Today we will explore and compare the Golden Visa programs in the Mediterranean region of Europe against Italy’s investor residency program.

How fast and easy is it to obtain these residencies through the Golden Visa programs? Which investment options should you avoid at all costs? Knowing the advantages and disadvantages of each program can help protect you from simple mistakes and avoid regrets in the future.

Applying for these programs can change your life, your children’s future, and perhaps protect future generations. Therefore, these are not light decisions you should take based on an Instagram post or what your neighbour’s cousin told you. Every case is unique, and so are every family’s needs.

Let’s compare the Golden Visas in Europe and understand which ones offer better security for your investment, types of investment options, processing times, ease of applications, residency requirements, long-term tax implications, and whether eventual citizenship can be obtained if that is part of your goal.

The most popular and marketed programs in Europe right now are Portugal, Spain, Greece, and the newcomer to the group, Italy. If you are considering the EU for your alternative residency or future citizenship, you need to be aware of the differences, risks, advantages, and disadvantages of these programs. Italy, as a newcomer in this group of EU Golden Visas for professionals and families, offers its own unique features through its investor residency program.

At INGWE, we have successfully helped thousands of families since 2018, from over 55 countries navigate the complex landscape of business and investment immigration. Connect with us for a personalized assessment – click here.

Which Golden Visa Programs in Europe Are Still Open?

The only Golden Visa program currently paused in the EU region, as of the posting of this article, is Spain. However, there are other options for residency in Spain which are not tied specifically to the Golden Visa. You can check with us directly if you are seeking to apply to Spain during this temporary pause period.

Spain’s Golden Visa is currently paused for a major facelift, potentially removing real estate as an investment option when it reopens, similar to how Portugal changed its program at the end of 2023. We expect the new Golden Visa program to reopen soon with all the announced changes, potentially during Q4 of 2025, but at this point there is no clear timeline for the Spanish Golden Visa reopening.

All other programs in Europe are still open and actively accepting applicants, such as Greece, Portugal, and Italy, as of the posting date of this article.

🚨 Update — April 29, 2025: The Malta Citizenship-by-Investment program has officially been closed by the European Court of Justice. The Malta Permanent Residence Programme, MPRP, remains open, offering a viable path to residency in Europe.

Which Golden Visa Programs in Europe Have the Lowest Investment Requirements?

Greece and Italy have the lowest investment amounts to qualify for investor Golden Visa programs, with €250,000 as the minimum for each.

In Greece, the investment eligibility is through a real estate purchase, which should be a conversion of a commercial building to residential use to qualify for the lower investment threshold, since the original Golden Visa amount in Greece is €400,000.

In Italy, there are 4 categories of investments that qualify you for investor residency, and the lowest threshold is €250,000 invested in an existing Italian startup venture in the country.

Which Golden Visa Has the Safest Investment?

This is the $1 million question everyone asks: where to invest and how to invest? You do not want to invest and then be unable to recover your original investment, making it the most expensive residency you have ever purchased.

Here is the raw truth about European Golden Visas. Unfortunately, I cannot sugar-coat it because I am not a politician or salesperson:

• Greece: Greece’s real estate is extremely overpriced and low quality for the €250,000 to €400,000 price range qualifying applicants for Golden Visa residency. The true price of these units being sold at that price is approximately 50% of the sales value at best. If, for any reason, the Golden Visa is closed or changed in the future, most investors in these real estate projects may not be able to recover 100% of their original investment amount. Not to mention the ridiculous commissions being offered to agents referring clients, which range from 20% to 35%. If a developer in Greece is offering 20% to 35% commission on a home valued at €250,000, what do you truly expect the actual price to be? I think even 50% of the value is an overestimate. That said, the ROI on rental income is quite strong on Greece properties, especially during peak tourist seasons.
• Portugal: In Portugal, the most popular investment route today is the Golden Visa fund investment of €500,000. These funds are private equity funds, not mutual funds. They are registered with the Portuguese financial authorities as Golden Visa-approved funds. Most of them, not all, have a lock-in period of 6-7 years as private equity funds. Keep in mind that to hold Golden Visa residency status, your investment should be held during the entire period. You can only liquidate if you convert to Portuguese citizenship, give up your residency, or change your residency category. There are many reliable private equity investment opportunities in Portugal that can provide a relatively decent ROI in 6-7 years, but definitely not short term. Not all funds are created equally, as there are hundreds of registered options. Be wary of private equity funds offering 10% to 15% commission to agents, since that means you already lost the face value of your investment at signing of the contract.
• Italy: In Italy, since you have 4 categories to choose from for your investment amount and type, the risk can range from higher risk to lower risk. If you choose the €250,000 investment route for a startup venture, the risks are high. Typically, most startups, more than 90%, in the Western world fail in the first 5 years, which is exactly the time period you need to hold the investment in Italy to maintain your temporary residency status. If you choose the €500,000 investment option in Italy, you can invest in a blue-chip company in Italy, for example, an established listed company on the Italian stock exchange, which is definitely more secure than a startup investment. The next investment categories are €1 million for a philanthropic donation in Italy or €2 million in Italian government bonds. Considering the situation of Italian government debt and economic growth, I would still pick the €500,000 investment option to qualify for investor residency in Italy compared to the government bond option or startup venture investment.
• Spain: Before the Spanish government paused the Golden Visa, the real estate investment options in Spain were the most secure due to 4 key reasons:
  1. Prices of real estate were not overinflated.
  2. Prices in the market were very transparent based on online real estate listing platforms, similar to how the North American market operates. This prevents developers and agents from overpricing properties.
  3. Commissions to referral partners were reasonable and not outrageous.
  4. Rental income in the south of Spain was solid due to the high volume of tourists, as Spain is the second most visited country in the world after France.

This real estate investment option is unavailable in Spain until the Golden Visa program is revised and relaunched at an unknown future date.

Which Golden Visa Has the Fastest Processing Times?

This is the easiest comparison among all the categories. Portugal has the slowest processing time for the Golden Visa residency program at approximately 12-13 months. Greece is in second place with a 6-8 month processing time.

Spain was relatively fast compared to the rest of the countries, but Italy takes first prize in this category at approximately 3 months processing time, making it the fastest Golden Visa residency program in Europe.

Which Golden Visa Programs in Europe Offer a Pathway to Citizenship?

Almost all programs in Europe can offer citizenship paths. However, there is a clear difference in timelines and eligibility criteria.

In this comparison group of Portugal, Greece, Spain, and Italy, all of them offer citizenship paths. The shortest pathway to a European passport in this group is Portugal at 5 years. Next is Greece at 7 years, followed by Spain and Italy at 10 years, making them the longest in this group.

In this category, Portugal is the ideal choice for investors and applicants considering an EU passport in the future. There are eligibility criteria, such as a language pathway, which should be completed before the citizenship application is submitted, and a minimum residency requirement, which is the most flexible compared to Spain, Greece, or Italy.

🚨 Update — April 29, 2025: The Malta Citizenship-by-Investment program has officially been closed by the European Court of Justice. The Malta Permanent Residence Programme, MPRP, remains open, offering a viable path to residency in Europe.

What Are the Residency Requirements to Obtain a Passport in Europe?

For Portugal Golden Visa residency holders, they initially receive a Temporary Residence Permit valid for 2 years, currently renewable every 3 years. The residency requirements are a minimum of 7 days in Portugal for the first year and, for subsequent two-year periods, at least 14 days in Portugal for each two-year period.

These requirements are cumulative, meaning you must spend a total of at least 35 days in Portugal over the five-year period. These days do not need to be consecutive. They can be spread out over the respective periods. This low-residency option is only possible for Golden Visa residency holders in Portugal.

For Italian investor residency holders, to apply for Italian citizenship through naturalization based on residency, the Italian government stipulates that non-EU citizens must have legally resided in Italy for at least 10 years. This requirement is outlined in Article 9 of Law No. 91/1992.

In addition to the 10-year legal residency requirement, applicants must meet the following criteria:

• Sufficient income: Demonstrate adequate financial resources to support themselves.
• Clean criminal record: No criminal convictions in Italy or abroad.
• Language proficiency: Provide proof of Italian language proficiency at B1 level or higher.
• Renunciation of original citizenship: Be prepared to renounce original citizenship if required by Italian law.

The Italian government does not specify an exact maximum duration of absence permitted during the 10-year legal residency period required for non-EU citizens applying for Italian citizenship through naturalization. However, the law emphasizes the necessity of continuous and uninterrupted legal residence in Italy throughout this period.

• Continuous legal residence: Applicants must maintain continuous legal residence in Italy for the entire 10-year period. This means holding a valid residence permit and being officially registered at a local municipality, Comune, without significant interruptions.
• Short absences: Brief trips abroad, such as vacations or short business trips, are generally acceptable and do not disrupt the continuity of residence, provided they are temporary and the applicant maintains their primary residence in Italy.
• Extended absences: Prolonged or frequent absences may be scrutinized and could potentially affect the assessment of continuous residence. There is no officially defined maximum duration for such absences, but they should not indicate relocation or a break in the applicant’s primary residence in Italy.
• Municipal registration, Anagrafe: Maintaining registration with the local Anagrafe is crucial. Deregistration or failure to update one’s residence status can be interpreted as a break in legal residence.
• Documentation: Applicants may be required to provide evidence of continuous residence, such as rental agreements, utility bills, tax records, and other official documents that demonstrate their presence in Italy during the 10-year period.

For Greece Golden Visa residency holders, Greek citizenship can be applied for after 7 years. This is the general requirement for most non-EU nationals. You must have legally and continuously resided in Greece for seven years immediately prior to your application, and a language exam is also required.

For Spanish Golden Visa residency holders, eligibility for citizenship is within 10 years. This is the general requirement for most non-EU nationals. You must have legally and continuously resided in Spain for ten years immediately prior to your application.

However, those from Ibero-American countries and former Spanish colonies can qualify after only 2 years of residency in Spain.

For Golden Visa residency holders in Spain, initially with their temporary residency, they need to spend 6 months per year or not exceed 10 months of absence over 5 years to apply to convert to permanent residency status. During the next 5 years as permanent residents, applicants need to spend 12 months consecutively or 30 months within 5 years to finally become eligible for citizenship.

Can Your Kids Study in Europe With the Golden Visas?

Yes. If the main applicant, meaning the parents, obtains Golden Visa residency in any of these European countries, dependent family members such as children can study for free in public elementary and secondary schools and may also have the option of enrolling in post-secondary institutions.

Of course, pricing can vary based on whether it is a private or public institution and whether it is a government university.

What Are the Eligibility Requirements for European Golden Visas?

The eligibility criteria for most Golden Visa residency programs in Europe are simple and straightforward.

First, you need proof that you have enough funds to invest in the specific category that qualifies you for the Golden Visa. For Italy, that can range from €250,000 and up. In Greece, it starts at €250,000 in real estate. Spain was €500,000, and Portugal is also at €500,000.

The second most important eligibility criterion is a background check, such as a police certificate or FBI report if you are from the U.S., followed by a medical or health check.

These are the three most important criteria to qualify for any of these programs. If you do not have these three in place, it is a deal breaker and you may not qualify. If you do have these three in place, the rest of the requirements are easier, such as the Italian program requiring minimum funds or income to show that you can support your family members while residing in Italy.

What Are the Advantages and Disadvantages of European Golden Visa Programs?

There are many advantages, but there can also be disadvantages for any residency program. The main disadvantages can be considered as follows:

• 1. Residency requirements: There are residency requirements to hold these Golden Visas in Europe. However, Italy does not have a residency requirement if you are okay maintaining temporary residency and not converting to permanent status. Portugal has minimum residency requirements as well, but they are minimal.
• 2. Tax implications: If you reside in Spain, Portugal, or Greece for more than 183 days per year, you may be deemed a tax resident. However, Spain and Greece have specific tax programs which, with proper planning, can reduce your tax burden. Portugal can be higher but can also be reduced if you are a resident of the island of Madeira instead of mainland Portugal. Italy is the most flexible since the first 5 years as a temporary resident you will not be considered a tax resident unless you choose to become one. Refer to our tax-friendly Golden Visa country article here for more details.
• 3. Investment risk: Selecting the right investment to make sure it is protected and can provide you with a reasonable ROI would be your highest risk in these programs.

Now that we have covered the disadvantages, what are the advantages of holding residency through a Golden Visa in any of these EU countries?

• 1. Unrestricted stay in the country of residency: You can stay or visit the country in which you have residency, along with visa-free travel in the EU region, currently 27 countries. This may not be an advantage for citizens of the USA or Canada.
• 2. Family inclusion: Dependent family members can obtain investor residency with the same investment made by the main applicant. This means your parents, dependent children, spouse, or common-law partner can all be included for residency if they are dependent on the main applicant.
• 3. Citizenship eligibility: Eligibility for citizenship and passport after the required timelines and criteria have been met. If you obtain an EU passport, you can become a full-time resident of any of the 27 EU countries to live, work, and study there full time with your family. For example, if you become a Portuguese citizen, you can then decide to live and settle permanently in Spain, the south of France, Germany, or the Netherlands. As an EU citizen, you have these rights.
• 4. Optimized tax jurisdictions: Many of these countries, including Italy, Spain, Greece, and Portugal, have specific tax programs to minimize your global income taxation.
• 5. Financial diversification: Opportunities to diversify your financial footprint and set up your businesses in these countries.
• 6. Family backup plan: A backup plan for your children and family members in case you or they face issues in your home country in the future, for any reason. These alternative residences provide peace of mind that you have another option to fall back on, not just a vacation spot.

Unlock Global Residency Opportunities in 2025

If you are ready to put your Plan B into action, for yourself, your family, or perhaps your clients, you can reach out to us here. Join our online live stream every Thursday at 11am EST, or 8am PST, to share your feedback, post your questions, and engage with others who are also exploring these opportunities through our YouTube channel.

Ready to explore exciting residency programs across Central and North America, Europe, New Zealand, and the Caribbean Islands?

Get a Personalized Assessment

If you are thinking about immigrating, whether permanently or temporarily, you are at the right place. Our team speaks over 10 languages, and we help applicants from over 50 different countries during their immigration process. To contact us, click here.

Don’t Miss Out on Essential Updates

Laws and requirements for residency programs can change, and staying ahead of these changes is crucial. By staying informed, you ensure your application process is smooth, fast, and up to date.

Subscribe here.

Subscribe and Connect With Us

We are here to help you navigate global mobility opportunities. Be the first to know about program updates, expert tips, and news by following us on social media and subscribing to our YouTube channel. Get access to exclusive content, real-time program updates, and expert advice that will help you take the next step in your global residency journey.

• Our YouTube channel
• Our Instagram
• Our LinkedIn
• Our Facebook

Let us guide you through your residency or passport journey. Start today, and stay informed for your next step.