Malta is the only EU member state that currently sells citizenship directly. Every other EU golden visa program sells residency, and citizenship requires five or more years of actual legal presence afterward.
Malta: The Only EU Passport Available for Direct Purchase
Malta's Community Malta Agency program grants full EU citizenship after a minimum 12-month residency period, a direct government contribution of EUR 600,000 (or EUR 750,000 if you reduce the residency requirement to 36 months is not actually available; the base is 600k for 36 months and 750k for 12 months), plus a EUR 10,000 charitable donation and a EUR 700,000 property purchase or EUR 16,000 annual rental commitment. Total all-in cost typically lands between EUR 850,000 and EUR 1.1 million depending on property choice and professional fees. The resulting passport gives visa-free access to 186 countries and the right to live, work, and bank anywhere in the EU.
Montenegro: A Non-EU Option That Closed to New Applicants
Montenegro's citizenship by investment program officially closed to new applications in December 2022, so any agent claiming to file a fresh application is selling something that no longer exists. Montenegro is an EU candidate country, which generated interest, but the passport currently offers visa-free access to roughly 124 countries, well below the Malta benchmark. Applicants who applied before closure are still processing, and the program may eventually reopen under different terms if and when EU accession negotiations advance, but there is nothing to apply to today.
Turkey: The Fastest Active European-Adjacent Passport
Turkey requires a minimum USD 400,000 real estate purchase or USD 500,000 bank deposit, and the passport can be in hand in as little as three to six months with no physical residency requirement at any point. The Turkish passport provides visa-free or visa-on-arrival access to roughly 110 countries and, critically, an E-2 treaty investor visa pathway into the United States for nationalities that would not otherwise qualify. Full cost breakdown for Turkey citizenship by investment in 2025 covers the real estate purchase taxes, legal fees, and translation costs that bring the actual spend above the headline minimum.
Golden Visa Residency Routes That Lead to Citizenship
Greece, Portugal, Spain, and Hungary all offer investment-based residency programs that convert to citizenship after five years of legal residency and meeting language or integration requirements. Portugal's golden visa was restructured in 2023 to eliminate real estate purchases in most major cities, pushing investors toward fund investments of EUR 500,000 minimum. Greece's real estate threshold rose to EUR 800,000 in prime areas in 2024. These are residency programs, not citizenship programs, and the five-year clock only runs if you actually maintain legal residency status, which typically requires spending at least part of each year in-country.
What Vanuatu Agents Are Selling Into the European Market
Vanuatu's Development Support Program offers a full passport for roughly USD 130,000 and processes in about 30 to 60 days, and many agents in Europe market it as a faster, cheaper alternative to Malta. The comparison does not hold up: the Vanuatu passport lost its EU visa-free access in May 2022 after the European Parliament revoked it, which means Vanuatu passport holders now need a Schengen visa to enter Europe. It remains useful for certain travel profiles and banking relationships, but positioning it as a European citizenship alternative is misleading.
Choosing Between Malta, Turkey, and Residency-First Routes
The right program depends on three variables: budget, timeline, and the end goal. If you need an EU passport with full freedom of movement across 27 member states, Malta is the only direct route and the EUR 850,000 minimum is the cost of entry. If you need speed and a US E-2 option, Turkey at USD 400,000 with a three-to-six-month timeline is the operational choice. If your budget is EUR 250,000 to EUR 500,000 and you are willing to spend five years building residency, the Portuguese or Greek golden visa feeds into a naturalization path that ends with an EU passport at a fraction of Malta's upfront cost.
Things people ask first.
Which European country offers the cheapest citizenship by investment?
Among programs that actually deliver a European passport, Malta is the only EU option and starts at roughly EUR 850,000 all-in. Turkey, which straddles Europe geographically, starts at USD 400,000 for real estate but does not produce an EU passport. There is no cheap route to a genuine EU passport through investment.
Does Portugal still offer citizenship by investment?
Portugal's golden visa gives residency, not citizenship. After five years of maintaining that residency status and passing a basic Portuguese language test, you can apply for naturalization. The real estate route in Lisbon and Porto was eliminated in 2023; the main active route is a EUR 500,000 fund investment.
How long does Malta citizenship by investment take?
The standard track requires 36 months of maintained residency before a citizenship application is submitted, with a EUR 600,000 government contribution. An accelerated 12-month track exists for EUR 750,000. Most applicants budget 14 to 16 months for the fast track when accounting for application preparation and processing time.
Can I get EU citizenship by investing in a non-EU European country?
No. Citizenship in a non-EU European country such as Serbia, Albania, or North Macedonia does not confer any EU rights. Montenegro is an EU candidate but its CBI program is closed and its passport does not yet grant EU freedom of movement.
Is the Vanuatu passport a legitimate alternative to European CBI programs?
Vanuatu lost Schengen visa-free access in 2022, so it is not a substitute for a European program if EU travel or residency rights are your goal. It still has legitimate uses for banking diversification and travel to other regions, but European mobility is no longer one of them.
Do European citizenship by investment programs require you to live in the country?
Malta requires you to maintain residency for 12 or 36 months before applying. Golden visa residency programs in Greece, Portugal, and Spain have minimal physical presence requirements for keeping the visa active, but the five-year path to naturalization generally requires you to demonstrate genuine ties to the country.
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