A Golden Visa is the right to reside in a state for investing in its economy. European countries with the growth of globalization and competition began to actively apply this way of attracting foreign capital. Financial investments of immigrants are used to develop infrastructure, create new jobs and improve the standard of living of the population. The main goals of the Golden Visa are to strengthen international ties, including cultural ties, improve the image and prestige of the country, as well as to increase tax revenues at the expense of immigrants.

The first mention of the Golden Visa, or rather the Golden Passport, dates back to 1984, when the small Central American island nations of Nevis and Keats began offering citizenship for investments in their development. In addition to the benefits for the economy, significant advantages are felt by investors themselves, namely the ability to quickly obtain a residence permit in a country with a high standard of living. Golden visa in the EU opens access to free movement in the territory of the association, to receive European education and medical services, the prospect of registration of citizenship of the European Union.

What is a Golden Visa?

Golden visa is a document that allows foreign citizens to formalize the right of residence in the territory of another state through investment in the economy. The format of a residence permit for investment is somewhat different from other types of residency – it has a number of characteristic features, namely:

• a single basis for issuance – investments in the amounts and purposes regulated by law;
• simplified and accelerated procedure for obtaining it as compared to other residence permits;
• requirements to the applicant – investment of financial resources in the creation of business, purchase of government bonds or real estate.

If we consider Golden Visa as a visa, then unlike ordinary entry permits, it is a residence permit and, as a rule, is issued for a period of 1 to 5 years with the right to extend.

Advantages and disadvantages of obtaining a Golden Visa in the EU

Golden Visa, like any other residence permit, has its advantages and disadvantages, which are important to keep in mind when deciding on investment immigration. The unambiguous advantages of participating in this program in the territory of the European Union are:

• living in a country with a high standard of living;
• open access to quality secondary and higher education for investors’ children;
• free movement within the EU and Schengen area without the need to obtain additional permits;
• accessible services without restrictions in European medical institutions;
• the possibility of obtaining an EU passport after some time of residence in the country;
• reliable diversification of investor’s assets.

Despite all the advantages of the investment migration program, there are also certain disadvantages of obtaining such a residence permit in the EU, namely:

• rather high level of costs (the minimum threshold in Greece and Portugal is from 250,000 EUR, but in most countries it reaches 400,000-500,000 EUR);
• impossibility to immediately obtain EU citizenship through investments;
• limited access to the labor market (in a number of EU countries the investor visa does not include a work permit);
• frequent changes in legislation due to the growing migration flow and geopolitical situation in Europe;
• risks in investing in real estate due to a decrease in its value;
• requirements to reside on the territory of the state in order to maintain the status of a resident.

Overview of Golden Visa Programs in EU Countries

Many European Union states offer foreign nationals the opportunity to obtain residency authorization through investment. Below we take a look at the most popular countries to apply for Visa Gold.

Greece

The program of granting a residence permit in Greece for investment involves investing financial resources in real estate. The residence permit is issued for 5 years in case of purchase or long-term rent of housing in the amount of:

• 500 000 EUR — for the Northern, Central and Southern sectors of Athens, Mykonos and Santorini subdivisions, as well as the municipalities of Attica;
• 250 000 EUR — for all other regions of Greece.

In addition, in order to obtain a residence permit, it is possible to invest financial resources of 400,000 EUR or more in other investment objects:

• purchase of government bonds;
• making a deposit in a Greek credit institution for a period of 1 year or more with regular renewal;
• purchase of shares in a local company.

Full payment must be made prior to submitting the residence permit application and notarized transfer deeds must be submitted to confirm the financial transaction. The residence permit can be renewed multiple times for 5 years, provided that the real estate is still owned/leased by the investor. The residence permit card is issued within two months of registration of the application.

Spain

The Golden Visa in Spain allows you to obtain a residence permit for a year, with the decision period taking about 10 days from the date of application. You have the possibility to obtain an investor’s residence permit when making the following investments:

• 2 000 000 EUR in government debt securities;
• 1 000 000 EUR in shares and participatory interests in Spanish companies;
• 1,000,000 EUR in investment or venture capital funds established in Spain;
• 1 000 000 EUR in bank deposits of Spanish financial institutions;
• 500 000 000 EUR in the purchase of real estate.

Golden visa can be granted to the founder of a business project in Spain, if it will create new jobs and in the long term the enterprise will have a positive impact on the socio-economic situation in the region, as well as make a significant contribution to scientific or technological innovation. As of January 1, 2025, the program is suspended, and the terms of the new program have not yet been fully approved.

Italy

Since 2017, Italy has operated a program to grant Golden Visas to foreigners intending to make substantial investments or charitable donations in strategic assets to enhance the competitiveness and development of the state. The residence permit is granted upon investment of:

• 2,000,000 EUR in government bonds;
• 500,000 EUR in an Italian joint stock company;
• 250,000 EUR or more in an innovative start-up;
• 1 000 000 EUR in a charitable donation to finance culture, research, education, migration management, as well as the preservation of landscape and historical heritage.

The visa is issued within 30 days and is valid for 2 years. After arrival in Italy, within 8 days you must apply for an investor residence permit, which will be valid for 2 years and can be renewed indefinitely for three-year periods.

Portugal

The golden visa in Portugal is granted after you have invested money in the economy of the state or demonstrated your intention to do so. You can invest on your own or through a company registered in Portugal. The legislation provides for the following types of investments:

• financing the creation of 10 new jobs;
• 500,000 EUR to support the activities of public or private research centers;
• 500,000 EUR to acquire shares with the aim of capitalizing a Portuguese company through participation in investment or venture capital funds (minimum maturity of 5 years);
• 250,000 EUR in ensuring the restoration, maintenance and artistic production of Portuguese cultural heritage through private and public organizations;
• 500,000 EUR in opening a company in the territory of the state with the creation of five working positions;
• 500,000 EUR to increase the amount of share capital of a local company with the preservation of 5 working positions for a minimum period of 3 years.

Consideration of an application for a residence permit takes up to 60 days, after approval you will be granted a residence permit for one year – further it can be extended for two-year periods. After 5 years of legal stay in Portugal you will be able to apply for a permanent residence permit, provided that you have a basic knowledge of the state language.

Malta

MPRP (Malta Permanent Residence Program) is a program for granting residence in Malta or Gozo for investment in real estate (purchase/lease) and payment of government fees. The advantage of this MPRP is that up to four generations of relatives can be included in the application. The conditions of the program from January 1, 2025 are slightly changed and now to apply for the Golden Visa it is necessary to:

• pay a non-refundable administrative fee in the amount of 50,000 EUR;
• purchase real estate worth 375,000 EUR or more and pay 30,000 EUR state contribution or rent properties worth 14,000 EUR or more and pay 60,000 EUR to the state treasury;
• keep the assets in ownership or lease for at least 5 years;
• pay a contribution of 10,000 EUR for each family member supported by the investor;
• make a charitable payment in the amount of 2 000 EUR to a non-governmental organization that operates in the scientific, cultural, sports or artistic field and is registered with the Office for Volunteer Organizations.

The application for a Malta residence permit should be submitted through a licensed agent. It takes an average of 4 to 6 months for the application to be processed. Your application will be approved if you meet the updated requirements, namely:

• stable income or financial resources to support yourself and family members;
• providing proof of ownership of capital assets in the amount of 500,000 EUR or more, of which 150,000 EUR is cash;
• absence of criminal record, physical and moral health problems.

With the support of the Globalcitizenpass company’s migration lawyers, you will be able to choose the optimal program for EU citizenship in a short period of time. To learn more about alternative ways of immigration to the European Union, fill out the form on the website for a free consultation.

Procedure for obtaining a Golden Visa

The process of obtaining a Golden Visa varies from country to country due to specific legal requirements and conditions that are imposed on investors. The standard procedure for applying for a Gold Visa is as follows:

1. Choosing a country.
   It is necessary to compare the programs of different countries, paying special attention to the minimum investment amounts, requirements for applicants, application processing time, as well as the prospects of obtaining citizenship.
2. Preparation of documents.
   A standard dossier should include a passport, a completed application for a Golden Visa, proof of investment or intention to make it, as well as a certificate of no criminal record and medical insurance.
3. Verification of the applicant’s security clearance.
   The government agency may request proof of the legal origin of the funds and proof that you do not pose a threat to national security.
4. Making an investment.
   Investments can be made in government bonds, real estate or business creation/financing. The transfer of money in Europe is carried out in a cashless way, so you should open an account in the bank of the country where you want to get a residence permit.
5. Application submission.
   The package of documents translated into the state language and notarized must be submitted in person or online to the immigration service. At this stage, the state fee for the consideration of your application is also paid.
6. Consideration of the application and obtaining a residence permit.
   The processing time varies depending on the state and the migration load. In case of a positive decision, you will be granted a residence permit. If a refusal was received, then in most cases it can be challenged by appeal in court.

It should also be remembered that processing times vary significantly from country to country and can sometimes take up to a year. In most cases, Golden visa applications are processed in 2-6 months.

In the process of obtaining a Golden Visa, your expenses will include not only the payment of fees and the investment itself, but also additional expenses for the services of a translator, notary. Before traveling to Europe, it is important to take out medical insurance. When investing in real estate, you may be obliged to pay for the service of evaluation of the object. Also, you should not forget about the taxes levied on the purchase and further ownership of housing.

Changes and trends in Golden Visa programs

In the last few years, Golden Visa programs in Europe are undergoing significant changes, their conditions are being revised, and some countries are abandoning this format of immigration altogether. The reasons for the tightening of the rules of investment for the purpose of obtaining a residence permit are:

• concerns about potential threats from investors to national and public security;
• impact on the real estate market – prices for objects are rising and housing is becoming too expensive for EU citizens;
• money laundering – investing is sometimes used to legalize the origin of funds;
• revision of migration policy – European states are increasingly prioritizing the attraction of highly skilled professionals and start-ups that can bring significant benefits to the economy.

The United Kingdom was one of the first countries that refused to issue investor residence permits due to concerns about state security, and then Golden visas were canceled in Ireland due to cases of money laundering through financial investments. If we talk about the countries of the world, where the rules for granting residence permits to investors were significantly tightened, it is Canada and Australia.

In turn, the European Parliament, concerned about the difficult geopolitical situation in the world, called on the EU states to close investment programs for immigrants. The main arguments for such a decision were the risks to national security, undermining the foundations of citizenship and its value, as well as violating the principles of freedom of movement within the EU.

Quickly and easily obtain
EU citizenship

Discover the simplified path to
EU citizenship

Get a free consultation

Risks of investment programs

Immigration investment programs involve certain risks and have some disadvantages. The disadvantages of the Golden Visa program include the following factors:

• instability in immigration legislation – regular changes in rules, tougher conditions and criteria for evaluating investors;
• the possibility of losing investments in the event of a decline in real estate value, company bankruptcy or economic crisis;
• additional tax liabilities arising from investments in assets of another country;
• complexity of analysis of available investment programs – the process of collecting information in different countries is time-consuming and labor-intensive, but does not guarantee you the right choice of a country for investment and immigration;
• probability of rejection – inaccuracies and mistakes in the documents or failure to meet the nuances of the conditions and requirements may cause a negative decision regarding the issuance of a Golden Visa.

Alternative options

The biggest disadvantage of the Golden Visa is the high level of costs required, which makes this method of immigration available only to a limited number of foreigners. There is an alternative and legal way for anyone who wishes to move to one of the EU countries as a full citizen. Simplified repatriation programs in such countries as Romania, Slovenia and Bulgaria allow you to obtain an EU passport in up to 14 months.

The advantage of this method of immigration is the absence of requirements for mandatory residence in the country or integration into society, as well as the affordable cost of the procedure compared to investment. For detailed information on repatriation programs, please contact our specialists.