Golden Visa programs appeal to high-net-worth individuals seeking alternative residency in esteemed and desirable countries through a straightforward, uncomplicated, and time-efficient process. With numerous options available, selecting the right program can be complex and time-consuming.
In this guide, we uncover Europe’s most cost-effective Golden Visa programs, offering a roadmap for investors seeking access to the continent’s lifestyle and economic advantages for themselves and their families without straining their budgets.
Portugal: One of Europe’s most sought-after locations
Over the years, Portugal’s renowned Golden Visa program has been celebrated for its affordability and accessibility. To obtain the Portuguese Golden Visa, applicants must make a minimum capital transfer of €200,000. This investment enables investors to secure residency in one of Europe’s most sought-after destinations.
On February 12, 2021, the Portuguese authorities announced legislative changes through Decree-Law No. 14/2021, affecting the Golden Visa. Effective January 1, 2022, these changes restrict residential real estate investments to specific regions. Further amendments were enacted into law on July 4, 2023, under Law 23/2007. This restricts investment activities eligible for the Golden Visa to specific categories such as job creation, investment funds, scientific research, arts and culture, and commercial companies creating at least five jobs. Notably, these activities cannot involve direct or indirect investments in real estate.
Despite recent changes, Portugal remains a premier destination, offering compelling opportunities and continuing to attract global interest. With Portuguese citizenship obtainable after just five years from the time the golden visa application is submitted with no extensive physical residency requirement, it remains highly sought-after. The program is poised to evolve, providing ongoing opportunities for Golden Visa seekers.
Greece: Celebrating Heritage and History
Stepping into the cradle of Western civilization, Greece’s Golden Visa program stands out. Currently, applicants can obtain a Golden Visa by investing €250,000 in real estate. With its stunning landscapes, ancient landmarks, and vibrant culture, Greece has long been a top destination for tourists and offers investors significant potential for high returns.
The Greek Golden Visa Program, initiated in 2013, offers non-EU citizens and their families an exclusive chance to acquire a five-year residency by investing in real estate. Through this program, investors can obtain a renewable Greece Residence Permit, allowing for extended stays in the country and the opportunity to acquire citizenship in 7 years, subject to specific provisions.
Apart from its history and charm, Greece’s Golden Visa program presents a more affordable path to European residency compared to its European counterparts.
Latvia: Gateway to Europe
Latvia, a member of the European Union since 2004 and participating in the Schengen Area since 2007, provides a strategic gateway to Europe. The Latvia Residence by Investment Program, also known as the Golden Visa, was introduced by the Government of the Republic of Latvia in 2010. This program offers foreign investors the opportunity to obtain residency through various avenues such as purchasing real estate, investing in businesses, buying bonds, or investing in the subordinated capital of credit institutions.
With a minimum investment of EUR 50,000 plus applicable government fees, investors can gain residency and explore Latvia’s dynamic capital, Riga, and growing business opportunities.
Hungary: Strategic location and rich cultural heritage
Introduced by the Government of Hungary in 2017, the Hungarian Residency by Investment Program allows non-EU nationals to obtain temporary residence by investing in real estate projects. The 2024 amendment to Hungary’s Law Act XC of 2023 on the entry and residence of third-country nationals has refined the investment options for obtaining a Hungarian residence permit. Investors can now choose to invest a minimum of EUR 250,000 into residential real estate funds or EUR 500,000 into real estate in Hungary for a 10-year residency permit which can be extended by a further 10 years.
The strategic location, vibrant culture, and favourable business environment make it an appealing choice for investors seeking affordable European residency.
Italy: Where culture meets opportunity
Italy’s Investor Visa Program, launched in 2017 as the ‘Italy Golden Visa’ or ‘Investor Visa for Italy,’ offers third-country nationals (non-EU/EEA and non-Swiss) a pathway to residency by investing in the country’s economy. This program allows investors to obtain a residence permit initially valid for two years, with the option to renew for an additional three years. Permanent residency can be secured five years after the initial application.
Investment options start from EUR 250,000 in a Start-Up or Italian Joint-Stock Company. This flexibility allows investors to tailor their residency journey to match their interests and financial objectives. Italy’s allure extends beyond its economic opportunities, boasting a rich cultural heritage, renowned culinary traditions, and promising economic prospects, making it a beautiful choice for those seeking affordable European residency. Boasting the third-largest economy among European countries, it attracts tourists from around the globe, many interested in relocating permanently.
Malta: The heart of the Mediterranean
Malta’s Residency Program offers investors a gateway to Europe with two main options, which include a non-refundable contribution and a charitable donation: a minimum real estate purchase of EUR 300,000 plus a EUR 28,000 contribution and EUR 2,000 donation or a minimum property rental of EUR 10,000 annually plus a EUR 58,000 contribution and EUR 2,000 donation.
Located in the heart of the Mediterranean, Malta boasts a stable economy, a favourable tax regime, and a high quality of life, making it highly appealing to investors seeking European residency at a reasonable cost.
Europe’s most cost-effective Golden Visa programs offer investors a gateway to unparalleled opportunities while experiencing an enhanced quality and lifestyle. From the sun-kissed shores of Portugal to the historic streets of Greece and Italy and the vibrant cities of Spain, Latvia and Hungary, these programs provide a pathway to European residency steeped in culture, heritage, and economic potential.
As investors embark on their journey to Europe, these cost-effective Golden Visa programs stand as beacons of opportunity, offering an opportunity to a brighter future on the continent.
