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Most golden-visa marketing pages hide the economics. This calculator shows the year-by-year compound growth of your qualifying investment, subtracts management fees, and projects both gross and net returns across a 3–15 year hold period. Covers every capital-recoverable route in our 30-programme registry — not just Portugal funds.
Quick answer
The WhereNext Golden Visa ROI Calculator projects year-by-year compound growth for every capital-recoverable RBI investment route — Portugal €500K CMVM-licensed funds, Hungary €250K real-estate fund, Greek property (€800K prime / €400K rest), Italian government bonds (€2M), Latvian bank deposits (€280K), Maltese MPRP property + government contribution split. Inputs: programme + route + expected yield + management fee + hold period (3–15 years). Output: year-by-year gross return, net return after fees, total drawdown if non-yielding, and break-even point vs the visa's residency-or-citizenship payoff. Critical for the rational investor question: "is this an investment with a visa attached, or a visa with capital lock-up?".
Key facts
From €0 to €200K minimum investment. Green bars include Schengen access AND an EU citizenship pathway; amber bars have one of the two; grey bars have neither.
Verified · WhereNext Golden Visa Index
| # | Programme | Min. investment | Pathway | Schengen | Cit. yrs |
|---|---|---|---|---|---|
| 1 | 🇦🇺 Australia NIV | €0 (~$0) | Residency only | No | 4 yr |
| 2 | 🇲🇺 Mauritius Residence | €46K (~$50K) | Residency only | No | 7 yr |
| 3 | 🇱🇻 Latvia Golden Visa | €60K (~$65K) | EU citizenship | Yes | 10 yr |
| 4 | 🇸🇹 São Tomé CBI | €83K (~$90K) | Residency only | No | — |
| 5 | 🇳🇷 Nauru CBI | €97K (~$105K) | Residency only | No | — |
| 6 | 🇲🇹 Malta MPRP | €114K (~$123K) | EU citizenship | Yes | 5 yr |
| 7 | 🇻🇺 Vanuatu CBI | €120K (~$130K) | Residency only | No | — |
| 8 | 🇩🇲 Dominica CBI | €184K (~$199K) | Residency only | No | — |
| 9 | 🇬🇩 Grenada CBI | €184K (~$199K) | Residency only | Yes | — |
| 10 | 🇦🇬 Antigua CBI | €184K (~$199K) | Residency only | Yes | — |
| 11 | 🇵🇹 Portugal Golden Visa | €200K (~$216K) | EU citizenship | Yes | 10 yr |
| 12 | 🇲🇰 N. Macedonia CBI | €200K (~$216K) | Residency only | Yes | — |
Published post-2024 net returns on CMVM-licensed Portuguese investment funds eligible for the Golden Visa have ranged from negative territory to approximately 8% annualised. The most common well-established managers target 3–6% net annual return. Private equity and growth funds aim higher but with more variable outcomes. Donation routes (the €200K cultural donation, Caribbean CBI contributions) return 0% by definition — they’re non-refundable donations, not investments.
Fund prospectuses typically advertise gross or target-return figures; investor marketing rarely foregrounds the 1.5–3% annual management fee. A fund quoted at 5% gross with a 2% management fee returns 3% net to the unit-holder — over a 7-year hold, that’s the difference between €208K and €115K in compound growth on a €500K investment. Always model both.
No — it assumes EUR-denominated returns. For UAE (AED), USA (USD), UK, and Turkey programmes, currency fluctuation against your home currency can be material. Swiss-lump-sum programmes in CHF have historically appreciated against most non-CHF home currencies (a tailwind). Turkish Lira-based programmes have historically depreciated sharply (a headwind). Add at minimum ±10% to your projected net for currency tolerance when comparing across currencies.
There is no objectively “best” programme — it depends on your yield expectations and risk tolerance. Portugal fund route (€500K) and Hungary fund route (€250K) both offer multi-year-track-record managers in the 3–6% net range. Italian bond route (€2M) offers capital-preservation with ~3.5% yield. Greek real-estate route offers tangible asset exposure with 4–7% gross rental yield (before the 2025 STR ban narrowed income). Model each in the calculator with your own assumptions.