrepreneur route, there are also various capital contribution options, including:

  • €500,000 – Venture Capital/Private Equity Fund
  • €500,000 – Donation to Research Activities 
  • €250,000 – Donation to Arts 

After five years, you will be a permanent resident. Then, after one year of permanent residence, you may apply for citizenship. 

Spain

cheapest-second-residencies-eu-spain

Spain currently offers a Golden Visa Program for non-EU citizens to get residence.

If you have €500,000 to invest in a real estate property in Spain, you can get this European residence permit for your entire family.

You will need to renew your second residence every two years, and after five years, it’s possible to gain permanent residence in Spain. After ten years, you can apply for citizenship.

It’s not necessary to live in Spain in order to retain and renew this second residence. And if you want to avoid paying Spain’s high taxes, don’t plan on spending more than six months a year there.

Note: At the time of writing in mid-2024, Spain’s government announced its intention to potentially phase out the real estate investment pathway in the future. However, no formal action has been taken yet and applications are still being processed. 

If you’re considering the Golden Visa through real estate investment, it’s advisable to stay informed about potential changes or to contact us today to discuss your options before you lose your real estate opportunity for good.

Bulgaria

cheapest-second-residencies-eu-bulgaria

Getting a Bulgarian residence permit will give you all the rights of a Bulgarian citizen except the right to vote. You will also be able to enter and leave the country as many times as you wish without visas.

Bulgaria cancelled its fast-track to citizenship option in 2022, so the best way to become a permanent resident of Bulgaria is to get a long-term stay permit, which is valid for one year and can be renewed each year after that.

As of March 31, 2024, thanks to the country’s accession to the Schengen area, the Bulgarian residence permit is now one of the most desirable EU Golden Visas and an easier path to full EU citizenship.

Cyprus

cheapest-second-residencies-eu-cyprus

The best way to obtain residence in Cyprus is to purchase property that is worth at least €300,000. Along with this, you must have proof that you have deposited a minimum capital of €30,000 from abroad into a Cyprus bank. You will also have to show your annual income.

You can also invest €300,000 in share capital either in a newly registered company or in an existing company registered in the Republic of Cyprus. 

Depending on which investment route you take, you may have to provide evidence of accommodation, either a contract or sale or proof of rental payments.

Citizenship is possible after seven years but requires five years of residence in Cyprus. 

Austria

European residence permit in Austria

There are two distinct categories you can be placed in when applying for a residence permit in Austria: either as a person of independent means or as a key manager.

Applying as a person of independent means includes showing sufficient funds, a permanent address in Austria, proof that you know the German language at an A1 level, and full coverage health insurance.

It seems like a simple list, and it is, but there are just a few extra criteria within these qualifications.

Your documentation of sufficient funds must show liquid assets at your disposal of about €40,000. These assets must be shown in a statement of an account from an Austrian or major international bank.

To apply for residence as a key manager, you must be appointed as a manager of an Austrian-based company and make a minimum salary of €2,500 per month. It takes about three months for this route of application to be processed.

Once you become a resident, the renewal process is straightforward.

After about five years of temporary residence in the country, you can earn permanent residence. If you want, you can apply for Austrian citizenship after ten years of permanent residence. Austrian residence gives you visa-free access to all Schengen States.

The cost of a residence permit is roughly €120 per adult and €75 per child, plus the proof of funds and monthly salary. It can take up to three months for the permit to be approved.

Greece

Greece Golden Visa

Obtaining residence in Greece is simple; you simply need to purchase a property worth €250,000 per family. You will have residence starting day one.

Once you purchase your property, you do not need to stay in Greece to maintain your residence. Simply renew your residence every five years to remain a permanent resident of Greece.

After seven years of residence, you can obtain citizenship. Greek residence also comes with visa-free travel to the Schengen zone. This is one of the cheapest and easiest second residencies in the EU when it comes to residence by investment.

However, if you want to apply, the time to do so is now. One by one, Europe’s golden visa programs are closing, and because of this, obtaining EU citizenship will soon become far more difficult.

So, don’t waste any more time; get in touch with us today to discuss your options today because we guarantee those options will be narrower tomorrow.

Latvia

Latvia Golden Visa

Latvia used to be a much cheaper and easier option. It used to be that if you didn’t suffer from tuberculosis and could give a good enough reason for why you wanted to live in Latvia, all you needed to do was pay processing fees of at least €300.

Unfortunately, the government of Latvia has started going the same way as the rest of Europe, as it is more difficult to get second residencies in the EU. It still isn’t a bad deal, but it’s more complicated than it has been.

The Latvia residence program now mirrors more of the Golden Visa programs that you’ll find in other places in Europe. 

If you invest €250,000 in property anywhere in Latvia or deposit €280,000 in a type of bank deposit, they will give you a five-year residence permit.

Once you have that permit, you don’t need to stay in the country to maintain it. You can simply come and go as you please and renew the permit every five years. 

The thing to keep in mind here is that if you aren’t spending time in the country, you won’t be able to turn that residence into citizenship.

All told, government fees are going to be somewhere around €12,000 – €25,000.

There are a few restrictions to be mindful of as well. For example, if you’re looking to buy property in the Latvian capital of Riga, you’re going to be limited to one property. So you’re going to be buying something relatively nice and relatively big that won’t be that liquid.

But, if you like the idea of living in northern Europe over the summer, it could be a good option for you.

Since 2022, Russians and Belarusians have been excluded from the Latvia Golden Visa program. 

6 Easy Second Residencies in Europe

Five Additional European Residence Permits

Now, if your goal is merely to live in Europe for the charm and other lifestyle benefits, you do not necessarily need to get residence in the high-tax countries of the EU. 

You can still get a European residence permit without opting for one of the available second residencies in the EU.

How?

Well, not all of Europe is part of the EU.

In fact, many of the non-EU countries in Europe are some of our favourites here at Nomad Capitalist, not just for their residence programs but for their business friendliness, low taxes and investment opportunities.

So, if you want to take advantage of the opportunities for growth and investment in these emerging markets all while enjoying the history and charm of Europe without the EU’s bureaucracy and high taxes, consider shifting your focus from residencies in the EU to the second residence programs available in the rest of Europe.

Here are our top five recommendations.

Montenegro

Kotor Montenegro European residence permit

We like Montenegro a lot, and what’s interesting about many of the non-EU Balkans countries is that most of them have a very similar program for getting a second residence.

In Montenegro, you can buy just about any property and use that to get a residence. They aren’t really picky about what property you buy. It can be just about anything bigger than 12 square meters. 

Despite the lax standard on the property you have to purchase, Montenegro is beginning to crack down and become stricter about this path to residence.  

Because certain nationalities have been abusing the system and packing 16 or more people into one apartment, they will be more thorough in making sure it’s just you and your family. They are also going to require that you live there for at least part of the year.

Montenegro is a great country that is very tax-friendly, so it could be a good option for a European residence permit.

The one downside is that, unlike some of the other options on this list, buying property this way won’t allow you to eventually get citizenship. 

Albania

Shkoder Albania European residence permit
You can get a European residence permit by purchasing a property in Albania.

Similar to and right next door to Montenegro, Albania is a great option for residence, especially for US persons. 

It has the same program as Montenegro but with a very different feel to the country. There are plenty of different opportunities for you to invest in real estate, especially because Albania is one of the cheapest places in Europe to buy real estate.

It is most definitely the cheapest place anywhere for coastal property. We’re talking €800-€2,000 per meter right on the seaside promenade in some places.

Like Montenegro, they will definitely check on you to make sure you’re living at the property for at least part of the year. 

If you’re a US citizen, however, they don’t worry about you very much. Americans get a few advantages when it comes to the Albanian residence program.

Serbia

Belgrade Serbia European residence permit
Serbia gives you all the charm of Europe for a fraction of the price of European living.

Serbia’s program is a mirror image of Montenegro and Albania, but the problem here is that the in-country residence requirement is more aggressively monitored.

But it’s essentially the same deal: buy a property, then get residence through that purchase.

The difference is that Serbian officials will come and knock on your door to check if you’re there. If you’re thinking of buying a small fixer-upper in the countryside for €6,000, you will need to be ready to spend a lot of time there.

But if you’re willing to put the time in and make sure that you’re there when they come to inspect your property, it can be a good option. It’s a friendly country with relatively reasonable tax rates.

Armenia

Armenia European residence permit
Armenia has been popping on our radar here at Nomad Capitalist for dozens of good reasons. It’s a great location to check out.

Armenia is a country that we have been talking about more at Nomad Capitalist. From their stable and profitable currency to their citizenship-by-descent program, there are many good things happening in Armenia at the moment.

Now, you can debate whether Armenia (and, by extension, Georgia) is actually a part of Europe or whether they’re actually in Asia, but Armenia has somewhat of a European feel to it. Still, the culture will have a different feel to it than somewhere like Portugal.

There are several options for getting a residence permit in Armenia. 

There is a business immigration option where you start up a business and hire someone local. However, the country is a little strict on this kind of immigration. 

They want to make sure that your business actually works. You can’t just set it up and walk away, but it doesn’t have to be a large company or a large part of your company.

There are other options where you can get residence through investment in real estate or bonds. We’ve put together strategies where you can invest in a kind of real estate arbitrage. 

You buy and rent out some real estate, make a little money, and then get a European residence permit.

Georgia

Tbilisi Georgia residence program
Georgia has long been a favored jurisdiction of ours. Things have been changing in the country but it is still a great place to consider getting a second European residence permit.

We’ve talked about Georgia quite a bit, especially for banking. Georgia requires an investment of US$100,000 for its real estate residence program for a temporary residence permit.

A foreign citizen can also become a permanent resident by investing at least US$300,000 in purchasing non-agricultural land, apartments, commercial areas or other Georgian-based businesses. 

And if you want permanent residence, you’re going to have to do more than that. 

The change here came because Georgia was a fairly liberal country when it came to their immigration policies. Unfortunately, that attitude was taken advantage of which is driving the requirements to get residence up. 

And the same with citizenship requirements.

That said, taxes on real estate are a joke and it’s an incredibly straightforward place to do business. Depending on your situation, it could be a great option for your second residence.

Easiest and Cheapest Second Residencies in the EU: FAQs

What is the easiest second EU citizenship to get?

EU countries like Portugal and Malta offer residence-by-investment programs, where applicants can potentially gain citizenship after a number of years by making substantial financial investments in the country. Portugal is known for its relatively short residency requirement for citizenship, where residents can apply after five years of legal residency.

What is the easiest EU residency to get?

The Golden Visa program or EU residency-by-investment schemes allow individuals to obtain residency in an EU country in exchange for investing in that country. These schemes often offer benefits like family reunification and travel within the Schengen Area. Popular programs include Portugal, Greece and Spain.

Can I travel to Europe with a Portugal residence permit?

Yes, a Portugal residence permit allows you to travel within the Schengen Area without a visa for short stays, typically up to 90 days within a 180-day period.

Why do people seek the best countries for a second residency?

Individuals pursue second residency for the numerous benefits, including tax optimisation, business opportunities, lifestyle improvements, enhanced travel freedom and as a step towards eventual citizenship.

What is the shortest residency for EU citizenship?

Portugal is known for having one of the shortest residency requirements for citizenship, generally allowing eligible applicants to apply after five years of legal residency.

What is the hardest EU country to get citizenship in?

Austria and Germany are often cited as having some of the most stringent requirements for citizenship, including long residency periods and strict conditions.

What is the Malta Permanent Residency Program (MPRP)?

The Malta Permanent Residency Program (MPRP) is an initiative that allows non-EU nationals to obtain permanent residency in Malta through a combination of investment and contribution to the country. The program is open to non-European Union, non-European Economic Area, and non-Swiss nationals who meet specific financial and health requirements.

What is a European Union residence permit?

A European Union residence permit is a document that allows non-EU nationals to reside legally in an EU member state for an extended period. It is often required for those who wish to live, work, study or join a family in an EU country.

European Residence Permit – Are There Cheaper Options?

As you can probably see, the terms easy and affordable are very relative when discussing second residencies in the EU.

But a couple of questions arise at this point:

  • Are these programs the most affordable ones in Europe? – Yes.
  • Are they the easiest and most affordable residence programs in the world? – No.

A good example is Cambodia. Practically anyone qualifies. Anyone who arrives on a visa-on-arrival or a travel visa can then convert that visa into a one-year Cambodian business visa for less than US$300.

From there, you can take your visa to a fixer; they will take your passport and visa to an immigration office and will get you a one-year visa. That visa is renewable every year as long as you pay that small fee.

This will give you the right to live and work in Cambodia. You can then establish a second residence.

This business visa will not lead to citizenship and a passport, but it is super easy and is good for a second residence where you can live and establish ties.

This program is so easy and cheap that you could get it simply because it’s fun. When you are building your Nomad Capitalist lifestyle offshore, getting a couple of wins under your belt is important.

If you’re not ready to get one of the available second residencies in Europe by putting US$300,000 in a bank account, you could ease your way into planting the second residence flag by doing something simpler in a place like Cambodia first.

It’s also an interesting option to have another place where you could potentially live, at least part-time. If you are a perpetual traveller and you are looking to establish some bases, Europe is certainly one option. 

However, if you are looking for something a little more frontier with some opportunities to do business or invest, Cambodia would be a great base to set up in Asia.

Cambodia needs your couple hundred bucks, and they are willing to do what it takes to bring investors and business people into the country.

You won’t find that as much or to the same degree in Europe. Even the non-EU programs still expect a large real estate investment and substantial fees. So, while it’s nice to keep ‘affordable’ European residence programs on your radar, don’t think that they are your only option.

We help people create holistic offshore plans every day, and we would love to help you get started.

If you would like help finding the right residence program for you – whether it is one of the second residencies in the EU or elsewhere – feel free to reach out to our team

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