2025 European Golden Visa Comparison: The Unrivaled Value of the Portugal Golden Visa

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In an ever-evolving global landscape, high-net-worth individuals increasingly seek the stability and benefits of second residencies and transnational identity protection. European Golden Visa programs have long been the pinnacle of this quest. However, 2025 has marked a period of significant policy shifts in global migration, reshaping the competitive arena. This article provides an insightful analysis of the latest developments in Spain, Greece, Italy, Portugal, the newly launched Hungarian program, and Turkey, demonstrating why Portugal continues to solidify its position as the premier choice for discerning investors.

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Spain: The End of an Era

Spain’s Golden Visa program officially concluded on April 3, 2025, marking the end of its 12-year operation. Launched in 2013, the program issued 14,576 Golden Visas, contributing significantly to the Spanish economy.

The primary reason for termination was its adverse impact on the local real estate market. Prime Minister Sánchez emphasized the government’s commitment to ensuring “housing is a right, not a speculative tool.” Indeed, 95% of Golden Visas were obtained via real estate investment (minimum €500,000), which inflated housing prices and diminished affordability for Spanish residents.

The Spanish Congress approved the program’s termination in December 2024. On January 3, 2025, Organic Law 1/2025 was published, confirming the program would end three months later. As of April 3, 2025, investment is no longer a pathway for non-EU nationals to gain Spanish residency and Schengen Area visa-free travel.

Italy: Low Investment, Longest Wait

Italy’s Golden Visa boasts one of Europe’s lowest investment thresholds at €250,000 for innovative startup investments. However, it comes with significant drawbacks:

  1. Limited and riskier investment options: Investing in innovative startups is not suitable for all investors due to higher risk and less regulation compared to fund investments.
  2. Protracted citizenship pathway: Acquiring Italian citizenship requires 10 years of legal residency, one of Europe’s longest waiting periods.

Despite its low entry cost, Italy’s extended naturalization timeline and narrow investment scope make it less appealing for investors seeking flexibility and quicker access to EU citizenship.

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Greece: Substantially Raised Investment Thresholds & Restrictions

Greece’s Golden Visa program underwent significant changes effective August 31, 2024, introducing a tiered investment system:

  1. High-demand areas (€800,000): Includes the entire Attica region (Athens), Thessaloniki, Mykonos, Santorini, and 32 other popular islands like Crete and Corfu.
  2. Other regions (€400,000): All other Greek regions.
  3. Special categories (€250,000): For converting commercial properties to residential use or restoring historically significant properties.

Crucially, new regulations mandate investment in a single property of at least 120 square meters. Furthermore, purchased properties cannot be used for short-term rentals (e.g., Airbnb), with violations risking permit revocation and a €50,000 fine.

The Greek government stated these changes aim to improve housing affordability for locals. Coupled with a 7-year path to citizenship (requiring approximately 6 years and 2 months of actual residence), these adjustments have notably diminished the program’s allure for many global investors.

While Greece offers a €400,000 fund investment option, the market remains underdeveloped with limited choices, making it unpopular.

Who might consider Greece Golden Visa? Primarily individuals seeking EU Permanent Residency for Schengen travel, without a strong emphasis on acquiring citizenship.

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Hungary: A New Contender with Fluctuating Policies

The Hungarian “Guest Investor” program, launched July 1, 2024, offers an initial 10-year residence permit, renewable once, and a flexible no-minimum-stay requirement. It supports family reunification for spouses, minor children, and dependent parents.

Initially, three investment pathways were announced:

  • Real Estate Fund Investment: €250,000 (5-year holding)
  • Real Estate Purchase: €500,000 (was planned for January 2025)
  • Educational Donation: €1,000,000 (non-refundable)

However, on December 20, 2024, just 10 days before its planned implementation, the Hungarian government cancelled the real estate purchase option via its official gazette, Magyar Közlöny. This abrupt change underscores potential policy instability, likely aimed at preventing real estate market overheating.

Currently There Are Only Two Investment Options

  1. Real Estate Fund Investment:
    • Minimum: €250,000
    • Fund criteria: At least 40% in Hungarian residential real estate
    • Holding: 5-year lock-in
    • Approval: Approx. 4-6 months
  2. Higher Education Donation:
    • Minimum: €1,000,000
    • Benefit: Can accelerate application processing

Key Considerations & Risks

  • Policy uncertainty: The sudden cancellation of a major investment path is a concern.
  • Lengthy citizenship path: 8 years of continuous residence plus a language test.
  • Limited fund choices: Currently only a few funds are certified by the Hungarian Central Bank, often with high entry fees.
  • Residency duration: The permit is for 10 years, renewable once, for a total of 20 years.

Who might consider Hungary? Applicants prioritizing rapid Permanent Residency status for Schengen access who are not focused on citizenship, and are comfortable with a maximum 20-year residency validity.

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Turkey: A Transcontinental Option for Fast Citizenship

The Turkish Investment Citizenship Program offers a relatively quick route to citizenship, aiming to attract foreign direct investment since its 2017 launch.

There Are Two Investment Options

  • Real Estate Investment: Minimum $400,000 USD in one or more properties, held for at least three years.
  • Other Investments (minimum $500,000 USD): Bank deposits, government bonds, fixed capital, or investments in real estate/venture capital funds, typically with a three-year holding period.

Key Features & 2025 Updates

  • Fast Processing: Citizenship usually within 3-6 months.
  • No Prior Residency Required: No need to live in Turkey before or after citizenship.
  • 2025 Changes: Enhanced compliance, stricter due diligence, mandatory in-person biometrics for applicant and spouse, and spousal residence permit requirement. The YUVAM account scheme was cancelled, but the $500,000 bank deposit option remains.

Turkey is not a EU member country, the citizenship doesn’t grant any rights to live in any EU countries.

Who might consider Turkey? Investors wanting fast second citizenship, and not bother about whether it is EU or not, and those seeking global travel benefits without extensive residency commitments.

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Portugal: The Sustained Gold Standard in Investment Immigration

As other nations tighten or complicate their investment immigration programs, Portugal’s Golden Visa in 2025 shines brighter than ever, offering outstanding and sustained value. Its key advantages are comprehensive and compelling:

1. Diversified and Secure Investment Options

Though the direct real estate pathway was phased out in late 2023, Portugal offers several attractive and well-regulated investment options:

  • Investment funds: Minimum €500,000 in qualified Portuguese investment or venture capital funds. These funds are often directed towards strategic growth sectors like technology, sustainable energy, industry, or scientific research, and are regulated by both Portugal’s Securities Market Commission (CMVM) and the European Securities and Markets Authority (ESMA).
  • Job creation: Invest in a Portuguese company creating at least 5 full-time jobs.
  • Scientific or technological research: €500,000+ to institutions in these fields.
  • Cultural heritage preservation: €250,000+ donation to national heritage or artistic creation.

2. Minimal Residency Requirements – Maximum Flexibility

A cornerstone of the Portugal Golden Visa’s appeal is its remarkably low residency requirement: an average of just 7 days per year (14 days over each two-year permit validity). This allows global investors to maintain their residency status without disrupting their international business and personal lives, while still enjoying full access to European residency benefits.

3. Clear, Attainable, and Rapid Path to EU Citizenship

Investors can apply for Portuguese citizenship after legally residing for just 5 years, one of Europe’s most straightforward and fastest routes to an EU passport. Significantly, the citizenship eligibility clock starts from the date the initial residency application is submitted, meaning processing times for the visa can count towards the five-year requirement.

4. Streamlined and Improving Application Process

Portugal’s Agency for Integration, Migration and Asylum (AIMA) is actively focused on processing pending Golden Visa applications and has been implementing digital reforms throughout 2024 and 2025 to enhance processing speeds. These initiatives are anticipated to substantially improve applicant experience and reduce waiting times, a commitment reaffirmed by recent government focus.

5. Comprehensive Lifestyle and Financial Benefits

Portugal’s Golden Visa unlocks a wealth of additional advantages:

  • Schengen Area free travel: Unrestricted travel across 29 European Schengen countries.
  • Family reunification: Includes spouse, dependent children, and dependent parents.
  • Exceptional quality of life: Enjoy Portugal’s pleasant climate, high safety standards, world-class healthcare, and excellent international schools.
  • Favorable tax environment: No worldwide income tax if residing less than 183 days per year. Eligible individuals can benefit from the Non-Habitual Resident (NHR 2.0) program, offering tax advantages on specific income categories for 10 years.
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Updated European Golden Visa Comparison Matrix (2025)

CountryMinimum InvestmentResidency RequirementPath to CitizenshipPolicy StabilityNumber of times the resident permit can be renewedRight to workLanguage Requirement for Citizenship
Italy€250,000None10 yearsMediumThe initial validity period is 2 years, after which it can be renewed for 3 years at a time. Renewals can continue as long as the investment remains active.YesB1
Greece€250,000 – €800,000None7 yearsMediumIndefiniteNoB2
Hungary€250,000（Real Estate Fund）
€1,000,000 (educational donation)		None8 yearsMediumThe initial residence permit is valid for 10 years and can be renewed for an additional 10 years as long as the investment remains active.YesB2
Turkey~€368,000None3-6 monthsMediumCitizenship grantedYesN/A
Portugal€250,000 – €500,00014 days every two years5 yearsHighindefiniteYesA2 or Finish Language Course

Note on Malta/Cyprus: Both Malta and Cyprus terminated their controversial “golden passport” (citizenship-by-investment) schemes around 2020 due to issues flagged by the EU, primarily concerning due diligence and the integrity of fast-track citizenship.

Why Choose The Golden Portugal as Your Immigration Advisors?

Navigating the path to European residency and citizenship requires expert guidance. At The Golden Portugal, recently honoured with “The Best European Investment Immigration Consulting Solutions of the Year” award, we are dedicated to making your journey seamless and successful. We’ve proudly assisted over 500 families in obtaining their Portuguese Golden Visas since specializing in fund investments from 2020, cementing our reputation as pioneers.

Choose us for:

  • Award-Winning Local Portuguese Expertise: Deeply rooted in Portugal, our team offers unparalleled, on-the-ground insights into local policies, investment landscapes, and cultural nuances.
  • Fund Investment Specialization: As recognized pioneers in fund investment for the Golden Visa, we possess extensive case experience and in-depth knowledge to help you select and navigate the most suitable, secure, and well-regulated investment funds. We facilitate introductions and interviews with reputable fund managers.
  • Comprehensive End-to-End Solutions: From your initial consultation and strategy planning to securing your Golden Visa and, ultimately, your citizenship, we provide a holistic service. This includes managing NIF (tax ID) applications, bank account openings, document compilation and legalisation, and liaising with all relevant parties.
  • Tailored Investment Strategies: We understand that every client is unique. We work closely with you to understand your financial objectives and family aspirations, providing personalized advice to ensure your investment aligns with your goals for security and potential returns.
  • Transparent and Efficient Processes: We believe in clarity. You’ll receive straightforward timelines, clearly defined fee structures, and realistic expectations, with no hidden costs. Our efficient approach aims to simplify the complexities of the immigration process.
  • Multilingual Professional Service: Our diverse team offers support in multiple languages, ensuring clear, comfortable communication, empowering you to fully understand and confidently participate in every decision-making step.
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cities of portugal to live in

Portugal’s Enduring Advantages: A Clear Choice

While newer programs like Hungary’s might attract initial attention with low thresholds, and Turkey offers speed, Portugal’s Golden Visa program consistently demonstrates superior comprehensive advantages:

  1. Unmatched Investment Security: Portuguese funds are subject to rigorous dual oversight by Portugal’s Securities Market Commission (CMVM) and the European Securities and Markets Authority (ESMA).
  2. Proven Policy Stability & Consistency: The core legal framework of the Portuguese Golden Visa has remained robust and investor-friendly since its inception in 2012.
  3. Significant Tax Optimization Potential: The Non-Habitual Resident (NHR 2.0) scheme offers valuable tax benefits for up to 10 years for eligible individuals.
  4. Seamless Cultural Adaptability: Portugal boasts mature expatriate communities and comprehensive multilingual service networks, easing the transition for new residents.
  5. Guaranteed Citizenship Pathway: Clear legal provisions ensure the right to apply for citizenship after five years of legal residency, offering a reliable long-term outlook.6. 
  6. Commitment to Process Improvement: Ongoing efforts by AIMA to streamline applications reaffirm Portugal’s welcoming stance to investors.
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Strategic Investment Considerations for Diverse Needs

  • Asset Diversification & Growth Potential: Portuguese fund investments provide access to promising sectors like technology, renewable energy, and healthcare within a regulated EU framework.
  • Education and Family Legacy Planning: Portugal offers high-quality international schools and universities. Donation options in Hungary or Portugal can also align with philanthropic or educational access goals.
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Conclusion: 2025 is Prime Time to Secure Your Future with Portugal’s Golden Visa

The European investment immigration landscape is dynamic. While Hungary’s new program adds another option, its long-term policy stability and benefits require further observation. Turkey presents a compelling fast-track to non-EU citizenship with specific advantages like E-2 visa eligibility for the USA.

However, for astute investors seeking an optimal balance of “investment security – EU identity – lifestyle benefits – long-term returns,” Portugal’s Golden Visa unequivocally stands out in 2025 as Europe’s most valuable and reliable investment immigration program. With Spain’s exit, Greece’s increased demands, and Italy’s lengthy processes, Portugal’s balanced investment requirements, minimal physical presence, robust legal framework, and clear pathway to EU citizenship are unparalleled.

For those who prioritize speed to a second citizenship and potential US market access via an E-2 visa, the Turkish program is a noteworthy alternative.

Yet, for a premier EU residency and a strong, attainable citizenship, Portugal offers the most flexible, efficient, and investor-friendly solution on the continent. As global uncertainties persist and many countries restrict immigration, Portugal maintains its open, welcoming stance. Now is an ideal time to explore your Portuguese investment immigration journey.

In today’s world, an EU second passport offers profound security, diversification, and freedom for high-net-worth individuals and their families. Through wisely chosen programs like Portugal’s Golden Visa, you safeguard your family’s future and unlock a world of opportunity.

Contact us today to begin your bespoke consultation. Our award-winning team is ready to guide you in realizing your European dream.

Disclaimer: The information provided in this article is for general guidance only and does not constitute legal or financial advice. Investment immigration policies are subject to change. Please contact us for the most current information and personalized consultation.

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We are also the pioneer firm to help clients to invest through funds back from 2020 until now. Come talk with us.

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