6 Cheapest Golden Visas in Europe (Comparison + Pros & Cons)

Let’s explore the cheapest Golden Visas in Europe.

We’ll weigh up the benefits and disadvantages and explain how you can use them as a pathway to dual citizenship (and some of the world’s most powerful passports).

Here are the 6 cheapest Golden Visas in Europe:

1. €100,000: Malta Permanent Residency Program (MPRP)
2. €250,000: Greece Golden Visa real estate route
3. €175,000: Portugal Highly Qualified Activity (HQA) Visa
4. €250,000: Portugal Cultural Production Golden Visa
5. €200,000: Portugal Cultural Production Golden Visa (low-density zone)
6. €250,000: Latvia Investor Visa 

EU Golden Visa programs allow investors to gain residency in exchange for a substantial investment.

But it’s a common misperception that Golden Visas are only for the super wealthy.

In fact, a number of affordable investor residency schemes exist across Europe.

These could be well within your reach, for example with the funds from selling a modest property in the UK or US.

This investment is typically in real estate (although some countries, most notably Portugal, have removed this option from their programs).

But you can also invest in other routes, such as venture capital funds, government bonds, or donations to art or scientific research.

After a certain number of years, EU Golden Visa investors can apply for citizenship of the country, which grants them an EU passport and all the associated benefits.

But not all Golden Visas are created equal. There are many ways to acquire European residency by investment.

That’s why it’s critical to examine the nuances of each scheme, beyond just looking for the cheapest golden visas.

Here’s the shortlist of the cheapest Golden Visas in Europe.

The 6 Cheapest Golden Visas in Europe

#1. Malta Permanent Residency Program (€100,000)

• Basic cost: €100,000 
• Timeline to citizenship: 5 years

Overview

Launched in the spring of 2021, the MPRP is Malta’s newest contribution to Europe’s cheapest Golden Visas stable.

It enables successful applicants and their families to take up permanent residency in the Schengen area, with no physical stay requirements in Malta. 

With MPRP, you’re not obliged to purchase a property, but can just rent one instead.

After maintaining residency for five years, you can apply for Maltese citizenship.

However, we’ve heard mixed reports about how easy it is to apply via the standard (i.e. not the citizenship by investment program) Maltese citizenship by naturalization route.

It’s possible that your application could be significantly delayed, or even refused for no specified reason.

We recommend doing further research on Malta expat forums and Facebook groups to learn more about other people’s experiences.

At just €100,000, the MPRP comes in a lot cheaper than Malta’s well-known citizenship by investment program, which starts at €600,000 and leads to a passport in around 18 months. 

However, your €100,000 is a donation to the Maltese government; you can’t recover it as you would with a regular investment. 

What’s more, applicants for the MPRP are required to show evidence of having €500,000 worth of total assets (including property, investments or savings). That could be a significant barrier for some.

Pros of Malta Permanent Residency Program

• Low cost of investment
• No physical stay requirements 
• No need to purchase property 
• Includes immediate family, plus parents or grandparents
• Can apply for Maltese citizenship after five years

Cons of Malta Permanent Residency Program

• The €100,000 is a sunk cost that can’t be recovered 
• Also requires proof of total assets at least €500,000

#2. Greece Golden Visa: Real estate route (€250,000***)

• Basic cost: €250,000
• Timeline to citizenship: 7 years

Overview

Greece’s Golden Visa is popular because it’s one of the cheapest Golden Visas in Europe.

There are several routes available, but the lowest cost option is purchasing residential property.

The minimum threshold here is €250,000. You should also expect to pay around 10% of the property value in taxes and legal fees.

***UPDATE***
In September 2022, the Greek government announced planned changes to the Golden Visa program.
The Greek prime minister, Kyriakos Mitsotakis, said the minimum investment threshold would double to €500,000. This new threshold would apply only to real estate in prime areas, including the capital Athens, and Thessaloniki.
At present, we don’t know when the changes will come into effect. It could be January 1, 2023, or later that year.

With the Greek Golden Visa, you don’t need to actually live in Greece to maintain your residency status.

But if you plan to eventually apply for Greek citizenship, you will need to spend at least 183 days per year on Greek territory.

Greece’s citizenship timeline is 7 years. You’ll need a B1 level in Greek language.

Pros of Greece Golden Visa 

• One of Europe’s cheapest Golden Visas
• Affordable taxes and legal fees
• No need to live in Greece to maintain residency status 

Cons of Greece Golden Visa

• Long citizenship timeline of seven years
• High language requirements (B1) for citizenship
• Onerous physical stay requirements necessary for citizenship

#3. Portugal Highly Qualified Activity Visa (€175,000)

• Basic cost: €175,000
• Timeline to citizenship: 5 years

Overview

Portugal’s newest investor visa, the Highly Qualified Activity (HQA) visa isn’t an EU Golden Visa per se, but it offers many of the same benefits as the cheapest Golden Visas.

For a low investment of €175,000, the investor gets the same low physical stay requirements as a Golden Visa holder and the same timeline to Portuguese citizenship. 

The Portugal HQA Visa is designed for entrepreneurial investors who wish to launch and develop a research-driven startup via a Portuguese university. 

Applying for the HQA visa requires two key components:

1. Setting up a Portuguese company
2. Partnering with a Portuguese university to deliver the project in an incubator-style environment. 

If you manage your startup effectively, it’s possible to make returns on your investment. But, of course, that’s not always easy to predict.

For many investors, there’s the risk that their €175,000 investment will end up being a sunk cost. 

We partner with a dedicated provider that can handle the whole HQA Visa application process for you.

Pros of the HQA visa route 

• Lower cost of investment than any Golden Visa 
• Faster approval timeline than Golden Visa
• NO RISK – FULL REFUND of entire investment if visa application fails
• Low language requirements for citizenship
• Low physical stay: only 7 days per year
• Possibility to launch a successful startup and build intellectual property in Europe
• Possibility to make a return on the initial investment, if the startup is a success

Cons of the HQA visa route

• Risk of initial investment becoming a sunk cost if startup doesn’t succeed
• Need for active involvement if you want to generate returns

Want more info on the HQA visa?

#4. Portugal Cultural Production Golden Visa (€250,000)

• Basic cost: €250,000
• Timeline to citizenship: 5 years

Overview

Portugal’s cultural production Golden Visa is part of the arts and heritage investment route. This route is commonly regarded as a donation-based option.

But the cultural production visa is different.

Based around investing in Portuguese feature film production, this route gives the investor a guaranteed annual return of 4%. This is possible because the film is pre-sold to media outlets and other distribution channels.

The film production route also offers tax-exempt status, priority processing, and an option to invest for just €200,000 for films set in low-density areas of the country.

Pros of the cultural production route

• Portugal’s cheapest golden visa route
• Tax exempt status
• Guaranteed 4% annual return
• No maintenance fees or notary fees
• Peace of mind – only Golden Visa route that offers pre-approval
• Faster – priority processing over other Golden Visa routes

Cons of the cultural production route

• New option, hence few successful case studies yet
• Doesn’t provide you with a place to live in Portugal

For more information on available film projects, please contact us.

#5. Portugal Cultural Production Golden Visa (€200,000)

• Basic cost: €200,000
• Timeline to citizenship: 5 years

Overview

This option is the same as the previous cultural production route, but focused on investment in one of Portugal’s low-density areas.

For film production, you’d need to invest in a film project taking place within one of these official low-density areas.

These are typically more rural areas in central Portugal, and suitable projects can be hard to find.

Pros of low-density cultural production route

• Low cost of investment, one of the EU’s cheapest Golden Visas
• Fast timeline to citizenship 
• Low language requirements for citizenship
• Low physical stay: only 7 days per year 

Cons of low-density rehabilitation route

• Suitable film projects in low-density areas can be hard to find

#6. Latvia Investor Visa (€250,000)

• Basic cost: €250,000
• Timeline to citizenship: 10 years

Overview

Our final option is somewhat lesser known: the Latvia Investor Visa.

One of the cheapest Golden Visas in Europe, it allows successful applicants to secure residency in Latvia for a minimum of €250,000, invested in real estate or government bonds.

There’s also an added fee of €25,000, or 5% of the real estate value (whichever one is higher).

Latvia Investor Visa holders only need to visit the country once a year to maintain their residency status.

That includes the rights to live, work and access healthcare in Latvia, plus travel freely across the Schengen zone.

It’s possible to upgrade your Latvia Investor Visa to permanent residency, but only after five years.

Although it’s one of the cheapest Golden Visas in Europe, Latvia is not an appealing option for those seeking EU citizenship.

For starters, you can only apply for citizenship after being a permanent resident for five years.

Considering that you’ll need five years of temporary residency with the Investor Visa to reach permanent residency status, the total timeline to Latvian citizenship is at least 10 years. That’s double the timeline of Portugal.

What’s more, Latvia doesn’t recognize dual citizenship (you’d have to renounce your old one), except for except for existing EU citizens, plus citizens of NATO and European Free Trade Association countries, or of New Zealand, Brazil and Australia.

Latvia also has stringent language requirements for citizenship, requiring all applicants to have “fluency” in Latvian.

To our minds, Latvia is the least suitable option out of the cheapest golden visas in Europe.

Pros of Latvia Investor Visa

• One of Europe’s cheapest golden visas
• Offers real estate option plus government bonds option
• Possibility of return on your investment

Cons of Latvia Investor Visa

• Long timeline to citizenship (10 years)
• Doesn’t recognize dual citizenship (except for existing EU citizens, plus citizens of NATO and European Free Trade Association countries, or of New Zealand, Brazil and Australia) 
• Stringent language requirements and citizenship exam

FAQs: Cheapest Golden Visas in Europe

Next steps

The cheapest golden visas in Europe all have their pros and cons. So it’s important to think carefully about your long-term objectives before choosing a program.

Portugal offers the best all-round pathway to citizenship. It has three of Europe’s cheapest and most flexible golden visa routes.

In particular, the Portugal HQA visa is fast to process, less risky (full refund if application fails!), and much less expensive than the standard Portugal Golden Visa.

If you have an entrepreneurial, technical or managerial background and €175,000 to invest – it’s worth looking at.

Interested in the Portugal HQA Visa?

Related articles:

• Golden Visa Countries: Best Global Programs Available in 2023
• The 9 Best Retirement Visas in Europe for 2023
• Portugal Golden Visa Investment Funds: Ultimate 2023 Guide 

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