Residency by investment: program comparison and real requirements

A residence permit by investment is a permit issued through an official residence by investment program in exchange for contributing to the country’s economy. Typically, this involves purchasing real estate, starting a business, or investing in government funds and stocks. This type of residence permit allows you to live and travel freely in the chosen country, relocate your family, open a bank account, expand your business, reduce your tax burden, and have a reliable backup plan for the future.

Investment programs for residence permits are based on national laws and have operated in various countries for many years. Each investment program offers clear conditions that are established before you apply and remain unchanged throughout the process. You know what you can invest in, how much, and for how long. These programs are accessible to many foreigners, as they do not require millions of dollars in investment—the minimum threshold starts at EUR 250,000. As a result, this format has long been popular among entrepreneurs, families, and individuals who value freedom of movement, financial flexibility, and long-term stability — especially those comparing options and looking for countries where it is easier to obtain a residence permit.

Who is eligible for the residency by investment program?

Residence permits by investment are designed for a wide range of people and can address various needs. It is therefore important to understand who is truly eligible for this type of permit and what benefits it provides in each case:

• Investors who invest capital abroad. A residence permit by investment allows you to legally reside in the country where your assets are located. It also allows you to personally manage real estate or finances, open international bank accounts, and handle administrative matters.
• Entrepreneurs and business owners. An investment residence permit is suitable for those planning to launch or develop a business in another country. It provides the opportunity to reside in the chosen country, register a company, enter into contracts, and open corporate accounts. If you apply for residency in an EU country, you can travel visa-free within the member states for business purposes. You can also build partnerships and scale your business in the European market.
• Wealthy individuals who are not yet planning to relocate. Investment residence permits are often chosen by individuals who are not planning to relocate, do not intend to look for work or start a business abroad, but want a reliable backup plan. Residency allows you to legally relocate to a stable country at any time, protecting your family’s interests and allowing you to act without haste or pressure from circumstances.
• Those who want to optimize taxes. Investment residence permits can serve as a tax planning tool. By choosing the right country, you can change your tax residency in a way that is profitable and reduces your overall tax burden on income, dividends, or capital. It is important to consider the actual residency requirements, local tax regulations, and the provisions of international double taxation agreements beforehand. Many investors consult with lawyers to maximize the benefits of their new status.
• For families who value stability. Investment residence permits often allow spouses and children to obtain residency rights within a single application. This allows families to live together in the chosen country and confidently plan for the future.

Although investment programs vary in the amounts and types of investments, applicant requirements are generally standard:

• Age of majority. The primary candidate for a residence permit must be over 18 years of age.
• Third-country citizenship. European investment programs are open to citizens of countries outside the EU or EEA.
• Investments in a legally established format. Funds must be invested in one of the officially permitted assets, such as real estate, businesses, funds, government instruments, or other forms expressly provided for by a particular country’s legislation.
• Compliance with a minimum investment threshold. Each country sets a fixed minimum investment amount. Applications without this requirement will not be accepted.
• Proof of the legal origin of funds. Government authorities require documents confirming the legality of the capital, such as business income, dividends, asset sales, salary, inheritance, etc.
• Clean criminal record and due diligence checks. Typically, a certificate of no criminal record and a security check are required. The presence of open criminal cases or sanctions restrictions is grounds for refusal.
• Health insurance. Most programs require valid insurance that covers risks in the country of residence.
• Investment retention for a specified period. Most investment programs require that investments be retained for a specified period. In Portugal, for example, investors agree not to withdraw funds for five years. Selling real estate, withdrawing a deposit, or otherwise withdrawing funds before the specified period will result in the revocation of the residence permit.

Popular countries with residence permit by investment programs

Many countries currently have legislation that officially provides for the possibility of obtaining a residence permit, and sometimes even permanent residency, through investment. These programs vary in minimum investment amounts, status duration, and conditions for retaining the investment.

Portugal

The Portuguese investment program (Portugal «Golden Visa») is officially called the Autorização de Residência para Investimento (ARI). The minimum investment amount for obtaining residency status depends on the chosen program:

• From EUR 500,000 in public or private scientific research projects. If the funds are directed to projects implemented in areas with low population density, the minimum threshold may be reduced to EUR 400,000.
• From EUR 250,000 for artistic production, restoration, or preservation of national cultural heritage. If the project is implemented in a region with a low population density, the minimum amount may be reduced by 20%, to EUR 200,000.
• From EUR 500,000 in investment or venture funds not related to real estate. At least 60% of the fund’s assets must be directed to commercial companies registered in Portugal. The investment must be supported by documents from the management company and the depository bank.
• From EUR 500,000 in business creation or an increase in the authorized capital of an existing company. A mandatory requirement is the creation of at least 5 jobs or the retention of at least 10.

In all cases, the investment must be maintained for at least 5 years.

The initial residence permit is valid for 2 years. Provided you maintain your investment, it can be extended for a similar period.

According to the program’s terms, you can move with your family immediately or invite relatives later. This applies to your spouse, parents, siblings under 17 (if they are under the investor’s guardianship), minor children, and dependent children under 25 who are still in school.

Permanent residence in Portugal is not required. To maintain your status, you only need to spend at least seven days in Portugal in the first year and at least 14 days in subsequent years. After 5 years of legal residence with an investor residence permit, you can apply for permanent residence or Portuguese citizenship by naturalization, providing a clear path to citizenship.

Spain

Spain previously had a residence permit program for investment, known as the «Golden Visa». Introduced in 2013, it allowed you to obtain the visa by investing in the country’s economy, including through the purchase of real estate worth at least EUR 500,000. As of today, the program has officially ended, and new applications for investment residency will not be accepted after April 2025.

However, Spain offers other attractive residency options. For example, wealthy individuals can obtain residency by launching an innovative startup or by demonstrating financial independence. Residence permits are issued for periods ranging from one to 3 years and can include family members.

Greece

In Greece, the Greece Golden Visa program offers investment-based residence permits issued for up to 5 years, with the option to renew. The most common choice among investors is real estate acquisition, with minimum investment thresholds varying by region:

Greek law provides other options as well:

• investing in a company with an office or branch in Greece: EUR 500,000;
• investing in a venture capital fund: EUR 500,000;
• purchasing shares in alternative investment funds (AIFs)—EUR 350,000.
• purchasing government securities — EUR 350,000;
• placing a fixed-term bank deposit in a Greek bank — EUR 500,000;
• purchasing shares or corporate and government bonds traded on regulated markets: EUR 800,000;
• purchasing units of investment funds: EUR 350,000.

After 5 years of residence in Greece, you can obtain permanent residence. After 7 years of legal and actual residence in the country with a valid residence permit, an investor is entitled to apply for Greek citizenship.

France

In France, you can apply for a residence permit in the «Talent» category (economic investor) through the French Tech Visa program.

You can obtain a residence visa by a qualifying investment as an individual or through your company. If you invest through a business, you must either manage it or own at least 30% of its capital. The minimum investment is EUR 300,000. The funds must be invested in a real business, such as equipment, company development, technology, or other assets.

Additionally, you must create or commit to creating jobs in France within 4 years of the investment.

The residence permit card is initially issued for up to 4 years and is renewable. The program allows you to obtain residency for your family. Your spouse and children can receive this status at the same time as the main applicant. Spouses have the right to work without a separate permit, enabling the entire family to integrate fully from the outset.

After 5 years of legal residence in France, you can apply for a long-term EU residence permit (permanent residency) or citizenship by naturalization.

Italy

Italy has a government program called the Investor Visa Program, which allows you to obtain a 2-year residence permit by investing. Investments must be made in the country’s economy in the following areas:

• EUR 250,000 in an innovative startup registered in Italy;
• EUR 500,000 in an existing Italian company;
• EUR 2,000,000 in government bonds;
• EUR 1,000,000 in the form of a non-refundable donation for the development of culture, science, education, or the environment.

Investments must be made within 3 months of entering the country.

After 5 years of legal residence, you can apply for long-term EU residency in Italy. Naturalization is generally available after 10 years of residence.

UAE

In the UAE, the Golden Visa is a residence permit granted through investment. It is a long-term residency program that lasts 5 or 10 years and can be renewed. Investors have several options for obtaining status:

• depositing USD 545,000 in an approved investment fund;
• investing in a company that pays at least USD 68,000 in taxes per year;
• investing at least USD 545,000 in a local company;
• purchasing one or more properties worth at least USD 545,000.
• launching a startup worth at least USD 136,000 requires confirmation of its economic value from a competent authority and an accredited business incubator.

Unlike a standard UAE residence permit, Golden Visa holders can stay outside the UAE for more than 6 months without losing their status.

UAE citizenship can generally be applied for through naturalization after extended residence in the country, usually at least 30 years. However, decisions are made on a case-by-case basis, and such cases are rare. Property owners can obtain an Emirati passport separately, but this is also at the discretion of the authorities.

Turkey

In Turkey, residence permits can be obtained by purchasing residential property worth at least USD 200,000. The permit is initially issued for up to 2 years and can be extended as long as the owner remains an actual resident of the property.

When choosing real estate, it is important to consider several conditions. Purchases are only possible in designated areas. In some regions, foreigners cannot obtain residence permits due to the foreign population cap. The total area of the properties you own cannot exceed 30 hectares, even if the properties are located in different cities. Only residential properties are eligible.

You cannot rent out the property. However, if you own the property jointly with your spouse or children, they may be eligible for a residence permit.

After 8 years of legal residence, you can apply for a Turkish permanent residency. You can apply for citizenship by naturalization after 5 years of residency. However, Turkey has a citizenship-by-investment program that allows you to purchase real estate worth at least USD 400,000 or make other investments. Mirsatori specialists can explain this program in more detail if you want to obtain Turkish citizenship but don’t want to wait more than 5 years.

Cyprus

Cyprus has an accelerated procedure for obtaining a residence permit by investment. Eligibility criteria include a contribution of at least EUR 300,000 to:

• purchase of a new apartment or house;
• acquisition of other real estate, including offices, shops, hotels, and other properties;
• investment in the share capital of a Cypriot company operating in Cyprus with a proven physical presence that employs at least 5 people;
• Investment in shares of Cypriot investment organizations.

You must also prove a personal income of at least EUR 50,000. This amount increases by EUR 15,000 for your spouse and EUR 10,000 for each minor child. This income must come from abroad and may include wages, dividends, interest on deposits, and rent.

When purchasing real estate, the investment funds must be transferred from abroad. You must also provide proof of payment of at least 66% of the property’s market value at the time of application.

You may include your spouse and dependent children in your application. Children aged 18 to 25 may qualify if they are your dependents and are studying at a university abroad. In this case, you must prove an additional annual income of at least EUR 10,000 for each child.

Residence under this program is permanent; however, the residence card is issued for ten years and must be replaced upon expiration. You can apply for Cypriot citizenship by naturalization if you have legally resided in the country for at least 7 years.