Key Takeaways
• Portugal and Italy removed real estate from Golden Visas, focusing on innovation and cultural investments in 2025.
• Greece offers the lowest €250,000 real estate investment threshold with permanent residency and fast 4+ months processing.
• The US EB-5 requires $900,000-$1.8 million investment with job creation, and processing can take 1-2 years.
Golden Visa Programs in 2025: An Analytical Review of Top Countries, Costs, and Trends
Purpose and Scope
This analysis examines the top five countries offering Golden Visa programs in 2025, focusing on Portugal 🇵🇹, Greece 🇬🇷, Italy 🇮🇹, Malta 🇲🇹, and the United States 🇺🇸. The review details investment requirements, program structures, residency benefits, and recent policy changes. The goal is to help potential investors, families, and immigration professionals understand the evolving landscape of Golden Visa programs, compare options, and make informed decisions.
Methodology
The analysis draws on official government sources, recent policy updates, and comparative data as of July 2025. It covers:
- Minimum investment thresholds and eligible investment types
- Residency rights and pathways to citizenship
- Processing times and family inclusion rules
- Notable policy changes and emerging trends
- Practical implications for investors
A summary table and detailed breakdowns for each country are included. The review also highlights broader trends, such as the shift away from real estate investments and the rise of innovation-focused programs.
Key Findings
- Portugal 🇵🇹 and Italy 🇮🇹 have removed real estate from their Golden Visa programs, now focusing on research, innovation, and cultural investment.
- Greece 🇬🇷 offers the lowest real estate investment threshold in Europe, maintaining strong appeal for property-focused investors.
- Malta 🇲🇹 remains one of the most affordable options but requires proof of significant net assets and has a longer path to citizenship.
- The United States 🇺🇸 EB-5 program is the most expensive, with strict job creation requirements and longer processing times.
- Processing times for European Golden Visas generally range from 4 to 12 months, while the U.S. process can take up to two years.
- Family members are typically included in all programs, covering spouses, dependent children, and sometimes parents.
- Global trends show a move away from property investment toward contributions that support innovation, job creation, and cultural preservation.
Data Presentation and Visual Summary
Below is a summary table comparing the top five Golden Visa programs in 2025:
| Country | Minimum Investment | Investment Type | Residency Type | Processing Time | Notes |
|---|---|---|---|---|---|
| Portugal 🇵🇹 | €250,000–€500,000+ | Research, funds, cultural donation | Temporary Residency | 12+ months | No real estate option since 2025 |
| Greece 🇬🇷 | €250,000–€800,000 | Real estate, bonds, funds | Permanent Residency | 4+ months | Lowest real estate threshold in Europe |
| Italy 🇮🇹 | €250,000–€2 million | Start-ups, companies, bonds, philanthropy | Temporary Residency | 4+ months | No real estate option |
| Malta 🇲🇹 | €150,000–€300,000+ | Government donation, real estate | Permanent Residency | 6+ months | Requires proof of €500,000 net assets |
| USA 🇺🇸 | $900,000–$1.8 million | Business investment, job creation | Conditional Green Card | 1-2 years | Job creation mandatory |
Country-by-Country Analysis
Portugal 🇵🇹: Golden Visa Program in 2025
Portugal’s Golden Visa program remains active but has undergone major changes in 2025. The country no longer allows real estate investment as a qualifying route. Instead, investors must now choose from:
- €500,000 minimum investment in public or private scientific research institutions
- €500,000 minimum investment in approved investment or venture capital funds
- €250,000 donation for cultural heritage preservation
Residency and Family Inclusion:
Applicants receive temporary residency, which includes their spouse, dependent children, and sometimes parents. The program requires a clean criminal record and meeting all eligibility criteria.
Processing Time:
Applications typically take 12 months or more to process.
Recent Policy Changes:
The removal of the real estate option marks a significant shift. Portugal now encourages investments that support innovation, research, and cultural preservation. This change aligns with a broader European trend away from property-based residency programs.
Practical Implications:
Investors interested in Portugal must now focus on sectors like science, technology, and culture. Those seeking property-based residency may look to other countries.
Official Resource:
For the most current details and application forms, visit the Portuguese Immigration and Borders Service (SEF).
Greece 🇬🇷: Golden Visa Program in 2025
Greece offers one of the most accessible Golden Visa programs in Europe, especially for real estate investors. The program’s main features include:
- €250,000 minimum investment for specialized real estate (such as converting commercial to residential or restoring registered buildings)
- €400,000 minimum investment for rural or less populated areas (single property of at least 120 m²)
- €800,000 minimum investment for properties in Athens, Thessaloniki, or islands with more than 3,100 residents
- Other options: €500,000+ in government bonds, €800,000+ in shares or bonds, €350,000+ in investment funds
Residency and Family Inclusion:
The program grants permanent residency with a five-year renewal period. Family members, including spouse and children, are typically included.
Processing Time:
Applications are processed in 4 months or more, making it one of the fastest options in Europe.
Additional Conditions:
Ownership must be direct or through a company fully owned by the applicant. Lease agreements for hospitality properties also qualify.
Practical Implications:
Greece remains a strong choice for investors seeking affordable real estate options and quick residency. The program’s flexibility and low entry point continue to attract global interest.
Italy 🇮🇹: Golden Visa Program in 2025
Italy’s investor visa program does not allow real estate investment. Instead, it targets innovation and philanthropy, with the following options:
- €250,000 investment in an Italian innovative start-up
- €500,000 investment in an Italian limited company
- €2 million investment in Italian government bonds
- €1 million donation to philanthropic initiatives
Residency and Family Inclusion:
Successful applicants receive temporary residency, which can include their spouse and children.
Eligibility:
Applicants must be non-EU/EEA/Swiss citizens, at least 18 years old, have a clean criminal record, and show proof of funds.
Processing Time:
Applications are typically processed in 4 months or more.
Recent Developments:
Italy is actively promoting its program to attract international capital, especially in the innovation and social impact sectors.
Practical Implications:
Italy’s Golden Visa is ideal for investors interested in supporting start-ups, established companies, or charitable causes. The absence of a real estate option reflects the country’s focus on economic development and social benefit.
Malta 🇲🇹: Golden Visa Program in 2025
Malta’s program is known for its affordability and straightforward process, though it now requires higher fees:
- Government donation: About €150,000 (up from €110,000)
- Real estate investment: Minimum €300,000 plus fees
Additional Requirements:
Applicants must show proof of at least €500,000 in net assets. Renting accommodation (minimum €10,000/year) and health insurance are also required.
Residency and Family Inclusion:
The program grants permanent residency with a possible pathway to citizenship after five years. Family members are included.
Processing Time:
Applications take 6 months or more.
Practical Implications:
Malta’s Golden Visa is one of the most affordable in Europe, but the need to show significant net assets and the long wait for citizenship may deter some investors.
United States 🇺🇸: EB-5 Investor Visa in 2025
The U.S. EB-5 program is the most expensive among the top five, with strict requirements:
- $1.8 million minimum investment in a new or existing commercial enterprise
- $900,000 minimum investment if the business is in a Targeted Employment Area (high unemployment or rural)
Job Creation Requirement:
Investors must create at least 10 full-time jobs for U.S. workers.
Residency and Family Inclusion:
The program grants conditional permanent residency (a green card) for the investor and immediate family.
Processing Time:
Processing can take 1 to 2 years, depending on the complexity of the case.
Additional Notes:
Applicants must show a net worth of at least $1 million and an annual income of $200,000 or more.
Practical Implications:
The EB-5 program is best suited for investors with significant business experience and capital, who are prepared for a longer and more complex process.
Official Resource:
For more information and application forms, visit the U.S. Citizenship and Immigration Services (USCIS) EB-5 page.
Comparisons, Trends, and Patterns
Shift Away from Real Estate:
Portugal 🇵🇹 and Italy 🇮🇹 have removed real estate as a qualifying investment, focusing instead on innovation, research, and philanthropy. Spain 🇪🇸 is also ending its property-based Golden Visa in April 2025. This trend reflects growing concerns about housing affordability and the desire to direct foreign investment toward sectors that benefit the broader economy.
Rise of Innovation and Social Impact:
Programs in Portugal 🇵🇹 and Italy 🇮🇹 now prioritize investments in research, start-ups, and cultural projects. This shift aims to attract investors who can contribute to economic growth and social development, rather than simply purchasing property.
Affordability and Accessibility:
Greece 🇬🇷 and Malta 🇲🇹 continue to offer lower-cost options, especially for real estate investors. However, Malta’s requirement for proof of €500,000 in net assets and Greece’s tiered investment structure mean that true affordability depends on the investor’s goals and resources.
Processing Times and Family Inclusion:
Most European programs process applications within 4 to 12 months, while the U.S. process is longer. All programs allow family members to be included, making them attractive for those seeking to relocate with loved ones.
Emerging Programs:
New investor visa programs are being proposed in countries like Vietnam and the Solomon Islands, indicating continued global interest in attracting foreign capital through residency and citizenship schemes.
Evidence-Based Conclusions
- Portugal 🇵🇹 and Italy 🇮🇹 are now best suited for investors interested in supporting innovation, research, or cultural projects, rather than property.
- Greece 🇬🇷 remains the top choice for affordable real estate investment with fast processing and permanent residency.
- Malta 🇲🇹 offers a low-cost path to residency but requires significant net assets and patience for citizenship.
- The United States 🇺🇸 EB-5 program is ideal for high-net-worth individuals with business experience and a willingness to create jobs.
As reported by VisaVerge.com, the global Golden Visa landscape is moving toward investments that provide broader economic and social benefits, rather than simply offering a path to residency through property purchases.
Limitations
- Investment thresholds and program rules can change quickly. Always check official government sources for the latest information.
- Processing times are estimates and can vary based on application volume and individual circumstances.
- Some countries may impose additional requirements, such as language skills, health insurance, or background checks.
- The analysis does not cover all possible Golden Visa programs worldwide, focusing only on the top five as of July 2025.
Practical Guidance and Next Steps
- Review official government resources before making any investment decisions. For example, the Portuguese Immigration and Borders Service (SEF) provides up-to-date information on Portugal’s Golden Visa.
- Consult with qualified immigration professionals to ensure you meet all eligibility criteria and understand the risks.
- Consider your long-term goals, such as family inclusion, pathway to citizenship, and preferred investment type.
- Monitor policy changes in your country of interest, as Golden Visa programs are subject to frequent updates.
By carefully comparing the top Golden Visa programs and understanding current trends, investors can choose the option that best fits their needs and goals in 2025.
Learn Today
Golden Visa → A residency-by-investment program granting residency rights to investors in exchange for qualifying financial investment.
Residency → Legal permission to live in a country without full citizenship rights, often granted via a visa program.
EB-5 → U.S. investor visa requiring $900,000-$1.8 million investment and job creation for conditional permanent residency.
Innovation Investment → Capital directed towards technology, research, startups, or cultural projects instead of real estate.
Processing Time → The time required by authorities to review, approve, and grant residency or visas after application submission.
This Article in a Nutshell
Golden Visa programs in 2025 highlight a shift from property to innovation investment. Portugal leads with research focus, Greece remains affordable for real estate, while the US demands high investments and job creation for residency.
— By VisaVerge.com
