Golden Visa Countries in 2025: Every Residency-by-Investment Program Compared

The golden visa landscape has changed dramatically in 2024–2025. Spain officially shut down its golden visa program. Portugal eliminated real estate purchases as a qualifying investment. Greece hiked its minimum investment thresholds by as much as 220%. Hungary relaunched a program it had previously abandoned. And several Caribbean nations tightened their citizenship-by-investment offerings under international pressure.

If you researched residency-by-investment programs even 18 months ago, much of what you found is now outdated — and acting on stale information could cost you hundreds of thousands of dollars or lead you to apply for a program that no longer exists. This guide covers every major golden visa and residency-by-investment program still operating in 2025, what each one actually costs, and which ones deliver the best value for your money.

Whether you are looking for a path to EU residency, a tax-efficient second home, or a genuine Plan B for your family, the programs below represent every realistic option available today — along with several lower-cost alternatives that achieve similar results without a six-figure investment.

What Is a Golden Visa?

A golden visa is a residency permit granted in exchange for a qualifying financial investment in the host country. Unlike traditional work visas, golden visas do not require an employer sponsor, a job offer, or any specific professional skills. You invest capital — typically in real estate, government bonds, business ventures, or investment funds — and in return you receive legal residency rights for yourself and, in most cases, your immediate family.

The term “golden visa” is informal. Different countries use different official names: Portugal calls it the Autorização de Residência para Atividade de Investimento (ARI), Greece calls it the Investor Permanent Residence Permit, and the UAE calls it the Golden Visa outright. Regardless of branding, the core proposition is the same: money in, residency out.

Golden visas are distinct from citizenship-by-investment (CBI) programs, which grant a passport rather than a residency card. CBI programs are faster but significantly more expensive and face growing international scrutiny. Most golden visa holders can eventually apply for citizenship through the standard naturalization pathway after meeting residency and language requirements — typically five to ten years.

Major Changes in 2024–2025

Before diving into the rankings, it is worth understanding the three seismic shifts that have reshaped the golden visa market over the past year.

Spain's Golden Visa: Shut Down

In April 2024, the Spanish government announced the end of its golden visa program, with the law taking full effect later that year. Spain's program had required a minimum real estate investment of EUR 500,000 and was enormously popular — particularly with Chinese, Russian, and Middle Eastern investors who flooded Barcelona and Madrid's luxury property markets. The government cited housing affordability concerns as the primary reason for the shutdown. With Spanish cities facing the same housing crises seen across Europe, the political calculus shifted: the investment capital golden visas brought in was no longer worth the upward pressure on housing prices. Spain remains accessible through its Non-Lucrative Visa and entrepreneur visa, but the buy-your-way-in real estate path is gone.

Portugal: Real Estate Removed, Funds Remain

Portugal's golden visa was once the gold standard of European residency-by-investment, driven largely by its real estate pathway that allowed investors to buy property for as little as EUR 280,000 in low-density areas. In October 2023, Portugal officially removed real estate purchases from the list of qualifying investments. The program remains active, but now requires investment through regulated investment funds (minimum EUR 500,000), capital transfers (EUR 1.5 million), or job creation (at least 10 positions). The fund-based route has become the dominant pathway, and several Portuguese venture capital and private equity funds have been structured specifically for golden visa applicants.

Greece: Tiered Pricing, Dramatic Increases

Greece introduced a tiered pricing system in September 2024 that raised minimum investments significantly in high-demand areas. Previously a flat EUR 250,000 for real estate nationwide, the new structure sets the minimum at EUR 800,000 in Athens, Thessaloniki, Mykonos, Santorini, and other prime locations, while maintaining the EUR 250,000 threshold in less popular regions and some islands. This represents a 220% increase for the most desirable destinations and has fundamentally changed the value proposition of the Greek golden visa for many investors.

Top 10 Golden Visa Programs Ranked by Value

We ranked every major residency-by-investment program on a composite score reflecting minimum investment cost, processing speed, path to citizenship, family inclusion benefits, physical presence requirements, and quality of the residency itself (EU access, travel freedom, tax implications). Click any country to see its full profile.

1. Portugal Golden Visa — The Fund-Based Pivot

Despite losing its real estate pathway, Portugal's golden visa remains the most compelling residency-by-investment program in Europe. The reason is simple: no other golden visa in the EU offers a path to citizenship in just five years with such minimal physical presence requirements. Portugal requires only an average of seven days per year in the country — far less than the months-long residency requirements of most European nations.

• Minimum investment: EUR 500,000 in a qualifying Portuguese investment fund (venture capital, private equity, or other regulated fund vehicles)
• Processing time: 12–18 months for initial approval (backlogs have increased since the program changes)
• Path to citizenship: 5 years — among the fastest in Europe. Citizenship grants an EU passport with the right to live and work anywhere in the 27-member European Union
• Family inclusion: Spouse, dependent children, and dependent parents can be included in the same application at no additional investment cost
• Physical presence: Average of 7 days per year (14 days in the first year, 14 days in each subsequent two-year renewal period). This is the lightest presence requirement of any EU golden visa

The shift to fund-based investment has introduced new considerations. Unlike real estate, which you can live in or rent out, investment fund capital is locked for the duration of the visa period (typically five to eight years). Returns are not guaranteed and depend on fund performance. However, several well-established Portuguese fund managers have structured products specifically for golden visa investors, with historical returns in the 3–6% range.

See full Portugal profile and visa details

2. Greece Golden Visa — Tiered Real Estate Investment

Greece's golden visa was once the undisputed bargain of Europe at EUR 250,000. The 2024 tiered pricing has complicated the picture, but the program still offers genuine value — particularly if you are willing to invest outside the major metropolitan areas. Unlike Portugal, Greece still allows direct real estate purchases, which appeals to investors who prefer tangible assets they can use, rent out, or eventually sell.

• Minimum investment: EUR 250,000 for real estate in non-prime areas and selected islands; EUR 800,000 in Athens, Thessaloniki, Mykonos, Santorini, and other high-demand zones
• Processing time: 2–4 months for the residence permit after property acquisition is complete
• Path to citizenship: 7 years of legal residency, plus a Greek language requirement (B1 level). This is longer than Portugal and the language test is a real barrier for many applicants
• Family inclusion: Spouse, children under 21, and parents of both the main applicant and spouse. Greece has one of the broadest family inclusion policies of any golden visa program
• Physical presence: No minimum stay required to maintain the golden visa residence permit. However, citizenship requires physical presence of at least 183 days per year for the final seven years

The strategic play for 2025 is to target the EUR 250,000 tier — attractive regions like Crete, the Peloponnese, or northern mainland Greece where property prices are still reasonable and tourism demand is growing. Islands like Rhodes and Corfu remain in the lower tier and offer strong rental yields during the summer season.

See full Greece profile and visa details

3. Malta MPRP — EU Residency at a Lower Price Point

Malta's Malta Permanent Residence Programme (MPRP) is an increasingly attractive option for investors who want EU residency at a lower capital outlay than Portugal or Greece's prime-area pricing. Malta also offers a separate citizenship-by-investment (MEIN) pathway, but the MPRP is the residency program most comparable to traditional golden visas.

• Minimum investment: EUR 150,000 government contribution (non-refundable) plus either a property purchase (minimum EUR 300,000) or rental (minimum EUR 12,000/year). Total cost including fees typically starts around EUR 150,000 for the rental route
• Processing time: 4–8 months from application to approval
• Path to citizenship: Naturalization possible after living in Malta for a minimum of 12 months (out of 6 years under the MEIN exceptional investor pathway) or through the standard route after 5 years of residency. The MEIN direct citizenship route requires EUR 600,000+ and a 12–36 month residency period
• Family inclusion: Spouse, children, parents, and grandparents — one of the most generous family inclusion policies available
• Physical presence: No minimum stay required for the MPRP residence card, though you cannot be absent for more than two consecutive years

Malta's main advantages are English as an official language, a favorable tax regime for non-domiciled residents (no tax on foreign income not remitted to Malta), and its position as an EU member state with Schengen Area access. The downside is its small size — Malta is genuinely tiny, and not everyone finds island living appealing long-term.

See full Malta profile and visa details

4. UAE Golden Visa — Tax-Free Residency

The UAE's golden visa has become one of the fastest-growing residency-by-investment programs in the world, driven by Dubai's booming real estate market and the UAE's zero personal income tax policy. While the UAE does not offer a path to citizenship through investment, the 10-year renewable visa provides long-term stability and access to one of the world's most business-friendly environments.

• Minimum investment: AED 2 million (approximately USD 545,000) in real estate. Alternative pathways include establishing a business with AED 2 million in capital, or a deposit of AED 2 million in an approved UAE bank
• Processing time: 2–4 weeks — by far the fastest of any major program
• Path to citizenship: No standard pathway. UAE citizenship is exceptionally rare and not reliably available through investment or long-term residency
• Family inclusion: Spouse and children included. Domestic staff can also be sponsored
• Physical presence: Must visit the UAE at least once every 180 days to maintain the visa. No minimum consecutive stay required

The UAE golden visa is best suited for high-net-worth individuals who prioritize tax optimization and do not need a path to citizenship. The zero-tax environment, combined with Dubai's infrastructure, connectivity (direct flights to virtually everywhere), and year-round sunshine, makes it a compelling base for entrepreneurs, remote executives, and investors. The main drawbacks are the high cost of living in Dubai, summer heat that makes outdoor activity genuinely unpleasant for six months of the year, and the lack of a citizenship pathway.

See full UAE profile and visa details

5. Spain Golden Visa — CLOSED

Spain's golden visa program was officially terminated in 2024. The program previously required a minimum real estate investment of EUR 500,000 and granted residency with a path to citizenship after 10 years. At its peak, Spain issued thousands of golden visas annually, with Chinese nationals comprising the largest applicant group, followed by Russian, Iranian, and Middle Eastern investors.

The shutdown was driven by growing political pressure over housing affordability. Economists and housing advocates argued that golden visa-driven investment inflated property prices in already-expensive cities like Barcelona, Madrid, and Malaga, pricing out local residents. Prime Minister Pedro Sánchez framed the decision as a choice between “speculation and the right to housing.”

If you want to live in Spain, alternatives remain:

• The Non-Lucrative Visa allows residency with proof of financial means (approximately EUR 2,400/month) but does not permit employment in Spain
• The Digital Nomad Visa (Ley de Startups) allows remote workers employed by non-Spanish companies to reside in Spain with income requirements of approximately EUR 3,300/month
• The Entrepreneur Visa is available for business founders establishing innovative ventures in Spain

See full Spain profile and visa details

6. Hungary Guest Investor Visa — The Comeback

Hungary raised eyebrows in 2024 by relaunching its residency-by-investment program after suspending a previous residency bond scheme in 2017 amid EU criticism. The new Guest Investor Visa offers three investment pathways, each leading to a 10-year residence permit with the possibility of permanent residency and eventual citizenship.

• Minimum investment: EUR 250,000 in a Hungarian real estate fund (managed by a licensed fund manager); alternatively EUR 500,000 in residential real estate or a EUR 1 million donation to a higher education institution
• Processing time: Approximately 2–3 months — faster than most EU golden visa programs
• Path to citizenship: 8 years of continuous residency and a Hungarian language proficiency requirement. The language test is notoriously difficult for non-native speakers
• Family inclusion: Spouse and minor children included
• Physical presence: Relatively light requirements for the initial 10-year permit, but continuous residency needed for citizenship

Hungary's main advantage is its position as an EU and Schengen member state with investment thresholds lower than Portugal or Greece's prime areas. The flat 15% personal income tax rate and 9% corporate tax rate (the lowest in the EU) also attract business-minded investors. The program is still new in its relaunched form, so track records and processing experiences are limited. The Hungarian language requirement for citizenship is a significant barrier.

See full Hungary profile and visa details

7. Turkey Citizenship by Investment — Fastest to a Passport

Turkey occupies a unique space in the residency-by-investment market because it offers direct citizenship — not just residency — through real estate investment. For investors who prioritize speed and a second passport over EU membership, Turkey is one of the most compelling options in 2025.

• Minimum investment: USD 400,000 in Turkish real estate (held for a minimum of 3 years). Alternative routes include a USD 500,000 bank deposit or USD 500,000 in government bonds
• Processing time: 3–6 months from application to citizenship — one of the fastest in the world
• Path to citizenship: Direct. Turkish citizenship is granted as part of the investment program, not as a separate naturalization process years down the line
• Family inclusion: Spouse and children under 18 included in the citizenship application
• Physical presence: No minimum residency required. You can obtain citizenship without ever living in Turkey

A Turkish passport provides visa-free or visa-on-arrival access to over 110 countries and territories, including Japan, South Korea, Singapore, and most of South America and Southeast Asia. Turkey is also eligible for the US E-2 Treaty Investor Visa, making Turkish citizenship a popular stepping stone for investors seeking long-term access to the United States. However, Turkey is not an EU member, so the passport does not grant EU rights. The Turkish lira has also been volatile, which creates both risk and opportunity for real estate investors.

See full Turkey profile and visa details

8. Caribbean CBI Programs — Donation-Based Citizenship

The Caribbean citizenship-by-investment programs remain the fastest and most affordable route to a second passport. Five nations offer CBI programs: Antigua and Barbuda, Dominica, Grenada, St. Kitts and Nevis, and St. Lucia. All operate on a similar model: a non-refundable donation to a national fund or a real estate purchase in exchange for citizenship.

• Minimum investment: USD 100,000 donation (Dominica and St. Lucia) to USD 200,000 donation (Antigua, St. Kitts). Real estate options start around USD 200,000–400,000 with a minimum holding period
• Processing time: 3–6 months for most programs, with some offering accelerated processing for an additional fee
• Path to citizenship: Direct. Citizenship is the product, not residency
• Family inclusion: Spouse, children, parents, and in some cases siblings and grandparents. Pricing increases with family size
• Physical presence: Generally none, though Antigua requires 5 days of physical presence within the first 5 years

Caribbean CBI programs are under increasing international scrutiny. The EU has flagged concerns about due diligence standards, and the programs have faced periodic restrictions from international partners. In 2024, the five CBI nations agreed to a minimum pricing floor and enhanced vetting procedures. Grenada's program is particularly popular because its citizenship qualifies holders for the US E-2 Treaty Investor Visa — the same advantage Turkey offers.

9. Panama Qualified Investor Visa

Panama's investor visa program is less well-known than its famous Friendly Nations Visa, but it offers a straightforward path to permanent residency through investment. Panama's use of the US dollar, its stable banking sector, and its territorial tax system (no tax on foreign-sourced income) make it a compelling choice for investors from the Americas.

• Minimum investment: USD 300,000 in Panamanian real estate or a USD 500,000 time deposit in a Panamanian bank. A newer Economic Investor Visa requires USD 300,000 invested in a local business generating employment
• Processing time: 3–6 months for permanent residency
• Path to citizenship: 5 years of permanent residency. Panama's citizenship process is relatively straightforward with a basic Spanish language requirement
• Family inclusion: Spouse and dependent children. Parents can be added through separate dependent visa applications
• Physical presence: Must visit Panama at least once every 2 years to maintain permanent residency. No minimum consecutive stay required

Panama's territorial tax system is the key differentiator. Income earned outside Panama is not taxed, regardless of where it is remitted. For investors with global income streams, this creates a genuinely favorable tax environment without the complexity of structuring through the UAE or Malta. The trade-off is that Panama's passport, while useful, does not offer the same travel freedom as an EU passport.

See full Panama profile and visa details

10. Thailand Elite Visa — Long-Term Access, No Citizenship

Thailand's Elite Visa program is not a golden visa in the traditional investment sense — it is a membership program that grants long-term residency in exchange for a flat fee. There is no property purchase, no fund investment, and no business requirement. You pay a membership fee and receive a renewable long-stay visa with VIP perks.

• Minimum investment: THB 600,000 (approximately USD 16,500) for a 5-year membership, up to THB 2,140,000 (approximately USD 60,000) for a 20-year “Elite Ultimate Privilege” package
• Processing time: 1–3 months
• Path to citizenship: None. Thailand does not offer a realistic path to citizenship through the Elite Visa or any investment program. Thai citizenship through naturalization requires 5+ years of permanent residency, which is itself extremely difficult to obtain
• Family inclusion: Separate memberships required for each family member. No family pricing for most tiers
• Physical presence: No minimum stay required. Members can come and go freely for the duration of their membership

Thailand Elite makes the list because of its remarkably low price point compared to traditional golden visas. At USD 16,500 for five years of hassle-free residency in a country with an ultra-low cost of living, it represents an entirely different value proposition. The lack of a citizenship pathway means it is best suited for people who want a comfortable long-term base in Southeast Asia without committing to permanent immigration.

See full Thailand profile and visa details

Golden Visa Alternatives: Residency Without the Price Tag

Golden visas are designed for investors with significant capital. But what if you want the same outcome — legal residency in a desirable country, a path to permanent residency or citizenship, and the freedom to live abroad long-term — without investing hundreds of thousands of dollars? Several visa categories achieve exactly that.

D7 and Passive Income Visas

Portugal's D7 Passive Income Visa is the poster child for this category. It requires just EUR 760 per month in stable passive income — pensions, dividends, rental income, or investment returns. It leads to permanent residency and EU citizenship in five years, just like the golden visa, but with no capital investment requirement at all. The catch is that the D7 has stricter physical presence requirements: you need to spend at least 183 days per year in Portugal, compared to just 7 days for the golden visa.

Similar programs exist in Spain (Non-Lucrative Visa, approximately EUR 2,400/month), France (Long-Stay Visitor Visa), Italy (Elective Residency Visa), and Costa Rica (Rentista Visa, USD 2,500/month). All grant residency to people who can demonstrate stable income without needing to work locally.

FIRE Visas and Digital Nomad Visas

The FIRE (Financial Independence, Retire Early) movement has intersected with global immigration in interesting ways. Several countries now offer visas that effectively cater to the FIRE demographic — people with investment income or remote work income who want to live abroad at a lower cost.

• Portugal D8 Digital Nomad Visa: EUR 3,400/month income from remote work. Same path to EU citizenship as the golden visa
• Spain Digital Nomad Visa: EUR 3,300/month remote income. Favorable 24% flat tax rate under the Beckham Law
• Greece Digital Nomad Visa: EUR 3,500/month income. 50% tax reduction for the first seven years
• Colombia Digital Nomad Visa: Approximately USD 780/month — one of the lowest thresholds globally
• Georgia: No visa needed for up to one year for citizens of 95 countries. Combined with a 1% small business tax, Georgia may be the world's best FIRE base

Retirement Visas

If you are over 50 and receive pension income, retirement visas achieve golden visa results at a fraction of the cost:

• Panama Pensionado: USD 1,000/month pension income grants permanent residency with unmatched retiree discounts
• Ecuador Jubilado: USD 1,275/month pension income. Citizenship in 3 years in a dollar-denominated economy
• Thailand Retirement Visa: USD 1,800/month income or USD 22,000 in a Thai bank account for ages 50+
• Malaysia MM2H: A more demanding program requiring approximately MYR 40,000/month offshore income, but it grants a 5-year renewable visa in one of Asia's most livable countries

The bottom line: if you have the income but not the investment capital, passive income and retirement visas will get you to the same destination as a golden visa — sometimes faster and with fewer complications. The key difference is physical presence: golden visas let you hold residency with minimal time in-country, while income-based visas generally require you to actually live there. For more detail on the easiest visa options, see our complete guide to the easiest countries to get a visa.

Portugal Fund vs Greece Real Estate vs Malta MPRP: Head-to-Head

The three leading EU golden visa programs have fundamentally different structures. Portugal requires fund investment, Greece allows direct real estate ownership, and Malta combines a government contribution with property. Here is how they compare on the metrics that matter most to investors.

Now comparing Portugal against Malta for investors prioritizing EU access at a lower capital outlay:

The verdict: Portugal remains the strongest overall golden visa for investors who prioritize the fastest path to the most powerful EU passport with minimal physical presence. Greece wins for investors who want direct real estate ownership at a potentially lower entry price and faster processing. Malta offers the lowest capital outlay for EU residency and has the strongest tax advantages for non-domiciled residents, but the small island lifestyle is not for everyone. Your choice depends on whether you prioritize citizenship speed (Portugal), tangible assets (Greece), or capital efficiency (Malta).

How to Choose the Right Golden Visa Program

With so many options, the decision can feel overwhelming. Use these questions to narrow your search:

• Is EU access your primary goal? If yes, focus on Portugal, Greece, Malta, or Hungary. These are the only remaining EU golden visa programs, and each grants Schengen travel rights and eventual access to EU citizenship. Portugal offers the fastest path to the strongest passport.
• Do you want a tangible asset? If you prefer owning property you can visit, rent out, or sell, Greece and Panama are your best options. Portugal's fund-only requirement locks your capital into a less liquid investment.
• Is tax optimization the priority? The UAE (zero income tax), Malta (non-dom regime), and Panama (territorial taxation) offer the most favorable tax environments. Each has different implications depending on your tax residency and the source of your income.
• Do you need a passport quickly? Turkey (3–6 months) and the Caribbean CBI programs (3–6 months) grant citizenship outright. Every other program requires years of residency before citizenship is available.
• What is your budget? Thailand Elite starts at USD 16,500. Caribbean donations start at USD 100,000. EU golden visas start at approximately EUR 150,000 (Malta) and go up from there. Match your investment capacity to the right program before engaging lawyers and consultants.
• How important is physical presence flexibility? Portugal (7 days/year) and Greece (no minimum for residency) offer the most flexibility. The UAE requires a visit every 180 days. Passive income visas like Portugal's D7 require 183 days/year. If you cannot commit to living in the country, the golden visa premium is worth paying.

Common Mistakes to Avoid

Having tracked golden visa applicants across dozens of countries, here are the most expensive and common mistakes we see:

• Acting on outdated information. Programs change constantly. Spain's closure, Portugal's real estate removal, and Greece's price hikes all caught applicants off guard. Always verify current requirements directly with immigration authorities or a licensed attorney before committing capital.
• Ignoring the total cost. The headline minimum investment is never the full cost. Budget for legal fees (EUR 5,000–25,000), government application fees (EUR 5,000–15,000), property transfer taxes (where applicable), fund management fees, travel costs for biometrics appointments, and document translation and apostille costs. Total costs typically run 10–20% above the minimum investment amount.
• Choosing the wrong asset class. Buying a vacation apartment in Athens is not the same as investing in a Portuguese venture capital fund. Each has different liquidity profiles, return characteristics, and risk factors. Get independent financial advice — not just advice from the fund or developer trying to sell you the product.
• Underestimating the citizenship timeline. A golden visa gives you residency, not citizenship. The gap between getting your residence card and holding a passport is 5–10 years, and many programs require language proficiency tests for naturalization. Plan accordingly.
• Neglecting tax implications. Becoming a tax resident of a new country can trigger significant tax obligations. Some countries tax worldwide income. Others have favorable non-domicile or territorial regimes. Consult a cross-border tax advisor before you invest.

The Bottom Line

The golden visa market in 2025 is smaller, more expensive, and more regulated than it was even two years ago. Spain is gone. Portugal has shifted from real estate to funds. Greece has priced out budget investors in its most popular locations. International pressure has tightened Caribbean CBI programs. And across the board, due diligence requirements have intensified.

But for investors with the capital and the long-term perspective, residency-by-investment programs still offer something extraordinary: the ability to establish legal residency — and eventually citizenship — in countries with strong passports, favorable tax regimes, high quality of life, and geographic diversification. Whether you choose the EU route through Portugal, Greece, or Malta, the tax-free lifestyle of the UAE, or the rapid citizenship of Turkey and the Caribbean, the key is matching the program to your goals, your budget, and your willingness to spend time in the country.

And if the price tags above are beyond your reach, do not overlook the alternatives. Portugal's D7 visa, Colombia's digital nomad visa, Panama's Pensionado, and Thailand's retirement visa all deliver long-term residency in desirable countries for a fraction of the golden visa cost. The right program for you is not necessarily the most expensive one — it is the one that aligns with your income, your timeline, and the life you want to build.

Not sure where to start? Use our personalized matching tool to get country recommendations based on your investment capacity, income, and priorities, or compare countries side-by-side to see exactly how golden visa programs stack up.