Which EU countries still offer golden visas?

And what are the requirements?

Malta offers unique EU Citizenship by Investment Programme.

There are only a few countries that still offer golden passports in the EU. One of these countries is Malta. Here, the minimum investment amount starts at €690,000 and offers citizenship for between 12 and 36 months.

Many others, however, still offer golden visa schemes. Here are a few examples of exactly how much it costs to get residence by investment in these countries.

Greece's golden visa scheme

Greece offers golden visas, with one of the quickest processes for gaining residency. Qualifying foreigners can get a permit within two months of applying.

It used to have one of the lowest thresholds for investment at just €250,000 spent on property in the country. But the country is raising this to €800,000 in areas facing severe housing shortages, such as Athens, Mykonos and Santorini.

Elsewhere, it will only rise to €400,000 to encourage investment in a wider range of places. The changes are expected to come into force at the end of August 2024.

Golden visa holders aren’t required to stay in Greece to keep their visas.

By the end of 2021, the country had seen 9,500 applications for these residence by investment schemes, one of the highest numbers in Europe.

Italy's golden visa scheme

Italy is a popular destination for those looking to get residence by investment. Introduced in 2017, its golden visa grants non-EU nationals a residence permit for two years in exchange for an investment in Italy.

The minimum investment here is €250,000 which must be done through an Italian limited country. Those holding these visas can also include their family in the application and benefit from a special tax regime.

Once those using the scheme have lived in Italy for 10 years, they can be eligible for citizenship.

Hungary golden visa scheme

Bucking the trend, Hungary has announced plans to reintroduce its golden visa scheme on 1 July 2024, after having ended it back in 2017.

The so-called Guest Investor Program (GIP) will offer three routes to residency, including through real estate investment (minimum €250,000), purchasing a residential property (minimum €500,000) or donating at least €1 million to a higher educational institution in the country.

The visa is extended to the spouse and dependent children of the applicant and grants visa-free travel in the EU.

Spain still offer a golden visa?

Spain launched its residence by investment scheme in 2013. It allowed wealthy people from outside the EU to obtain residency permits on investing more than €500,000 in real estate or certain types of business.

However, in April 2024, the country's government said it plans to scrap the real estate route - which accounts for 94 per cent of applications - to reduce pressure on the housing market.

One of the most notable changes involves the eligibility criteria for real estate investments. As of the recent amendments, purchasing property can no longer be used as a qualifying investment for the Golden Visa. This marks a significant departure from the original program, introduced in 2013 by Mariano Rajoy’s government to attract foreign investment post-eurozone crisis. 

However, this does not spell the end for prospective investors. Instead, the Spanish government has emphasized alternative investment routes, such as investments in government bonds or shares in promising Spanish companies. In fact, the program still remains viable for various other forms of economic contribution, with a specific focus on boosting large-scale, impactful investments rather than real estate. These changes are part of a broader European trend, influenced by the European Commission’s recommendations to tighten security and regulatory measures around golden visa programs. 

In a recent statement, Spanish President Pedro Sánchez underscored that these adjustments aim to ensure that the golden visa continues to attract high-quality investments that benefit the broader economy. This is confirmed by the updated legal framework, Ley 14/2013, which now explicitly eliminates real estate purchases as a path to residency and employment in Spain. Instead, the program retains provisions for other types of investment, such as a minimum of one million euros in a Spanish bank deposit or other specified financial contributions.

"Countries such as Portugal, Ireland and Greece have taken measures to end this practice that increases the violation of the right to housing," MP Alberto Ibáñez said, urging the government to quickly repeal the visa, Europa Press reported.

Soon after, the government doubled down on its promise, saying it will end golden visa for all types of investment - not just for property. This means the option to invest €1 million in shares in Spanish companies or €2 million in government bonds could also be removed.

Real Estate Investments Under the New Golden Visa Rules

For those still interested in pursuing a Golden Visa by investing in Spain, it’s essential to stay informed about the current regulations and alternative investment pathways. With the likely abolishment of the real estate investment route, understanding the other viable options becomes crucial.