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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? And which investment options should you avoid at all costs? Knowing the advantages and disadvantages of each program can help you a protect your from simple mistakes and to avoid regrets in the future. Applying for these programs can change your lives, your children’s future and perhaps protect future generations – therefore these are not light decisions you should be taking based on an Instagram post or what your neighbour’s cousin told you. Every case is unique and so is 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, and long-term tax implications, as well as whether eventual citizenship is something that can be obtained if that’s what your goals include.
The most popular and marketed programs in Europe right now are; Portugal, Spain, Greece, and the newcomer to the group is Italy. If you’re considering the EU for your alternative residency or future citizenship , you need to be aware of the differences, risks, and advantages and disadvantages of the programs – while Italy as a newcomer in this group of EU golden visas for professionals and families, it does offer it’s own unique features for their investor residency program.
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The only Golden Visa program which is paused at the moment 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 to the Golden Visa specifically and are not paused. You can check with us directly in case you are seeking to apply to Spain during this temporarily ‘pause’ period. Spain’s Golden Visa is currently paused for a major facelift, potentially removing real estate as an investment option when it re-opens – similar to how Portugal changed their program at the end of 2023. We expect the new Golden Visa program to re-open soon with all the announced changed – potentially during Q4 of 2025 – but at this point there is no clear timeline of 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)
Greece and Italy have the lowest investment amounts to qualify for the investor Golden Visa programs with €250,000 for each as a minimum. In Greece the investment eligibility is through a real estate purchase which should be a conversion of a commercial building to residential to qualify for the lower investment threshold (since the original Golden Visa amount in Greece is at €400,000). In Italy, there are 4 categories of investments which qualify you for the investor residency for the country, and the lowest threshold is €250,000 to be invested in an existing Italian startup venture in the country.
This is the $1m question everyone is asking about? Where to invest? How to invest? You don’t want to end up investing and not being able to recover your original investment – making it the most expensive residency you’ve ever purchased. Here is the raw truth about European golden visas and unfortunately, I can’t sugar coat it because I am not a politician or sales person:
⦿ Greece’s real estate is extremely overpriced and low quality for the €250,000 to €400,000 price range qualifying applicants for the Golden visa residency. The true price of these units being sold at that price are approx. 50% of the sales value at best. If for any reason the Golden Visa is closed or changed in the future – most of the investors in these real estate projects will not be able to recover 100% of their original investment amount. Not to mention the ridiculous commissions being offered to agents referring clients which ranges from 20 to 35%. If a developer in Greece is offering 20-35% 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. However, that said the ROI on rental income is quite strong on Greece properties especially during the peak tourist seasons.
⦿ In Portugal, the most popular investment route today is the Golden Visa fund investment of €500,000. All these funds are private equity – not mutual funds. They are registered with the Portuguese financial authorities as a golden visa approved fund. Most of them, not all, have a lock in period of 6-7 years as a private equity fund. Keep in mind that to hold the golden visa residency status – your investment should be held during the entire period and you can only liquidate if you convert to a Portuguese citizen or give up or change your residency category. There are many reliable private equity investment opportunities in Portugal that can provide you with a relatively decent ROI in 6-7 years, but definitely not short term and not all funds are created equally as there are hundreds of them registered. Be wary of the private equity funds which offer 10-15% commission to agents – since that means you already lost the face value of your investment on signing of the contract ;-)
⦿ In Italy, since you have 4 categories to choose your investment amount and type, it can be 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 (+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 €1m for a philanthropic donation in Italy or €2m in Italian government bonds. Considering the situation of the Italian government debt and economic growth, I would still pick the €500,000 investment option to qualify for the investor residency in Italy compared to the government bond option or the startup venture investment.
⦿ Before the Spanish government paused the Golden Visa, the real estate investment options in Spain were the most secure due to 4 key reasons:
Prices of real estate were not over inflated
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) The rental income in the south of Spain was solid due to the high volume of tourist, as Spain is the 2nd most visited country in the entire world after France.
This real estate investment option is unavailable in Spain until the Golden Visa program is revised and relaunched for an unknown future date.
This is the easiest comparison amongst all the categories, since Portugal is the slowest processing time for the Golden visa residency program at approx. 12-13 months. Greece is in 2nd place with 6-8 months processing time. Spain was relatively fast compared to the rest of the countries, but Italy takes first prize in this category at 3 months processing time – making it the fastest Golden Visa residency program in Europe.
Almost all of the programs in Europe can offer citizenship paths, however there is a clear difference on timelines and eligibility criteria. In this comparison group of Portugal, Greece, Spain and Italy, all of them do offer citizenship paths. The shortest pathway to a European passport in this bunch, is Portugal at 5 years. Next up is Greece, at 7 years pathway to citizenship, and then Spain and Italy both 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, which is the most flexible compared to Spain, Greece or Italy. Keep in mind, as a matter of fact, Malta has the fastest EU citizenship program as it sells it outright without any requirement to live or reside in the country (in case you are seeking a fast EU passport, read the 2nd part of our article on Malta here)
For the Portugal Golden Visa residency holder, 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 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. It's important to note that 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 the Italian investor residency holder, 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. Here are the key requirements in becoming eligible for Italian citizenship:
In addition to the 10-year legal residency, applicants must meet the following criteria:
⦿ Sufficient Income: Demonstrate adequate financial resources to support oneself.
⦿ Clean Criminal Record: No criminal convictions in Italy or abroad.
⦿ Language Proficiency: Provide proof of Italian language proficiency at a 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 (e.g., 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 a 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 their 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 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 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, for those from Ibero-American countries & former Spanish colonies they can qualify after only 2 years of residency in Spain. For the Golden Visa residency holder, initially with their temporary residency they will need to spend 6 months per year or 10 months 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.
Yes, if the main applicant (i.e. the parents) obtain the Golden Visa residency in any of these European countries, the dependent family members such as your children can study for free in public elementary and secondary schools and also have the option of enrolling in post-secondary institutions. Of course, pricing can vary based on whether it’s a private or public institution and if it’s a government university.
The eligibility criteria for most of the Golden visa residency programs in Europe are very simple and straightforward. First, you need proof that you have enough funds to invest in the specific category to qualify you for the golden visa. For Italy that can range from €250,000 and up, in Greece that starts at €250,000 in real estate, Spain was €500,000 and Portugal as well is at €500,000. The 2nd most important eligibility criteria is a background check (i.e. a police certificate such as an FBI report if you are from the US), and then a medical/health check. These are the three most important criteria to qualify for any of these programs. If you don’t have these 3, it’s a deal breaker and you may not qualify, and in case you have these 3 in place, the rest of the requirements are easy such as the Italian program which requires minimum funds/income to show that you can support your family members when residing in Italy.
There are many advantages and there can also be disadvantages for any residency programs. The main disadvantages can be considered as the following:
1) There are residency requirements to hold these Golden Visas in Europe. However, Italy does not have a residency requirement if you are ok to maintain a temporary residency and not convert to a permanent status. Portugal has minimum residency requirements as well, but it’s minimal.
2) Tax implications. If you reside in Spain, Portugal or Greece more than 183 days per year you may be deemed a tax resident. However, Spain and Greece do 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 the mainland of 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) The 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 covered the disadvantages, what would be the advantages of holding a residency through a Golden Visa for any of these EU countries?
1) Unrestricted time to stay or visit the country in which you have a residency, along with visa free travel in the EU region (currently 27 countries). This may not be an advantage for citizens of USA or Canada.
2) Dependent family members can obtain the investor residency with the same investment which the main applicant has made. This means that you parents, your dependent children, your spouse or common-law can all be included for the residency if they are dependent on the main applicant.
3) Eligibility for citizenship and passport after the required timelines and criteria have been met. If you do 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. Example: You become a Portuguese citizen, you can then decide to live and settle permanently in Spain or south of France or maybe even 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) Opportunities to diversify your financial footprint and setup your businesses in these countries.
6) 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 will provide the peace of mind that you do have another alternative to fall back on. Not just a vacation spot.
The above is a comparison of the top Golden Visa residency programs in the European union. Of course there are many other programs such as Malta, Cyprus and Bulgaria which we did not cover today, however stay tuned for more videos and insight into these programs.
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