Top 8 Countries for European Residence by Investment in 2026

What does EU residency by investment mean?

Residence by investment, or RBI, is a legal immigration route for third-country nationals ^[1] Source: RBI definition, European Parliament . It allows an applicant to obtain residence rights after meeting a qualifying investment or financial requirement. 

RBI rules are set by individual countries rather than by one common EU programme. The type of residence status and investment conditions therefore differ between jurisdictions ^[2] Source: Investor schemes, European Commission . 

How residence by investment works

Residence by investment programmes link immigration status to a prescribed financial commitment. Depending on national rules, this may involve business capital, financial assets, property, or another qualifying contribution ^[3] Source: Investment models, European Commission . For example, Greece offers property routes starting at €250,000. Portugal accepts investments of €500,000 in eligible funds, while Italy allows investors to qualify by investing €250,000 in an innovative startup. 

The process generally follows several stages:

1. Choose a qualifying investment. 
2. Meet immigration requirements. 
3. Submit the residence application. 
4. Obtain residence status. 
5. Maintain the required conditions. 

Investment residence does not itself grant EU citizenship. Naturalisation remains a separate process governed by the nationality law of the relevant country.

Is every residence-by-investment programme a “Golden Visa”?

Golden Visa is a broad market term for programmes that allow foreign nationals to obtain residence status by making a qualifying investment. Depending on the country, this may be temporary or permanent residence. 

Citizenship by investment is a separate legal category and is generally distinguished from Golden Visa programmes ^[4] Source: Investor citizenship schemes, European Commission . 

Residence by Investment vs Citizenship by Investment

Criteria	RBI	CBI
Immediate result	Residence status	Citizenship
EU citizenship	No	Only where legally available
Right to vote	Usually no	Generally follows citizenship rights
Naturalisation	Separate process	Citizenship obtained under programme
Physical residence	Depends on programme	Depends on programme

European Golden Visas in 2026: what is happening to investment migration?

European investor-residence routes have moved in different directions in recent years. Some countries have closed dedicated programmes, while others have changed their investment options or thresholds.

Which programmes have closed

Three European countries have recently stopped accepting new applicants under dedicated investor-residence routes:

1. Ireland — 2023. Ireland closed the Immigrant Investor Programme to new applications on February 15th, 2023 ^[5] Source: IIP closure, Irish Immigration Service . Applications already submitted by the closure date continued to be processed under the applicable rules.
2. Netherlands — 2024. The residence route for foreign investors was abolished on April 17th, 2024 ^[6] Source: Investor route, IND . Holders of existing permits may still apply for an extension under the conditions that applied before the route was abolished.
3. Spain — 2025. Spain abolished its investor visas from April 3rd, 2025 ^[7] Source: Transition rules, Spanish Foreign Ministry . Applications submitted before that date remain subject to the previous rules. Valid investor permits also remain effective for the period for which they were issued. 

These closures do not mean that investment migration has disappeared from Europe. Several countries have retained investor residence while changing how applicants qualify.

Which countries have redesigned rather than abolished their programmes

Portugal retained its residence-by-investment route, officially known as the Residence Permit for Investment Activity ^[8] Source: Portugal Golden Visa portal, AIMA . AIMA continues to accept and process ARI applications and renewals. 

Direct real estate investment is no longer a qualifying route for new applicants. The 2023 reform removed residence authorisations based on property investment from the programme framework. 

Greece retained property investment but introduced different thresholds by location and property type. Standard property investment requires at least €800,000 in Attica, Thessaloniki, Mykonos and Santorini, as well as on islands with more than 3,100 residents ^[9] Source: Property thresholds, Greek Migration Ministry . 

The standard threshold is €400,000 in the rest of Greece. Source: regional threshold, Greek Migration Ministry

€250,000 routes remain for properties converted to residential use. The same threshold applies to certain listed buildings that require restoration or reconstruction. 

Hungary currently bases its Guest Investor route on financial investment or a donation ^[10] Source: Investor options, Hungarian OIF . The qualifying options include a €250,000 investment fund share or a €1,000,000 donation to an eligible higher education institution. 

Direct residential property purchase is not included among the qualifying investments listed in the OIF’s current 2026 guidance.

Why EU institutions monitor Golden Visa programmes

The European Commission examined investor citizenship and residence schemes in a dedicated 2019 report. The assessment drew on a detailed study of national legislation and programme practices.

The report highlighted several key risks:

1. Money laundering. Investor schemes may be used to conceal the origin of funds if financial controls and Due Diligence are insufficient.
2. Security risks. Weak background checks may allow applicants with criminal or security concerns to obtain residence rights.
3. Tax evasion. Investment migration structures may be misused to conceal assets, income, or tax residence.
4. Corruption. Programme administration may create corruption risks where oversight and accountability are insufficient.
5. Transparency and governance. Clear procedures, effective supervision, and access to reliable programme information are important for reducing regulatory risks.
6. Cross-border mobility. A residence permit issued by one Schengen state may facilitate short-term travel across the wider Schengen Area, giving national decisions cross-border implications. 

5 advantages of European residency by investment

European residence by investment provides an alternative immigration route for investors who have sufficient capital. Benefits vary by programme, particularly in terms of status, family eligibility, and physical presence.

1. Legal residence through investment

Applicants obtain a legal basis for residence by meeting the financial and immigration requirements of a national programme. The qualifying route may involve an investment fund, real estate, business capital, or another permitted instrument. 

This route does not depend on having an employment contract or enrolling at a university. Investors still undergo background checks and must prove that their funds meet the programme requirements.

2. Travel within the Schengen Area

A valid residence permit issued by a Schengen country generally allows short visits to other Schengen states. The standard limit is 90 days in any 180-day period ^[11] Source: Schengen travel, Your Europe .

This gives investors greater flexibility for business trips, holidays, and family visits across much of Europe. It does not, however, provide an unrestricted right to live or work in another Schengen country.

3. Residence for family members

Investor programmes often provide a route for close family members to obtain residence together with the main applicant. Eligibility depends on the country and may extend to a spouse, children, and financially dependent relatives.

Portugal, for example, provides family reunification for holders of its residence permit for investment activity. This allows families to plan relocation and residence under one immigration strategy rather than arranging an unrelated permit for every family member.

4. Choice between temporary and permanent residence

European investment routes provide different forms of legal status. Some countries initially issue a temporary residence permit, while others grant permanent residence once the programme requirements are met.

Portugal grants temporary residence by investment. Cyprus, by contrast, operates a permanent residence scheme for qualifying investors. The choice therefore depends on whether the investor prioritises flexibility, long-term relocation, or permanent status from the outset.

5. Potential path to permanent residence or citizenship

Investment residence may form the first stage of a longer immigration strategy. After maintaining lawful residence for the required period, an investor may become eligible for permanent residence or naturalisation under national law.

For example, in Italy, an investor who genuinely lives in the country may become eligible for EU long-term residence after 5 years and for citizenship by naturalisation after 10 years of legal residence.

Citizenship is not granted automatically after holding an investment permit. Countries usually assess residence continuity, physical presence, language knowledge, integration, and other eligibility requirements separately.

3 disadvantages of European residency by investment

Capital may remain committed for years. Some programmes require the qualifying investment to be maintained to keep or renew residence status.

Residence does not provide full EU mobility rights. A national residence permit does not give the same right to live and work across the EU as EU citizenship.

Citizenship is not automatic. Naturalisation is a separate process and may require years of residence, physical presence, language skills, and integration. 

What types of investments qualify for a European Golden Visa?

European investor-residence programmes accept different types of qualifying investments. Options range from property and investment funds to business capital and contributions to research or culture.

Not every investment type is available in every country. Investors need to meet the specific conditions set by the national programme.

Real estate

Property remains a qualifying route in several European countries. Depending on the programme, an investor may purchase residential or commercial property or meet a qualifying rental requirement.

In Greece, standard property thresholds are €800,000 in high-demand areas and €400,000 in other regions. Special €250,000 routes apply to certain converted properties and listed buildings subject to restoration ^[12] Source: Property thresholds, Greek Migration Ministry . 

Cyprus permits an investment of at least €300,000 in qualifying residential or other real estate under its permanent residence route. 

Investment funds

Investment funds provide an alternative to direct property ownership. The investor purchases units in a qualifying fund that meets national regulatory and investment requirements.

Portugal requires at least €500,000 in units of eligible non-real-estate collective investment undertakings. The funds must have a maturity of at least 5 years and invest at least 60% of their capital in Portuguese companies. 

Hungary requires at least €250,000 in units of an eligible real estate fund registered by the Hungarian National Bank ^[13] Source: Hungary fund, Hungarian OIF . 

Business capital and job creation

Some residence routes are designed to direct foreign capital into businesses and employment. Applicants may invest in an existing company, establish a business, or create jobs.

Italy's Investor Visa accepts investments of at least €500,000 in an Italian limited company or €250,000 in an innovative startup ^[14] Source: Italy investments, Italian Ministry . 

Latvia offers a company-capital route starting with a €50,000 investment in a qualifying smaller business, together with a €10,000 state payment ^[15] Source: Latvia capital, Latvian Migration Office . 

Portugal also allows applicants to qualify by creating at least 10 jobs. Another option combines a €500,000 company investment with the creation or maintenance of at least 5 permanent jobs.

Government bonds and other financial assets

Financial instruments remain available under selected investor routes, although the eligible assets vary significantly.

Italy allows an investment of at least €2 million in Italian government bonds under the Investor Visa programme.

Latvia provides another financial route through subordinated liabilities with a Latvian credit institution. The required amount is at least €280,000, and the transaction must last for at least 5 years. 

Research, culture and philanthropic contributions

Some programmes channel capital into projects with a scientific, cultural, educational, or social purpose. These options are generally contributions rather than investments intended to generate a financial return.

Portugal allows a contribution of at least €500,000 to qualifying research activities. Cultural and heritage projects require at least €250,000, with lower thresholds available in certain low-density areas. 

Hungary offers a €1 million donation option supporting education, scientific research, or artistic creation at an eligible higher education institution. 

Italy also accepts a €1 million philanthropic donation as one of the qualifying options under its Investor Visa. 

Portugal

Portugal Golden Visa grants temporary residence to non-EU nationals who complete an investment. Direct property purchase no longer qualifies, so the programme now focuses on funds, business, research, culture, and job creation.

Investment options

The lowest capital threshold is €250,000 for qualifying support for arts or national cultural heritage. Other options include:

• €500,000+ in qualifying research activities;
• €500,000+ in eligible investment funds;
• €500,000+ in a Portuguese company under employment conditions;
• creation of at least 10 jobs.

The fund route is suitable for investors who prefer a financial asset to direct business management. Returns are not guaranteed and depend on the selected fund and market conditions.

Family eligibility

The main applicant may apply for family reunification for qualifying relatives. Family members may include:

• spouse or registered partner;
• minor children;
• dependent children under 26 who meet the applicable conditions;
• dependent parents of the investor or spouse.

Residence requirements

Portugal has one of the lowest physical-presence requirements among European investor programmes. Investors spend at least 7 days in the first year and 14 days during each subsequent 2-year residence period.

The qualifying investment must remain in place while the residence permit depends on it. Residence cards also require renewal.

Path to permanent residence and citizenship

Portugal Golden Visa holders may apply for permanent residence after 5 years of temporary residence. They need to meet additional requirements, including basic knowledge of Portuguese. Permanent residence has no fixed expiry date. The residence card itself is issued for 5 years and requires renewal.

The citizenship timeline changed in May 2026. For most non-EU nationals, naturalisation now requires 10 years of legal residence. Nationals of Portuguese-speaking countries may apply after 7 years. Applications submitted before the new rules entered into force remain subject to the previous legislation.

Applicants also need to meet language, criminal-record, and other nationality requirements.

Portugal also stands out in the broader EU residence landscape. Between 2023 and 2024, the stock of valid residence permits held by non-EU citizens in Portugal increased by 69.9%, the strongest growth among the selected countries ^[16] Source: Eurostat — Residence permits statistics .

Malta

Malta Permanent Residence Programme grants permanent residence from the outset. The programme combines property, government payments, a charitable donation, and an asset requirement.

Investment options

Applicants choose between purchasing and renting residential property:

• purchase of qualifying property for €375,000+;
• rent of at least €14,000 per year.

The property requirement is combined with:

• €60,000 administration fee;
• €37,000 government contribution;
• €2,000 charitable donation.

Applicants also demonstrate sufficient assets under one of the programme's financial tests. The MPRP is therefore a package of requirements rather than a single investment.

Family eligibility

Malta provides comparatively broad family inclusion. Qualifying relatives may include spouse or partner, children under 28 parents and grandparents. Age, dependency, and financial conditions vary by family category.

Residence requirements

The MPRP does not set a fixed minimum number of days that the investor must spend in Malta each year. Applicants must maintain the qualifying property and continue to satisfy the programme conditions for the required period. Compliance does not end when the permanent residence certificate is issued.

This makes Malta suitable for investors seeking permanent status without full relocation.

Path to permanent residence and citizenship

Permanent residence is granted directly under the MPRP, so there is no temporary residence stage. Maltese citizenship is not part of the programme. Ordinary naturalisation is a separate process based on genuine residence and other legal requirements.

Maintaining MPRP status with minimal presence does not guarantee eligibility for citizenship.

Greece

Greece Golden Visa is primarily associated with property investment. Applicants receive a 5-year residence permit that remains renewable while the relevant conditions are maintained.

Investment options

Property thresholds depend on the location and characteristics of the asset:

• €800,000+ in the most in-demand locations;
• €400,000+ in other areas;
• €250,000+ for certain properties converted to residential use or listed buildings subject to restoration or reconstruction.

Statistics from the Greek Ministry of Migration and Asylum show a clear year-on-year decline. In 2026, the number of new applications decreased by 57.5%. Foreign investment in the Greek real estate market also fell by 25.2%, to €2.05 billion.

At the same time, 2,886 new residence permits were approved in Q1 2026, which was 27.6% more than in the same period of 2025. 

Family eligibility

A Greece Golden Visa may cover several generations of one family. Qualifying relatives generally include:

• spouse or registered partner;
• children under 21;
• parents of the main applicant and the spouse.

Adult children over 18 need to meet additional age and dependency conditions.

Residence requirements

Investors do not have a minimum annual stay requirement to maintain the Greece Golden Visa. The qualifying investment must remain in place for the residence permit to be renewed. The permit is valid for 5 years and may be renewed for further 5-year periods.

Path to permanent residence and citizenship

The investor permit itself provides long-term residence rights, but citizenship follows different rules. Naturalisation generally requires 7 years of genuine residence in Greece. Applicants also need to demonstrate physical presence, Greek language knowledge, and integration.

Italy

Investor Visa for Italy is designed for non-EU nationals investing in the Italian economy. Real estate purchase is not a qualifying option under this route.

Investment options

Applicants select one of four investment types:

1. €250,000 — in an Italian innovative startup.
2. €500,000 — in an Italian limited company.
3. €1,000,000 — philanthropic donation.
4. €2,000,000 — in Italian government bonds.

The innovative startup route has the lowest capital threshold. The investment must remain in place to support renewal of the residence permit.

Family eligibility

Investor Visa holders may use Italy's family reunification framework. A spouse and minor children are the most common qualifying family members. Dependent children over 18 and parents over 65 may qualify if the conditions under Italian immigration law are met.

Family eligibility is assessed separately from the investor's financial qualification.

Residence requirements

An approved applicant first receives a 2-year investor visa and then applies for a residence permit after entering Italy.

The qualifying investment must be completed within 3 months. Maintaining it allows the investor to apply for a further 3-year residence period.

The investor route does not impose the same type of annual minimum stay as some ordinary residence categories. Long absences, however, become important when applying for permanent residence or citizenship.

Path to permanent residence and citizenship

Non-EU nationals may become eligible for EU long-term residence after 5 years of qualifying legal residence. This requires genuine residence in Italy and additional conditions.

Citizenship by naturalisation generally requires 10 years of legal residence for non-EU nationals. Language knowledge and other statutory requirements also apply.

Hungary

Hungary Guest Investor route provides long-term residence through selected financial commitments. Direct residential property purchase is not part of the current qualifying structure.

Investment options

Investors choose between two principal options:

• €250,000+ in units of an eligible real estate fund;
• €1,000,000 as a donation to an eligible higher education institution.

The fund option is a financial investment and may potentially be recovered after the required holding period. Its value and return depend on the investment itself. The €1 million donation is non-refundable.

Family eligibility

A Guest Investor Permit holder may apply for residence for qualifying family members. The route generally covers spouse, minor children and parents. 

Residence requirements

The Guest Investor residence permit is valid for up to 10 years and may be extended for another 10 years. Hungary does not impose a mandatory minimum annual stay solely to maintain this permit. The investor must continue to meet the conditions connected with the qualifying investment.

Path to permanent residence and citizenship

An investor who actually lives in Hungary may apply for a National Residence Card after at least 3 years of uninterrupted legal residence. The National Residence Card provides residence for an indefinite period. The physical card is issued for up to 10 years and can be renewed.

This route requires genuine residence in Hungary. Keeping a Guest Investor Permit while spending little or no time in the country is not equivalent to completing the 3-year permanent-residence period.

Ordinary naturalisation generally requires 8 years of continuous residence counted under Hungarian citizenship rules.

For a third-country investor, the practical route may therefore take around 11 years or more: first qualifying for permanent residence and then completing the residence period relevant to naturalisation. Applicants also need Hungarian language knowledge and normally pass a civics examination in Hungarian.

Cyprus

Cyprus permanent residence programme grants permanent residence rather than an initial temporary permit. The minimum qualifying investment is €300,000.

Investment options

Applicants may select among several qualifying assets:

1. Residential property.
2. Commercial property.
3. Share capital of a qualifying Cyprus company.
4. Units of qualifying Cyprus investment organisations.

The main applicant also demonstrates secure annual income of at least €50,000. The required income rises for accompanying family members. The programme therefore combines an investment requirement with proof of continuing financial capacity.

Family eligibility

Cyprus permanent residence may include the investor's spouse and dependent children. Some adult children may qualify if they meet age, study, marital-status, and financial-dependency conditions.

The family structure should therefore be checked before selecting the investment, particularly where adult children are involved.

Residence requirements

Approved adult investors receive an unlimited right of residence. The residence card itself is valid for 10 years and then requires replacement. The investor does not need to spend most of the year in Cyprus. However, permanent residence may lapse after an extended absence, so holders need to maintain a connection with the country.

The qualifying investment and other programme conditions also need to remain satisfied.

Path to permanent residence and citizenship

General naturalisation normally requires 8 years of actual lawful residence, including a continuous period before the application. Applicants also need to meet language, integration, and other nationality requirements. Holding Cyprus permanent residence without living in the country is therefore insufficient on its own.

Latvia

Latvia grants temporary residence through two forms of investment. Its company route has one of the lowest nominal entry thresholds among the programmes covered in this article.

Investment options

Latvia adopted a new Immigration Law dated August 20th, 2026, which takes effect on September 15th, 2026 and replaces the Immigration Law of October 31st, 2002 ^[18] Source: Latvia’s new Immigration Law, Imigrācijas likums . Under the new rules, property purchases and bank deposits are no longer qualifying investment options.

Investors may qualify through:

1. Company investment — €50,000+ in a qualifying small business or €100,000+ in a larger company.
2. Fund investment — €150,000+ in a state alternative investment fund for at least 5 years.

Applications submitted by September 14th, 2026 will be reviewed under the previous Immigration Law, even if a decision is issued after the new law takes effect. 

Investors who already hold a valid residence permit may also continue under transitional rules and apply for a new permit while the existing one remains valid, provided they maintain the qualifying investment.

Family eligibility

The main investor may apply together with close family members. The standard family group includes:

• spouse;
• minor children;
• other dependants where the general immigration rules permit their inclusion.

Each applicant must meet the relevant documentation requirements.

Residence requirements

Investment provides temporary residence, rather than immediate permanent residence. Investors need to keep the qualifying investment and maintain valid residence documentation. 

The programme does not require the same level of continuous physical presence as a conventional relocation route. Limited presence may nevertheless affect future eligibility for permanent residence.

Path to permanent residence and citizenship

An investor initially receives temporary residence. Permanent residence generally becomes available after 5 years of continuous legal residence in Latvia. The applicant needs to demonstrate genuine residence rather than merely renew an investment permit. Financial means and Latvian language knowledge at A2 level are also required.

Citizenship usually requires a further 5 years of permanent residence. The full route from an initial investor permit to eligibility for naturalisation therefore generally takes around 10 years or more.

Applicants also demonstrate Latvian language knowledge and pass tests covering the Constitution, national history, culture, and the national anthem.

France

French Tech Visa, also known as the France Startup Visa, is intended for non-EU entrepreneurs developing an innovative business in France. The route differs from a conventional Golden Visa because eligibility depends on an approved business project rather than a passive investment of a fixed amount.

Investment options

There is no fixed minimum investment for the startup route. The applicant needs to:

1. Present an innovative economic project recognised by the relevant French authority.
2. Demonstrate sufficient financial resources.
3. Develop the commercial activity connected with the approved project.

In 2026, the required personal resources are at least €23,900 per year.

The route therefore suits founders who plan to participate actively in their business rather than investors seeking a passive financial or property option.

Family eligibility

A spouse and minor children may join the main applicant through the accompanying-family procedure. The spouse receives a residence status that generally provides access to employment. Children receive residence documentation according to their age and immigration status.

This simplified family route is one of the advantages of the Talent framework.

Residence requirements

The residence permit is issued for up to 4 years. France does not structure this route around a low minimum-stay requirement. The applicant is expected to continue developing the approved project and maintain the basis on which the permit was granted.

It is therefore more suitable for genuine relocation than for investors seeking a residence card with minimal time in the country.

Path to permanent residence and citizenship

After 5 years of qualifying continuous residence, a foreign national may become eligible for long-term residence, subject to the applicable conditions.

French citizenship by naturalisation is also commonly associated with a 5-year residence period, although eligibility depends on the applicant's circumstances.

Language knowledge, integration, stable residence, and compliance with French law are assessed separately. The Startup Visa therefore provides a potential long-term route, but citizenship is not an automatic result of holding the permit.

Tax residency and double taxation for European Golden Visa holders

Immigration residence and tax residence are separate concepts. Holding a European Golden Visa does not automatically make an investor a tax resident of that country ^[19] Source: Tax residence, Your Europe . 

EU countries set their own personal tax rules and definitions of tax residence. There is no single EU-wide personal income tax residence regime. 

Residence permit does not automatically create tax residence

A residence permit gives its holder an immigration right to stay in the country. Tax residence is assessed separately under national tax legislation and the investor’s individual circumstances. 

For example, an investor may hold a residence permit but continue to have their permanent home and strongest personal and economic ties in another country. These connections may remain relevant when determining tax residence. 

Why the 183-day rule is only a starting point

Spending more than 6 months in a country is a common indicator of tax residence, but it is not a universal EU rule. Each country applies its own criteria ^[20] Source: 183-day rule, Your Europe . 

Depending on domestic law and the applicable tax treaty, the analysis may include:

• days of physical presence during the tax year;
• permanent home available to the investor;
• centre of vital interests, including closer personal and economic relations;
• habitual residence, or where the person normally spends their time;
• domestic tax legislation of each country involved.

Permanent home, centre of vital interests and habitual abode are also important tie-breaker criteria in the OECD Model Tax Convention ^[21] Source: Residence tie-breakers, OECD . 

Non-Dom regimes for new tax residents

Some European countries offer preferential tax regimes for new tax residents, often referred to as Non-Dom regimes. Depending on the country, they may provide exemptions for certain foreign income, apply taxation on a remittance basis, or replace ordinary taxation of foreign income with a fixed annual tax.

Cyprus, Greece, Malta and Italy apply different versions of these regimes. Eligibility is separate from residence by investment status and depends on the applicant becoming a tax resident and meeting national requirements.

What happens if 2 countries regard the investor as tax resident

Two countries may regard the same person as a tax resident under their domestic legislation. Bilateral Double Taxation Agreements, or DTAs, are designed to address such conflicts and allocate taxing rights between the countries ^[22] Source: Tax conventions, European Commission . 

Many treaties based on the OECD Model use a sequence of tie-breaker tests:

1. Permanent home.
2. Centre of vital interests.
3. Habitual abode.
4. Nationality.
5. Mutual agreement between the tax authorities if the previous tests do not resolve the case. 

The exact treaty between the two countries must always be checked, as individual agreements may differ.

Tax credits, exemptions and treaty tie-breaker rules

A DTA may eliminate double taxation through a tax credit or an exemption, depending on the treaty and income type. Under the credit method, tax paid in one country may be deducted from tax due in the country of residence within the applicable limits. Under the exemption method, qualifying foreign income or capital is exempt according to the treaty provisions. 

These mechanisms reduce the risk of the same income being taxed twice. They do not guarantee a particular tax rate or a specific amount of tax savings.

Property income, dividends and capital gains require separate analysis

Different types of income may follow different treaty rules. Property income, dividends and capital gains therefore require separate analysis.

Under the OECD Model, income and gains connected with immovable property may be taxed in the country where that property is located ^[23] Source: Property taxation, OECD .

Dividends may involve taxing rights in both the investor’s country of residence and the country where the paying company is resident. The applicable DTA determines how these rights interact and how double taxation is relieved. 

For Golden Visa investors, tax planning therefore starts with the investor’s actual residence, assets and income sources—not with the residence permit alone.

Documents and Due Diligence for European residency by investment

Each country sets its own application and Due Diligence requirements under national law ^[24] Source: Investor residence rules, European Commission . Applicants usually need to prove their identity, financial capacity and compliance with the chosen investment route. Authorities may also examine criminal history and the origin of the applicant’s funds.

A typical application may require:

1. Passport and identification documents. A valid passport is a standard requirement for investor residence applications. 
2. Criminal record certificates. Authorities generally assess whether an applicant poses criminal or security risks. 
3. Proof of financial resources. Applicants may need bank statements or other evidence showing that they have sufficient capital for the investment.
4. Source-of-funds and source-of-wealth evidence. Due Diligence may examine how the applicant accumulated and transferred their capital. 
5. Proof of the qualifying investment. Documentation depends on the selected route and may include bank confirmations, investment certificates, purchase agreements or company records. 
6. Additional compliance documents. Depending on the programme, applicants may also provide health insurance, tax-related documents and evidence required for family members. 

Due Diligence is more than a document check. Malta’s MPRP rules provide for checks that may involve specialised Due Diligence providers, law-enforcement authorities and assessments related to money laundering and terrorist financing ^[25] Source: Due Diligence checks, Residency Malta .

What happens after approval?

Obtaining a residence permit is not the end of an investment migration process. Investors need to maintain the conditions of their programme and monitor renewal, residence, and investment requirements.

Keeping the qualifying investment

Many programmes require the qualifying investment to remain in place for a specified period. If an investor withdraws capital or sells an asset too early, the residence permit may become ineligible for renewal.

For example, Greece Golden Visa holders must retain the property for as long as they want to maintain and renew their residence status. The permit is issued for 5 years and may be renewed for further 5-year periods while the investment remains in place.

Renewing the residence card

Temporary residence cards usually need to be renewed even when the underlying investment remains unchanged. Renewal may require an updated passport, insurance, proof of investment, and confirmation that other programme conditions remain satisfied.

Meeting physical-presence requirements

Stay requirements vary significantly between programmes. Some investor routes require only limited presence, while others are designed for applicants who intend to relocate and spend substantial time in the country.

For example, Portugal Golden Visa holders spend at least 7 days in Portugal in the first year and 14 days during each subsequent 2-year period. By contrast, Greece does not set a minimum annual stay requirement for maintaining the Golden Visa, provided the qualifying investment remains in place.

Physical-presence rules for maintaining residence may also differ from those applied later for permanent residence or citizenship.

Becoming a permanent resident

The route to permanent residence depends on the initial status. Cyprus and Malta grant permanent residence through their investor programmes, while countries such as Portugal initially issue temporary residence.

Applicants moving from temporary to permanent residence usually need to maintain legal status for a required period and meet additional national requirements.

Applying for citizenship

Citizenship is a separate process and is not granted automatically after maintaining an investment residence permit. Naturalisation requirements may include years of lawful residence, physical presence, language knowledge, integration, and a clean criminal record.

Investors planning for citizenship should therefore consider naturalisation requirements from the beginning, rather than focusing only on the rules for keeping their residence permit.

Selling or liquidating the investment

Investors should check programme conditions before selling property, redeeming fund units, or withdrawing business capital. Exiting the investment before the required holding period ends may affect renewal or lead to loss of residence status.

In many cases, the investment becomes easier to exit once the mandatory holding period has ended or the investor has obtained a status that no longer depends on the original investment.

Passportivity’s European offices

Passportivity helps investors obtain residence and other legal statuses in European countries. The company supports clients throughout the process, from selecting a suitable programme and investment option to preparing documents and submitting the application.

Passportivity has offices in Cyprus, Malta, Spain, Portugal and Greece.

Country	Office address	Map
Cyprus	205 Archbishop Makarios III Avenue, 3030 Limassol, Cyprus	Show on map
Malta	Portomaso Business Centre, Portomaso, St Julian’s STJ 4011, Malta	Show on map
Spain	Calle de Velázquez 34, 28001 Madrid, Spain	Show on map
Portugal	Praça Marquês de Pombal 14, 1250-162 Lisboa, Portugal	Show on map
Greece	2–4 Messogion Avenue, Athens 11527, Greece	Show on map

How to choose between the 8 European investor-residence programmes

The 8 programmes differ not only in minimum investment but also in the type of status they provide. Some focus on property or financial investments, while others are designed for entrepreneurs or applicants seeking permanent residence from the outset.

The lowest entry threshold is not always the decisive factor. Investors also need to compare physical-presence rules, family eligibility, investment liquidity, and the requirements for permanent residence or future citizenship.

Comparison of European investor-residence programmes

Country	Minimum investment	Main options	Residence status	Physical presence	Family inclusion	Time to citizenship
Portugal	€250,000	Cultural support; funds, research or business; job creation	2-year renewable residence permit	7 days in first year; 14 days in each subsequent 2-year period	Spouse, children under 26 and parents	7 or 10 years
Greece	€250,000	Property purchase	5-year renewable residence permit	No minimum stay	Spouse, children and parents	7 years
Italy	€250,000	Innovative startup, company, government bonds or philanthropic donation	2-year renewable residence permit	No minimum stay	Spouse, children and parents	10 years
Hungary	€250,000	Qualifying real estate fund or donation	10-year renewable residence permit	No minimum stay	Spouse, children and parents	11 years
Latvia	€50,000	Company capital, property and selected financial investments	5-year renewable residence permit	No minimum stay	Spouse, children and parents	10 years
Cyprus	€300,000	Property, company capital or investment funds	Permanent residence	No minimum stay, visit every 2 years	Spouse and children	8 years
Malta	€169,000	Purchase or rental of qualifying property, contribution and donation	Permanent residence	No fixed annual minimum	Spouse, children, parents and grandparents	5 years
France	No fixed investment minimum	Innovative business project under the startup route	1-year renewable residence permit	Designed for genuine residence and business activity	Spouse and minor children	5 years

Final thoughts on top EU countries with residence by investment programmes 

1. European investor residence starts at around €50,000. Latvia offers one of the lowest entry thresholds, while many established programmes require €250,000 or more.
2. Property remains a popular investment option. Greece, Cyprus, and Malta retain property-based routes, while Portugal no longer accepts direct real estate investment for its Golden Visa.
3. Some programmes grant permanent residence directly. Cyprus and Malta allow qualifying investors to obtain permanent residence rather than starting with a temporary permit.
4. Low physical presence is possible in selected countries. Portugal, Greece, and Hungary allow investors to maintain residence without relocating permanently.
5. Investor programmes continue to evolve. Ireland, the Netherlands, and Spain have closed their investor routes, while Portugal, Greece, and Hungary have redesigned theirs.
6. Residence does not automatically lead to citizenship. Naturalisation may require physical presence, language knowledge, integration, and several years of lawful residence.