Golden Visa Countries Compared 2025
Residency and Citizenship by Investment
Which programs are still open, what they actually cost, and the difference between buying residency and buying a passport — the two are not the same thing, and mixing them up is an expensive mistake.
Golden visa is a term that gets used loosely to describe two different things: residency by investment (you get the right to live there) and citizenship by investment (you get a passport). The two have completely different price points, timelines, and long-term implications. A program like Portugal's golden visa gives you residency and, after five years, a possible path to a passport. A Caribbean CBI program skips residency entirely and goes straight to citizenship, often in under six months.
This guide covers both categories, with specific numbers and realistic timelines for each. Programs change frequently — Portugal has already closed its property investment route, Greece has raised thresholds multiple times, and several Caribbean programs have increased minimum investment amounts in the last two years. The figures here reflect the position in 2025, but treat them as a baseline rather than final authority.
Immigration and investment programs are subject to change at any time. Figures and eligibility rules listed here reflect the best available information as of 2025. Consult a licensed immigration lawyer before making any investment decision.
🗂️ Residency by investment vs citizenship by investment
These two categories look similar from the outside, but they work very differently.
Residency by investment (RBI) gives you the legal right to live in a country — nothing more. You are not a citizen. You travel on your original passport. You may or may not have a path to citizenship eventually, depending on the country's naturalization rules and how long you actually reside there. Portugal, Greece, and UAE all fall into this category.
Citizenship by investment (CBI) gives you a second passport directly, without years of prior residency. You typically do not need to live in the country at all. St Kitts, Dominica, Vanuatu, and Turkey are examples. The appeal is obvious: a stronger passport, visa-free access to more countries, and in some cases a genuine second home base.
The programs are rarely interchangeable. Someone wanting to retire in Europe on a renewable visa needs an RBI program. Someone who travels frequently and wants hassle-free access to more countries without relocation may need a CBI program. The right choice depends entirely on what problem you are trying to solve.
| Country | Type | Min. Investment | Residency | Citizenship Path | EU/Schengen |
|---|---|---|---|---|---|
| 🇵🇹 Portugal | RBI | €500,000 fund | Renewable | 5 years + naturalisation | EU passport |
| 🇬🇷 Greece | RBI | €250k–€800k property | Renewable | 7 years + naturalisation | EU passport |
| 🇦🇪 UAE | RBI | AED 2M property (~$545k) | 10-year visa | No path | Non-EU |
| 🇲🇹 Malta | CBI | €600,000 contribution | 12-month residency first | Direct (3 years residency) | EU passport |
| 🇹🇷 Turkey | CBI | $400,000 property | Included | ~4 months total | Non-EU |
| 🇰🇳 St Kitts | CBI | $250,000 donation | Not required | Direct (~4–6 months) | Non-EU |
| 🇩🇲 Dominica | CBI | $100,000 donation | Not required | Direct (~3–6 months) | Non-EU |
| 🇻🇺 Vanuatu | CBI | $130,000 donation | Not required | Direct (~30–60 days) | Non-EU |
🇪🇺 European residency programs
The appeal of European RBI programs is the end goal: an EU passport. The trade-off is time. Neither Portugal nor Greece will hand you citizenship quickly. Both require years of actual or constructive residency, language skills, and going through a standard naturalisation process. The investment buys you the right to be there — it does not accelerate the citizenship clock beyond what the law already allows.
Portugal — Golden Residence Permit
Europe's most popular investor residency program, now fund-only after property investments were closed in 2023
Portugal's golden visa was one of the most sought-after in Europe for a decade, largely because it combined EU residency with a very low physical presence requirement — just seven days per year. The direct property investment route was closed in October 2023, which removed the most popular option (buying residential real estate in Lisbon or Porto).
What remains is investment in qualifying venture capital or private equity funds (minimum €500,000), capital transfers (€1.5 million), or creating ten permanent jobs. The fund route is by far the most common path now.
The residency permit is valid for two years, renewable. After five years of holding the permit, you can apply for permanent residency or citizenship — provided you can demonstrate A2 level Portuguese and have a clean record. You do not need to have lived in Portugal full time; the minimum stay requirement of seven days per year is enough to keep the permit active.
- Property investment: closed since October 2023 (no residential or commercial property)
- Fund investment: €500,000 minimum, into a qualifying Portuguese-registered fund
- Physical presence: 7 days per year minimum
- Citizenship eligibility: after 5 years, pass A2 Portuguese, clean criminal record
- Processing time: currently 12–24 months due to government backlogs
- Includes spouse and dependent children in the same application
Greece — Golden Visa Program
Property-based residency with no minimum stay requirement and a straightforward annual renewal process
Greece's golden visa has gone through multiple rounds of threshold increases as the government tried to cool demand in Athens and Thessaloniki. As of 2024, the minimum investment varies by location: €800,000 for properties in Attica (including Athens), Thessaloniki, Mykonos, Santorini, and islands with a population over 3,100. For everywhere else in Greece, the threshold is €400,000. A lower €250,000 threshold remains for commercial property converted to residential use.
Unlike Portugal, Greece requires zero physical presence to maintain residency. The permit is renewable every five years as long as you still hold the qualifying investment. This makes it particularly appealing as a backup plan rather than a primary residence — you can hold it without committing to actually living there.
- Athens, Thessaloniki, Mykonos, Santorini: €800,000 minimum property
- Rest of Greece: €400,000 minimum property
- Commercial-to-residential conversion: €250,000 minimum
- Physical presence: none required to maintain residency
- Citizenship: eligible after 7 years of residency + B1 Greek language
- Processing time: approximately 3–6 months from application
🇦🇪 UAE Golden Visa
The UAE's golden visa sits in its own category. It is not a path to citizenship — the UAE does not offer naturalisation through investment under any standard program. What it gives you is a 10-year renewable residency visa, which is genuinely useful if you want to live and work in Dubai or Abu Dhabi without needing employer sponsorship.
UAE — 10-Year Golden Visa
Long-term residency with no corporate sponsor required, valid for 10 years and renewable on continued investment
The standard property-based route requires purchasing real estate in the UAE worth at least AED 2,000,000 (approximately $545,000 at current rates). The property must be fully paid — off-plan purchases under construction typically do not qualify unless the paid portion already meets the threshold. The visa is issued for 10 years and can include your spouse and children.
Non-property routes also exist: investing AED 2M in a UAE public fund, owning or partnering in a business with a capital of AED 2M, or being invited under special categories (exceptional talent, outstanding students, scientists, and humanitarian workers).
The combination of the golden visa, the UAE's zero income tax environment, and Dubai's infrastructure makes this one of the more practical residency options for remote workers and business owners. The absence of any citizenship path is the major limitation for those prioritising passport quality.
- Property route: AED 2,000,000 minimum, fully paid, freehold areas only
- Investment route: AED 2,000,000 in a qualifying UAE fund
- Income tax: 0% on personal income
- No employer sponsorship required
- Includes spouse and dependent children
- Processing time: 2–4 weeks once property is registered
🇲🇹 Malta — Citizenship by Naturalisation for Exceptional Services
Malta is the only EU member state with a legal, operational citizenship by investment program. This is significant because a Malta passport gives full EU citizenship rights — including the right to live and work anywhere in the EU. The program is called the Maltese Citizenship by Naturalisation for Exceptional Services by Direct Investment, and it is not cheap.
Malta — EU Citizenship by Investment
The only legal EU passport-by-investment program — full EU citizenship rights, but total cost exceeds €1 million for most applicants
The structure is in three parts. First, a non-refundable government contribution of either €600,000 (if you hold residency for three years first) or €750,000 (if you apply after one year of residency). Second, a €10,000 donation to a registered Maltese NGO. Third, a real estate commitment — either purchasing property worth at least €700,000 or renting at €16,000 per year for at least five years.
When you add professional fees, due diligence costs, and the property requirement, the realistic total for a single applicant is typically €1.2 to €1.5 million for the three-year track. For a family of four, expect more.
- Government contribution: €600,000 (3-year track) or €750,000 (1-year track)
- NGO donation: €10,000
- Property: buy €700k+ or rent €16k/year for 5 years
- Genuine residency: must establish real ties to Malta during residency period
- Clean criminal record required, extensive due diligence
- Annual cap: Malta issues a maximum of 400 citizenships per year under this program
🇹🇷 Turkey — Citizenship by Investment
Turkey's program is notable for combining a reasonably accessible investment threshold with a fast timeline. It is not an EU passport, but the Turkish passport offers visa-free access to over 110 countries and is useful as a bridge document for applicants whose current passport has limited travel access.
Turkey — Citizenship by Real Estate Investment
Fast citizenship timeline with a property-based route — popular as a travel document upgrade for applicants from restricted-passport countries
The minimum investment is $400,000 in Turkish real estate, held for at least three years. There is no requirement to live in Turkey before or after citizenship is granted. The process typically takes three to five months from submitting the application: the property purchase, a temporary residence permit, and then the citizenship application itself can all run in parallel.
Turkey also offers alternative routes: depositing $500,000 in a Turkish bank for three years, investing $500,000 in government bonds, or creating 50 jobs for Turkish citizens.
Turkish real estate prices in major cities like Istanbul have risen sharply since 2021. Buyers need to be careful about accurate valuations — the $400,000 minimum is based on the officially assessed value, not just any asking price. A licensed real estate appraiser approved by the Capital Markets Board must issue the valuation report.
- Property route: $400,000 minimum, held 3 years, official valuation required
- Bank deposit: $500,000 for 3 years
- Dual citizenship: Turkey permits it — you do not need to renounce your original nationality
- No physical presence required before or after citizenship
- Visa-free or visa-on-arrival access to 110+ countries on Turkish passport
🏝️ Caribbean citizenship by investment programs
The Caribbean programs are the entry point of the CBI market. Several small island nations have built their economies in part around selling passports, and the programs are well-established and legally sound. The passports themselves offer visa-free access to the EU, UK, and a wide range of countries that typically restrict travel from developing-world passports.
The key distinction from European programs: you are not buying residency. You are buying citizenship directly, with no obligation to ever visit the country, let alone live there. For someone who wants a second passport purely for travel flexibility and has no interest in relocating, this is the most direct route.
St Kitts & Nevis
The world's oldest CBI program — running since 1984, widely recognised, and consistently due-diligence heavy
St Kitts has the oldest and arguably most respected CBI program in the world. The donation route starts at $250,000 to the Sustainable Growth Fund. The real estate route starts at $400,000 for approved properties with a five-year holding period.
The St Kitts passport gives visa-free or visa-on-arrival access to the EU Schengen zone, the UK, Singapore, and around 157 destinations total. The due diligence process is thorough — St Kitts has been stricter about scrutiny since the EU threatened to add it to visa requirement lists in 2018, and that reputation for rigour is part of why the passport is well-regarded.
- Donation: $250,000 to the Sustainable Growth Fund
- Real estate: $400,000 in approved development, held 5 years
- Processing: 4–6 months for the standard track
- No visit required; extensive background checks are standard
- Dual citizenship permitted
Dominica
The most affordable CBI program among the established Caribbean options — lower minimum, comparable passport access
Dominica's single applicant donation starts at $100,000 to the government Economic Diversification Fund. For a family of four, the total increases — $200,000 covers a couple with two children. The real estate route starts at $200,000 for approved properties, held for five years.
The Dominica passport covers 145 destinations visa-free including the EU Schengen zone and the UK. It is consistently ranked among the top three Caribbean CBI programs for value at its price point.
- Single applicant donation: $100,000
- Family of 4 donation: $200,000 (approximate)
- Real estate: $200,000 in approved development, held 5 years
- Dual citizenship permitted
- Processing: 3–6 months
Vanuatu
The world's fastest citizenship program — approval in as little as 30 days, no residency requirement, and a competitive price for solo applicants
Vanuatu's Development Support Program is the fastest government-backed citizenship program in the world. The single applicant contribution is $130,000 for a donation-based route, and citizenship can be approved in 30 to 60 days. There is no residency requirement and no visit to Vanuatu required at any point.
The trade-off is passport strength. Vanuatu offers visa-free access to 96 destinations, including the EU and UK, but it is meaningfully weaker than the Caribbean programs. The EU has flagged Vanuatu's program in the past and has reduced some visa-free access — this is an ongoing risk. Vanuatu is best suited for applicants who specifically want speed above all else or who see it as a stepping stone.
- Single applicant: $130,000 contribution
- Couple: $150,000; family of 4: approximately $180,000
- Timeline: 30–60 days is realistic, sometimes faster
- EU has previously suspended visa-free access temporarily — risk of future restrictions
- No physical presence ever required
- Dual citizenship permitted
🔍 What the brochures leave out
Investment migration agents earn substantial commissions — typically 5 to 15 percent of the total investment. Some are excellent and give genuinely objective advice. Others push the program with the highest commission regardless of fit. Before choosing a program, understand the full cost including professional fees, government due diligence fees, translation costs, and the agent's fee. Get quotes from multiple agents and ask for an itemised cost breakdown.
Tax residency is separate from investment residency. Buying a Portugal golden visa does not make you a Portuguese tax resident — you need to spend 183 days there or establish your primary home there for that. Most golden visa holders are not Portuguese tax residents and pay taxes where they actually live. If tax efficiency is part of your planning, the two questions (where to live and which passport to carry) often have different answers.
Due diligence goes deep. Every serious program conducts background checks on your entire adult life, your source of funds, and your family members included in the application. Applicants with complex financial histories, prior court cases, or business disputes in their background should get legal advice before applying — not after. A rejected application wastes the filing fees and is on your record.
Citizenship programs specifically carry disclosure obligations in many home countries. US citizens are subject to FBAR and FATCA requirements regardless of where they hold citizenship. Other countries may require disclosure of a second citizenship. Germany, for example, generally requires renouncing your original citizenship before naturalising elsewhere (with exceptions) — and conversely, Germans seeking a second passport elsewhere may lose their German citizenship depending on the mechanism. Know your home country's rules before you apply.
📋 Practical steps before you start
- Define the goal clearly — Do you want to retire in a specific country, or do you want a stronger travel document? The answer points to completely different programs.
- Check your home country's dual citizenship rules — Some countries do not permit it, some do, and some have exceptions. This is a hard constraint before anything else.
- Get a full cost estimate in writing — Government fees, professional fees, due diligence, translation, real estate costs if applicable, and ongoing holding costs (property tax, maintenance) if the investment is in real estate.
- Understand the liquidation timeline — Most programs require holding the investment for three to five years. What happens to the investment after that, and can you actually sell it?
- Verify source of funds requirements early — You will need to demonstrate that the investment funds are legally obtained. This means documented financial history. Start collecting this documentation before you engage an agent.
- Use a licensed immigration lawyer, not just an agent — Agents can process the paperwork. A lawyer is who you want if something goes wrong, and who can give binding advice on your specific situation.
This guide is for general educational purposes only. Investment migration programs change frequently — thresholds, structures, and availability can be altered or closed with short notice. Nothing in this guide constitutes legal, tax, or investment advice. Consult qualified professionals before making any decision involving significant capital or immigration status.