The 60 second verdict
Four programs, four different theses. Pick by what you actually want.
- — Lightest physical presence in the EU (14 days per 2 year cycle).
- — EUR 500,000 fund route with recoverable principal.
- — 10 year passport track post-April 2026 (7 for EU/CPLP citizens).
- — IFICI tax overlay if you qualify (tech, science, certified startup employee, 50%+ exporter senior staff).
- — Acceptable to wait through AIMA backlog (18 to 24 months for first card).
- — Fastest live EU passport track at 7 years.
- — Lowest entry: EUR 250,000 conversion route, EUR 400,000 Zone B.
- — Real estate as the qualifying investment, in your name.
- — Greek Non-Dom EUR 100,000 flat on foreign income (15 years).
- — You can live with the short-term rental ban on the qualifying property.
- — You can pass B1 Greek and a history exam at year 7.
- — Most powerful tax overlay in the EU (EUR 200,000 flat on foreign income).
- — Non-real-estate routes: startup, company, philanthropy, government bonds.
- — 10 year passport track with B1 Italian.
- — Fast issuance (3 to 6 months).
- — You are not a Russian or Belarusian passport holder.
- — Cheapest EU permanent residency (~EUR 169,000 over 5 years on rental route).
- — Wide family scope (parents and grandparents both sides).
- — Fast PR issuance (4 to 6 months).
- — You do not need a defined passport timeline.
- — You meet the asset test (EUR 500,000 with EUR 150,000 financial, or EUR 650,000 with EUR 75,000 financial).
The grand matrix
Everything important on one screen.
| Metric | 🇵🇹 Portugal | 🇬🇷 Greece | 🇮🇹 Italy | 🇲🇹 Malta |
|---|---|---|---|---|
| Minimum capital | EUR 500,000 fund | EUR 250,000 conv. | EUR 250,000 startup | ~EUR 169,000 (5yr rental, all-in) |
| Real estate route | None | Yes (zone-based) | None | Required (rent or buy) |
| Status | Residence permit | Residence permit | Residence permit | Permanent residency |
| Citizenship horizon | 10 years (post-April 2026) | 7 years | 10 years | 5 years ordinary residence (separate from MPRP) |
| Language requirement | A2 Portuguese | B1 Greek + history exam | B1 Italian + integration test | For ordinary residency citizenship: integration assessment |
| Tax overlay | IFICI (narrow) | Non-Dom EUR 100k | Flat tax EUR 200k | Remittance basis EUR 5k min |
| Physical presence | 14 days per 2 year cycle | None for visa | None for visa | None for status |
| Processing time | 18 to 24 months | 3 to 6 months | 3 to 6 months | 4 to 6 months |
| Family scope | Spouse, children, parents over 65, dependent siblings | Spouse, children <21 (or 24 student), parents both sides | Spouse, dep. children, dep. parents | Spouse, children, parents AND grandparents both sides |
| Russian/Belarusian eligible | Yes (enhanced DD) | Yes (enhanced DD) | Suspended since 2023 | Yes (enhanced DD) |
| Capital recoverable | Fund principal expected to recover | Real estate (5 year hold) | Bonds yes; startup at risk | Property yes; rent no |
Cost matrix
5 year all-in for a family of 4 on the typical route.
Citizenship horizon matrix
Wall-clock timing for each program.
Tax overlay matrix
The four very different special regimes.
Family rules matrix
Decision tree
- 01
Do you want a defined EU passport timeline?
If:
Scenarios
Four way tech founder
Tech founder, 40s, modest foreign income, building a global SaaS, looking for EU base. — Portugal IFICI if eligible. Otherwise Italy startup route at EUR 250,000 if relocating; Greece if real estate is the preferred asset class.
Four way uhnw passport
UHNW family, USD 5M+ foreign income per year, want EU passport, willing to relocate. — Italy. EUR 200k flat tax on unlimited foreign income. EUR 2M bond route for capital preservation.
Four way extended family
Couple wanting to bring three generations including grandparents into EU residency. — Malta MPRP rental route. Only program covering grandparents.
Four way fastest passport
Indian or South African passport, family of four, want EU passport in shortest live track. — Greece. 7 year track is fastest among the four. EUR 400,000 Zone B real estate.
Four way light presence
Wealthy investor wanting EU residency without relocating. Travels frequently for work. — Portugal. 14 days per 2 year cycle. AIMA backlog the price of admission.
Four way cheapest eu pr
Buyer wanting EU rights at lowest legitimate cost, no passport ambition. — Malta MPRP rental route. ~EUR 169k over 5 years.
FAQ
Which is the cheapest EU residency in 2026?
Malta MPRP rental route at roughly EUR 169,000 to 220,000 over 5 years for a family of four. Italy startup route at EUR 250,000 has lower fees but the principal is at high risk. Greece conversion route at EUR 250,000 puts capital into a tangible asset that may recover with the property market over the 5 year hold.
Which has the fastest passport?
Greece at 7 years from initial residency with B1 Greek and a history exam. Portugal post-April 2026 is 10 years (or 7 for EU and CPLP citizens). Italy is 10 years with B1 Italian. Malta MPRP does not provide a defined passport timeline.
Can I hold more than one?
Yes. Some HNW families hold two: Italy or Portugal for the principal plus Malta MPRP for the broader family. Tax residency goes to one country per person; the visas do not conflict. The operational complication is whether you actually need both.
What if I am a Russian or Belarusian passport holder?
Italy is closed to you (suspended since 2023). Portugal, Greece, and Malta remain open with enhanced due diligence. UAE Golden Visa is also available outside the EU. Source of funds documentation and clearance from sanctions screening are the principal hurdles.
Do all four give Schengen access?
Yes. Residency in any of the four programs grants Schengen mobility for short visits to other Schengen countries (90 days in any 180 day period). Long-term residence in another Schengen country requires a separate residence permit there.
Which is most likely to change rules unfavourably in the next 5 years?
Hard to predict precisely, but the tightening trajectory is broad. Portugal already doubled the citizenship horizon in April 2026. Spain closed entirely in April 2025. Greece reformed pricing in 2024 and banned short-term rentals. Italy has been the most stable. Malta MEIN is under direct EU pressure (ECJ 2025), though MPRP itself has been left alone. The pattern: EU programs are getting harder, not easier. Buyers should plan for the possibility of further changes during the holding period.
Sources
- — Portugal: Law 23/2007 (Foreigners Act); Law 56/2023 (Mais Habitação); Decreto-Lei 352/2024 (IFICI); Lei da Nacionalidade amendment 1 April 2026.
- — Greece: Law 5100/2024 (zone-based pricing); Income Tax Code Article 5A (Non-Dom); Greek Citizenship Code (Law 3284/2004) as amended.
- — Italy: Decree-Law 161/2017 (Investor Visa); Articles 26-bis and 26-ter, Decree-Law 50/2017 (flat tax); Budget Law 2025 (Law 207/2024); MAECI Russian/Belarusian suspension note 20 March 2024.
- — Malta: Subsidiary Legislation 217.26 (MPRP); Legal Notice 146 of 2025; Income Tax Act remittance basis; ECJ judgment on Malta MEIN 2025.
- — Spain (for context only): Organic Law 1/2025, in force 3 April 2025.