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Golden Visa Programs 2026: Portugal vs Greece vs Spain vs Malta Compared
By Marcus Beaumont · Senior Writer — Investment Migration & Long-Stay Programmes
April 3, 2026 · 11 min read
Europe's Golden Visa programs have attracted billions in foreign investment over the past decade, offering wealthy individuals a path to EU residency — and eventually citizenship — through qualifying investments. But these programs differ significantly in their investment minimums, residency requirements, tax implications, and paths to citizenship. This guide compares the four most popular programs to help you make an informed decision.
What Is a Golden Visa?
A Golden Visa (officially called a 'Residency by Investment' or 'Investment Visa') is a government program that grants residency — or directly citizenship — to foreign nationals who make qualifying investments in the host country. Benefits typically include:
- • EU residency rights: Live, work, and study in the country.
- • Schengen access: Travel freely across the 27 Schengen member states.
- • Family inclusion: Spouse, children, and often parents can be included.
- • Path to citizenship: After 5–10 years of residency, apply for naturalization.
- • Tax optimization: Several programs offer favorable tax regimes for new residents.
- • No active residency requirement in many programs: Stay a minimum of 7–35 days per year.
Portugal Golden Visa (ARI)
Portugal's Golden Visa (Autorização de Residência para Atividade de Investimento) has been one of the most popular programs globally since its launch in 2012. Key changes were made in 2023.
- • Available investment routes (post-2023): Investment funds (€500,000 minimum), venture capital or private equity funds (€500,000), research and development (€500,000), artistic production or cultural heritage (€250,000), job creation (10 jobs or 8 jobs in low-density areas).
- • Note: Real estate investment was eliminated from the program in October 2023. Existing applicants with real estate applications were not affected.
- • Minimum stay requirement: 7 days per year in the first year, 14 days in subsequent 2-year periods. Extremely flexible.
- • Processing time: 12–18 months currently due to backlog. The SEF (immigration agency) has been restructured into AIMA.
- • Path to citizenship: After 5 years of residency (not physical presence), you can apply for Portuguese citizenship. Only B2-level Portuguese language proficiency required.
- • Tax regime: Portugal's IFICI (formerly NHR) regime offers reduced tax rates for qualifying professions for 10 years.
- • Best for: Investors who want a long-term EU pathway with minimal physical presence requirements. Excellent for families wanting EU passports in 5 years.
Greece Golden Visa
Greece's Golden Visa has surged in popularity, particularly after Portugal closed its real estate route. Greece still allows real estate investment.
- • Investment options: Real estate purchase (€250,000–800,000 depending on region), real estate through capital companies (€500,000), bonds/shares/securities (€800,000), bank deposit (€400,000), investment in real estate funds or REITs (€350,000).
- • Athens & Thessaloniki real estate: Minimum €800,000 since late 2023, due to overheating property market. Other regions: €400,000.
- • Minimum stay requirement: None. You are not required to live in Greece at all to maintain your Golden Visa.
- • Processing time: Typically 2–3 months after document submission.
- • Path to citizenship: After 7 years of actual residency (physical presence), you can apply for Greek citizenship. Language and integration tests required.
- • Tax regime: Greece offers a 'Non-Dom' tax regime — new tax residents can pay a flat €100,000/year on worldwide foreign income for 15 years.
- • Best for: Investors primarily interested in real estate, or those who want the lowest physical presence requirement with a lower overall investment level (outside Athens/Thessaloniki).
Spain Golden Visa
Spain's Golden Visa program has faced political uncertainty — the current government has proposed abolishing it for real estate investors. As of early 2026, it remains active but investors should monitor developments closely.
- • Investment options: Real estate (€500,000), Spanish public debt (€2,000,000), shares in Spanish companies (€1,000,000), bank deposits (€1,000,000), investment funds (€1,000,000), business projects of general interest.
- • Note: The Spanish government's proposal to end real estate Golden Visas has been under debate. Check the current status before investing.
- • Minimum stay requirement: None to maintain the visa. To qualify for long-term residency (5-year card), you must spend at least 183 days/year in Spain. To naturalize, you must be a tax resident.
- • Processing time: 1–2 months typically.
- • Path to citizenship: 10 years of legal residency for most nationalities. However, citizens of Ibero-American countries, Andorra, Philippines, Equatorial Guinea, Portugal, and Sephardic Jews can naturalize after just 2 years.
- • Tax regime: Spain's Beckham Law (Impatriate Regime) offers a flat 24% tax rate on Spanish-sourced income for 6 years for qualifying new residents.
- • Best for: Investors from Ibero-American countries seeking a fast path to EU citizenship (2-year route). Premium lifestyle destination with world-class cities.
Malta Permanent Residency Programme (MPRP)
Malta offers both permanent residency and citizenship by investment. The Citizenship by Naturalization for Exceptional Services by Direct Investment is one of the very few remaining true citizenship-by-investment programs in the EU.
- • Malta Permanent Residency Programme (MPRP) requirements: Government contribution €98,000 (€28,000 if leasing), non-refundable donation to registered NGO €2,000, real estate purchase €375,000 or lease €14,000/year for 5 years.
- • Malta Citizenship by Naturalization (CES): Requires 12-month residency OR 36-month residency, plus contribution to National Development Fund (€600,000 or €750,000), real estate investment (€700,000 purchase or €16,000/year lease), and €10,000 donation to approved philanthropic organization.
- • Processing time: 12–14 months for residency; 1–3 years for citizenship.
- • Path to citizenship: Possible after just 12 months (with higher contribution) or 36 months (with lower contribution). The fastest path to an EU passport.
- • Tax regime: Malta operates a territorial tax system — foreign income remitted to Malta is taxed, but foreign income not remitted is not.
- • Best for: Investors who can afford the higher investment and want the fastest possible route to an EU passport. The only viable direct EU citizenship-by-investment program currently.
Side-by-Side Comparison
Quick reference comparison of the four programs:
- • Minimum investment: Portugal €250,000 (cultural) / €500,000 (fund) | Greece €250,000–800,000 | Spain €500,000 | Malta €530,000+ (residency) / €760,000+ (citizenship)
- • Real estate available: Portugal ❌ | Greece ✅ | Spain ✅ (check status) | Malta ✅
- • Minimum stay/year: Portugal 7 days | Greece 0 days | Spain 0 days (but needed for citizenship) | Malta varies
- • Citizenship timeline: Portugal 5 years | Greece 7 years (active residency) | Spain 10 years (2 for Ibero-American) | Malta 1–3 years
- • Processing time: Portugal 12–18 months | Greece 2–3 months | Spain 1–2 months | Malta 12–14 months
- • EU/Schengen access: All four ✅
Which Program Is Right for You?
The right program depends on your specific goals:
- • Fastest EU citizenship → Malta (12 months with maximum investment)
- • Lowest physical presence requirement → Greece (0 days required)
- • Most established/trusted program → Portugal (14+ years track record)
- • Best for real estate investors → Greece (still allows it at competitive prices outside major cities)
- • Best for Latin American citizens → Spain (2-year citizenship pathway)
- • Most flexible investment options → Portugal (funds, R&D, cultural)
- • Budget-conscious investors in low-density areas → Greece €250,000 or Portugal cultural route €250,000
Frequently Asked Questions
Can I include my family in a Golden Visa application?
Yes, all four programs allow family reunification. Typically you can include your spouse or civil partner, dependent children under 18 (or under 26 if studying full-time), and in some cases dependent parents or parents-in-law. Check each program's specific family inclusion rules.
Do I need to pay local taxes if I have a Golden Visa?
Having a Golden Visa does not automatically make you a tax resident. Tax residency is typically triggered by spending more than 183 days per year in the country. However, if you opt into advantageous tax regimes (Portugal's IFICI, Spain's Beckham Law, Greece's Non-Dom), you may choose to become a tax resident to benefit from those regimes.
Is the Golden Visa investment guaranteed or at risk?
Your investment is at market risk — especially real estate, which can decline in value. Investment fund options are subject to fund performance. The Golden Visa itself does not guarantee investment returns. Consult a licensed investment advisor before committing funds.
Will Golden Visa programs be abolished?
Several EU countries have faced pressure to reform or abolish Golden Visa programs due to concerns about money laundering, housing market impacts, and tax avoidance. Portugal closed its real estate route in 2023. Spain has proposed eliminating its program. Existing holders are typically not affected by subsequent rule changes, but prospective applicants should act before further restrictions.
Can Golden Visa holders live in any EU country?
Your Golden Visa gives you the right to live in the specific country that issued it, plus the right to travel freely in the Schengen Zone. You cannot automatically live and work in other EU countries without their permission — that right comes after you obtain citizenship.