What Is a Golden Visa and How Does It Work? 2026 Guide

What Is a Golden Visa and How Does It Work? 2026 Guide

Investors planning to obtain residency in Europe, make an international investment, access education opportunities for their children, or create a long-term lifestyle alternative for their family will frequently come across the term “Golden Visa.”

But what exactly is a Golden Visa? Does purchasing a property or investing in a fund automatically provide a European passport? Does it give you the right to live and work anywhere in Europe? How long must the qualifying investment be maintained?

The answers to these questions vary depending on the program and the country.

Let’s begin with the most important distinction:

A Golden Visa generally refers to a residence status obtained through investment; it does not mean direct citizenship or an immediate second passport.

Some Golden Visa programs may create a pathway to permanent residence or citizenship over the long term. However, investors must separately meet the relevant country’s requirements regarding legal residence, physical presence, language proficiency, integration, and other citizenship criteria.

In this guide, we explain how Golden Visa programs work, the main investment options available, family eligibility, Schengen travel rights, and the key factors investors should consider when choosing a program.

What Is a Golden Visa?

“Golden Visa” is a commonly used term for residence programs offered by certain countries to non-EU investors in exchange for an eligible investment or economic contribution.

However, there is no single European Union-wide Golden Visa program.

Each country determines its own rules regarding:

• Accepted investment types;
• Minimum investment amount;
• Duration of the residence permit;
• Physical presence requirements;
• Eligible family members;
• Right to work;
• How long the investment must be maintained;
• Permanent residence requirements; and
• Citizenship requirements.

For this reason, the Greece Golden Visa and the Portugal Golden Visa, for example, do not provide exactly the same rights or operate under the same conditions.

How Do You Obtain a Golden Visa?

Although the process varies from country to country, it generally involves the following stages.

1. Define the Investor’s Objectives

The first question should not be, “Which country should I choose?” but rather, “Why do I need European residency?”

An investor’s objective may include:

• Creating an alternative right of residence in Europe;
• Accessing education opportunities for children;
• Investing in real estate;
• Diversifying an investment portfolio;
• Establishing a business in Europe;
• Relocating permanently in the future; or
• Pursuing citizenship over the long term.

The same Golden Visa program will not necessarily be equally suitable for all of these objectives.

2. Choose the Right Country and Investment Type

European residence-by-investment programs are based on different types of qualifying investments.

For example:

Greece: Real estate investment is the primary route.

Portugal: Real estate is no longer an eligible Golden Visa investment. Instead, several alternatives are available, including qualifying non-real-estate investment funds.

France: The program focuses on direct economic investment and creating new jobs or preserving existing employment.

Italy: Investment options include innovative startups, Italian companies, government bonds, and philanthropic contributions.

Latvia: Temporary residence options may be available through company equity, real estate, and certain other qualifying investment routes.

Choosing a Golden Visa program is therefore also an investment decision.

How Much Money Do You Need for a Golden Visa?

There is no single minimum investment amount that applies to all Golden Visa programs.

The required investment varies according to the country and investment route.

For example, as of 2026:

• In Greece, certain special categories of qualifying real estate investments may start from €250,000, while standard investment thresholds are higher depending on the location.
• In Portugal, the qualifying investment fund route requires a minimum investment of €500,000.
• In France, the direct economic investment category requires an investment of at least €300,000.
• In Italy, investment in an innovative startup starts from €250,000, while other investment routes have higher thresholds.

However, the qualifying investment itself is not the total cost of obtaining a Golden Visa.

Investors should also take into account:

• Government fees;
• Legal fees;
• Taxes;
• Notary and title deed costs;
• Fund management and related fees;
• Banking costs;
• Application fees for family members;
• Insurance; and
• Residence permit renewal costs.

For this reason, two programs should not be compared solely on the basis of their minimum investment amount.

What Types of Investments Can Be Used for a Golden Visa?

Real Estate Investment

Real estate may appeal to investors who prefer owning a physical asset.

However, purchasing a property in a European country does not automatically qualify an investor for a Golden Visa.

Greece is one of the countries where qualifying real estate investments may provide a basis for obtaining residence under specific conditions.

Investment Funds

Investment funds may be an alternative for investors who do not want to manage real estate and prefer professionally managed portfolios.

In Portugal, an investment of at least €500,000 in a qualifying non-real-estate investment fund is one of the available Golden Visa routes.

Investors should remember that fund investments are not capital guaranteed.

Business and Direct Economic Investment

In countries such as France, investors are expected not only to contribute capital but also to create genuine economic activity in the country.

This model may be more suitable for:

• Business owners;
• Entrepreneurs; and
• Investors planning to establish European operations.

Startup Investment

Italy offers a separate investor visa route for investments in qualifying innovative startups.

Although this option has a lower minimum investment threshold, startup investments may naturally involve a higher risk of capital loss.

What Does a Golden Visa Provide?

The rights provided by a Golden Visa vary by country, but the program generally grants the investor the right to legally reside in the issuing country.

Depending on the program, additional benefits may include:

• The right to live in the country;
• The ability to include eligible family members;
• Short-term travel within the Schengen Area;
• The right to work or conduct economic activity under certain programs;
• Renewal of the residence permit; and
• The possibility of applying for permanent residence or citizenship once the relevant conditions are met.

However, it would be incorrect to assume that all Golden Visa programs provide all of these rights.

Can You Travel Freely Within the Schengen Area with a Golden Visa?

A valid residence permit issued by a Schengen country provides significant flexibility for short-term travel to other countries within the Schengen Area.

However, there is a very important distinction:

The right to travel within the Schengen Area is not the same as the right to live and work throughout the entire European Union.

For example, an investor who obtains a residence permit in Greece has legal residence status in Greece. That residence card does not automatically allow the investor to relocate permanently to France and work there without restriction.

European Union citizenship and a residence permit issued by an EU country are two different legal statuses.

Can You Work with a Golden Visa?

This depends on the country and the specific residence category.

Portugal’s ARI regime allows investors to live and work in Portugal.

Greece’s real estate-based Golden Visa operates differently when it comes to employment as an employee.

France’s direct economic investment category, on the other hand, is specifically designed for investors entering the country for economic activity and investment purposes.

For families planning to relocate to Europe and work actively, the right to work is therefore just as important a selection criterion as the minimum investment amount.

Do You Have to Live in the Country to Maintain a Golden Visa?

Not all Golden Visa programs impose the same physical presence requirements.

For example, the absence of a general minimum physical residence requirement for the renewal of Greece’s real estate Golden Visa may be a significant advantage for investors who wish to maintain their business and lifestyle in Turkey.

Portugal, meanwhile, is known for having a low but not zero physical presence requirement. Under AIMA’s ARI regime, investors are required to spend at least seven days in Portugal during the first year and meet the applicable minimum stay requirements in subsequent periods.

It is important to distinguish between the requirements for maintaining a Golden Visa and the requirements for obtaining citizenship.

Being able to renew a residence permit without living permanently in a country does not mean that citizenship can be obtained under the same conditions.

Can Family Members Be Included in a Golden Visa Application?

Many residence-by-investment programs allow eligible family members to be included in the application.

Depending on the program, this may include:

• A spouse;
• Minor children;
• Adult children who meet specific requirements; and
• In some programs, the parents of the applicant or spouse.

For adult children in particular, eligibility may depend on factors such as:

• Age;
• Student status;
• Marital status; and
• Financial dependency.

For this reason, investors should consider not only the main applicant’s current circumstances but also how their children’s status may change over the coming years when selecting a program.

Does a Golden Visa Lead to Citizenship?

A Golden Visa does not provide direct citizenship.

In some countries, the period of legal residence that begins with a Golden Visa may eventually create a pathway to citizenship, provided all applicable requirements are met.

Citizenship may require additional conditions such as:

• Completing the required period of legal residence;
• Genuine physical residence in the country;
• Language proficiency;
• Tax ties;
• A clean criminal record; and
• Social integration.

Therefore, statements such as “Get a European passport by investing €X” may be misleading when the program in question actually provides residence rather than direct citizenship.

Is a Golden Visa the Same as Citizenship by Investment?

No.

Golden Visa

A Golden Visa provides residence first.

A passport may only become available at a later stage if the investor meets the country’s citizenship requirements.

Citizenship by Investment

In some countries, applicants may apply directly for citizenship after completing the required investment or government contribution and successfully passing the applicable due diligence procedures.

These two types of programs differ in terms of:

• Investment amount;
• Whether the investment can be recovered;
• Processing time;
• Rights granted; and
• Due diligence procedures.

What Are the Advantages of a Golden Visa?

For the right investor, the main potential benefits may include:

• Establishing an alternative residence status in Europe;
• Including eligible family members;
• Expanding future education and lifestyle options for children;
• Diversifying investments internationally;
• Building a long-term plan without immediately changing existing business and lifestyle arrangements;
• Facilitating travel within the Schengen Area; and
• Creating a potential pathway to permanent status when the relevant requirements are met.

What Are the Risks of a Golden Visa?

A Golden Visa investment should never be assumed to be risk-free.

Potential risks may include:

• Decline in real estate value;
• Capital loss in investment funds;
• Liquidity risk;
• Changes in legislation;
• Poorly structured projects;
• False or unrealistic rental guarantees;
• An investment failing to meet Golden Visa eligibility requirements;
• Children becoming ineligible for family inclusion; and
• Failure to meet residence permit renewal requirements.

For this reason, immigration eligibility and investment quality should be assessed separately.

Which Golden Visa Program Is Right for You?

There is no single “best Golden Visa program.”

If You Prefer Real Estate

Greece may stand out as an option.

If You Prefer Professionally Managed Investment Funds

Portugal may be worth considering.

If You Want to Establish a Business or Make a Corporate Investment in Europe

France’s Economic Investor category may be more suitable.

If You Want to Invest in Startups or Financial Instruments

Italy may offer suitable alternatives.

If You Are Exploring Lower-Budget Business or Other Investment Routes

Latvia may be considered.

The right program should be selected by evaluating the following factors together:

Budget + Investment Type + Family + Lifestyle Plan + Risk + Liquidity + Long-Term Residence Objectives

Choosing the Right Golden Visa Program with Vesta Global

At Vesta Global, we believe that investors should be able to compare different programs side by side rather than being presented with only one country or one investment project.

As part of our needs analysis, we assess:

• Your investment objectives;
• Your budget;
• Your family structure;
• Your children’s education plans;
• Your risk tolerance;
• Your liquidity expectations;
• Your plans to live and work in Europe; and
• Your long-term residence and citizenship objectives.

Based on this analysis, we provide a comparative assessment of the countries, investment types, and application routes that best align with your objectives.

Frequently Asked Questions About Golden Visas

Is a Golden Visa a passport?

No. A Golden Visa is primarily a residence status, not a passport or direct citizenship.

Can I work anywhere in Europe with a Golden Visa?

No. Employment rights depend on the country that issued the residence permit and the specific residence category.

Do I have to buy a property to obtain a Golden Visa?

No. Depending on the country, qualifying options may include investment funds, businesses, startups, and other forms of economic investment.

Do I have to live in the country to maintain a Golden Visa?

It depends on the program. Some programs may have low or no minimum physical presence requirements for maintaining or renewing the residence permit.

Can my family obtain a Golden Visa as well?

Many programs allow eligible family members to be included. However, the definition of an eligible family member and applicable age requirements vary by country.

Is my Golden Visa investment guaranteed?

No. An investment being eligible for a residence program does not mean that it is financially risk-free.

Legal Disclaimer

This content is provided for general informational purposes only and does not constitute legal, tax, or financial investment advice. Program requirements may change, and each application must be assessed according to the applicant’s individual circumstances.