💰 Golden Visa Programs: Residency-to-Citizenship via Investment
Residency-by-Investment (RBI) programs grant a residence permit to an investor (and their family) in exchange for a significant financial contribution to the host country's economy. After a qualifying period of legal residency, the holder can apply for naturalization and an EU passport.
Key Status Updates: Program Availability
- Portugal remains one of the most popular options, known for its fast citizenship timeline (5 years) and low stay requirement. Real estate investment is now excluded.
- Spain ended its Golden Visa program on April 3, 2025. New applications are no longer being accepted.
- Bulgaria has emerged as a compelling option due to its lack of a physical presence requirement and a clear path to citizenship.
- Italy offers an Investor Visa that leads to citizenship, but requires a longer period of residence and does not include a real estate investment option.
Comparative Table: Golden Visa Programs
| Country | Status/Type | Minimum Investment | Residency Time to Citizenship | Minimum Stay Requirement | Language Requirement for Citizenship |
|---|---|---|---|---|---|
| 🇵🇹 Portugal | Residence Permit | €250,000 (Culture/Arts donation) or €500,000 (Investment Funds) | 5 years | Very Low: 7 days in year 1, 14 days every 2 years. | A2 Portuguese |
| 🇪🇸 Spain | Program Ended (April 2025) | (€500,000+ in real estate, previously) | 10 years (for Americans) | None to maintain residency, but must reside full-time to naturalize. | A2 Spanish |
| 🇧🇬 Bulgaria | Residence Permit | €512,000 (Approved Funds) | 5 years of Permanent Residency (~6 years total) | None (No physical presence required) | A1 Bulgarian |
| 🇮🇹 Italy | Investor Visa | €250,000 (Innovative Start-up) to €2,000,000 (Government Bonds) | 10 years | None to maintain permit, but must reside full-time to naturalize. | B1 Italian |
Detailed Program Breakdown (Viable Options)
🇵🇹 Portugal Golden Visa (The European Standard)
Portugal's program is highly attractive for investors seeking a path to an EU passport with minimal disruption to their current life.
- Investment Options: Real estate is no longer permitted. The most common routes now are:
- Investment Fund Subscription (€500,000): Investing in Portugal-regulated venture capital or private equity funds that focus on Portuguese companies.
- Cultural/Arts Donation (€250,000): Investing in the recovery or preservation of national cultural heritage (lowers to €200,000 in low-density areas).
- Low Stay Requirement: The unique advantage is the minimum physical stay requirement—only about 7 days per year on average—while still counting the five years toward citizenship.
- Citizenship: After five years of residency, you can apply for citizenship, provided you pass a basic A2-level Portuguese language test.
🇧🇬 Bulgaria Residence by Investment (The "No Stay" Option)
Bulgaria offers the fastest, most straightforward path for those who cannot or do not want to spend time in Europe prior to naturalization.
- Investment: The investment is in shares or bonds of collective investment schemes (funds), typically requiring €512,000.
- Residency: The investment grants you Permanent Residency immediately (within 8 months of application), which is an indefinite status.
- No Physical Presence: Unlike almost every other EU residency program, Bulgaria does not require you to reside in the country to maintain your Permanent Residency status or to apply for citizenship after the five-year qualifying period.
- Citizenship: After five years of holding Permanent Residency, you can apply for naturalization. A basic A1-level Bulgarian language test is required.
🇮🇹 Italy Investor Visa
The Italian "Investor Visa" is more specialized, targeting those who want to contribute to the Italian economy.
- No Real Estate: This program does not qualify for real estate purchases.
- Investment: Investments range from €250,000 in an innovative Italian start-up to €2,000,000 in government bonds.
- Citizenship: The path to citizenship is 10 years. To successfully naturalize after 10 years, you must demonstrate strong ties to the country, which typically requires establishing legal residency and living there for the majority of the time.
⚠️ Note on the Spanish Program
The Spanish Golden Visa is closed to new applicants. For those still interested in Spain, alternative residency routes exist, such as the Non-Lucrative Visa (requiring proof of passive income and full-time residency) or the Digital Nomad Visa (for remote workers), but these are not investment-based and require a commitment to live in Spain.