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Which Golden Visa Program is the Best? – Comparative Analysis Between Countries

September 3, 2025
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With the transformation of global immigration policies, residency permits and citizenship through investment , have become one of the most preferred immigration routes for international investors since the 2010s. Greece, Hungary, Spain, Portugal, and Malta, , have opened their doors to foreigners with various investment options, while also reaping significant economic benefits.

However, not all Golden Visa programs offer the same conditions and advantages. Some stand out with their low investment requirements, some offer the possibility of obtaining citizenship in a short time, and others are preferred for their strong tax advantages. For Turkish citizens, these programs are of great importance both in terms of free movement within the Schengen area and as a path to dual citizenship

This article of which Golden Visa program is the most suitable as of 2025 with a detailed analysis; countries will be compared by considering investment amounts, citizenship durations, tax advantages, family reunification opportunities, and risks.

1. Criteria for Determining Golden Visa Eligibility

To determine whether a Golden Visa program is “the most suitable,” the following criteria should be considered:

  1. Investment Amount – What is the minimum entry cost?

  2. Citizenship Requirement – ​​How many years after obtaining citizenship is it possible?

  3. Tax Advantages – Avoiding double taxation, lower tax rates.

  4. Family Reunification – Are spouses, children, and parents included in the program?

  5. Schengen Free Movement – ​​freedom of movement within the EU.

  6. Return on Investment – ​​Real estate or fund income.

  7. Legal Guarantees – How well are investment and residency rights protected?

2. Greece Golden Visa Analysis

  • Investment Amount: €250,000 (real estate)

  • Citizenship validity period: 7 years

  • Taxes: 15–45% income tax, 3% property tax.

  • Advantage: Europe's lowest-cost Golden Visa program.

  • Family: Including spouse, children under 21, and parents.

  • Risk: Raising it to €500,000 after 2025 is being discussed.

3. Hungary Golden Visa Analysis

  • Investment Amount: €250,000 (fund) or €300,000 (bond)

  • Citizenship validity period: 8 years

  • Taxes: 15% income tax, 9% corporate tax (lowest in the EU)

  • Advantages: Low cost, tax advantages

  • Family: Including spouse and children.

  • Risk: Uncertainty regarding the reliability of the funds and stability due to it being a new program.

4. Spain Golden Visa Analysis

  • Investment Amount: €500,000 (real estate)

  • Citizenship validity period: 10 years

  • Taxes: 19–47% income tax, 6–10% property tax

  • Advantage: Strong investment opportunity through real estate.

  • Family: Spouse, children, dependent parents

  • Risks: Rising housing prices, political disputes.

5. Portugal Golden Visa Analysis

  • Investment Amount: €500,000 (funding, R&D, cultural projects)

  • Citizenship validity period: 5 years

  • Tax: Low tax for 10 years with the NHR system.

  • Advantage: Shortest citizenship application period in Europe.

  • Family: Spouse, children, parents

  • Risk: The removal of the real estate option in 2023.

6. Malta Golden Visa Analysis

  • Investment Amount: €750,000 contribution + real estate rental

  • Citizenship Processing Time: 1–3 years (fast-track citizenship)

  • Tax: 35% corporate tax, but there is a refund system.

  • Advantage: Direct citizenship

  • Risk: Very high cost, EU pressure.

7. Experiences from Ireland and Cyprus

  • Ireland: Closed its Golden Visa program in 2023.

  • Cyprus: The direct citizenship program was abolished in 2020.

  • These examples show that the EU is increasingly opposed to property-based programs.

8. The Best Options for Turkish Citizens

  • Greece: Low cost, geographical proximity.

  • Portugal: Citizenship in a short time.

  • Hungary: Tax advantages.

  • Spain: Strong real estate market.

  • Malta: For high-budget investors seeking quick citizenship.

9. Golden Visa: The Most Suitable Method for Obtaining Citizenship in a Short Time

  • Portugal: 5 years

  • Malta: 1–3 years (at high cost)

10. Golden Visa: The Most Suitable for Low Investment Amounts

  • Greece: 250.000 €

  • Hungary: €250,000 fund investment.

11. Golden Visa is the most advantageous option in terms of tax benefits

  • Portugal: NHR system

  • Hungary: 9% corporate tax

12. Golden Visa is the most suitable option for real estate investment

  • Spain: 500.000 €

  • Greece: €250,000 (before prices increased)

13. Golden Visa is the most suitable option for family reunification

  • Greece and Portugal: Including both spouses and parents.

14. Risks and Legal Safeguards

  • Under pressure from the EU, some countries may shut down the programs.

  • To ensure the security of investments, transactions should always be conducted through a notary and a lawyer.

  • When investing in funds, EU-approved funds should be preferred.

15. Application Scenarios

  1. Businessman: Buys a house in Greece for €250,000.

  2. Retired Couple: Invests in funds in Portugal.

  3. Entrepreneur: Start-up investment in Hungary.

  4. Investor Group: Acquires a hotel in Spain.
    5–10: Tax advantages, family reunification, naturalization, inheritance, second investment.

16. Frequently Asked Questions (FAQ)

Q1: Which Golden Visa is most suitable for Turks?
Greece and Portugal.

Q2: Which country offers the fastest citizenship?
Portugal (5 years), Malta (1–3 years).

Q3: Which is the lowest cost program?
Greece and Hungary (€250,000).

S4: Are family members included?
Yes.

Q5: Is dual citizenship possible?
Yes.

S6: Is free movement within the Schengen area ensured?
Yes.

S7: Has the real estate option been removed?
Yes, in Portugal.

S8: Which countries offer tax advantages?
Portugal and Hungary.

S9: Could the programs be shut down?
Yes, there is a risk of closure due to pressure from the EU.

S10–30: return on investment, fund risks, post-rejection litigation, children's education, citizenship test, integration requirements.

Conclusion: Which Golden Visa is More Advantageous?

As of 2025, the most suitable Golden Visa program varies depending on the investor's objective:

  • Those looking for the lowest cost: Greece, Hungary.

  • Those who want citizenship as soon as possible: Portugal.

  • Those who prefer real estate investment: Spain.

  • Countries seeking tax advantages: Portugal, Hungary.

  • High-budget investors seeking quick citizenship: Malta.

The most strategic options for Turkish investors Greece's €250,000 real estate program and Portugal's fund program offering citizenship after 5 years.

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