Europe's golden visas compared: residency, Schengen and citizenship without relocating
Among Europe's main golden visa programmes, Portugal's Donation Golden Visa is the only one that combines residency, Schengen access and a path to citizenship without having to live in the country: 7 days in the first year, then 14 days every two years. At €200,000, it is also Europe's lowest-cost residency route with a path to citizenship.
- €200,000Europe's lowest-cost residency route with a path to citizenship
- 7 daysMinimum stay in year one, then 14 every two years, and the years count towards citizenship
- 5Golden visa and passport programmes closed or struck down in Europe since 2022
Which European programme gives residency, Schengen access and citizenship without relocating?
Portugal’s Golden Visa is the only one of Europe’s main programmes that does all three, and the donation is the most direct way in: the permit gives residency and Schengen access, and its years count towards citizenship on a stay of 7 days in the first year, then 14 days every two years. Elsewhere, citizenship generally requires actually living in the country.
| Programme | Type of contribution | Minimum | Minimum stay | Schengen | Citizenship without relocating |
|---|---|---|---|---|---|
| Portugal, Donation Golden Visa | Donation to a government-approved cultural project | €200,000 | 7 days in year one, then 14 every two years | Yes | Yes: 10 years (7 for CPLP nationals) |
| Portugal, investment fund | Investment: fund units | €500,000 | 7 days in year one, then 14 every two years | Yes | Yes: 10 years (7 for CPLP nationals) |
| Greece | Investment: property | €250,000 to €800,000, by area and type | None | Yes | No: 7 years of residence in Greece |
| Italy | Investment (start-up, company, bonds) or donation | €250,000 start-up; €500,000 company; €1 million donation; €2 million bonds | None stated | Yes | No: 10 years of registered residence in Italy |
| Hungary | Investment: property fund, or donation to a university | €250,000 fund; €1 million donation | None | Yes | No: 8 years of residence in Hungary |
| Malta | Contribution and fees, plus property bought or rented | €99,000 in contribution and fees, plus property from €375,000 or rent from €14,000 a year | None stated | Yes | No: not a citizenship route; naturalisation requires living in Malta |
| Bulgaria | Investment: licensed fund | About €512,000 | None at present | Yes | Currently yes, 5 years after permanent residence; a bill approved by the Government in July 2026 would require six months a year in Bulgaria³ |
| Latvia | Investment: company capital, plus a state payment | €50,000 company and €10,000 payment (property and deposit routes closed September 2026) | No general requirement | Yes | No: 10 years, with residence in Latvia |
| Cyprus | Investment: property, shares or fund units | €300,000 plus VAT | One visit every two years | No | No: years of physical residence, including 12 continuous months |
Programme rules from official sources where available and from local law firms' summaries, October 2026. Amounts exclude government and legal fees. Rules change often: confirm with a lawyer in the country concerned.
Greece and Portugal issued by far the most investor residence permits of the programmes compared: 8,879 and 2,685 to main applicants in 2025. Italy’s programme is smaller and growing, from 128 applications in 2024 to 209 in 2025.¹
Why does living in the country matter for citizenship?
Most European countries count only years actually lived in the country towards naturalisation, so a golden visa holder who keeps their life elsewhere does not build towards a passport. Portugal counts legal residence: the years count while the permit is valid and its stay rule is met, wherever the holder lives.
| Country | What counts towards citizenship |
|---|---|
| Portugal | Legal residence on a valid permit, with the 7 and 14-day stay rule: 10 years (7 for CPLP nationals), from the first residence card |
| Greece | Seven years of lawful, permanent residence in Greece |
| Italy | Ten years of legal residence, registered in Italy and continuous |
| Hungary | Continuous residence in Hungary, proven by an address registration |
| Malta | Twelve months of continuous physical residence before applying, and four of the previous six years |
| Bulgaria | Five years after permanent residence, with no presence rule at present; a bill would change this |
| Latvia | Ten years, with years lived in Latvia required for permanent residence |
| Cyprus | Seven years of residence in the previous ten, including 12 continuous months before applying |
How Portugal’s milestones work is on Stay, residence and citizenship; for American families, see Portugal’s Golden Visa for Americans.
How do the programmes differ in cost and timing?
The programmes ask for different kinds of commitment: a donation, a contribution with fees, or an investment held for a set period. They also differ in how quickly the first permit is issued.
| Programme | What the applicant commits | Typical time to first permit |
|---|---|---|
| Portugal, Donation Golden Visa | A €200,000 donation, made once; nothing held afterwards | 12 to 18 months to the residence card² |
| Portugal, investment fund | €500,000 in fund units, held until the fund’s exit | 12 to 18 months to the residence card² |
| Greece | Property, kept while the permit is held | Reported from 4 to 14 months to the permit |
| Italy | The investment or donation; renewals check it is maintained | About 3 to 4 months to the permit |
| Hungary | Fund units for at least five years, or the donation | Varies widely between sources |
| Malta | €99,000 in contribution and fees; property bought or rented for at least five years; assets of €500,000 (or €650,000 with fewer financial assets); health cover | About 4 to 12 months to approval in principle; a temporary card in about a month |
| Bulgaria | Fund units for at least five years | Not confirmed |
| Latvia | Company investment maintained; €10,000 state payment | Not confirmed |
| Cyprus | Property or other investment maintained; a secured annual income | About 2 to 6 months to the permit |
Malta’s permanent residence comes from the start, and Italy, Cyprus and Malta issue permits faster than Portugal. Portugal’s timing, and why the industry now plans on 12 to 18 months, is explained on AIMA processing times.
Donation or investment: what is the difference?
In Portugal’s route, the donation is a completed gift: it funds a cultural project the Portuguese government has approved by name, and the donor holds nothing afterwards to value, manage or exit. An investment is an asset the holder keeps, with its own market and liquidity conditions, until the programme allows it to be sold.
Both are legitimate ways to qualify, and they suit different people. Within Portugal, the same permit can be obtained through a €500,000 investment fund; the two routes are compared on Donation or investment fund?. To see the cultural projects, go to the projects.
Which programmes have closed?
Five golden visa and passport programmes have closed or been struck down in Europe since 2022. Portugal removed property from its Golden Visa in 2023 and kept the cultural donation and fund routes.
| Programme | Closed |
|---|---|
| United Kingdom, Tier 1 Investor visa | February 2022 |
| Montenegro, citizenship by investment | End of 2022 |
| Ireland, Immigrant Investor Programme | 15 February 2023 |
| Spain, Golden Visa | 3 April 2025 |
| Malta, citizenship by investment | Struck down by the EU Court of Justice, 29 April 2025 |
What changed in Portugal in 2026, and what did not, is on What changed in 2026.
¹ Portugal: AIMA Migration and Asylum Report 2025. Greece: Migration Ministry figures as reported, October 2026. Italy: 128 applications in 2024, 209 in 2025, as reported by IMI Daily.
² Indicative, from filing to residence card. AIMA processing times vary.
³ Bulgaria's route is small and its rules are from secondary sources; the bill was before parliament in October 2026.
Sources: AIMA, investment residence permit · Decreto Regulamentar 84/2007, Art. 65.º-C · Lei Orgânica 1/2026 (Nationality Law) · Residency Malta Agency, MPRP · Prefettura, Italian citizenship by residence · Investor Visa for Italy · Irish Immigration Service · Greek, Hungarian, Cypriot, Bulgarian and Latvian rules as reported by local law firms, September and October 2026.
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Updated 9 October 2026 · Cascais Ventures · Primary sources linked on this page (links checked 9 October 2026)