Top EU countries where you can get a passport for investing in real estate
Published on 19th of April, 2024
There are several ways to obtain citizenship in European Union countries. These include naturalization, marriage to a citizen, or reclaiming ancestral roots. Additionally, there is the option to obtain a passport through investment in real estate or other sectors (such as investment in research or art). This option is often combined with naturalization.
Initially, temporary resident status is granted (a residence permit in a specific country), followed by permanent resident status. After several years, a person can apply for citizenship. This type of passport acquisition is commonly referred to as a "golden visa."
Each country has its own requirements: in one, you may need to reside for 5 years to obtain citizenship, while in another, it may be 10 years. The duration of required physical presence varies in each country.
For example, a person may buy a mansion in a certain region but only visit for a few weeks a year. In this way, they maintain residency status, but may not obtain citizenship. If citizenship is the goal, some time living in the country and successful integration is typically necessary.
Top EU countries where you can obtain citizenship through investment in real estate
Not every European country offers foreigners the option to obtain a "golden visa." Obtaining citizenship through real estate investment is more common in Caribbean countries, but there are also EU countries with this option.
Note that the conditions for obtaining residency through investment often change. For example, in the fall of 2023, Portugal abolished the option of obtaining residency status through real estate investment and other real estate-related sectors. Therefore, it's important to carefully read the current conditions.
Benefits of the country
First, let's consider which EU countries allow you to apply for a residence permit and subsequent citizenship after investing in real estate and other sectors. We'll describe the main advantages of these countries.
Greece
Greece's "golden visa" is one of the most popular and accessible in Europe. The residence permit in Greece allows free travel and movement within the country. Additionally, there is unrestricted entry to countries within the Schengen Zone.
The temporary residence permit can be available not only to the foreigner but also to their family, including spouse, parents, and children up to 21 years old. The processing time for the procedure is up to 6 months but is often shortened to 3-4 months.
Once granted residency status, the foreigner gains access to the Greek education and healthcare systems. Permanent residency is obtained after 5 years, and citizenship can be applied for after 7 years of residence.
Spain
Spain is also highly popular among investors. The holder of Spain's "golden visa" can freely visit Schengen countries. Residence permits are granted to the investor's entire family: spouse, dependent parents, and children.
The investor and their family have access to healthcare and education. They can also work officially or start their own business.
Cyprus
Cyprus offers favorable conditions for obtaining residency through real estate investment.
Important note! While holding residency in Cyprus, you currently cannot freely travel to Schengen countries. The exception is Bulgaria or Romania. Cyprus is not yet a member of the Schengen Zone, so its residents cannot enter any EU country without restrictions.
However, there are active processes for Cyprus's accession to the Schengen Area, and this possibility may become a reality during 2024.
Permanent residence in Cyprus is not required. You only need to visit the country once in the first year, and then once every two years. Residence permits extend to the spouse and children up to 25 years old who are unmarried and students. Parents were excluded from this list in 2023.
Holders of Cyprus's "golden card" are not allowed to work on the island. However, they and their families have access to the education system (schools and universities) and healthcare. The application process typically takes 3 months.
Malta
Residents of Malta have visa-free access to Schengen countries. They can work, start a business, and access healthcare in Malta. Family members of the investor can also receive education in Malta.
Along with the investor, their spouse, children up to 25 years old, parents, grandparents, siblings can move to the country.
And if a person obtains Maltese citizenship, a multitude of opportunities and ways for further development become available.
Portugal
Foreigners who obtain Portugal's "golden visa" are provided with many opportunities:
- Unrestricted entry to Schengen Zone countries.
- Access to local healthcare and education systems.
- The ability to work or start a business in Portugal.
- There is no requirement to permanently reside in the country. One can stay for just 7 days per year.
- The residence permit extends to the investor's family: spouse, children up to 26 years old who are dependents, dependent parents, as well as siblings up to 26 years old.
After 5 years, the resident becomes eligible to apply for Portuguese citizenship.
Requirements for Obtaining
Now let's talk about the conditions for obtaining residence permits, permanent residency, and citizenship through investment in real estate and other sectors in European Union countries.
Greece
The program has been in operation for over a decade and requires a minimum investment of €250,000. Both commercial and private real estate can be purchased.
An important detail! It is expected that the minimum investment amount will increase in the summer of 2024. It will rise to at least €400,000, making Greece less attractive. In places like Thessaloniki, Attica, Mykonos, and Santorini, the minimum threshold will be €800,000 and higher.
After five years, the residence permit changes to permanent residency, and the individual can sell the previously purchased real estate. Renting out property is also permitted. In addition to real estate purchases, there are other investment options:
- Purchase of a plot of land – minimum €250,000.
- Buying securities and opening a bank deposit – minimum €400,000.
- Ownership of a timeshare for 10 years – minimum €250,000.
- Renting a hotel or other tourist accommodation – minimum €250,000.
The minimum threshold is specified according to old standards. Keep in mind that it will change in the near future.
To invest and obtain a residence permit, one must meet the following requirements:
1. Minimum age of 18 years.
2. No criminal record.
3. Citizenship of a non-EU country.
4. Possession of health insurance for the investor and each family member.
Spain
The minimum investment size is €500,000. However, Spain has recently undergone changes as well.
The country's president intends to abolish the possibility of purchasing real estate from €500,000 and obtaining residency for foreigners. So far, these are only discussions and assumptions, and the law has not officially come into force. Therefore, let's consider the current applicable conditions.
Only individuals with official income outside of Spain can apply for residency. The investor must transfer to a Spanish bank account an amount that exceeds four times the minimum annual salary in Spain. If family members accompany the investor, an additional €7,000 is added for each family member.
Currently, property purchase remains the most advantageous option for investment. But there are also more expensive ways. For example, opening a deposit in a Spanish bank and depositing a minimum of €1,000,000. Or buying shares in Spanish companies or mutual investment funds for the same amount. Another option is purchasing government bonds with a minimum of €2,000,000.
After 5 years of investment, the foreigner obtains permanent residency (PR). And after another 5 years, they become eligible for citizenship. Thus, obtaining Spanish citizenship becomes possible after 10 years.
If you want to obtain PR after obtaining residency, you need to reside in Spain permanently for 5 years (a minimum of 10 months per year).
For those planning to get the "golden visa," it is not necessary to speak Spanish, but this applies only to residency. To obtain citizenship after 10 years, one must pass an exam and demonstrate proficiency in the Spanish language.
Cyprus
The minimum investment amount in real estate in Cyprus is €300,000. The investor becomes a permanent resident and can apply for citizenship after 5 years. After this period, the individual can sell the property and recover their investment.
In addition to residential and commercial real estate, the minimum threshold of €300,000 is set for the purchase of shares in local companies or the acquisition of securities.
For obtaining temporary residency in Cyprus, the foreigner must meet the following requirements:
1. Legal income from other countries not less than €50,000 per year.
2. No criminal record.
3. Age over 18 years.
4. Clean reputation.
5. Medical insurance.
Malta
The country of Malta offers three investment programs for foreigners, with the minimum contribution amount and conditions depending on the chosen category.
- Malta Global Residence Programme: This is the main visa for foreigners, which has been in effect since 2013. It is envisaged that the foreigner becomes a tax resident. A minimum investment of €220,000 is required for the purchase of real estate and a minimum of €9,600 for rent. The exact cost depends on the chosen region of Malta. A minimum tax of €15,000 must be paid annually.
- Malta Remanent Residence Programme: A program for obtaining PR. To do this, one must rent (at least €10,000 per year) or buy real estate (at least €300,000), pay government fees, and make donations. A foreigner who has participated in this program can switch to the Malta Global Residence Programme and become a tax resident.
- Malta Citizenship: This is obtaining Maltese citizenship for exceptional services in direct investments. The minimum investment amount is €600,000, provided that the individual resides for at least 36 months. Additionally, mandatory property purchase of €700,000 is required. Initially, a residence permit is issued, and after one or three years, the person can apply for Maltese citizenship.
The requirements for investors are not significantly different from other countries, but some criteria are stricter:
1. Age over 18 years.
2. Confirmation of legal income.
3. Medical insurance.
4. No criminal record and no sanctions.
5. No visa rejections from countries with visa-free regimes with Malta.
6. Ownership of assets worth €500,000 or more.
Portugal
As we have already discussed, in 2023, Portugal terminated support for the residency program for those who invested in real estate. However, foreigners still have the opportunity to invest and become residents of Portugal, only in other areas.
For example, one can invest a minimum of €500,000 in research and development and various investment funds. Alternatively, there is an option to invest €200,000-250,000 in culture and arts.
The requirements for investors are standard:
1. Age over 18 years.
2. Legal income from outside Portugal with the ability to confirm it.
3. Medical insurance.
After living in Portugal for 5 years with residency status, an individual is eligible to apply for permanent residency. To achieve this, it is sufficient to stay in Portugal for just 7 days per year.
After 5 years, one can also obtain Portuguese citizenship, but it is mandatory to know the Portuguese language (at least level A2) and successfully integrate into Portuguese society.
These are the conditions for obtaining residency and subsequent citizenship offered by five European Union countries: Greece, Spain, Cyprus, Malta, and Portugal. As we can see, investments make it possible to easily obtain PR and even permanent residency. However, if citizenship of a particular country is needed, integration is inevitable, even if the required sum of money has been invested.