Golden Visas allow for foreigners to obtain a residency permit for a country by purchasing a house there or making a large investment or donation. Golden Passports also allow foreigners to gain citizenship to a country by investment, but are not the same thing. Applicants must be over the age of 18 with a clean criminal record and prove they have the funds to make such an investment. Foreigners are keen to gain residency in a country that is part of the EU due to all the benefits it has, like free movement between countries. The amount of money that needs to be invested depends on the country.

Those looking to make this holiday hotspot a home can be granted a Golden Visa in exchange for €500,000. Italy’s Golden Visa was introduced in 2017 and grants non-EU nationals a residence permit for two years. Families of those holding the visa application are included as is a benefit from a special tax regime.

If you’re after a speedy pathway to gaining residency, opt for Greece. Qualifying foreigners can gain a permit within 60 days of applying. When introduced, the investment commitment was just €250,000 spent on property in the country. In May 2023, this was increased to €500,000 to increase the affordability of real estate for locals. The higher investment amount applies to popular cities and islands like Athens, Thessaloniki, Mykonos and Santorini. The €250k threshold remains in other regions. Investors are not required to live in Greece to retain their visa.

Spain’s Golden Visa scheme launched in 2013 and allows wealthy people from outside the EU to obtain residency permits if they invest more than €500,000 in real estate. However, as of April 9, 2024, the current government is looking to scrap the scheme in efforts to stop housing prices from rising.

One of the last places to still offer the golden passport scheme in the EU is Malta. The minimum investment amount starts at €690,000 and offers citizenship for between 12 and 36 months.

Ireland ended its Golden Visa scheme in 2023 which offered Irish residence in return for €500,000 donation or three-year annual €1 million investment in the country. Portugal also put an end to its Golden Visa scheme as of 2023 to tackle property and rent price issues.