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If you’re contemplating the benefits of residency by investment in Europe, you might be interested in the european golden visa programs, which offer a route to dual citizenship and the chance to possess some of the world’s most influential passports. Contrary to common misconceptions, golden visas are accessible not just to the affluent but also to those with more modest means. There are several affordable investor residency schemes across Europe that could be within your grasp. In this article, we’ll delve into the six cheapest golden visas in Europe for 2024, examining the pros and cons of each and offering insights on how they can help you achieve your aspirations.
1. Malta Permanent Residency Program (MPRP)
Launched in 2021, the Malta Permanent Residency Program (MPRP) presents a cost-effective path to permanent residence in the Schengen area for those seeking an alternative to the traditional golden visa europe programs. The MPRP stands out as it doesn’t necessitate property purchase—applicants can choose to rent instead. After a five-year residency period, individuals become eligible to apply for Maltese citizenship.
Pros of the Malta Permanent Residency Program
- Low cost of investment
- No physical stay requirements
- No need to purchase property
- Includes immediate family, plus parents or grandparents
- Possibility to apply for Maltese citizenship after five years
Cons of the Malta Permanent Residency Program
- The €100,000 investment is a sunk cost that cannot be recovered
- Proof of total assets of at least €500,000 is required
2. Greece Golden Visa: Real Estate Route
The Greece Golden Visa program is celebrated for its affordability, with the real estate investment route being the most economical, requiring a minimum investment of just €500,000. It’s crucial to be aware that the Greek government plans to revise the program, potentially doubling the minimum investment threshold. Currently, maintaining residency doesn’t require living in Greece, but those aiming for european citizenship must spend at least 183 days per year in the country. The journey to Greek citizenship spans seven years, with a B1 level in Greek language proficiency as a prerequisite.
Pros of the Greece Golden Visa
- One of the cheapest Golden Visas in Europe
- Affordable taxes and legal fees
- No need to live in Greece to maintain residency status
Cons of the Greece Golden Visa
- Relatively long citizenship timeline of seven years
- High language requirements for citizenship
- Onerous physical stay requirements necessary for citizenship
3. Portugal Highly Qualified Activity (HQA) Visa
Portugal’s Highly Qualified Activity (HQA) visa, while not strictly an EU golden visa, shares many advantages with the cheapest golden visas, including a modest investment threshold of €175,000. This visa caters to investors with low physical stay requirements and offers a clear five-year path to Portuguese citizenship. It’s specifically tailored for entrepreneurial investors with a focus on scientific research, looking to establish and grow a research-driven startup in partnership with a Portuguese university.
Pros of the HQA Visa
- Lower cost of investment compared to other Golden Visas
- Faster approval timeline than traditional Golden Visas
- Full refund of the entire investment if the visa application fails
- Low language requirements for citizenship
- Low physical stay requirements: only seven days per year
- Possibility to launch a successful startup and build intellectual property in Europe
Cons of the HQA Visa
- Risk of the initial investment becoming a sunk cost if the startup fails
- Active involvement required to generate returns on investment
4. Portugal Cultural Production Golden Visa
Another facet of the Portugal Golden Visa is the Cultural Production Golden Visa, which is part of the arts and heritage investment visa category. This unique option involves investing in Portuguese feature film production, with investors standing to gain a guaranteed annual return of 4% by pre-selling the film to broadcasters and other distribution channels. In addition to tax-exempt status, this route promises priority processing and allows for a reduced investment of as little as €200,000 if the film is set in Portugal’s low-density areas.
Pros of the Cultural Production Route
- Portugal’s cheapest Golden Visa route
- Tax exempt status
- Guaranteed 4% annual return
- No maintenance fees or notary fees
- Priority processing over other Golden Visa routes
Cons of the Cultural Production Route
- Limited successful case studies
- Does not provide a place to live in Portugal
5. Portugal Cultural Production Golden Visa (Low-Density Zone)
Echoing the cultural production route, this Portugal Golden Visa option is tailored towards investment in film projects located in the low-density areas of Portugal. It offers a more affordable investment threshold, but scouting for appropriate film projects in these less populated regions can pose a challenge.
Pros of the Low-Density Cultural Production Route
- Low cost of investment, one of the EU’s cheapest Golden Visas
- Faster timeline to citizenship
- Low language requirements for citizenship
- Low physical stay requirements: only seven days per year
Cons of the Low-Density Cultural Production Route
- Difficulty in finding suitable film projects in low-density areas
6. Latvia Investor Visa
The Latvia Golden Visa is a less prominent choice for those looking to secure a golden visa in Europe. By investing a minimum of €250,000 in real estate or government bonds, applicants can obtain a residence permit in Latvia. Visa holders must visit the country annually to retain their residency. Although it’s among the cheapest golden visas, the Latvia option is less attractive to those pursuing EU citizenship by investment due to its extended timeline and stringent language requirements.
Pros of the Latvia Investor Visa
- One of Europe’s cheapest Golden Visas
- Offers real estate and government bonds options
- Possibility of return on investment
Cons of the Latvia Investor Visa
- Longer timeline to citizenship (10 years)
- Does not recognize dual citizenship, except for certain circumstances
- Stringent language requirements and citizenship exams
Conclusion
In conclusion, obtaining a Golden Visa in Europe can be an affordable and strategic investment. The six cheapest Golden Visas in Europe for 2024 offer various benefits and advantages, making them attractive options for citizenship by investment in Europe. The Malta Permanent Residency Program, Greece Golden Visa, and Portugal HQA Visa, along with the Portugal Cultural Production Golden Visa and Latvia Investor Visa, all provide opportunities for investors to gain residency and potentially citizenship in golden visa countries.
Each EU golden visa program has its own unique requirements, timelines, and pros and cons, highlighting the diversity of the cheapest citizenship by investment options available. It is important to carefully consider your long-term objectives and conduct further research to determine the most suitable program for your needs.
