Residency by Investment: The Complete Guide for Investors (2026)

Residency by investment is a legal pathway through which a foreign national obtains the right to reside in a country by making a qualifying investment under a government-approved programme.

The investment type varies by programme: a qualifying fund subscription, real estate purchase, capital contribution to a company, government bond, bank deposit, or cultural donation. In exchange, the investor receives a residence permit or long-term visa conferring the right to live in that country and, in most EU programmes, to travel within the Schengen area for 90 days in any 180-day period.

The essential point is this: a residence permit is not a passport. Many investors encounter both residency by investment and citizenship by investment as options in the same market, and the two are frequently confused. They are materially different products with different outcomes, costs, and obligations.

Citizenship by investment (CBI) grants citizenship directly, usually through a donation or qualifying investment, without any prior residence requirement. Caribbean CBI programmes (in St Kitts and Nevis, Grenada, Dominica, Antigua and Barbuda, and St Lucia) are the most active globally. On approval, the investor is issued a certificate of naturalisation by the competent citizenship authority (for example, the relevant Citizenship by Investment Unit). No prior residence is required, and typically no future residence is required either.

Residency by investment grants a residence permit. The investor is not a citizen. They do not receive a passport. If citizenship is the long-term goal, the investor must accumulate years of physical residence, pass language and/or cultural tests, and satisfy the statutory conditions of that country's nationality law, as a separate process undertaken after the residence permit is in hand.

Some CBI programmes include a brief visit, interview, or short stay during the application process. This does not change the nature of the programme: the investor is still naturalised on completion, not granted a residence permit. The defining criterion is the status ultimately granted, not whether any time is spent in the country during processing.

There is no EU citizenship by investment programme. The EU does not issue its own citizenship. What exists are member state citizenship pathways accessible to investors: Greek, Portuguese, Hungarian, and others. These are obtained through naturalisation under each country's nationality law, after meeting physical presence requirements that are separate from, and additional to, holding a residence permit.

Investors who encounter references to "EU citizenship by investment" are typically looking at a residency by investment programme, which leads to a residence permit, not a passport. There is no investment-based pathway to EU citizenship: any citizenship outcome is decided separately, under each country's own nationality law, after years of residence.

Most of the confusion investors encounter about residency by investment comes from conflating three independent concepts. Understanding them separately is the most important analytical step in evaluating any programme.

Holding an investment residence permit establishes Layer 1. It does not, by itself, establish Layer 2 or Layer 3.

Most leading investment residence programmes do not require physical presence to maintain the permit. A Portugal ARI holder can renew having spent minimal time in Portugal. A Greece Golden Visa holder can renew after no minimum stay. Maintaining a permit is not the same as becoming tax-resident there.

Spending 183 or more days per year in a country typically triggers tax residence under that country's domestic law, regardless of whether the investor holds a permit there. Conversely, holding a permit does not make someone tax-resident if they are not physically present. An investor holding a Greek Golden Visa who spends most of the year in the UK is likely UK tax-resident, not Greek tax-resident, unless their days in Greece in a given year cross the relevant threshold.

Some investment residence jurisdictions also offer beneficial tax regimes for qualifying new residents: Portugal's incentivised tax status for resident non-habitual earners (IFICI, the successor to NHR), Greece's alternative flat-tax for qualifying individuals, and Italy's flat-tax scheme are examples. These are separate applications from the residence permit. They do not attach automatically to a Golden Visa, and each carries specific eligibility conditions. Qualified tax advice is required before relying on any such regime as part of an investment plan.

Investment thresholds and programme conditions change. Figures below reflect official government and legal sources as at July 2026; all should be verified with a qualified immigration adviser before commitment.

Greece's investor residence programme is governed by Law 5038/2023 as amended by Law 5100/2024. The status granted is a 5-year renewable residence permit. No minimum stay is required to renew the permit or maintain residence status.

Real estate routes (permit type B5): The minimum threshold depends on location. The lowest tier applies in regional areas and smaller islands; a higher tier applies in suburban Athens and most of mainland Greece; and the highest tier applies in central Athens municipality, Thessaloniki, Mykonos, Santorini, and islands with a population of 3,500 or above. Transitional rules exist for investors who signed preliminary contracts or paid deposits before specific 2024 deadlines.

Financial investment routes (permit type B4, Law 4251/2014 Art. 20B): Greece offers routes via qualifying mutual fund units, capital contributions to Greek-registered companies (excluding REICs and holding companies, which fall under separate thresholds), Greek government bonds, fixed-term bank deposits, listed corporate securities, and a startup route through the Elevate Greece registry. Each has its own minimum threshold, holding period, and documentation requirements. Specific figures should be confirmed with a qualified Greek immigration adviser.

Family: Spouse or registered partner (including same-sex, via notarised cohabitation agreement); children under 21; parents of the main applicant and their spouse with no age limit and no financial dependency requirement.

Path to citizenship: Greek naturalisation requires 7 years of actual physical residence (at least 183 days per year), transition to long-term resident status, and passing a Greek language and culture test.

See also our European Golden Visa guide.

Portugal's ARI (Autorização de Residência para Investimento) is governed by Article 90-A of Law 23/2007, as amended by Law 56/2023 ("Mais Habitação"). Direct real estate purchase is no longer an eligible investment route following the October 2023 reform. The status granted is a 2-year renewable residence permit.

Investment options: Portugal's current ARI routes include qualifying investment fund subscriptions, cultural heritage contributions, scientific research capital transfers, and job-creation options. Specific thresholds under Article 90-A should be confirmed with current AIMA (Agência para a Integração, Migrações e Asilo) guidance or with a qualified immigration adviser.

Path to citizenship: Under Lei Orgânica n.º 1/2026 (in force 19 May 2026), Portuguese naturalisation requires 10 years for most nationalities and 7 years for nationals of CPLP countries and EU member states. Investors who filed their naturalisation application at IRN on or before 18 May 2026 continue under the prior 5-year regime.

Family: Spouse or civil partner; dependent children (including financially dependent adult children); dependent parents of the main applicant or their spouse.

For a detailed walkthrough of the application process, see our Portugal Golden Visa guide.

The MPRP is governed by S.L. 217.26 of 2021 and administered by Residency Malta Agency. The status granted is permanent residence in Malta. This differs from a time-limited investor visa: MPRP holders have permanent status from approval, though permit cards are renewed every 5 years.

MPRP holders may travel within the Schengen area for 90 days in any 180-day period. The MPRP does not create a pathway to Maltese citizenship.

Financial requirements: The programme requires a government contribution, an application fee, a philanthropic donation to a registered Maltese NGO, and either a property purchase or a qualifying annual rental arrangement. Minimum asset thresholds (total assets and a required proportion in financial assets) must be maintained for at least the first 5 years. All figures should be verified against current Residency Malta Agency requirements before application.

Family: Spouse or registered partner; dependent children under 29 (unmarried); parents and grandparents of the main applicant or their spouse (not in full-time employment; no age limit).

Processing: Typically 4–6 months after full documentation is submitted.

Hungary's GIP is governed by Act XC of 2023. The status granted is a 10-year renewable residence permit. No minimum stay is required.

Investment options: Two routes are currently active. The first is a subscription to shares in a qualified real estate investment fund registered in the official qualified-market register; the investment must be maintained for at least 5 years and made within 90 days of visa approval. The second is a non-refundable donation to a qualifying Hungarian higher-education institution maintained by a public trust. A direct property purchase route was announced at programme launch but has not been activated.

Family: Spouse or registered partner; children under 18; parents who are fully financially dependent on the investor.

Path to citizenship: Hungarian naturalisation requires 8 years of continuous physical residence, a Hungarian language examination at B1 level, and a constitutional knowledge test.

Important: US citizens are not currently eligible. Nationals of Russia, Belarus, and Ukraine must hold a valid second non-EU passport.

Latvia's programme is governed by Section 23 of the Immigration Law. The status granted is a 5-year renewable residence permit. No minimum stay is required, but the investor must visit Latvia once per year to renew the physical permit card.

Latvia has the lowest minimum investment of any active EU residency by investment programme.

Investment options: Three routes are available: an equity investment in a qualifying Latvian company, real estate in Riga or within 30 km of Riga, and a bank deposit option. For the equity route, the qualifying company must meet specific employment and turnover thresholds and pay at least EUR 40,000 in annual taxes for the permit to be renewed. The company's ongoing tax compliance is therefore a renewal condition.

Family: Spouse (legally registered marriage required); children under 18 at the time of application. Parents are not eligible for inclusion in Latvia.

Path to citizenship: Latvian naturalisation requires 10 years of lawful residence. Latvia generally requires renouncing prior citizenship, with exceptions for nationals of EU member states and NATO countries. Permanent residence requires meeting specific physical presence thresholds over the preceding 5 years plus a Latvian language test at A2 level.

The UAE does not have a concept of permanent residence in law. All foreign nationals hold visas conferring the right to reside. UAE citizenship is not available through investment and is only granted in very limited, discretionary circumstances.

Status granted: A long-term residence visa for 2, 5, or 10 years, depending on the qualifying route. To maintain status, the investor must visit the UAE at least once or twice per year.

Investment routes:

2-year investor visa (Dubai property): Requires a completed freehold residential property in a designated Dubai freehold zone. As of the Dubai Land Department update of 29 April 2026, the previous AED 750,000 minimum value requirement has been removed for sole owners. For jointly owned properties, each investor's share must be at least AED 400,000. For mortgaged properties, at least 50% of the property value or AED 375,000 must be paid, with an NOC from the lender.

10-year Golden Visa (investor): AED 2,000,000 or more in qualifying real estate (ready or under construction, with at least AED 2,000,000 paid) or AED 2,000,000 deposited in a UAE bank.

5-year retirement visa: For investors aged 55 and over with a qualifying fully-paid property of AED 1,000,000 or more, or a UAE bank deposit of AED 1,000,000 for at least 3 years.

10-year Golden Visa (professionals): For high-earning professionals earning at least AED 30,000 per month. No property investment required.

Family (Golden Visa holders): Spouse; sons until age 21; unmarried daughters with no age limit; parents via a separate 10-year parental visa. Family members are sponsored after the main visa is issued.

AED/EUR and AED/USD exchange rates fluctuate. Investment thresholds in AED should be converted at the time of application.

For more detail on the UAE route, see our UAE Golden Visa programme page.

Italy offers an investor residence route through the Investor Visa for Italy programme, covering options including qualifying fund subscriptions, equity investments in innovative Italian startups, and philanthropic contributions. See our Italy Golden Visa guide for current eligibility and programme requirements.

Spain's investor visa programme closed to new applicants on 3 April 2025 following legislation abolishing the programme. Investors who had committed a qualifying investment and submitted an application before the closure should seek specific legal advice on their individual position.

Alternative routes for Spanish residence exist: the Digital Nomad Visa (for remote workers with qualifying foreign-source income) and the Non-Lucrative Visa (for financially independent individuals who do not work in Spain). Neither requires an investment.

When evaluating residency by investment options, advisers assess clients against five criteria. These determine which programme, if any, is the right fit.

1. Investment commitment and liquidity. How much capital is available, and how long can it be locked up? Real estate and fund subscriptions typically carry 5-year minimum hold periods. The capital is not liquid during that time.

2. Family composition. Some programmes include parents and grandparents; others do not. Children's ages matter: programmes set different cut-off ages, and adult children may lose eligibility mid-process if not included at the right time. Latvia, for example, excludes parents entirely. Malta MPRP covers grandparents.

3. Citizenship timeline and physical presence. If eventual citizenship is the goal, the physical presence requirement is the deciding constraint. Greece requires 7 years at 183 days per year. Portugal requires 10 years of lawful residence (with no minimum stay for the residence permit itself). Hungary requires 8 years. Latvia requires 10 years. Portugal and Greece lead for investors who want EU citizenship with minimal mandatory time on the ground during the early years.

4. Tax position. Holding a permit does not create tax obligations. However, if an investor intends to spend significant time in the country, the tax consequences need to be assessed before commitment. Some programmes sit alongside beneficial tax regimes, but these require separate applications and specific eligibility.

5. Programme stability. Spain closed in 2025. Portugal's naturalisation rules changed in 2026. Investors planning over a 10-year horizon should factor in the possibility of further legislative reform, particularly in EU programmes where policy is influenced by EU-level debates as well as domestic politics.

Sources verified against official government and legal publications as at July 2026. Investors should receive updated legal advice at each stage of a multi-year process.

All investment residence applications are subject to a government due diligence review. The OECD has identified investor residence schemes as a potential vehicle for tax transparency risks, and European programmes have introduced progressively enhanced source-of-funds requirements over the past decade.

The most consistent reasons for refusal or significant delay are as follows.

Source of funds. Governments require clear documentary evidence that the investment capital originates from a legal source: employment income, business revenue, inheritance, asset disposal, or another documented legal origin. Funds that cannot be traced create risk. This is the single most frequently cited stop factor in investor consultations.

Criminal record. Each programme applies its own threshold. A prior conviction does not automatically disqualify an applicant from every programme, but it is a material factor. It must be disclosed and individually reviewed before application.

Inconsistent documentation. Name mismatches between passports and other records, unofficial translations, and missing certifications generate additional government requests and delay the process.

Programme changes after submission. The legal requirements in force at the time of the relevant government decision govern that application's outcome. Transitional provisions vary by country. Investors should not assume that conditions researched at initial inquiry will remain unchanged through to permit issuance.

Tax residency confusion after permit issuance. Some investors assume a residence permit creates tax obligations. Others assume it prevents them. Neither is correct. Tax residence is determined by physical presence and the applicable domestic rules of each country, not by permit status. Investors with complex cross-border tax positions should seek independent tax advice before decisions about where to spend time.

From the perspective of the OECD and the European Commission, investor residence schemes must be operated with adequate oversight to prevent misuse. The legitimate uses are clear: securing the legal right to live in a second country, protecting family residence, and building toward eventual naturalisation. These are the purposes the programmes are designed to serve. Any adviser that presents residency by investment as a tool for concealing assets or avoiding regulatory obligations is not providing compliant advice.

This question comes up frequently and deserves a direct answer: there is no EU citizenship by investment programme.

The EU does not issue its own citizenship. Citizenship in the EU is citizenship of a specific member state: Greek, Portuguese, Hungarian, and so on. What investment residence can do, in some EU programmes, is provide the initial legal residence status from which an investor may (after accumulating years of physical presence and satisfying statutory conditions) apply for citizenship of that member state.

The path from a Greek Golden Visa to Greek citizenship requires 7 years of physical residence, transition to long-term resident status, and passing a language and culture test. The investment that obtained the Golden Visa opens access to residency. Citizenship is a separate application made later, to a different government body, under the country's nationality law.

For investors who want citizenship without extended physical residence, the main route is citizenship by descent (Ireland, Germany, Italy, Poland, and others operate descent-based citizenship programmes for eligible applicants). Our citizenship by investment guide covers the passport-granting investment programmes in detail.

For investors already on an EU Golden Visa path, our guide to progressing from Golden Visa to citizenship covers the naturalisation steps and timelines.

Which programme fits depends on factors a comparison table cannot resolve: your investment portfolio, your family's ages and situation, your travel patterns, your tax position, and your actual timeline. These require individual assessment.

My Golden Visa is a licensed immigration consultancy specialising in residency and citizenship by investment. Every engagement starts with a preliminary eligibility and due diligence review. We then produce a programme comparison, manage document preparation with qualified immigration lawyers in each jurisdiction, and oversee the application through to permit issuance.

Government processing outcomes depend on official review. No outcome can be guaranteed. To discuss your options in a confidential first conversation, contact our team.