Portugal Joins Greece, Malta, Cyprus, Latvia in Golden Visa Programs

Key Takeaways

• Portugal Golden Visa shifted from real estate to investment funds, cultural projects, and job creation since October 2023.
• Greece Golden Visa requires minimum €250,000 real estate investment, offers Schengen visa-free travel and citizenship after seven years.
• Applications for Portugal Golden Visa increased 72% in 2024, with over 15,619 investors benefiting since 2012.

The European Golden Visa landscape has shifted significantly in recent years, with countries like Portugal 🇵🇹, Greece 🇬🇷, Malta 🇲🇹, Cyprus 🇨🇾, and Latvia 🇱🇻 offering residency-by-investment programs that attract global investors. These programs allow individuals and their families to gain residency rights—and sometimes a path to citizenship—by making qualifying investments. This analysis explores the current state of these programs, focusing on the Portugal Golden Visa and Greece, while also comparing trends, policy changes, and practical implications for prospective applicants.

Purpose and Scope

This analysis aims to provide a clear, detailed overview of the current residency-by-investment programs in Portugal 🇵🇹, Greece 🇬🇷, Malta 🇲🇹, Cyprus 🇨🇾, and Latvia 🇱🇻 as of July 2025. It examines recent policy changes, application processes, and program outcomes, with a focus on the Portugal Golden Visa and Greece’s program. The goal is to help readers understand the evolving landscape, compare options, and make informed decisions about residency-by-investment in Europe.

Methodology

The information presented here is based on official government updates, expert commentary, and recent statistics from recognized immigration sources. Data is drawn from government portals, interviews with program stakeholders, and analysis from leading immigration consultancies. Where possible, official links and references are provided for further reading and verification.

Key Findings

• Portugal Golden Visa remains active and popular, with a shift away from real estate investments to alternative options like investment funds and cultural projects.
• Greece Golden Visa is now one of the most affordable and straightforward residency-by-investment programs in Europe, with a minimum real estate investment of €250,000.
• Malta, Cyprus, and Latvia continue to offer residency-by-investment programs, but recent updates are less significant compared to Portugal and Greece.
• Demand for these programs is rising, especially among applicants from the United States 🇺🇸, Brazil 🇧🇷, and the United Kingdom 🇬🇧.
• Policy changes reflect efforts to align these programs with national economic and social goals, such as job creation and cultural investment.

Data Presentation and Visual Descriptions

Portugal Golden Visa: Recent Trends

• Applications Approved in 2024: Nearly 5,000, a 72% increase from 2023.
• Total Beneficiaries Since 2012: Over 15,619 investors and 22,000 family members.
• Investment Shift: Real estate investments are no longer accepted as of October 2023. Eligible investments now include:
  • Investment funds
  • Cultural projects
  • Job-creating ventures

Visual Description: Imagine a bar chart showing the number of approved applications each year from 2012 to 2024, with a sharp rise in 2024. Another chart could show the breakdown of investment types before and after 2023, highlighting the move away from real estate.

Greece Golden Visa: Key Features

• Minimum Investment: €250,000 in real estate.
• Residency Benefits: Visa-free travel within the Schengen Area for up to 90 days.
• Path to Citizenship: Eligible after seven years of residency.
• Recent Growth: Strong interest from UK clients post-Brexit.

Visual Description: Picture a map of Europe with Greece highlighted, showing arrows from the UK, USA, and other countries to Greece, representing the flow of new applicants.

Malta, Cyprus, and Latvia: Program Overview

• Malta: Fast-track residency and potential citizenship through investment.
• Cyprus: Real estate investment remains the main route.
• Latvia: Focus on real estate and business investments.

Visual Description: A table listing each country, the minimum investment required, and the main benefits, allowing for easy comparison.

Comparisons, Trends, and Patterns

Portugal vs. Greece: A Closer Look

Portugal Golden Visa has evolved by removing real estate as a qualifying investment. This move aims to address concerns about housing affordability and speculation, while still attracting foreign capital through other means. The program’s popularity remains strong, with a notable increase in applications from non-traditional markets.

Greece, on the other hand, continues to offer real estate as the main investment route, making it one of the most accessible programs in Europe. Its lower entry point and straightforward process appeal to a wide range of investors, especially those seeking a Mediterranean lifestyle.

Key Differences

Trends and Patterns

• Shift Away from Real Estate: Portugal’s move away from real estate is part of a broader trend among some European countries to address housing market pressures.
• Rising Demand from New Markets: Both Portugal and Greece have seen increased interest from the United States 🇺🇸, Brazil 🇧🇷, and the United Kingdom 🇬🇧.
• Policy Stability vs. Change: While Spain and Ireland have closed their programs, Portugal and Greece remain committed to maintaining and adapting their schemes.

Evidence-Based Conclusions

Portugal Golden Visa: Resilience and Adaptation

Despite removing real estate as an eligible investment, the Portugal Golden Visa continues to thrive. The program’s flexibility in offering alternative investment routes—such as funds and cultural projects—has helped maintain its appeal. According to analysis by VisaVerge.com, this adaptability is a key reason for the program’s ongoing success, especially as other countries tighten or close their residency-by-investment schemes.

Greece Golden Visa: Affordability and Simplicity

Greece’s program stands out for its low minimum investment and straightforward process. The ability to invest in real estate for as little as €250,000 makes it accessible to a broader range of applicants. The program’s popularity among UK citizens post-Brexit highlights its role as a gateway to Europe for those seeking to maintain ties with the continent.

Malta, Cyprus, and Latvia: Steady but Less Dynamic

While Malta, Cyprus, and Latvia continue to offer residency-by-investment options, they have not seen the same level of recent policy changes or growth as Portugal and Greece. Their programs remain stable, but may face increased competition as other countries refine their offerings.

Limitations

• Policy Changes: Residency-by-investment programs are subject to frequent policy changes. Applicants should always consult official government sources for the latest information.
• Processing Times: Application backlogs and processing delays can affect timelines, especially in high-demand programs like Portugal’s.
• Economic and Social Impact: The long-term effects of these programs on local economies and housing markets are still being studied.
• Eligibility Requirements: Each country has specific eligibility criteria, which may change without notice.

Practical Guidance for Applicants

Portugal Golden Visa: Step-by-Step Application Process

1. Choose an Investment Route: Select from eligible options such as investment funds, cultural projects, or job-creating ventures.
2. Gather Documents: Collect all required personal and investment-related documents.
3. Upload Documents: Submit documents through the official ARI portal.
4. Biometric Appointment: Attend a scheduled biometric appointment.
5. Application Review: Wait for the application to be reviewed and processed.

Note: As of January 2025, all documents must be uploaded online, and biometric appointments are scheduled automatically. The government aims to clear application backlogs by June 2025.

Greece Golden Visa: Application Highlights

• Investment: Purchase real estate worth at least €250,000.
• Documentation: Provide proof of investment, identity, and health insurance.
• Submission: Apply through the official Greek government channels.
• Residency Card: Receive a residency card, allowing visa-free travel in the Schengen Area.

For more details, applicants can visit the official Greek Ministry of Migration and Asylum website.

Malta, Cyprus, and Latvia: General Steps

• Select Investment: Choose from real estate, government bonds, or business investments (varies by country).
• Prepare Documents: Gather all necessary paperwork.
• Submit Application: Apply through the respective government portals.
• Attend Interviews or Appointments: As required by each program.

Stakeholder Perspectives

Chitra Stern, co-founder and CEO of Martinhal, observes that demand for the Portugal Golden Visa remains strong, especially in Lisbon, despite the removal of real estate investments. This suggests that investors are willing to explore alternative routes to residency.

Patricia Casaburi, CEO of Global Citizen Solutions, points out that Greece’s program appeals to a wide range of budgets, making it an attractive option for those seeking a Mediterranean lifestyle.

Future Outlook

As European countries continue to reassess their residency-by-investment programs, further changes are likely. Governments may introduce new investment options, tighten eligibility, or adjust program benefits to better align with national priorities. Applicants should stay informed and be prepared for potential changes.

Actionable Takeaways

• Stay Updated: Always check official government websites for the latest program details and application procedures.
• Consider Alternatives: If real estate investment is no longer an option in Portugal, explore funds, cultural projects, or job-creating ventures.
• Compare Programs: Evaluate the minimum investment, benefits, and application process in each country to find the best fit for your needs.
• Plan Ahead: Be aware of processing times and potential backlogs, especially in high-demand programs.
• Seek Professional Advice: Consult with reputable immigration advisors or legal experts to ensure a smooth application process.

Official Resources

For the most current information on the Portugal Golden Visa, applicants should use the ARI portal for document submission and updates. For Greece, the Ministry of Migration and Asylum provides authoritative guidance on the Golden Visa program.

Conclusion

The European residency-by-investment landscape remains dynamic, with Portugal 🇵🇹 and Greece 🇬🇷 leading the way in adapting their programs to changing economic and social needs. The Portugal Golden Visa’s shift away from real estate has not dampened demand, while Greece’s affordable entry point continues to attract a diverse range of applicants. Malta 🇲🇹, Cyprus 🇨🇾, and Latvia 🇱🇻 offer stable, if less headline-grabbing, options. As reported by VisaVerge.com, these programs are likely to keep evolving, so staying informed and flexible is essential for anyone considering residency-by-investment in Europe.

By understanding the latest trends, comparing options, and following official guidance, prospective applicants can make informed decisions and take practical steps toward securing European residency for themselves and their families.

Learn Today

Golden Visa → A residency permit granted through investment programs allowing residency and possible citizenship in the host country.
Residency-by-Investment → Programs enabling foreigners to gain residence rights by making qualifying investments in a country.
Schengen Area → A zone comprising 26 European countries allowing free movement of people without border checkpoints.
Investment Funds → Pooled money from many investors used to finance projects qualifying for Golden Visa eligibility.
Biometric Appointment → A scheduled meeting to collect fingerprint and photo data required for residency applications.

This Article in a Nutshell

Portugal and Greece lead Europe’s residency-by-investment programs, adapting offerings and attracting investors worldwide. Portugal bans real estate investments, favoring cultural projects. Greece remains affordable with real estate options. Malta, Cyprus, and Latvia provide stable but less dynamic programs. Applicants must stay updated amid evolving policies and rising global demand.
— By VisaVerge.com