Golden Visa programmes — residency-by-investment schemes that grant residency rights in exchange for a qualifying investment — have become an important tool for internationally mobile high-net-worth individuals seeking residency optionality, EU freedom of movement, or a second base in an attractive location. Property investment remains the most common qualifying investment route, though several programmes have evolved in recent years.
This guide compares the leading programmes currently available to property investors, with particular attention to investment thresholds, the quality of the property opportunity, tax residency implications, and the "double benefit" of combining residency rights with investment returns.
Greece: The Strongest Value Proposition in Europe
Greece revised its Golden Visa property thresholds in 2023, creating a tiered system. In high-demand areas — Athens, Thessaloniki, and the most popular Aegean islands — the minimum qualifying investment is €800,000. In lower-demand areas and much of mainland Greece, the threshold remains €400,000. For properties in historic buildings that are restored, a lower threshold of €250,000 applies.
From a pure property investment perspective, Greece stands out. Despite significant price recovery since 2020, many markets — particularly in Athens outside the most expensive neighbourhoods, and in provincial cities — remain 30–50% below their 2007 peak in real terms. Rental yields in Athens have been strong, driven by tourism and the shortage of quality rental stock. The combination of relatively low entry prices, yield, and the potential for further capital appreciation makes Greece arguably the most compelling value proposition among Golden Visa markets.
The Greek Golden Visa grants five-year renewable residency for the investor and family members, with EU freedom of movement for Schengen area travel. It does not automatically lead to Greek citizenship — a lengthy naturalisation route exists but requires significant time in Greece.
Portugal: The Changed Landscape
Portugal's Golden Visa programme was one of Europe's most popular, but in early 2023, direct residential property investment in mainland Portugal was removed from the qualifying routes in response to concerns about housing affordability. This was a significant change — the route that attracted the largest volume of investors is no longer available in most of Portugal.
The October 2023 "Mais Habitação" reform removed all real estate routes — direct property purchase is no longer a qualifying investment anywhere in Portugal, including Madeira and the Açores. The current qualifying routes are investment of €500,000 in a qualifying venture capital or investment fund (the most popular remaining option), a €500,000 donation to scientific or technological research, a €250,000 contribution to arts or cultural heritage, and certain business and job-creation routes. For investors specifically seeking a European property investment alongside residency rights, Greece is now the principal option. For investors interested in Portugal specifically, fund investment is the primary route.
Portugal remains an attractive country to reside in, with the NHR (Non-Habitual Resident) tax regime offering significant tax advantages for new residents — though this regime has been amended several times and specialist advice is essential to understand its current form.
Spain: Golden Visa Closed
Spain has abolished its Golden Visa. Under Organic Law 1/2025, the residency-by-investment programme — including the €500,000 property route — stopped accepting new applications on 3 April 2025, driven by concern about the impact of investor purchases on housing affordability in Madrid, Barcelona, and other major cities. Property investment is therefore no longer a route to Spanish residency.
Existing Golden Visa holders who applied before the closure retain their rights and renewal entitlements. Investors who still wish to relocate to Spain must use other routes — such as the Non-Lucrative Visa (for those with sufficient passive income, but which does not permit work), the Digital Nomad Visa, or the EU Blue Card — none of which is a property-investment route.
Spain remains an attractive place to own property and live, with high-quality lifestyle in the Mediterranean coastal areas, Madrid, Barcelona, and the Balearic Islands. But a property purchase in Spain no longer confers any residency right, and investors seeking residency-by-investment in the EU should look to Greece (or to Portugal's fund route).
UAE: The Ten-Year Golden Visa
The UAE Golden Visa operates differently from its European counterparts. The Golden Visa grants a 10-year renewable residency to property investors who purchase property worth at least AED 2 million (approximately £430,000–£440,000 as at 2026, though exchange rates vary). Off-plan properties from approved developers can qualify if the purchase price exceeds the threshold.
The UAE does not have income tax, capital gains tax, or inheritance tax at the federal level (with the exception of certain business taxes and the 5% VAT on some transactions). This makes it genuinely attractive as a second base or full relocation destination for high-earners and investors.
UAE property markets have been performing strongly, particularly Dubai. Rental yields in prime Dubai developments have been among the highest of any major global city. However, off-plan risk — where a developer fails to complete or deliver a property — is a real consideration, particularly for lower-tier developers outside the major established names. Due diligence on the developer is essential.
The UAE Golden Visa does not give EU freedom of movement — it is a UAE-only residency right. For those seeking European mobility, the UAE programme complements rather than replaces a European Golden Visa.
Cyprus: Permanent Residency at €300,000
Cyprus offers a permanent residency permit (not an EU Golden Visa in the freedom-of-movement sense) through purchase of a new residential property worth at least €300,000 plus VAT. This is the lowest threshold in the comparison and Cyprus is a member of the EU — though the permanent residency granted under this route does not give freedom of movement across the EU Schengen area in the way that other European Golden Visas do. Cyprus is not a Schengen member state.
What Cyprus offers is a stable EU jurisdiction with a low flat income tax rate (12.5% corporate, 0% on dividends for non-domiciled residents, and other favourable features for new residents), a relatively low cost of living compared with Western Europe, an English-speaking legal and professional services community, and strong property markets in Limassol, Paphos, and Nicosia.
For investors already considering Cyprus as a place to live or establish a business, the property threshold is accessible and the residency benefits are real. For those primarily seeking EU freedom of movement, Greece or Spain are more appropriate.
Tax Residency: What the Golden Visa Does Not Do
A point that deserves emphasis: obtaining a Golden Visa in any country does not automatically make you tax resident there. The property purchase is the qualifying investment for the residency right — it is not itself a trigger for tax residency.
Tax residency is determined by domestic tax law and applicable double tax treaties. Most countries use time-based tests: if you spend more than 183 days per year in a country, you are generally tax resident there. Some countries have additional criteria — the location of your "centre of vital interests," family home, employment, and so on.
For investors who obtain a Golden Visa but do not intend to live in the country, they will not become tax resident there and will not benefit from (or be burdened by) its tax system merely by holding the visa. They remain tax resident wherever they actually live and meet the residency criteria.
For investors who do intend to use the Golden Visa country as a genuine second home or principal residence, tax residency planning — including the interaction with their country of departure and the applicable double tax treaty — is essential before any move.
IHT on Golden Visa Property
For UK-domiciled investors, Golden Visa property held abroad is a worldwide asset and subject to UK inheritance tax in full. A UK-domiciled investor holding €800,000 of Greek property will have that property included in their estate for UK IHT purposes on death. This is a material consideration that many investors overlook.
Non-UK domiciled investors are not subject to UK IHT on overseas assets. Their exposure is to their own country's succession laws and the laws of the country where the property is situated. Some countries have forced heirship rules that limit how overseas property can be bequeathed — Greece, Spain, and Cyprus all have their own succession law frameworks, and the EU Succession Regulation (Brussels IV) affects how estates with assets in multiple EU countries are administered.
The Double-Benefit Strategy
The most financially rational approach to Golden Visa investment is to treat the programme as what it is: a qualifying investment that also happens to convey residency rights. The investment should be evaluated on its own merits — rental yield, capital growth prospects, currency considerations, liquidity — as well as for the residency benefit.
For Greece, this analysis is particularly compelling: investors who have purchased in Athens or Greek islands have in many cases received good rental returns from short and medium-term lettings while their residency rights have been maintained. The property is not a cost of obtaining residency — it is an investment that generates returns, with the residency benefit as an additional value. For this to work in practice, professional property management in the local market is essential.
For the UAE, the alignment of strong rental yields with the 10-year Golden Visa makes a similar case. Spain no longer offers a residency-by-investment route at all, so a Spanish property must now be evaluated purely as a property investment, with no residency benefit attached.
How Global Investments Can Help
Global Investments advises internationally mobile investors on combining Golden Visa property strategies with broader wealth planning, including tax residency management, IHT structuring for overseas property holdings, and currency considerations. For investors considering property in Greece, the UAE, or Cyprus — or property in Spain on a pure-investment basis now that its Golden Visa has closed — we can introduce specialist legal and property advisers in those markets and help ensure the investment fits coherently within your overall financial plan. Contact us to discuss your objectives.
Frequently Asked Questions
Does buying a Golden Visa property automatically make me tax resident?
No. A Golden Visa gives you the right to reside in the country — it does not automatically make you tax resident. Tax residency is triggered by time spent and other factors (such as the location of your family home) under each country's domestic tax law and any applicable double tax treaty. You must actively manage where you are tax resident.
Can I rent out my Golden Visa property?
Yes, in most programmes. The investment requirement is typically that you own the property — not that you live in it. Renting the property generates income (with local tax obligations) and can partially offset the cost of the investment, improving the economics of the programme.
What happens to my Golden Visa if I sell the property?
Golden Visa residency is typically conditional on maintaining the qualifying investment. Selling the property before becoming eligible for permanent residency or citizenship may invalidate your visa. Check the specific rules for each programme carefully — some allow reinvestment into a qualifying alternative.
Is UK IHT payable on overseas Golden Visa property?
For UK-domiciled individuals, yes. UK inheritance tax applies to worldwide assets, which includes property held abroad. Non-UK domiciled individuals are generally not subject to UK IHT on overseas assets, though their own country's succession laws may apply. Legal and tax advice in both jurisdictions is essential.
This guide is for general information only and does not constitute financial advice or a personal recommendation. The value of investments can fall as well as rise and you may get back less than you invest. Tax rules, pension legislation, and investment regulations change — always verify current rules and seek advice from a qualified independent financial adviser before making any financial decisions.