Getting a second passport in Europe through investment has become an increasingly popular option among high net worth individuals in recent years. As visa-free travel gets more restrictive worldwide, having an EU passport allows you to live, work, study and travel freely across Europe. There are currently 5 main European countries that offer citizenship through investment – Portugal, Greece, Malta, Cyprus and Austria. Each country has its own unique advantages, requirements and processing times. When considering which to choose, you need to look at factors like visa-free access, taxation, quality of life, and eligibility conditions. In this article, we provide an overview and comparison of the top 5 European citizenship by investment programs available now, so you can make an informed decision when planning your second passport strategy.
Portugal’s Golden Visa leads to EU citizenship in 5 years with no residence required
Portugal’s Golden Visa program grants immediate permanent residence through real estate investment or funds options. After 5 years of holding the Golden Visa, investors can apply for naturalization and obtain full Portuguese citizenship. A key benefit is there are no residence requirements – you only need to visit Portugal once every 5 years to renew the visa. After becoming a citizen, you can live and work anywhere in the EU long-term. The Portugal passport also gives you visa-free access to over 180 countries. However, acquiring citizenship takes longer compared to other European countries.
Malta has the fastest route to EU citizenship in just 1 year
Malta has the shortest path to citizenship of just 12 months for investors. To qualify, you need to make a significant contribution to the Malta National Development Fund, starting from 600,000 EUR. In return, you get an EU passport with no residence or travel requirements. The entire family can acquire citizenship together. Malta is attractive for its stable economy, security, excellent healthcare system and English-speaking population. The passport gives you visa-free travel to over 180 destinations. The downside is Malta has a rigorous vetting process that can take 8-12 months to get approved.
Cyprus offers citizenship within 6 months with the option to live in the EU
Cyprus offers one of the quickest routes to EU citizenship, taking just 6 months to process if you invest 2 million EUR into real estate. There are no residency requirements, but you have the option to live in Cyprus if desired. The country has a very high standard of living, advanced infrastructure and a strong economy. Cyprus citizens can freely live, work and study anywhere in Europe. The Cyprus passport is ranked #17 globally, with visa-free travel to over 170 countries. While fast to obtain, the investment amount is higher than other programs.
Greece’s Golden Visa leads to citizenship after 7 years of residence
Greece’s Golden Visa program requires a minimum 250,000 EUR real estate purchase, which grants you a renewable 5-year residence permit. After 7 consecutive years of staying in Greece, you can apply for citizenship. A benefit of this route is you can reside in an EU country immediately if you wish. Greece offers a high quality Mediterranean lifestyle and low cost of living. However, the path to citizenship is longer than other European countries.
Austria’s citizenship by investment has easy criteria but high fees
Austria offers citizenship directly in exchange for a large one-time contribution, without needing residence first. To qualify, you must invest 10 million EUR into government bonds or companies, or pay a fee of 3-4 million EUR directly to the state. While Austria offers a very high standard of living and stable economy as an EU member, the investment requirements are extremely high compared to other countries.
In summary, for those seeking European citizenship through investment, Portugal, Malta and Cyprus offer the fastest and most affordable options under 2 million EUR. Factors to consider are processing time, residency requirements, visa access, taxation, and lifestyle. Consulting an experienced investment migration firm can help you identify the best program based on your personal needs and circumstances.