What Is a Golden Visa
A Golden Visa is a residency by investment program. A European country grants you and your immediate family the right to live in that country in exchange for a qualifying investment, usually property, a regulated fund, or a direct contribution to the state. It is not the same as citizenship by investment. A Golden Visa gets you residency rights and, in most programs, a path to citizenship after several years of maintaining the investment and meeting minimum stay requirements. Citizenship by investment, offered mainly by Caribbean nations, grants a passport directly without a residency requirement.
For investors from Pakistan, the Gulf, and other parts of Asia, a Golden Visa is often the more practical route into Europe. It gives visa free travel across the Schengen area, a stable base for business or family relocation, and eventually a European passport if you want one.
Why Investors Are Looking at Europe in 2026
The appeal has not changed much over the years. What has changed is which programs still make financial sense. Several countries closed their real estate routes in the last two years, which pushed demand toward the ones still open. Portugal, Greece, and Malta remain the three most requested programs among our clients right now, each for a different reason.
Portugal Golden Visa
Portugal ended real estate as a qualifying investment route in 2023. The program is still active, but the money now has to go into regulated investment funds, business creation, or job creation, rather than a house or apartment.
Minimum investment: From roughly EUR 250,000 for cultural or heritage related contributions, up to EUR 500,000 for qualifying fund investments. Fund based applications are the most common route now.
Stay requirement: As little as 7 days per year on average, which is one of the lowest physical presence requirements of any residency program in Europe.
Path to citizenship: 5 years, with a Portuguese language test (A2 level) required.
Who it suits: Investors who want European residency with minimal time actually spent living there, and who are comfortable investing through a regulated fund rather than owning physical property.
Portugal's low stay requirement is the single biggest reason it remains popular, even after the real estate option closed. You do not need to relocate your life to keep the residency active.
Greece Golden Visa
Greece still offers a real estate route, which is now the main reason investors choose it over Portugal.
Minimum investment: EUR 250,000 in most regions, rising to EUR 400,000 or EUR 800,000 in high demand areas like central Athens, Thessaloniki, and the popular islands. Greece raised its thresholds in 2023 and again in 2024, so it is worth confirming current figures for the specific region before committing.
Stay requirement: None. You do not need to spend any minimum number of days in Greece to keep the residency valid, which makes it one of the most flexible programs available.
Path to citizenship: 7 years, and unlike Portugal, Greece does require actual physical residence for citizenship, not just the investment residency.
Who it suits: Investors who want to own real property in Europe as an asset and do not have an immediate goal of citizenship, just residency and travel access.
Greece works well as a straightforward property play. You buy real estate, get residency rights, and the property itself is yours to use, rent out, or sell later, subject to the program's holding rules.
Malta Permanent Residence Programme
Malta is structured differently from Portugal and Greece. Rather than a renewable temporary residency, it offers permanent residency from day one, which some investors find more secure.
Minimum investment: A combination of a government contribution (from EUR 28,000 to EUR 58,000 depending on the property option chosen), plus a property purchase or long term rental commitment, plus a donation to a local NGO.
Stay requirement: No minimum stay required to maintain the permanent residence status.
Path to citizenship: Malta also runs a separate, more expensive citizenship by investment program if that is the end goal, rather than relying on the residency program to convert over time.
Who it suits: Investors who want certainty and permanence immediately, and who value Malta's position as an EU and Schengen member with English as an official language.
How to Choose the Right Program
If citizenship is the end goal and you want to keep your time commitment low, Portugal is generally the strongest option because of its short stay requirement and shorter path to citizenship. If you want a tangible property asset in Europe and are not in a hurry for a passport, Greece's real estate route is straightforward and well understood. If permanence and certainty matter more than the citizenship timeline, Malta's Permanent Residence Programme offers something the other two do not, a status that does not need to be renewed.
None of these decisions should be made on program details alone. Tax residency rules in your home country, the source and structure of the investment funds, and your family's long term plans all affect which route actually makes sense. This is where working with an advisory firm that structures the application properly, rather than just filling in forms, makes a real difference to the outcome.
Frequently Asked Questions
What is the cheapest Golden Visa in Europe right now? Malta's Permanent Residence Programme has the lowest combined entry cost among the three covered here, starting around EUR 150,000 when the government contribution, property commitment, and donation are combined. Portugal and Greece both start around EUR 250,000 depending on the route and region.
Can I get a European passport through a Golden Visa? Yes, but not immediately. Portugal offers the fastest path at 5 years. Greece requires 7 years and actual physical residence during that time. Malta's residency program does not convert to citizenship on its own, it has a separate, more expensive citizenship by investment track.
Do I need to live in the country to keep my Golden Visa? It depends on the program. Portugal only requires about 7 days a year on average. Greece and Malta have no minimum stay requirement at all to maintain the residency status itself, though Greece does require physical residence if you later want to apply for citizenship.
Is real estate still a valid Golden Visa investment in Europe?
Not everywhere. Portugal closed real estate as a qualifying route in 2023. Greece still allows it, with higher thresholds in high demand areas. Malta includes a property purchase or rental as part of its overall package.
Which Golden Visa is best for a family? All three programs typically allow spouses and dependent children to be included in the application, and in most cases dependent or elderly parents can be added too, subject to program specific rules. Portugal's low stay requirement makes it easier for families who want to keep their base elsewhere while holding the residency. Malta's permanent status appeals to families who want long term stability without renewal cycles.
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