Europe’s Golden Visas: A Complete Guide to 5 Leading Residence-by-Investment Programs

Creimerman Product Team
Sep 3
5 min read

Over the last decade, residence by investment (RBI)—more popularly known as a Golden Visa—has become one of the most sought-after immigration routes for high-net-worth individuals. These programs allow foreign nationals to obtain residency rights in exchange for strategic investments in real estate, business, financial assets, or cultural initiatives.

What makes Europe particularly attractive is its blend of lifestyle benefits, mobility rights, and citizenship pathways, positioning Golden Visas as an appealing “Plan B” solution for global investors and families.

The Evolution of Europe’s Golden Visas

The Portuguese Golden Visa, launched in 2012, was one of the first of its kind and is often credited with setting the standard for modern residence-by-investment programs. It not only revitalised Portugal’s real estate market but also attracted billions in foreign capital.

Following its success, several EU nations introduced their own versions. Yet, in recent years, reforms have shifted the landscape:

Spain and Portugal have moved away from real estate pathways, citing housing affordability concerns.
Greece has raised its minimum property thresholds in high-demand regions.
Latvia and Cyprus continue to provide affordable or flexible alternatives.

Despite these changes, Golden Visas remain a key immigration tool in Europe, providing investors with access to the EU’s economic, cultural, and lifestyle advantages.

What Exactly Is a Golden Visa?

At its core, a Golden Visa is a residence permit granted to foreign nationals who invest in the host country’s economy. Unlike traditional visas, these permits are designed to be:

Fast – approval times often range from a few weeks to a few months.
Flexible – applicants are not required to meet conventional immigration hurdles such as job offers, marriage, or strict language requirements.
Family-friendly – spouses and children are usually eligible under the same application.
Strategic – many Golden Visas offer a route to citizenship, opening the door to an EU passport.

It’s important to note that Golden Visas are not the same as citizenship-by-investment (CBI) programs, which directly grant citizenship. Instead, Golden Visas provide residency first, with the option to transition to citizenship after meeting stay and integration requirements.

Why Choose a Golden Visa in Europe?

Golden Visas continue to attract attention because they:

Simplify immigration requirements – avoiding complex business plans, work contracts, or marriage conditions.
Grant Schengen mobility – residents gain visa-free travel across 29 European countries.
Provide education and healthcare access – offering world-class systems to families.
Offer a security backup – functioning as a safeguard in case of political or economic instability in the applicant’s home country.
Allow eventual citizenship – with time and compliance, investors may qualify for full EU citizenship.

Potential Drawbacks

Taxation: Residency can lead to tax obligations if more than 183 days are spent in-country.
Program reforms: Political changes can alter rules suddenly.
Costs: Beyond the investment itself, expect government fees, legal expenses, and due diligence checks.

Europe’s 5 Most Attractive Golden Visa Programs

1. Greece Golden Visa – Affordable Entry, Flexible Structure

Investment threshold: €250,000–€800,000 (depending on property location).
Unique features: Allows multiple property purchases or co-investment.
Residency requirement: None.
Citizenship track: 7 years of residence.
Tax incentive: Flat €100,000 annual tax on global income for those opting into residency.

Greece remains a favourite due to its low entry point (outside prime cities) and its ability to combine residency with tax efficiency.

2. Portugal Golden Visa – A Proven Path to Citizenship

Investment options: €250,000 donation (arts) or €500,000 in funds/research.
Residency requirement: Very minimal; applicants need only spend a few days per year.
Citizenship track: Eligibility after 5 years, among the fastest in the EU.

Despite ending its real estate option, Portugal continues to shine as one of the most citizenship-friendly programs, with a solid legal framework and strong global reputation.

3. Latvia Golden Visa – Budget-Friendly Residency

Investment requirement: €50,000 into a Latvian business + €10,000 government fee.
Residency benefits: Right to live, work, and travel within Schengen.
Restrictions: Excludes Russian and Belarusian applicants.

Latvia offers one of the lowest investment thresholds in Europe, making it especially appealing for entrepreneurs and smaller investors looking for a cost-effective entry point.

4. Cyprus Golden Visa – Lifestyle in the Mediterranean

Minimum investment: €300,000 in real estate or business.
Income proof: €30,000 for the applicant, plus €5,000 per dependent.
Citizenship track: Eligible after 7 years.
Note: Cyprus is not in the Schengen Area but offers an English-speaking environment.

Cyprus combines Mediterranean lifestyle perks with a relatively straightforward path to residency, though not as fast as other countries.

5. Spain Golden Visa – Established but Changing

Investment threshold: €500,000 in real estate (soon closing) or €1 million in assets.
Residency benefits: Schengen travel, access to Spain’s robust economy and culture.
Citizenship track: Requires 10 years of residence (shorter for some Latin American nationals).

While Spain’s program is under reform, it remains an attractive choice thanks to its strategic location, lifestyle appeal, and large expat community.

Who Are These Programs Best Suited For?

Golden Visas are designed for individuals who value flexibility and global mobility. Ideal candidates include:

US citizens seeking a strong EU passport as a complement or alternative.
Emerging market nationals desiring access to Europe’s education, healthcare, and business ecosystem.
Entrepreneurs and investors wishing to expand into European markets while securing long-term residency rights for their families.

Types of Golden Visa Investments

Real Estate – once dominant, now restricted in Portugal and Spain.
Business/Enterprise – appealing for governments seeking job creation.
Financial Assets – such as bonds, shares, or investment funds.
Donations – non-refundable contributions to arts, culture, or development.

Each option has different advantages, depending on whether the applicant prioritises cost, speed, or citizenship potential.

How the Process Works

The general steps for a European Golden Visa include:

Selecting the right program based on investment goals.
Preparing legal documents and proof of funds.
Submitting the application and making the qualifying investment.
Receiving residence permits, typically within 3–6 months.
Maintaining residency and complying with minimum stay requirements (if applicable).
Applying for permanent residency or citizenship after the required number of years.

Processing times vary widely. Some programs, like Spain, mandate rapid processing (20 working days), while others, like Portugal, often face delays due to high demand.

Final Considerations

Golden Visa programs have become one of the fastest, most reliable, and family-friendly immigration routes available in Europe. For investors, they combine:

Mobility within the Schengen Area.
Lifestyle upgrades through access to European culture, education, and healthcare.
Long-term security with the possibility of citizenship.

However, success depends on choosing the right country, understanding tax residency obligations, and anticipating regulatory changes.

For globally minded investors, Europe’s Golden Visas remain a powerful tool for achieving mobility, diversification, and a future-proof residency strategy.

Ready to take the next step? Write to us at info@creimermanlaw.com and receive an initial evaluation at no cost.