In 2023, Portugal’s golden visa suddenly became less attractive. The main reason for this was the elimination of their real estate investment option.
Fast forward a little more, the Portuguese government collapsed for the third year in a row. This, as you can imagine, has prompted a lot of people to question whether it’s still a top EU golden visa destination.
Overview of Portugal’s Golden Visa Program
The program began in 2012 during Portugal’s financial crisis. Therefore, the aim was to attract foreign investment and stimulate economic growth.
It was a huge success, especially from its real estate option, where investors could purchase a property worth €500,000 to gain access to a golden visa. In 2022, real estate accounted for 78.69% of all golden visas.
However, due to real estate being a popular residency-by-investment pathway, property prices in Portugal increased. As a result, in 2022, they restricted the option, and in 2023, they eliminated it.
Despite this setback, in 2023, 2,901 golden visas via investment were issued, showcasing that there’s still demand for Portugal’s golden visa program.
Available Investments (2025)
| Investment Type | Minimum Amount (€) | Description |
| Venture Capital Funds | 500,000 | Invest in approved funds targeting sectors like tech, innovation, or sustainability. |
| Scientific Research | 500,000 | Fund public or private bodies engaged in scientific or technological advancement. |
| Cultural Donations | 250,000 | Contribute to the preservation of cultural heritage or support creative projects. |
| Job Creation | N/A | Start a business that creates at least ten full-time jobs for Portuguese residents. |
| Commercial Company Establishment | 500,000 | Set up a company that maintains five or more permanent roles in Portugal. |
How Other EU Countries Compare in 2025
In total, there are six EU countries that actively offer a golden visa program. These are Portugal, Malta, Greece, Cyprus, Italy, and Hungary.
Greece
Since 2013, Greece has issued over 32,720 golden visas (till 2023). This is largely due to them having (and still having) a real estate investment option.
Their real estate option starts at €250,000 for certain properties. You also have a €250,000 startup option, government bonds, which require at least €500,000, and corporate shares/funds, starting at €350,000.
Getting a golden visa comes with similar benefits to Portugal. To get residency takes a little longer, though – 7 years; however, you’ll get visa-free travel in the Schengen Area and family inclusion.
Italy
Italy didn’t start their golden visa program until 2017, and though there isn’t a report on the specific number of golden visas handed out, it isn’t a lot. It’s also generally more focused on startups.
The investment options are either €250,000 in government-approved startups, €500,000 in Italian company shares/equity, €1 million in philanthropic donations, or €2 million in treasury bonds.
Compared to other golden visas, the access to citizenship is a long process. Those with the visa will need to wait 10 years.
Spain (Terminated)
Spain’s golden visa program operated from 2013 to 2025. During this time, they gave 14,576 golden visas away but had to stop due to economic concerns.
While this was available, the most popular method was real estate. Individuals were required to spend €500,000 on real estate, accounting for 95% of their visas. Other investment options included €2 million in government bonds and €1 million in Spanish companies.
The benefits were similar to the Portuguese golden visa. The main difference was that you could only apply for citizenship after ten years.
Comparing the Top Golden Visa Programs
| Country | Program Start | Real Estate Option | Investment Options | Citizenship Timeline | Total Visas Issued |
| Portugal | 2012 | No (eliminated in 2023) | €500k venture funds, €500k scientific research, €250k cultural donations, job creation, €500k company setup | 5 years | Over 13,000 |
| Greece | 2013 | Yes – from €250,000 | €250k on certain properties, €250k startups, €500k government bonds, €350k corporate shares/funds | 7 years | Over 32,720 (till 2023) |
| Italy | 2017 | No | €250k approved startups, €500k company equity, €1M philanthropic donations, €2M treasury bonds | 10 years | Not publicly reported |
| Spain | 2013 (ended 2025) | No (program ended) | €500k real estate, €2M government bonds, €1M Spanish companies (program closed in 2025) | 10 years | 14,576 before termination |
Is Portugal Still #1?
Regarding EU golden visa programs, Spain and Portugal always fought it out. Between 2023 and 2025, Spain was winning as they still had the real estate option; however, now it’s ended, so Portugal has regained the lead.
Now, the new fight is between Portugal and Greece. However, Portugal has a much higher quality of life index, so we can imagine that Portugal will still be the go-to for many foreign investors seeking EU citizenship.
