15 сheapest Golden Visa and citizenship by investment programmes

What are the cheapest Golden Visas?

A Golden Visa is a government-approved programme that grants a foreign investor residency in exchange for an investment in the country’s economy. In practice, Golden Visa countries offer either:

1. Residence by investment, RBI: residence permit or permanent residence, sometimes with a route to citizenship later; 
2. Citizenship by investment, CBI: citizenship under a state-approved programme, subject to Due Diligence and the state’s decision. 

In both cases, the investment may include real estate, a business contribution, government bonds, or a non-refundable contribution to a state fund.

Below is a practical shortlist-style table of 15 cheapest Golden Visa countries worldwide, based on published minimum thresholds. Government fees and processing costs are usually separate.

15 cheapest Golden Visa shortlist

Country	Programme type	Minimum investment	Typical timeline	Schengen Area visa-free
Latvia	Residence permit	€50,000	5+ months	Yes
São Tomé and Príncipe	Citizenship	$90,000	2 months	No
Vanuatu	Citizenship	$130,000	1—4 months	No
Malta	Permanent residence	€169,000	4+ months	Yes
Dominica	Citizenship	$200,000	6+ months	Yes
Antigua and Barbuda	Citizenship	$230,000	6+ months	Yes
Grenada	Citizenship	$235,000	8+ months	Yes
St Lucia	Citizenship	$240,000	6+ months	Yes
St Kitts and Nevis	Citizenship	$250,000	6+ months	Yes
Portugal	Residence permit	€250,000	6+ months	Yes
Greece	Residence permit	€250,000	6+ months	Yes
Hungary	Residence permit	€250,000	4+ months	Yes
Italy	Residence permit	€250,000	3+ months	Yes
Cyprus	Permanent residence	€300,000	9+ months	No
Turkey	Citizenship	$400,000	8+ months	No

Why are Golden Visa countries so attractive now?

Interest in Golden Visa countries continues to grow because investment migration has become a practical planning tool rather than a status symbol. Investors compare programmes based on resilience, flexibility, and speed. 

1. Reducing geopolitical and compliance risks

Governments increasingly introduce travel restrictions, financial controls, and stricter compliance rules. International banks tighten KYC, Know Your Customer, procedures and may limit access for clients from certain jurisdictions. An additional residence permit or citizenship helps investors diversify personal and business risks, maintain access to international banking, and reduce exposure to sudden regulatory changes.

2. Focus on speed and affordability rather than maximum mobility

Investors increasingly focus on predictable timelines and lower entry thresholds. The ability to secure legal status quickly for the whole family has become more important than passport rankings alone.

This trend explains the strong interest in fast and affordable programmes in Vanuatu and São Tomé and Príncipe, as well as continued demand for entry-level European options with thresholds around €250,000, such as Greece, Hungary, Italy, and Portugal.

3. Building a portfolio of statuses instead of relying on one solution

According to Passportivity’s report, investors increasingly adopt a portfolio approach to status planning ^[178] Source: Citizenship by investment: market trends and outlook for 2026—2030 . Rather than relying on a single passport or residence permit, they combine citizenship and residence options across different jurisdictions.

This strategy allows them to balance global mobility, access to international banking, tax optimisation, and protection against geopolitical risks. In practice, investment migration is no longer treated as a one-time solution but as a structured, long-term diversification tool.

For example, investors may obtain citizenship in Vanuatu or St Lucia while holding residence permits in Portugal or Latvia. Others add permanent residence in Malta or Cyprus to strengthen their European footprint.

Types of investments under Golden Visa and Citizenship by Investment programmes

Investment migration programmes differ not only by price but also by the structure of the required contribution. Below are the main types of investments used in current programmes, with examples from countries covered in this guide.

Real estate investment

Real estate investments are generally recoverable through resale, but market conditions and holding requirements affect liquidity. Property purchase remains one of the most common formats for residence and citizenship programmes.

Greece allows investors to qualify for residence through approved real estate acquisitions starting from €250,000 in selected areas. 

Cyprus grants permanent residence through the purchase of new residential property starting from €300,000. 

Caribbean countries such as Antigua and Barbuda, Grenada, and St Kitts and Nevis offer approved real estate routes as an alternative to direct government contributions. The property must usually be held for a minimum period.

Government fund contributions

These options are not recoverable. The advantage lies in simplicity and faster processing, while the drawback is the absence of capital return.

In the Caribbean, Dominica, St Lucia, Antigua and Barbuda, Grenada, and St Kitts and Nevis offer citizenship in exchange for a government fund contribution starting from $200,000 to $250,000 depending on the country.

Vanuatu provides citizenship through a contribution starting from $130,000. São Tomé and Príncipe offers citizenship from $90,000 via its national transformation fund ^[179] Source: São Tomé and Príncipe citizenship by investment, official website .

Business and corporate investments

These routes may be partially recoverable, but they involve commercial risk and require careful due diligence on the target entity.

Italy offers residence by investment starting at €250,000 in an innovative startup or €500,000 in an Italian company. Latvia provides residence starting from €50,000 through business investment. Hungary also offers approved investment structures linked to financial instruments.

Bonds, financial instruments, and deposits

These investments are typically recoverable after a holding period, subject to programme rules. Italy allows investment of €2,000,000 in government bonds. Turkey grants citizenship through financial investments starting from $500,000 in deposits or other financial instruments. 

Some Caribbean programmes previously included bond options, although thresholds and structures have evolved.

Philanthropic and cultural contributions

These contributions are non-refundable, but they may offer lower entry thresholds compared to commercial routes. Portugal allows qualifying cultural contributions starting from €250,000 under approved projects. Italy includes a €1,000,000 philanthropic contribution route supporting culture, education, or public interest initiatives.

Cryptocurrency-based contributions

El Salvador introduced a distinctive model by allowing contributions in cryptocurrency. Citizenship requires a $1,000,000 contribution payable in approved digital assets to a government account.

This format appeals to investors active in the digital economy but carries regulatory and volatility considerations.

5 cheapest residency by investment countries in Europe

The cheapest residency by investment in Europe programmes are designed for investors who want legal residence in the European Union without immediate relocation. These options focus on relatively low investment thresholds, flexible residence requirements, and predictable renewal rules.

Portugal

The Portugal Golden Visa targets investors interested in long-term residence options in the European Union. The programme does not require permanent relocation and may lead to permanent residence or citizenship after five years, subject to statutory conditions such as language proficiency.

Investment requirements. Eligible options include: 

• cultural support projects — €250,00; 
• investment in regulated funds — €500,000; 
• research contributions — €500,000;
• business investment that creates or sustains jobs in Portugal. 

Refundability of investments. Fund investments are typically held for 5 years or more. While capital may be returned at the end of the fund cycle, this depends on fund structure and performance. Cultural contributions are non-refundable.

Inclusion of family members. Applicants may include a spouse, dependent children generally up to 26 years of age if financially dependent and studying, and dependent parents of either spouse.

Maintaining and renewal of the status. Residence permits are initially valid for two years and renewed every two years thereafter. Investors and family members must spend at least seven days in Portugal during the first year and at least fourteen days during each subsequent two-year period to maintain the permit.

Hungary

Hungary grants investors a 10-year residence permit. Permanent residence may be available after 3 years of lawful stay. After an additional 8 years, they become eligible to apply for citizenship.

Investment requirements. Applicants may invest:

• €250,000 in a government-approved real estate investment fund;
• €1,000,000 to a public trust supporting Hungarian higher education. 

Refundability of investments. Fund investments are typically recoverable after the holding period, subject to fund conditions. Educational donations are non-refundable.

Inclusion of family members. Investors may include a spouse, children under 25 years of age, and dependent parents.

Maintaining and renewal of the status. The residence permit is issued for 10 years and may be renewed for an additional 10-year period. There is no mandatory minimum stay requirement to keep the permit active.

Italy

The Italy Golden Visa targets investors willing to contribute to the Italian economy through capital investments. Citizenship may become available after 10 years of residence and integration.

Investment requirements. Investors may choose one of the following options:

• €2,000,000 in government bonds;
• €500,000 in an Italian company;
• €250,000 in an innovative startup;
• €1,000,000 as a philanthropic contribution supporting public-interest projects.

Refundability of investments. Commercial and bond investments are potentially recoverable after the holding period. Philanthropic contributions are non-refundable.

Inclusion of family members. Eligible dependents include a spouse or legally recognised partner, minor children, adult children who are financially dependent on the investor, and dependent parents.

Maintaining and renewal of the status. The initial residence permit is issued for two years and may be extended for an additional three years. There is no strict minimum stay requirement to maintain the permit, but continuous residence is necessary if the applicant intends to pursue citizenship.

Latvia

Latvia Golden Visa offers one of the lowest entry thresholds among EU residence by investment programmes. The scheme provides temporary residence with access to the Schengen Area and may serve as a pathway toward permanent residence under national law ^[180] Source: Latvia Golden Visa, official website .

Investment requirements. A business investment route starts at €50,000, subject to additional state fees and tax contributions by the company. Other qualifying routes may exist depending on programme updates.

Refundability of investments. Business investments are potentially recoverable, although commercial risk applies and the company must remain compliant with programme conditions.

Inclusion of family members. A spouse and minor children may be included in the application. In some cases, dependent adult children or parents may qualify if financial dependency is demonstrated.

Maintaining and renewal of the status. Residence permits are issued for up to five years with annual renewal requirements in certain categories. Physical presence requirements are limited, but applicants must maintain the qualifying investment and comply with Latvian legal obligations.

Greece

The Greece Golden Visa is structured around real estate and capital investment options. It provides a 5-year renewable residence permit with no obligation to reside permanently in the country. Citizenship may be possible after 7 years of legal residence, subject to physical presence and integration conditions.

Investment requirements. Real estate investments require €400,000 or €800,000 depending on the region. A €250,000 threshold applies to specific categories such as full restoration of listed buildings or conversion of certain commercial properties into residential use. 

Alternative routes include investments in funds, government bonds, or fixed-term deposits starting from €350,000 to €500,000 depending on the category.

Refundability of investments. Property investments are recoverable upon resale, provided holding requirements are met. Financial instruments and deposits may be withdrawn after the mandatory holding period, subject to programme rules.

Inclusion of family members. Applicants may include a spouse, children under 24 years of age who remain financially dependent, and parents of both spouses.

Maintaining and renewal of the status. The residence permit is valid for five years and may be renewed indefinitely as long as the investment is maintained. There is no minimum stay requirement to keep the residence permit, although extended residence would be required for citizenship eligibility.

Cheapest permanent residency in Europe

When investors look beyond temporary permits, the cheapest permanent residency in Europe becomes a separate category. Permanent residence grants long-term security, broader rights compared to temporary residence, and does not depend on frequent renewals. 

In Europe, Malta and Cyprus are most often cited as the most accessible options by investment threshold and structure.

Malta

The Malta Permanent Residence Programme grants investors permanent resident status in a European Union member state without requiring continuous relocation. Unlike temporary residence permits, this status is permanent from the outset and may be retained for life, provided programme conditions are respected.

The total required investment starts at €169,000.

Investment requirements. An applicant must fulfil several mandatory investment requirements:

1. Rent real estate for at least €14,000 per annum or buy a property for at least €375,000.
2. Pay €50,000 as an administration fee, regardless of whether they choose to buy or rent property.
3. Make a one-time, non-refundable contribution of €30,000 to the government if purchasing property or €60,000 if renting.
4. Donate €2,000 to a local NGO, contributing to social projects in Malta.
5. Demonstrate assets worth at least €500,000 with €150,000 in liquid financial assets, or show a portfolio of €650,000 with at least €75,000 in financial assets.

Refundability of investments. If property is purchased, it must be retained for a minimum of five years and cannot be sublet during this period. After five years, the investor may sell the property and recover capital, subject to market conditions. Government contributions, administrative fees, and donations are non-refundable.

Inclusion of family members. The programme allows inclusion of a spouse, children under 29 years of age who remain financially dependent, and dependent parents and grandparents. 

Maintaining and renewing the status. Permanent residence status is granted for life. Residence cards issued to adults are valid for five years and must be renewed periodically. Minors are required to renew their residence cards shortly after reaching the ages of 14 and 18. 

Continuous physical presence in Malta is not required to maintain permanent residence, but compliance with property and asset conditions must be maintained.

Cyprus

Cyprus offers permanent residence to investors through a fast-track procedure focused on real estate investment. The programme is often chosen by investors who want a straightforward route to permanent residence in the European Union.

Investment requirements. To qualify, the main applicant must purchase new residential property with a minimum value of €300,000, excluding VAT and transfer fees. The property must be approved for the purpose of the programme. 

Refundability of investments. The property investment may be sold after the residence permit is granted, provided the qualifying value threshold continues to be met by retaining qualifying assets. The purchased property value underpins the residency right, so investors typically hold the asset for a period aligned with their long-term plans. 

Inclusion of family members. Cyprus permits the inclusion of the investor’s spouse, minor children, and dependent adult children in the application. Dependent parents or parents-in-law may also be included if they rely on the investor financially. 

Maintaining and renewing the status. Permanent residence in Cyprus is granted indefinitely once the conditions are satisfied. To maintain the permit, the investor must visit Cyprus at least once every two years. 

Renewal of the physical residence card is required periodically, but there is no requirement for continuous residence or physical presence beyond the stated visit threshold. The investor must continue to meet financial and investment conditions to retain permanent resident status.

Cheapest citizenship by investment options globally

When investors compare the cheapest citizenship by investment programmes worldwide, they usually focus on speed, minimum investment thresholds, and flexibility. Unlike residence permits, these programmes grant citizenship directly after Due Diligence, without long-term residence or integration requirements.

Citizenship by investment programmes do not require residence or long-term physical presence in the country.

5 Caribbean countries

The Caribbean remains the most established region for the cheapest citizenship by investment. Five countries operate long-running, state-approved programmes with similar structures and minimum thresholds aligned in recent years.

The following programmes are most often included when comparing the cheapest Golden Visas and citizenship options globally:

1. Dominica — $200,000.
2. St Kitts and Nevis — $250,000.
3. Antigua and Barbuda — $230,000.
4. Grenada — $235,000.
5. St Lucia — $240,000.

All five Caribbean programmes allow investors to choose between a non-refundable contribution to a government fund or approved real estate investments. Family members can be included in a single application.

Vanuatu

Vanuatu is widely recognised as one of the fastest and cheapest citizenship-by-investment options globally. The programme is often chosen by investors who prioritise speed and simplicity. Citizenship is granted without residence obligations. 

Citizenship is available through a contribution starting at $130,000. Alternative investment routes through approved funds may also be available. Contributions are non-refundable, while certain fund-based options may allow partial capital return over time.

A spouse and dependent children may be included in the application.

São Tomé and Príncipe

São Tomé and Príncipe represents a new generation of the cheapest and fastest citizenship by investment programmes in Africa. Citizenship is granted in exchange for a non-refundable contribution starting at $90,000, paid to a national development fund. 

Investors may include a spouse, children, parents and grandparents.

El Salvador

El Salvador offers a distinct model among the cheapest citizenship-by-investment countries, combining citizenship with a digital-economy focus. Citizenship is granted through a non-refundable contribution of $1,000,000, payable in cryptocurrency to a government-approved account.

A spouse and dependent children may be included, subject to additional state fees.

According to the CBI Index, the top seven citizenship by investment programmes include Saint Kitts and Nevis, Dominica, Grenada, Saint Lucia, Antigua and Barbuda, Nauru, and Vanuatu. São Tomé and Príncipe ranked 10th, confirming growing investor interest in African citizenship programmes.

How to avoid risks when applying for the cheapest Golden Visas?

Applications for the cheapest Golden Visas are regulated by law and involve strict compliance checks. Lower entry thresholds do not reduce scrutiny. On the contrary, affordable programmes often attract increased attention from regulators and banks. To reduce legal, financial, and reputational risks, investors should focus on the following points.

Understand the difference between residence and citizenship

One of the most common risks is confusing residence by investment with citizenship by investment. A residence permit does not automatically lead to citizenship and may require long-term residence, renewals, or integration conditions. Citizenship programmes grant nationality directly but may have stricter Due Diligence and political sensitivity.

Before applying, investors should clearly define whether they need temporary residence, permanent residence, or citizenship, and assess how each option fits their long-term plans.

Assess Due Diligence requirements in advance

All Golden Visa countries apply multi-level Due Diligence procedures. Authorities verify the source of funds, criminal history, sanctions exposure, and reputational risks. Failure to disclose information or inconsistencies in documentation can lead to refusal and loss of fees.

Investors reduce risk by preparing a transparent financial profile, documenting the origin of assets, and disclosing relevant background information before submitting an application.

Evaluate political and regulatory stability of the programme

Some of the cheapest Golden Visa countries operate newer programmes that may change conditions more frequently. Governments can raise investment thresholds, limit eligibility for certain nationalities, or suspend programmes altogether.

To manage this risk, investors should consider whether the programme has a clear legal basis, a track record of approvals, and defined transition rules for applicants already in the process.

Consider banking and compliance implications

Obtaining a residence permit or citizenship does not automatically guarantee access to international banking. Some passports or residence statuses may face additional scrutiny from banks, especially if the programme is perceived as high risk.

Investors should evaluate how the chosen status will be treated by financial institutions and whether it supports their banking and business objectives. In many cases, combining several statuses in different regions offers better results than relying on a single solution.

Plan for long-term obligations and exit options

Even the cheapest Golden Visas come with ongoing requirements. These may include investment holding periods, renewal conditions, minimum visits, or reporting obligations. Ignoring these rules can lead to loss of status.

Before applying, investors should understand how long the investment must be maintained, whether it can be recovered, and what options exist if personal or financial circumstances change.

EU stance on Golden Visa programmes: regulatory pressure, risks, and how Passportivity helps mitigate them

The European Union treats investment migration as a high-scrutiny area. While residence by investment programmes remain legal at the national level, EU institutions have repeatedly raised concerns about security, money laundering, tax transparency, and the integrity of EU citizenship.

Below is an overview of the EU’s position, recent actions against specific countries, and the practical risks investors should consider.

1. EU position on citizenship by investment

The European Commission has consistently criticised investor citizenship schemes, arguing that EU citizenship must not be commercialised. According to the Commission, granting nationality primarily in exchange for financial contributions undermines the principle of a genuine link between the individual and the Member State ^[182] Source: EU Commission, Report on Investor Citizenship and Residence Schemes in the EU .

In April 2025, the Court of Justice of the European Union ruled that Malta’s investor citizenship scheme breached EU law. The Court found that granting nationality in exchange for predetermined payments, without requiring a genuine connection to the country, was incompatible with the obligations of Member States under EU law ^[183] Source: Maltese investor citizenship scheme is contrary to EU law, Court of Justice .

2. EU approach to residence by investment

Unlike citizenship schemes, residence-by-investment programmes, often referred to as Golden Visas, are not automatically prohibited under EU law. However, they are subject to ongoing political and regulatory pressure.

The European Parliament has repeatedly called for stricter standards, enhanced Due Diligence, transparency of intermediaries, and coordination across Member States ^[184] Source: Aspects of golden passport and visa schemes in the EU, European Parliament .

Key EU concerns include:

• risks of money laundering and corruption;
• security screening gaps;
• lack of physical presence requirements;
• impact on housing markets in major cities.

As a result, Member States have tightened checks, increased minimum thresholds, or adjusted programme rules. Some countries have restructured their programmes to align with EU expectations.

Cases involving specific countries

Malta’s citizenship by investment was challenged by the European Commission and ultimately found incompatible with EU law by the Court of Justice. The ruling reinforced the EU’s position that nationality cannot be granted solely in exchange for investment without a substantive link.

Cyprus and Bulgaria. Both countries previously terminated their citizenship by investment programmes after political pressure and infringement proceedings.

Other EU countries. Residence by investment programmes in countries such as Portugal, Greece, Hungary, Italy, Latvia, Malta, and Cyprus remain in place, but under increased compliance standards and political debate.

Risks for investors

Even if residence or citizenship is granted legally, international banks may apply enhanced Due Diligence depending on the jurisdiction. Some passports and residence permits receive additional scrutiny.

Programmes that receive political criticism may affect how a status is perceived by counterparties, financial institutions, or business partners. Incomplete documentation, unclear sources of funds, or inconsistencies in disclosures remain the most common reasons for delays or refusals.

How Passportivity helps mitigate these risks

Strategic programme selection. Passportivity assesses regulatory stability and EU pressure before recommending a jurisdiction. We focus on programmes with clear legal foundations and predictable rules.

Pre-application risk assessment. We conduct a preliminary review of sanctions exposure, compliance background, and source of funds documentation before submission.

Structured documentation. Our legal team prepares a transparent and consistent financial file aligned with both immigration and banking compliance standards.

Ongoing regulatory monitoring. We track EU-level developments, Court decisions, and parliamentary initiatives to anticipate potential changes that could affect clients.

Long-term planning. Rather than focusing solely on the cheapest Golden Visa, we design multi-jurisdiction strategies that combine residence and citizenship where appropriate, reducing dependence on any single programme.

The EU’s position does not eliminate investment migration, but it makes careful planning essential. In 2026 and beyond, success depends less on finding the lowest threshold and more on choosing a legally sound, strategically aligned solution.

Recent changes in Golden Visa programmes

The landscape of Golden Visa and citizenship by investment programmes is evolving rapidly in 2025—2026. Many jurisdictions have introduced reforms, tightened requirements, or launched new pathways in response to regulatory pressure, housing concerns, and investor expectations. Below are the most important recent changes that investors should know.

European Golden Visa reforms

Across Europe, many countries have restructured or closed their schemes. For example, Spain’s Golden Visa programme was terminated, and several other Member States have tightened requirements or replaced older investor-visa frameworks with new models aimed at economic contribution rather than simple capital transfer.

Shift from real estate to diverse investment routes

A key trend in 2025—2026 is the transition away from purely real estate-based Golden Visas toward broader economic contribution models. Portugal’s emphasis on regulated investment funds and business-oriented contributions illustrates this shift, as regulators seek to ensure that incoming capital supports sustainable economic growth rather than inflating local property markets.

Global diversification of investor programmes

A number of Middle Eastern countries, including the UAE, have broadened long-term residency visas for investors, entrepreneurs, and professionals, making them a competitive alternative to traditional Golden Visa programmes.

New investment residency programmes are being introduced in Latin America, with countries such as Argentina planning to launch investment pathways in 2026.

Some jurisdictions outside Europe are offering fast or low-threshold citizenship or residency options that appeal to wealth migration strategies. For example, new Greek initiatives aimed at tech and startup ecosystem investment have been reported, signalling a shift toward active economic participation as a qualifying criterion.

How to choose the cheapest Golden Visa that fits your goals?

1. European residence programmes such as those in Portugal, Greece, Hungary, Italy, Latvia, Malta, and Cyprus are typically chosen to secure legal residence in the European Union. They are suitable for investors who value access to the Schengen Area and long-term stability, even if citizenship is only available in the future or not offered at all.
2. Citizenship programmes in the Caribbean, including Dominica, St Kitts and Nevis, Antigua and Barbuda, Grenada, and St Lucia, are often used to obtain nationality within a predictable timeframe and without relocation. These options are frequently combined with obtaining European residence permits.
3. Newer citizenship programmes in São Tomé and Príncipe, Vanuatu, and El Salvador are usually selected for speed, lower entry thresholds, or alternative payment models. They appeal to investors who prioritise flexibility and are comfortable with emerging jurisdictions.
4. Many investors conclude that relying on a single status is no longer sufficient. A common strategy is to combine a fast citizenship programme such as Vanuatu, Dominica, or St Lucia with a European residence permit in Portugal, Greece, or Italy.