Europe’s Golden Visas: 5 Highly Pursued EU Residence Programs

Residence by investment (RBI) goes by many names, including the golden visa and the investor program. 

Regardless of what you want to call it, one thing is true: the immigration investment industry has seen many changes in Europe. 

Portugal’s Golden Visa program launched back in 2012 and was one of the earliest EU golden visa programs, forming a major part of that country’s efforts to attract much needed funds to rescue its struggling real estate market. 

Fast-forward to 2024 and various countries, including Spain and Portugal, have either closed off or just started to introduce legislation closing the path to residence through property investment. 

Still, even though the real estate investment option has closed for supposedly exacerbating a housing crisis, 

Portugal’s Golden Visa program is still open, leaving many investors pondering whether this golden visa is still a promising option. 

The popular residence-by-investment program has generated over €7 billion, and other European countries, having observed the success of Portugal’s program, are considering raising funds by introducing their own golden visas.

This means that, as an investor, you have options. 

In general, golden visas could be the perfect opportunity for Nomad Capitalists to get an EU residence permit, with all the lifestyle benefits they bring, as well as the potential for eventual citizenship down the road.

Curious to find out more? Is residence by investment in Europe right for you? We’ll cover it all in the guide below.

If you’re considering moving to Europe but feel overwhelmed with the paperwork and legal requirements or simply have no idea where to begin, don’t worry. 

Nomad Capitalist can carry the burden and handle all the paperwork while you sit back and think of your future. Get in touch to get started.

What is a Golden Visa in Europe?

Simply put, golden visas are European residency-by-investment programs that allow an individual to obtain ‌temporary or permanent residency in a given country. 

The ‘golden’ part is that you’re getting a top-rated EU residency permit quickly by making an investment with minimal hassle.  

European residency by investment is a golden opportunity to gain access to EU countries that offer a high standard of living and a familiar Western culture, coupled with the charm and history of Europe. 

On top of all that, you get to enjoy the perks of a powerful passport if you become a citizen. 

While a golden visa does not guarantee citizenship, it can be a stepping stone by granting you the right to live and work in the country, thereby allowing you to meet the residency requirements for naturalisation.

Do note, that many of the residence-by-investment (RBI) programs available outside the EU are often erroneously promoted as golden visas. What these people are essentially doing is taking a Toyota and slapping a Mercedes badge on it.

At Nomad Capitalist, all our strategies are 100% legal and verified: we only focus on what’s legitimate, which includes Europe’s residence programs.

Why Get a Golden Visa in Europe?

What differentiates a golden visa from other immigration programs is that it essentially removes all the extra requirements.

If you’ve ever looked at the immigration requirements for many wealthier English-speaking countries, they can be very strict. 

The golden visa removes the need to have a job offer, start a business (which comes with complex business plans, requirements to pay social security tax and other hassles) or even be married to someone.

It (often) even removes headaches like a stressful language exam. 

However, if you’re someone who’s interested in a European residence program in the hopes of applying for citizenship in the future, then you can expect to have to meet extra requirements in the future, including an exam. 

Even so, the ease of the process, especially compared to how long it takes to get residency or citizenship via other methods throughout Europe, makes these programs a ‘golden ticket’ for high-net-worth individuals who have the kind of wealth keenly desired by these countries.

European Golden Visas vs. Other EU Visas: Key Differences

In coining the term, promoters have managed to cause confusion about the name ‘golden visa’. Technically, it’s not a visa at all, however, as golden visas are different from actual travel visas in these three key ways:

1. Fast

While a ‘regular’ visa can take a long time to obtain, a golden visa application process is streamlined. You can expect to get your residence permit in a matter of a few months.

For example, the Spanish Golden Visa program (which is changing) has a legal requirement that the application be processed in 20 business days or less.

2. Accessible

Whereas citizenship-by-investment programs have stringent due diligence processes and long lists of eligibility criteria, golden visas are much more accessible.

As long as you are a high-net-worth individual of good standing and reasonable health, it’s unlikely that any country will turn down your investment.

3. Straightforward

Simplicity and clarity are the key markers of a legitimate golden visa program. The more clearly its terms are laid out (usually on an official government website), the more likely it is to attract investors.

Even if multiple investment options are available to foreigners, there’s often an official source that clearly specifies:

• The minimum investment sums
• A schedule of all fees payable
• The eligibility criteria for the main applicant and their spouse and dependents.

The Benefits of a European Golden Visa

An EU golden visa unlocks a whole world of benefits. Here are some of the main ones.

1. Travel Perks

Say ‘au revoir’ to visa applications and ‘bonjour’ to hassle-free travel across Europe.

Becoming a resident of the EU means getting visa-free access to an entire region of world-class countries. As residents of the EU’s Schengen area, you’ll have the privilege of travelling freely across 29 European countries.

2. New Opportunities

A whole new world of investment and lifestyle opportunities opens up after obtaining your European golden visa and residency. As the saying goes, the world (or in this case, the EU) is your oyster.

3. Plan B

Nobody knows what the future holds, so an additional residence can be a great way for you and your family to set up a ‘Plan B’ – a safe place to live and work legally in case things turn south back home. 

It’s worth remembering that a golden visa is not the only way to obtain a Plan B in Europe: other options require real estate investment, bank deposits, physical presence, offering a particular skill, holding savings and so on.

4. Bring the Family

Moving to a new country is a big decision, and with a golden visa, your family can come along for the adventure while enjoying the same benefits as you. This means they, too, can eventually gain citizenship, enjoy easier travel privileges and much more.

5. No Residence Requirement

One thing that often doesn’t sit right with many of our clients is the strict residency requirements that other programs have. Luckily, many golden visa programs understand that you might not be ready to uproot your entire life just yet. 

That’s why they tend to be very lenient about their residency requirements. The added flexibility they offer means you can maintain your current business, home and lifestyle while still enjoying the perks of having a European residence.

6. Eventual Citizenship

For those who dream of becoming a European citizen, a Golden Visa can be the first step on that journey. While it’s not an instant guarantee, many programs stipulate that after a certain period of residency, you will become eligible for citizenship (typically 5 years). 

Along with the title of becoming an EU citizen, you’ll gain full citizenship rights, including a European passport and many more benefits. 

Drawbacks of Golden Visas in Europe 

While a golden visa might sound like a golden ticket (pun intended) to a great life in Europe, keep in mind that there are drawbacks to consider, namely, most of Europe’s golden visa programs do not waive ‌taxation requirements for investor residents.

Still, if you simply obtain the residence without physically moving to the country, few golden visa countries will tax you, as most countries will only tax you if you live there long enough to become a tax resident in the country. 

Some even offer tax incentives that allow you to live in the country and only pay tax on the money that you make within its borders, exempting any income generated abroad.

But know this: if you spend more than 183 days per year in your new country of residence, you will trigger tax residency status and be subject to the country’s tax obligations. 

Even in countries where it is possible to minimise taxation, your life and business affairs must be structured properly. You can’t just put your company in a zero-tax jurisdiction like the British Virgin Islands and then go to Portugal and expect a tax exemption.

That’s precisely why it’s so important to have a holistic plan to protect your assets. With proper planning, you can potentially minimise your tax burden while maintaining European residency, even if you don’t spend the majority of your time there. 

There’s a lot to consider in undertaking this kind of approach. In this case, the catch is that you’re unlikely to be able to work towards obtaining citizenship if you don’t reside in the country. 

In all golden visa countries, you have to spend actual time there to qualify for the country’s citizenship and, as a result, be subject to local tax obligations.

Having a holistic and smart tax strategy will address all these issues. We are here to help you.  

Europe’s 5 Best Golden Visa Programs: A Comparison

Plenty of elements make Europe an attractive destination for investment immigration.

From its fascinating history and architecture to its rich culture, foods and heritage, the ‘Old World’ has a lot working in its favour. There are mountains, beaches, islands, rivers, cities, architecture, countryside and more – literally something for everyone.

Many people have travelled to Europe and, in recent years, more and more people from all over the world have decided to make it their home.

There are many ways to do that, but obtaining a golden visa is by far the easiest and fastest. So, let’s uncover the five best options and walk you through the nuances of each one to help you understand the world of golden visas.  

Greece Golden Visa: Flexible Investment Options

Greece has one of the most popular golden visas available. Despite the government’s move to raise investment costs, it’s also one of Europe’s most affordable golden visa options. 

Currently, Greece’s Golden Visa scheme requires a minimum investment of €250,000 or €800,000 in real estate, depending on the property’s location. 

Certain sought-after areas previously cost approximately €500,000, but the nation announced in February 2024 that this would increase the cost requirements in areas like Athens and Thessaloniki. 

As of March 2024, you are now expected to pay a minimum investment of €800,000 on real estate investments in these areas.

Even though the costs have gone up, Greece’s Golden Visa remains one of the most desired due to its flexibility.

Most investors who opt for real estate have a choice between one or multiple properties, something that is rare in the entire RBI world. 

Furthermore, it’s even possible to co-purchase a property with another investor and both qualify for residency.

A great bonus here is that Greece has no physical residence requirement, allowing you to have the benefits that a second residence provides without any of the drawbacks.

You’re also able to work towards Greek citizenship, which you can apply for if you spend at least seven consecutive years in the country. However, for those considering this route, it’s worth noting that military service is mandatory for males up to 45 years of age, potentially making it less appealing to some. 

Another attractive incentive is Greece’s flat tax option for residents. If you live in Greece for more than six months and become a tax resident, you can pay a flat tax of €100,000, regardless of how much foreign income you generate in a year.

Read more about the cheapest golden visa Europe has to offer in our ultimate guide.

Portugal Golden Visa: Good Choice for Investors

You might know Portugal as the home of port wine and Cristiano Ronaldo, but we know it as a golden visa superstar.

As we mentioned in the introduction of this article, Portugal’s immigration program was one of the trailblazers. Portugal had some excellent real estate and came up with the idea of offering it to foreigners in exchange for residence. 

Even though the real estate option ended in 2023, you can still invest €500,000 in equity or venture capital fund or donate €500,000 to research activities or donate €250,000 to arts-based organisations.  

A significant advantage of Portugal’s Golden Visa is the pathway to citizenship. After five years, you become eligible to apply for Portuguese citizenship, even without fulfilling a physical residency requirement.

If you’re interested, then check out our detailed guide on the Portugal Golden Visa program.

Latvia Golden Visa: Affordable Residency in Europe

This Eastern European country isn’t on many people’s radar, but it’s one of the cheapest places to live in this part of the world.

That means you can find some great deals on properties and a unique pathway to residency through business ownership. 

With a minimum investment of just €50,000 in a Latvian company (plus a €10,000 government fee), you can obtain residency and enjoy the benefits of living in this Baltic nation. 

You can learn everything you need to know about the Latvia Golden Visa program by checking out our article.

Note: Russians and Belarusians are now excluded from Latvia’s Golden Visa program. Although Latvia may consider Russian and Belarusian residents under certain programs, they remain barred from the RBI program.

Cyprus Golden Visa: Residency in the Mediterranean

Although Cyprus is part of the European Union, it’s not yet a member of the Schengen zone. On the other hand, it’s an English-speaking island in the Mediterranean and who doesn’t like that?

Cyprus no longer offers a citizenship-by-investment program, but you can take advantage of their residency-by-investment program, which could lead to citizenship after seven years.

You can take the straightforward RBI path to residency in Cyprus by investing at least Є300,000 in commercial or residential real estate or by making the same contribution to a Cypriot business. 

This is the fast-track option for investors, though there are also slower methods, such as purchasing or renting a property that investors may re-sell after obtaining their residency card.

You must also have €30,000 in annual income as the principal applicant, €5,000 for a spouse and €5,000 per dependent. 

Click here to read our full guide to residence by investment in Cyprus.

Spain Golden Visa: High-Value Investment for Residency

Not to be confused with its citizenship-by-investment (CBI) program – which has been discontinued – Spain originally launched its RBI golden visa program as a way to revitalise its struggling economy by selling off its real estate surplus and creating jobs for many of its unemployed.

With a minimum investment of €500,000, it’s essentially on par with other European countries and offers a viable option for non-EU investors seeking residency.

However, be aware that Spain’s government has announced that it intends to eliminate the real estate path for the golden visa. If this happens, the minimum investment amount (invested in a bank deposit, investment fund or shares) doubles to €1 million.

So, why Spain?

Well, for starters, Spain needs no introduction. Its culture, standard of living and rich history are just a few of its many benefits that residents can enjoy. 

Its connections and proximity to Europe, North Africa and Latin America mean it’s ideal for investors or entrepreneurs with their eyes set on these markets. 

With residency here, like in most other EU countries, you get the freedom to travel in the Schengen area.

Do note that if you become a Spanish resident, you could be liable to pay tax on income generated abroad. But with some smart tax planning, you can legally avoid that.

Read our detailed guide on Spain’s Golden Visa to gain a deeper understanding of the program. If you think it’s the one for you, reach out to our team today and create your own holistic action plan.

Who is a European Golden Visa Program For?

As discussed in our guide on how to become a European citizen, golden visa programs are ideal for certain individuals. These include:

1. US Citizens

US citizens who plan to renounce their US citizenship now or in the future and who want a Tier A passport are good candidates for European citizenship. 

This is particularly relevant for those who may have acquired a less powerful second passport (such as a Caribbean passport) and now desire the expanded travel opportunities and benefits of EU citizenship. 

For those who want to renounce their US citizenship, a golden visa and the acquired citizenship opens up that door. While any second citizenship allows you to renounce your US citizenship, having a strong second one from the EU means you’ll have more familiar travel, culture and lifestyle benefits. 

2. Emerging World Citizens

Citizens who have second or third-tier passports may want access to the EU for education and other opportunities or high levels of security and stability. Whatever their motivation, these people will probably benefit massively from these residence programs.

The other benefit this group has is that they no longer need to apply for visas or face strict work or residency regulations. With a golden visa and possibly the passport that comes with it, they become able to live and work wherever they want in the EU.

3. Business Owners and Investors

Business owners looking to spend time in Europe make good European Golden Visa candidates.

Keep in mind, however, that some European golden visa programs require you to live in the country to eventually get citizenship, while others do not.

So, if your goal is to be able to live, do business and eventually travel to the EU beyond the visa-free access period that you may have on your current passport, an EU residence may be ideal for you.

Applying for a European golden visa program may not be the ultimate solution for everyone in these three groups, but many people stand to win if they obtain European residence. 

Alternatives to the Golden Visa

As we mentioned earlier, apart from a golden visa program, there are other ways to become a resident of European countries.

In fact, some of the alternatives may be a better option for you. For example, we’re currently helping someone with a program in Portugal that allows them to demonstrate certain assets without having to invest them all and still get a residence permit.

You can also get a residence permit in all these countries if you get a job there, are married to a citizen or can prove you’ve been in a committed relationship with a citizen of the country. 

Some English-speaking countries tend to have a point system and certain nations grant residence if you start a company. Either way – whether you’re required to start a business or take another route – you can expect some sort of requirement. 

As a result, it’s our opinion that the golden visa is typically the easier and more straightforward option on the table. 

How to Qualify for a Golden Visa 

As we discussed earlier, a golden visa program in Europe is an exchange between the investor and the country’s government.

But what does that entail?

Depending on their economic and strategic needs, the various countries offering golden visas will set out the criteria for allowing a foreign investor to qualify for residence.

These are some of the most popular options available.

1. Real Estate

By far the most popular investment option, real estate has traditionally been the bread and butter of golden visas. However, this is changing.

When you think about it, it’s the perfect way for a country to sell its real estate surplus, often at premium prices.

There are many reasons why the surplus occurs in the first place, one of which is that real estate prices simply escalate until they’re out of reach for the country’s citizens.

Another explanation is that developers get some artificial stimulus to build more with favourable borrowing rates or a simplified permit process. Then, a few years down the line, the government wakes up to a massive surplus of real estate, developers end up in a considerable amount of debt and there’s no one available to buy any of the properties.

Either way, a real estate surplus can cripple an economy, often leading governments to start looking for investors to come and save the day. 

Out of all the investment options, real estate is often the cheapest. 

While this is an attractive option, real estate investment paths are disappearing. Portugal has already removed the real estate option in its golden visa, and Spain is doing the same. So, if owning EU real estate appeals to you, then now is the time to act.

2. Business and Enterprise 

While some countries restrict foreign entrepreneurship, others welcome it with open arms. These nations recognise the value of overseas investment and the potential for job creation and economic growth.

Spain, for example, has long struggled with high unemployment rates, leading them to welcome foreign entrepreneurs to establish businesses and contribute to the local economy. And unlike many other countries, Spain doesn’t impose a minimum investment requirement for entrepreneurs who create job opportunities for Spanish citizens. 

Basically, what they are after are innovative IT or tech companies, but if you have a more local or regional business in mind, that would be considered too.

The good news is that most golden visa countries offer business or enterprise investment options.  

3. Financial Instruments

Golden visa applicants have access to a variety of financial instruments in which they can invest such as bonds, stocks, funds and bank deposits.

It’s important to note that some financial assets, like government bonds, may not accrue interest, while others, such as stocks or investment funds, could generate returns. 

That means, in theory, that in certain countries, you could actually be getting paid to become a resident by investment.

Each golden visa country has its own specifications as to when you can divest your money. Usually, it’s at the five-year mark when you could apply for permanent residence or even citizenship.

4. Donation 

Governments that need a direct injection of foreign capital may allow their golden visa applicants to make a donation. It’s not always an option, but in some golden visa countries, residence in exchange for a donation is still a possibility.

One important point to note is that, while golden visa countries have clear rules as to when you can divest from an investment, a donation is treated differently. When you make a donation, that money is gone for good.

How Does the European Golden Visa Process Work?

The idea behind any golden visa is that the process should be fast and painless in comparison with other options available to investors. That is what, in essence, allows countries to use them to attract such prestigious investors.

The reality is that getting an RBI golden visa is not always smooth sailing. Approval times for some programs, like the Portugal Golden Visa, have become very slow, while certain other countries simply do not follow their own mandated laws on how quickly they are supposed to process applications.

Simply put, this process can take longer than promised. A golden visa is not the kind of residence permit where you can go in, fill in a form, pay a US$200 fee and get your residence card.

Contrary to popular belief, substantial fees are often involved in obtaining a golden visa. This should surprise no-one – after all, the entire golden visa concept was dreamt up to make money for the governments involved.  

They know their target audience is made up of wealthy investors who want a European residence and are willing to pay for it. 

Bulgaria, for example, recently decided to raise the processing fees for its golden visa substantially. They knew they could do it because they also happen to be the only program offering to fast-track applicants’ naturalisation timeline. 

In some cases, Bulgaria citizenship can be yours in as little as two years, while the standard timeline is actually five years. 

Other European countries have typical naturalisation timelines as long as five to ten years.

In a similar vein, Portugal has adjusted one of its naturalisation requirements but has not reduced the timeline itself. Instead, they’ve reduced the amount of time that you have to spend in the country each year in order to qualify for citizenship.

So, if you are considering a golden visa, it’s important to be aware of, and account for, these differences. Golden visas are not the type of program where you simply wave a bunch of cash and get a passport quickly.

Europe’s Golden Visas: FAQs

Need Help with Your European Golden Visa Strategy?

As with every decision in life, especially one that will have financial and personal implications, it pays to weigh up your options.

Although we’ve touched upon the main European countries offering golden visas right now, that’s not enough to understand where you should plant your flags. No single program is the best golden visa option in Europe, so you need to find one which works for you, your investment choices and your lifestyle.

Financial planning to create a life of freedom and prosperity is our speciality here at Nomad Capitalist. 

We understand the tools and strategies you have at your disposal when it comes to optimising your tax, building your wealth and giving yourself (and your family) the best quality of life. We will examine your individual situation and create a personalised plan for where you can live, invest, bank and hold passports.

Our team at Nomad Capitalist consists of experts located all over the world who can help you decide where to go to be treated best. 

Our experts, located worldwide, constantly research and analyse 70+ citizenship programs so we can help our clients take advantage of what works in the real world, not in theory. 

Become a client today and let us help you create your holistic plan for the future.