Why Portugal Now Has the Best Golden Visa Program in Europe (2025 Update)
In the ever-evolving world of Golden Visas, Portugal has firmly secured its position as the leading destination in Europe. While Spain, Greece, Malta, and Italy have historically been strong competitors, recent changes have dramatically shifted the landscape.
Spain: Golden Visa Program Terminated
As of April 3, 2025, Spain officially shut down its Golden Visa program, which previously granted residency to non-EU investors who spent at least €500,000 on real estate.
With Spain exiting the scene, one major player is now out of the picture.
Greece: New Restrictions and Higher Costs
Greece restructured its Golden Visa program as of August 31, 2024. Key changes include:
- Investment Increase: In prime locations like Athens, Thessaloniki, Mykonos, and Santorini, the minimum real estate investment is now €800,000.
- Limited €250,000 Option: A lower investment threshold is possible only under specific conditions — such as restoring heritage properties or converting commercial spaces into residential ones — and only if the project is completed before applying.
- Citizenship Timeline: Investors must wait 7 years before being eligible for citizenship.
These adjustments have made Greece a far less attractive choice for fast-track residency or citizenship seekers.
Italy: Low Investment, Long Wait
Italy offers the lowest minimum investment in Europe at €250,000, typically through startup or innovation funds.
However:
- Real Estate Excluded: Property investments do not qualify.
- Extended Residency Requirement: Investors must reside in Italy for 10 years before applying for citizenship.
While the initial cost is low, the long and rigid pathway dampens its appeal.
Malta: High Costs and Bureaucracy
Malta’s residency-by-investment scheme demands a minimum of around €690,000, with real estate involvement through a complex, indirect process.
Other drawbacks include:
- Lengthy Processing: Applications can take up to 2 years to finalize.
- Higher Expenses: Making it one of the priciest and most bureaucratic programs in Europe.
Portugal: Europe’s Premier Golden Visa Destination
Portugal has emerged as the clear winner, thanks to its investor-friendly structure:
- Flexible Investment: €500,000 in regulated private equity or venture capital funds.
- Minimal Stay Requirement: Just 7 days per year.
- Streamlined Processing: Significant improvements rolled out in 2025.
- Fast-Track Citizenship: Eligibility after just 5 years — one of the shortest paths to an EU passport.
Portugal’s Golden Visa program strikes the perfect balance between flexibility, efficiency, and long-term value for investors.
Final Thoughts
With Spain out, Greece tightening its rules, Malta’s heavy costs, and Italy’s long timeline, Portugal’s Golden Visa now offers the most straightforward and rewarding route to EU residency and citizenship.
Want to explore Portugal Golden Visa-eligible investment funds?
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