The European Golden Visa Program, formally known as the Residence Permit for Investment (ARI), is a policy that allows citizens from outside the European Union to acquire residency through considerable investments in participating countries.

Unlike other visas, the Golden Visa aims to attract foreign capital to areas such as business development or investment funds.

The benefit? It not only facilitates international mobility and access to quality European services, but also opens the door to future citizenship, including family members. The specific requirements and benefits can vary significantly between the countries involved in the program.

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What is the European Golden Visa Program?

 

Europe as a whole does not have a single investment program that grants residence permits, but some European Union countries do, such as Portugal, Spain, Greece, Malta and Cyprus.

These investment visas grant residence permits and dual citizenship to non-EU citizens who choose to invest in different ways in each country. Among the most common are investments in venture capital funds, real estate, incentives for local companies, etc.

It’s worth understanding what each country offers in the way of benefits and its rules, and keeping an eye on the changes that occur over time, where governments choose to adjust requirements according to demand.

Let’s take a look at all these details below.

 

 

Who can apply for the European Golden Visa?

 

The Golden Visa Europe is open to non-European citizens who wish to invest in one of the member countries offering this program.

Any individual, regardless of nationality, can qualify, as long as they have the financial means to make the necessary investment and meet the legal criteria established by each country.

It is essential that the funds used come from legitimate sources, verifiable by appropriate documentation to avoid legal implications.

In addition, applicants must be free of criminal records and, in many cases, may be asked to demonstrate a minimum commitment to the country, such as regular visits or additional investments in specific sectors, and even language proficiency.

 

 

Golden Visa Portugal with Investment Funds: How to invest in 2024?

 

 

Which European countries have the Golden Visa?

 

Several countries in Europe offer investment residency programs, each with its own legislative particularities and incentives to attract global investors.

The list of the main countries that offer these programs includes:

  • Portugal
  • Spain (Ending in 2025)
  • Greece
  • Malta
  • Cyprus
  • Bulgaria
  • Latvia
  • Ireland
  • Luxembourg
  • Hungary
  • Austria

Among these, Portugal, Spain and Greece are often the most chosen due to their combination of affordable investment requirements, significant residency benefits and high quality of life.

 

 

 

 

Main European investment programs through the Golden Visa

 

Portugal

Investment in Scientific Research: A minimum investment of 500,000 euros in scientific research activities carried out within Portugal, contributing to the country’s technological development and innovation.

Subscription to Securities Investment Funds: Transfer of capital to the value of 500,000 euros for the subscription of participation units in securities investment funds or funds dedicated to the capitalization of Portuguese companies.

Creation or Support for Local Companies: A contribution of 500,000 euros to a local company, either for its creation or for investment in an existing one, on condition that it creates or maintains five jobs for a minimum period of three years.

Investment in Artistic Production or National Heritage: An investment of 250,000 euros aimed at artistic production or the maintenance of Portugal’s cultural and historical heritage.

Job Creation: Establishment of a new company with the creation of at least ten permanent jobs, with no minimum initial investment requirement, but with a focus on job creation.

 

 

The main changes to the Golden Visa Portugal until 2024

 

 

Spain

Investment in Real Estate: Acquisition of real estate worth at least €500,000. (On April 8, 2024, the country’s prime minister announced that he plans to end the Golden Visa program for foreigners investing in real estate in the country).

Investment in Public Debt: Purchase of Spanish government bonds worth at least €2,000,000.

Capital Transfer: Transfer of at least €1,000,000 in capital to Spain.

Investment in Shares or Equity: Investment of at least €1,000,000 in shares or equity in Spanish companies.

Company Creation: Starting a company in Spain that creates jobs, with specific requirements not detailed in the document, but which focus on generating local employment.

 

Greece

In 2024 the government is introducing new revisions to the legislation:

Real estate investment: In high-density areas such as Athens, Mykonos and Santorini, the minimum investment is 800,000 euros.

In less densely populated areas, the minimum investment is 400,000 euros.

Government bonds: Minimum investment of 400,000 euros in Greek government bonds.

Shares and Corporate Bonds: Minimum investment of 800,000 euros in shares or corporate bonds that are traded on regulated markets or multilateral trading facilities in Greece.

Investment Funds: A minimum investment of 400,000 euros in units of mutual funds or alternative investment funds that are exclusively intended to invest in shares, corporate bonds and/or Greek government securities.

Direct Investment in Companies: Capital contribution of at least 400,000 euros in companies that have their headquarters or establishment in Greece, for the acquisition of shares in capital increases or bonds that are admitted for trading.

 

 

Differentials of each Golden Visa European program

 

Golden Visa Portugal

Minimum Stay: Portugal requires a very short minimum stay compared to other countries, with only 7 days per year during the 5-year period required to renew the Golden Visa.

Investment Flexibility: Portugal offers a variety of investment options, including venture capital funds and the recovery of cultural heritage, providing flexibility for investors.

Path to Citizenship: After five years investors can apply for Portuguese citizenship. The only requirement is to have maintained the Golden Visa for 5 years and visit the country for a minimum of 14 Days every 2 years during those 5 years. Making it the best Plan B for investors not looking to relocate to obtain a European citizenship.

Tax benefits: so-called “non-habitual residents” have tax exemption through investment funds.

 

Golden Visa Spain (Ending in January 2025)

Investment in Real Estate: Spain is restricting purely real estate investments to encourage investments that generate a more significant economic impact.

Minimum Stay to maintain the Golden Visa: There is no minimum stay required to maintain the visa.

Path to Citizenship: Unlike Portugal, Spain offers a longer path to citizenship, requiring ten years of legal residence before investors can qualify, which also implies paying taxes in Spain during those 10 years. Spain has inheritance and wealth taxes, that Portugal don’t have. However, citizens of Ibero-American countries, including those in Latin America, can apply for Spanish citizenship after just two years of legal residence in Spain.

 

Golden Visa Greece

Low Cost of Entry: Greece offers one of the lowest thresholds for real estate investment among European Golden Visa programs, which is attractive to investors looking for a more affordable option.

Residential Flexibility: Greece does not impose a minimum stay requirement to maintain the Golden Visa, offering great flexibility for investors who do not wish to reside permanently in the country.

Tax Benefits: Investors in Greece can benefit from a favorable tax regime, especially in terms of taxation of foreign income and inheritances.

Path to Citizenship: To obtain the citizenship, investors and their families need to live 6 months and 1 day per year in Greece during 7 years. Which also implies changing your tax residency to Greece.

 

 

What is the best Golden Visa program in Europe and the world?

 

In evaluating the best Golden Visa programs in Europe and around the world, a ranking by Henley & Partners offers a detailed perspective based on various criteria including quality of life, costs, processing time, ease of obtaining citizenship and others.

According to the latest ranking:

Portugal is considered the best Golden Visa Program in Europe and the world, and leads with 75 points, standing out for its quality of life, ease of integration and the relatively quick and flexible process for obtaining residency through investment.

Austria and Greece are tied on 73 points each. Austria offers an excellent standard of living and strict privacy policies, while Greece is appreciated for the relatively low cost of entry and the simplicity of its program.

Switzerland follows closely with 72 points, known for its political stability, security and strong business environment.

Italy and the UK each score 71, attracting investors with their rich cultures and business opportunities.

Canada and Spain each score 69, where the Spanish program is particularly valued for its location and access to the Schengen area.

Luxembourg and the United Arab Emirates each with 66 points, both offering strategic advantages in terms of location and financial facilitiesvida3

 

 

Portugal has the best Golden Visa Program in the world

 

 

Differences in investment for dual citizenship and residence.

 

There are European Golden Visa programs that lead directly to dual citizenship and those that initially offer legal residency.

In the case of countries that lead to the acquisition of residency, the Golden Visa initially provides a permit to live in the country. However, this is not yet equivalent to full citizenship, requiring periodic renewals and does not guarantee electoral rights or an immediate European passport.

For this reason, in countries where the investment guarantees residency, as in the case of Portugal, after 5 years the resident can apply for Portuguese citizenship.

On the other hand, countries like Malta and Cyprus allow investors to obtain citizenship almost immediately. Although these programs require a higher initial investment, they offer immediate benefits, including the right to vote, greater freedom of movement within the EU and unrestricted access to public services.

In short, in both cases it is possible to acquire dual citizenship, what differentiates them is the amount of the initial investment and the waiting time with the investment ongoing for a predetermined period.