Portugal's fund route is the only major EU golden visa where the minimum investment is fully liquid at the five-year mark, meaning the net cost of the visa itself is just the fees, not the principal.
The Core Investment Threshold by Country
The investment minimum is the headline number, but programs vary enormously. Portugal's fund route sits at EUR 500,000. Greece starts at EUR 250,000 for real estate in low-demand zones and EUR 800,000 in Athens, Thessaloniki, and the islands. Spain's real estate route requires EUR 500,000. UAE offers a 10-year golden visa for AED 2 million (roughly USD 545,000) in real estate. Malta's residency program requires a EUR 150,000 government contribution plus real estate or a lease commitment. Hungary relaunched with a EUR 250,000 investment fund route in 2024.
Government Fees, Legal Fees, and What Actually Gets Added On
The investment threshold is never the full cost. Portugal charges application fees of roughly EUR 5,000 to EUR 8,000 per applicant plus renewal fees every two years. Greece adds stamp duties and notary costs of 3 to 5 percent on property purchases on top of the investment minimum. Spain layers in property transfer tax of 6 to 10 percent depending on the region, plus legal and notary fees typically running EUR 10,000 to EUR 20,000. UAE charges DLD transfer fees of 4 percent on property value. Across most programs, legal and advisory fees to a specialist firm add another USD 5,000 to USD 25,000 before you close anything.
Cheapest Entry Points Across Active Programs
Greece at EUR 250,000 is the lowest real estate threshold among EU golden visa programs, but that price point now only applies outside the high-demand zones. For the full picture on how that plays out in practice, see Golden Visa Greece: Real Costs, Requirements, and How It Actually Works. Hungary's fund route at EUR 250,000 is competitive but comes with much thinner residency benefits and a less established track record. Malta at EUR 150,000 plus real estate is low on paper but the combined commitment typically runs EUR 350,000 to EUR 400,000 once you account for the property component.
Citizenship Timeline and Its Cost Implications
Residency alone versus a path to citizenship changes the cost calculus significantly. Portugal allows naturalization after five years of legal residency with a minimum physical presence requirement. Greece requires seven years of legal residency. Spain requires ten years for most nationalities. Malta's citizenship by naturalization program requires an additional EUR 600,000 to EUR 750,000 contribution on top of the residency investment, making it one of the most expensive end-to-end paths in the EU. If citizenship is the goal rather than just residency, Portugal currently delivers the best cost-to-outcome ratio among EU programs.
Non-EU Programs Worth Comparing
The UAE 10-year golden visa at AED 2 million in real estate or qualifying business investment gives long-term residency in a zero-income-tax jurisdiction, which changes the financial logic entirely compared to EU programs. Thailand's Long-Term Resident visa costs USD 50,000 in qualifying assets or income but does not lead to citizenship. Panama's Qualified Investor Visa requires USD 300,000 in real estate or a qualifying deposit and grants permanent residency within several months, one of the faster timelines available. These non-EU programs suit investors whose priority is tax efficiency and speed rather than an EU passport.
Total Cost of Ownership Over Five Years
Calculating only the upfront investment misses renewal fees, property maintenance, tax filings in a new jurisdiction, and travel costs to meet any physical presence requirements. Over five years, a Portugal golden visa through a fund typically runs EUR 520,000 to EUR 545,000 all in when you include application, renewal, and legal fees, and you can sell the fund position at the five-year mark. A Greece property-based golden visa over the same period costs more in total because the EUR 250,000 or EUR 800,000 stays locked in property you must hold, plus maintenance, taxes, and management. The UAE route has zero income tax benefit built in but no citizenship pathway, so the five-year cost comparison depends entirely on your end goal.
Things people ask first.
What is the cheapest golden visa in the EU right now?
Greece at EUR 250,000 is the lowest real estate minimum still active in the EU, but it only applies to properties in low-demand areas outside major cities and islands. Hungary's fund route also starts at EUR 250,000 but offers fewer residency benefits.
Does the golden visa investment cost get refunded or can I sell it?
It depends on the program and route. Portugal's fund investments can typically be sold after five years. Greek and Spanish real estate can be sold after the minimum holding period, usually five years, though market conditions determine actual returns. Malta's government contribution is not refunded.
What fees are on top of the minimum investment?
Expect government application fees, legal and notary fees, property transfer taxes where applicable, and advisory fees. These add-ons typically range from EUR 15,000 to EUR 50,000 depending on the program and family size.
How long does a golden visa application take?
Processing times vary widely. Greece has historically processed applications in 3 to 6 months after document submission, though backlogs have pushed this longer. Portugal averages 12 to 18 months currently. UAE property-based golden visas can be issued in weeks once the property transaction is registered.
Do I have to live in the country to keep my golden visa?
Most EU golden visa programs, including Portugal and Greece, require only minimal or no mandatory physical presence to maintain residency status, which is a key reason investors choose them over standard residency routes.
Can my family be included in my golden visa at no extra investment cost?
Yes, most programs allow spouses and dependent children to be included on the same investment. Each additional family member typically pays a separate application fee, often EUR 1,000 to EUR 5,000 per person, but the investment threshold itself does not increase.
Which golden visa program is actually worth your capital?
The Offshore Playbook goes beyond published minimums to show you the real net cost, the tax implications, and which programs deliver citizenship versus just a temporary card. Get the structured breakdown before you commit six or seven figures.
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