Every EU golden visa grants residency, not immediate citizenship. The passport comes only after meeting the naturalization clock, which ranges from five years in Portugal to ten or more in Greece and Italy. Investors treating these as fast-track passport schemes will be disappointed.
Portugal Golden Visa
Portugal remains the most popular EU golden visa for non-EU investors, and for good reason. The real estate route closed to new applicants in late 2023, but the qualifying fund investment option survives at a minimum of EUR 500,000. Physical presence is just seven days per year, and after five years you can apply for permanent residency or citizenship, giving you a full Portuguese passport and visa-free access to 187 countries. Processing times currently run 12 to 24 months through SEF's successor agency, AIMA.
Greece Golden Visa
Greece raised its primary property threshold to EUR 800,000 in Attica, Thessaloniki, and island municipalities over 3,100 residents, effective August 2023. Elsewhere in Greece the floor remains EUR 400,000. There is zero physical presence requirement, the visa processes in roughly four to eight months, and renewal is straightforward. Greece does not offer a fast-track to citizenship through the golden visa itself, so factor in a separate naturalization clock of seven years if a Greek passport is the end goal.
Spain Golden Visa
Spain's golden visa requires EUR 500,000 in unencumbered real estate and grants a two-year initial permit renewable every five years. The Spanish government announced plans in 2024 to abolish the real estate route entirely, though legislation had not passed as of mid-2025, so the window may still be open. Non-real estate routes, including EUR 1 million in bank deposits or business investment, remain unaffected by the proposed abolition. If you want to actually live and work in Spain rather than park capital, the autónomo and digital nomad visa routes are worth comparing directly.
Malta Permanent Residence Programme
Malta's MPRP is not technically a golden visa but functions identically for non-EU nationals seeking permanent EU residency without citizenship. The combined cost of the government contribution, property lease or purchase, and charity donation totals roughly EUR 150,000 to EUR 200,000 depending on whether you rent or buy. Processing takes 4 to 6 months and there is no physical presence requirement at all. Malta citizenship by naturalization remains a separate, more expensive route starting at EUR 600,000 in contributions.
Hungary Guest Investor Program
Hungary relaunched its investor residency program in July 2024 with three qualifying routes: a EUR 250,000 investment in approved Hungarian real estate funds, a EUR 500,000 direct real estate purchase, or a EUR 1,000,000 donation to a designated higher education institution. The fund route is the most accessible and processes in approximately three months, faster than any other EU program currently operating. The permit grants a 10-year renewable residency card, and Hungary has no minimum stay requirement.
Italy Investor Visa
Italy's investor visa offers four qualifying routes: EUR 2 million in Italian government bonds, EUR 1 million in an Italian company, EUR 500,000 in an innovative startup, or EUR 1 million in philanthropy. It is significantly more expensive than competing programs but grants a two-year permit renewable for three-year periods and requires no minimum physical presence. Italy also has a flat-tax regime for new residents capping foreign-source income tax at EUR 100,000 per year, which makes the overall package attractive for high-net-worth individuals restructuring their tax residency.
Things people ask first.
Which European golden visa is cheapest overall?
Malta's MPRP has the lowest all-in cost at roughly EUR 150,000 to EUR 200,000, but it delivers permanent residency rather than a citizenship pathway. For a genuine EU passport route, Portugal's fund investment at EUR 500,000 is the most competitively priced option still open.
Can I get EU citizenship through a golden visa?
Indirectly, yes. Portugal is the clearest path, offering citizenship eligibility after five years of legal residency under the golden visa, with only seven days per year of physical presence required during that period. Greece and Italy require much longer naturalization clocks of seven or more years.
Is Portugal's golden visa still open after the 2023 real estate closure?
The real estate route is closed, but investment fund subscriptions of EUR 500,000 or more still qualify. The program is legally intact, just narrower than it was before October 2023.
Do golden visa holders have to pay tax in the issuing country?
Not automatically. Most EU golden visas have no mandatory physical presence, so as long as you do not spend 183 or more days in the country, you generally do not trigger tax residency there. Portugal's NHR regime and Italy's flat tax are optional tax frameworks you can opt into if spending more time is desirable.
Which program has the fastest processing time?
Hungary's Guest Investor Program currently processes in approximately three months via the fund route, making it the fastest operating EU residency-by-investment program as of 2025.
Is Spain's golden visa still available in 2025?
As of mid-2025 the program had not been formally abolished despite the government's 2024 announcement. The non-real estate routes, including the EUR 1 million business investment route, remain unaffected by the proposed changes. Anyone relying on the real estate route should verify current legislation before committing capital.
Which European golden visa actually fits your capital, timeline, and passport goal?
The Offshore Playbook maps the full investor residency decision, from choosing the right EU program to structuring the investment so it does not create a tax problem in your home country. gramps.chat can walk you through the numbers for your specific situation.
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