EU Citizenship by Investment: Options and Alternative Pathways

Until the early 2020s, several European Union countries maintained citizenship-by-investment (CBI) programs that allowed high-net-worth individuals to acquire citizenship through substantial investment. By 2026, however, all of these programs had been discontinued or significantly restricted, causing potential investors to seek alternative paths to EU citizenship. 

In this article, we’ll explore how the immigration options are evolving following the decline of EU citizenship-by-investment programs. We’ll discuss:

• Alternative options for acquiring EU citizenship as an investor
• EU countries that offer the most investor-friendly programs 
• The process of becoming an EU citizen as an investor 

EU Citizenship by Investment Programs: An Overview

Several EU countries, including Cyprus, Malta, and Bulgaria, previously offered CBI programs. Under these programs, applicants were able to acquire citizenship by making an eligible investment of a specific size:

• EUR 1 million in Bulgaria
• EUR 600,000 in Malta
• EUR 2 million in Cyprus

These programs were often deemed controversial, attracting accusations of facilitating money laundering and political corruption, and of being inconsistent with the EU’s legislative framework and general values. Cyprus was the first country to close its program in 2020, followed by Bulgaria in 2022. Malta’s Citizenship for Exceptional Services was the last scheme to close in 2025, leaving the European Union without CBI programs. 

Alternative Paths to EU Citizenship by Investment Programs

Even with the closure of the EU CBI programs, there is still a way for you to acquire EU citizenship as an investor through a three-step process:

1. Acquire residency in an EU country with an appropriate residency-by-investment program
2. Maintain the residency for a certain amount of time, usually 5–10 years
3. Apply for citizenship through naturalization

While this pathway isn’t as direct as CBI programs used to be, it has its positive and negative sides:

Pros	Cons
Schengen travel rights during residency	Long timeline to citizenship
Multiple eligible investment assets (real estate, business, bonds, or securities)	Demanding physical presence requirements, depending on the country
Family inclusion for spouses and children	Residency rights restricted to the country of issuing; EU-wide rights are available only after citizenship is granted
Secure and legally-compliant status throughout the process	No guarantees of approval

Pro tip: To maximize the pros and minimize the cons, it’s often beneficial to work with professional consultants who have a thorough practical understanding of both the residency and citizenship requirements for each country.

Top 5 EU Countries for Investor Residency Programs

While all EU countries offer ways to obtain residence, not all maintain programs aimed at investors. The countries that do have different requirements, procedures, and sometimes even a preference towards a certain type of investment.

EU countries most popular for their residence-by-investment programs include:

1. Malta
2. Cyprus
3. Latvia
4. Greece
5. Portugal

Malta

Malta’s residency-by-investment program is the Malta Permanent Residence Program (MPRP). The program offers unlimited residence and is notable for requiring applicants to make an investment, a donation, and a government contribution:

Requirement	Size	Explanation
Investment	EUR 375,000	An investment in real estate in the country
Donation	EUR 2,000	A donation to a local NGO
Contribution	EUR 37,000	A contribution to the Maltese economy

The program allows you to apply by renting a property rather than buying it. In this scenario, the rental price must be at least EUR 14,000 per year.

When applying for residency in Malta, you’ll also have to provide proof of sufficient funds to support yourself and your dependents. There are two thresholds you can meet:

1. EUR 500,000, in which case EUR 150,000 should be in financial assets
2. EUR 650,000, in which case EUR 75,000 should be in financial assets

The MRPR is also known for its strict due diligence process, investigating your personal, financial, and potentially criminal background. It’s also one of the more expensive programs, with EUR 60,000 in administrative fees. 

Even though the costs compound quickly, Malta remains an attractive option due to its flexible physical presence criteria for naturalization.

Bonus read: Want to learn about the country’s taxation system? Explore our guides on Malta’s tax residency, U.S.-Malta tax treaty, and the effect of the UK’s Inheritance Tax on expats living in Malta.

Cyprus

Under Cyprus’s Immigration Permit for Investors program, you can be granted an indefinite permanent residency in the country if you invest EUR 300,000. 

You can choose among real estate, business, and investment fund units. However, each investment vehicle will have to meet specific requirements beyond its value:

• Residential real estate has to be acquired from a developer in its first sale, while commercial and hospitality can be bought from owners
• Starting a new business and buying shares in an existing one are both allowed, as long as the business is located in Cyprus and creates at least five jobs
• The fund has to be established and hold its investments in Cyprus

The program allows you to purchase up to two properties whose combined value meets the required amount. If you’re not investing in real estate, you will also have to provide proof of having appropriate accommodation in the country. You can either rent or purchase property to meet this condition. 

The application process fees for the programs are EUR 500. Once you’re awarded permanent residency, you don’t have an obligation to reside in the country to maintain it. You will, however, lose the permit if you’re absent from the country for more than two years, and the loss of the permit will preclude you from applying for citizenship.

Latvia

Latvia has a two-step process for getting permanent residence: 

1. You must first acquire a five-year temporary residence permit
2. After five years, you can apply for a permanent residence permit

To apply for temporary residence as an investor, you can make any of the following eligible investments:

Type of Investment	Value	Explanation
Real estate	EUR 250,000	One property is eligible if investing in Riga, Jurmala, or the surrounding regions. Otherwise, two properties with a combined value qualify
Business	EUR 50,000 or EUR 100,000	If the company has fewer than 50 employees and under EUR 10 million in annual turnover, the lower requirement applies
Bonds	EUR 250,000	Only interest-free special-purpose government bonds are eligible
Bank deposit	EUR 280,000	A fixed-term deposit for five years

Each method also requires you to make a specific payment into the state budget after being issued the residence permit:

• Real estate: 5% of the real estate purchase value
• Business investments: EUR 10,000 
• Bonds: EUR 38,000
• Band deposits: EUR 25,000

Greece

Greece has one of the more extensive residence-by-investment programs in the EU in terms of types and sizes of investments: 

Type of Investment	Value and Requirements
Real estate	EUR 250,000 for properties that need restoration EUR 400,000 for general properties EUR 800,000 for properties in in-demand locations, such as Attica, Thessaloniki, Mykonos, Santorini, or larger islands
Shares and bonds	EUR 350,000 for units in a mutual fund with assets of at least EUR 10 million or an AIF with assets of at least EUR 3 million EUR 500,000 for shares in businesses, government bonds, or venture capital company investments EUR 800,000 for shares or bonds purchased through an investment firm
Bank deposit	EUR 500,000 for a one-year fixed-term deposit with a renewal order
Business	EUR 500,000 for starting a company with an official recommendation from the Ministry of Development EUR 250,000 for launching a startup and creating at least two new jobs in the first year

The Greek residence program doesn’t have a minimum stay requirement. It allows you to liquidate certain types of assets you used to meet the program’s criteria, as long as you promptly reinvest them in another eligible type of asset. 

The processing fee when applying for a Greek residence permit is EUR 2,000.

Portugal

Portugal’s Residence Permit for Investment program grants you a renewable two-year temporary residence permit, giving you the option to apply for permanent residence after five years. 

Portugal’s policy changes have eliminated the real estate investment option, focusing more on other areas the country could benefit from:

Type of Investment	Value	Explanation
Job creation	Not specified	An investment that creates at least 10 jobs
Scientific research	EUR 500,000	An investment in public or private scientific or research institutions
Arts and culture	EUR 250,000	An investment in organizations and institutions that support artistic production or cultural heritage
Business	EUR 500,000	An investment in a business that creates at least five jobs or maintains at least 10 jobs
Finances	EUR 500,000	An investment in a non-real estate collective investment company

While this program is considered affordable compared to some others, the country does require a significant charge for issuing the actual permit—EUR 8060.20.

Portugal’s mandatory stay under the residence program is seven days in the first year, and 14 days during the following two-year period. The country frequently changes its residency rules and is expected to extend the required residence period for citizenship.

Bonus read: Wondering if Portugal’s investment program is worth it? Learn more about the country’s wealth tax, taxes for U.S. expats, and the cost of living.

How To Acquire EU Citizenship as a Resident

As a resident of an EU country, you might be eligible for citizenship by naturalization after meeting the country’s requirements. While those requirements vary from one country to another, the general process follows these steps:

1. Maintain your residence status
2. Follow the physical presence rules 
3. Prepare for the application 

Maintaining Your Residence Status

As a resident working towards citizenship, your first priority should be to maintain your residence status. For the majority of investment programs, withdrawing or altering your investment in a way that doesn’t comply with program rules may result in the loss of your status. 

Other potential reasons to lose resident status include:

• Failing to meet the self-provision requirements
• Having criminal issues or being considered a safety concern
• Engaging in an activity not allowed under your permit (for example, working if the permit doesn’t allow it)
• Remaining outside the country longer than permitted

Following the Physical Presence Rules

While failing to meet the minimum physical presence requirements may result in the loss of your residence status, merely meeting those minimums can still harm your chances of obtaining citizenship. This is because citizenship typically involves stricter physical presence requirements than residence:

Country	Naturalization Physical Presence Requirement
Malta	12 months preceding the application 4 non-consecutive years in the six years preceding the 12 months before the application
Cyprus	12 months preceding the application 7 consecutive years in the 10 years preceding the 12 months before the application
Latvia	12 months preceding the application 5 consecutive years of permanent residence preceding the application
Greece	7 years preceding the application
Portugal	5 years preceding the application

Preparing for the Application 

When you’re applying for naturalization, most countries will ask you to pass a language test or otherwise prove an advanced knowledge of their languages. In Malta, you can also satisfy the language test by proving your English proficiency. 

A test about the country’s history and political or electoral system is another frequent requirement. While not as demanding as learning a new language, it might still require preparation. 

Applying for naturalization as a resident investor is the culmination of a long process that involves investing significant sums of money, navigating a foreign legal system in a foreign language, and moving to a different country. To make the process easier and avoid wasted time and other resources, rely on Nomad Capitalist’s services. 

Acquire EU Citizenship With Nomad Capitalist

Nomad Capitalist is a consultancy specializing in wealth protection and global mobility programs that allow high-net-worth individuals to acquire residence and citizenship abroad. 

Nomad Capitalist adopts a strategic approach for each client, developing an Action Plan tailored to their needs and circumstances. The Plan contains every step we need to take to assist the client in meeting their goals. 

We build the Plan through the following process:

1. We invite our clients to fill out a form to help us determine whether we’re a match
2. We schedule a 45-minute onboarding call to learn more about the client and their situation 
3. Our agents develop the Action Plan and present it to the client for approval
4. We implement the Plan over a 12-month period
5. Our clients continue receiving support from us even after the Plan was implemented

We can guide you through every step of acquiring EU citizenship as an investor, from choosing the right country to securing residence, and finally applying for citizenship. 

In addition to regular residence programs, we also offer our clients assistance with programs under the citizenship by merit or exceptional route. These programs require a significant contribution to the country’s economy, science, or art, as well as demonstrable ties to the country, but they offer a much shorter path to citizenship than standard, residence-based routes.