What is the best European Golden Visa Program?

What is the European Golden Visa Program?
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There is no single European Golden Visa. Instead, several EU countries created national investment residency schemes. These programs allow non-EU citizens to secure residency rights—and in some cases, a pathway to European citizenship—by investing in sectors such as investment funds, business creation, research, or cultural heritage.

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While Portugal remains the benchmark, investors must monitor program updates as countries frequently adjust requirements.

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Who can apply for the European Golden Visa?
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The Golden Visa is available to any non-EU citizen with:

• Proof of legitimate funds.
• A clean criminal record.
• Capacity to invest according to each country’s thresholds.

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Residency can also extend to spouses, children, and dependent parents, making it attractive for family migration planning.

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Active Golden Visa Programs in 2025

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As of 2025, only a few European countries maintain active residency-by-investment programs. The main ones are:

• Portugal – globally ranked #1 for its flexibility and 5-year path to EU citizenship.
• Greece – known for low entry costs and flexible residency rules.
• Cyprus – offers permanent residency through real estate or business investments.
• Austria, Luxembourg, Ireland, Hungary – strict investor visas, typically for ultra-high-net-worth individuals.

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⚠️ Note: Spain officially closed its Golden Visa in 2025, and Malta’s Golden Passport was terminated in April 2025 following an EU Court ruling.
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Main European investment programs through the Golden Visa
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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.

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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.

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Greece

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‍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 Program in Europe

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Which is the Best Golden Visa Program in the World?

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According to Henley & Partners’ Global Citizenship Index 2025:

• Portugal Golden Visa ranks #1 worldwide with 75 points, due to its combination of lifestyle quality, fast citizenship, and investor security.
• Austria and Greece follow closely with 73 points. Austria is recognized for its high living standards and privacy protections, while Greece is valued for its relatively low entry costs.
• Switzerland (72 points) and Italy & UK (71 points) are also strong but come with stricter conditions.

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Spain and Malta are no longer part of the ranking due to the closure of their programs.
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Residency vs. Citizenship: Understanding the Difference

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‍Golden Visa programs vary: some lead directly to citizenship, while others only offer residency.

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• Residency Programs (Portugal, Greece, Cyprus): Provide the right to live, work, and study in the host country and the Schengen Area. Citizenship comes later, depending on residence and language requirements.
• Citizenship by Investment (Malta – now closed): Offered almost immediate passports but required much higher capital. These have now been restricted by EU law.

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In short, Portugal stands out because it combines:

• A low residency requirement,
• The shortest timeline to EU citizenship (5 years),
• And investment through regulated funds, ensuring compliance and security.