How Much Does a Golden Visa Cost? Comparing Minimum Investment and Ongoing Costs — Spain Investment Migration

Residence-by-investment programmes are priced in layers, and the advertised minimum is only the first one. Above the qualifying capital sits a second layer of money paid to the state simply to have the application processed and approved, and a third layer of cost and obligation that recurs for as long as the permit is kept alive. The five programmes compared below are priced differently in each layer, so a side-by-side reading of thresholds alone will mislead. Everything that follows is taken from the official pages and regulations listed at the end, checked on 3 October 2026.

The official minimum, programme by programme

Portugal

Portugal's residence permit for investment activity (Article 90.º-A) is administered by AIMA. The fund route requires a transfer of capital of €500,000 or more, destined for the acquisition of units in non-real-estate collective investment undertakings, whose maturity at the time of investment is at least five years, and of which at least 60% of the investment value must be realised in commercial companies headquartered in Portugal.

The research route also requires €500,000 or more, applied in research activities; this requirement may be reduced by 20% (400 mil euros) when the investment is made in low-density territory (NUTS III). The cultural route requires €250,000 or more, applied in investment in or support for artistic production, or the recovery or maintenance of national cultural heritage.

Malta

The Malta Permanent Residence Programme Regulations (S.L. 217.26) are structured around property title rather than a single capital sum. A qualifying owned property is a residential immovable purchased for a consideration of not less than €375,000 in Malta or Gozo. A qualifying rented property is a residential property taken on lease for a rent of not less than €14,000 per annum in Malta or Gozo.

Italy

Italy's investor visa is a two-year visa for non-EU citizens who invest in strategic assets for Italy's economy and society. The qualifying amounts are €2 million in Italian government bonds, €500,000 in an Italian limited company, €250,000 in an Italian innovative startup, and €1 million in a philanthropic initiative.

Greece

Under the golden visa programme for investment in a listed real property (initial issuance), the applicant must hold full ownership and possession of real estate in Greece consisting of a listed building or part of a listed building to be restored or reconstructed, or real estate within which a listed building is situated, with a minimum value at the time of acquisition of EUR 250,000. A lease variant exists: a copy of the notarial deed for the lease of hotel accommodation facilities or furnished houses for tourists in complex tourist accommodation facilities, acknowledging full payment of EUR 250,000.

United Arab Emirates

The UAE golden visa is a long-term, renewable residence visa valid for 5 or 10 years. For investors, the validity is 10 years for public investments and 5 years for real estate investments. The stated investor conditions are a minimum capital of AED 2 million, together with property ownership or contribution to an establishment paying at least AED 250,000 annually in taxes.

Why the headline is not the whole cost

The size of the capital is only half of what the capital has to be. In Portugal the €500,000 fund route is not simply a payment: the money must sit in a vehicle with at least five years of maturity at the point of investment, and at least 60% of its value must be deployed into Portuguese commercial companies. The applicant signs a declaration of honour undertaking to meet the minimum quantitative and temporal requirements of five years. That is a five-year commitment of capital, not an entry fee.

Portugal also requires the transfer to be evidenced in a specific way: a declaration from a credit institution authorised or registered in Portugal with Banco de Portugal, attesting the effective transfer of an amount equal to or above the legally required sum.

Malta's structure is different again. Both the owned and the rented property route lead to the same €37,000 contribution in respect of the main applicant, so the difference between buying and renting is not a difference in the state's contribution requirement; it is a difference in what the applicant commits to the property market.

The UAE's investor conditions are written as alternatives: minimum capital of AED 2 million, with qualification arising from property ownership or from contributing to an establishment that pays at least AED 250,000 annually in taxes.

Fees payable to the state on top of the investment

Portugal

AIMA's page confirms that a fee exists — it lists a receipt of payment of the ARI application analysis fee among the required documents — but the amount is not stated on that page. Renewal fees are paid by Single Collection Document (DUC) when issued by the portal, or by bank card at an in-person appointment; cash is not accepted.

Malta

Malta is the only programme in this comparison with an itemised, dated fee schedule on the official source. The First Schedule sets out administrative fees and contributions:

Non-refundable administration fee, main applicant: €60,000, of which €15,000 is payable within one month of submission and the remaining €45,000 within two months of the Letter of Approval in Principle.
Non-refundable administration fee of €7,500 for each and every dependant, payable within two months of the Letter of Approval in Principle or, in the cases covered by regulation 11(2), (3), (4) and (5), upon submission of the application.
Contribution of €37,000 in respect of the main applicant where the property title is a qualifying owned property, payable within eight months of the Letter of Approval in Principle.
The same €37,000 contribution applies where the title is a qualifying rented property.

Greece

Greece's Ministry of Migration and Asylum lists two state charges: a fee of €16 for the printing of the separate document (the electronic residence permit), and an electronic fee under Article 132 of Law 4251/2014 and Article 38 of Law 4546/2018 (101 A), where appropriate, amounting to €2,000.

Italy and the UAE

No application, consular or renewal fee amount for Italy or for the UAE appears on the official pages checked in this run. No figure should be assumed in their place.

What each family member adds

Malta

Malta is explicit: €7,500 per dependant, non-refundable, timed to the Letter of Approval in Principle. There is a carve-out — dependants falling within paragraphs (a), (b) and (e) of the definition of "dependant" in regulation 3 are not subject to any non-refundable administration fee. Which relatives those paragraphs cover is a matter for the regulations themselves and for Maltese advisers, not for a summary table.

Elsewhere

For Portugal, Italy, Greece and the UAE, none of the official pages checked in this run states a per-family-member fee. Family members are plainly contemplated in these programmes, but a per-person figure cannot be given from the evidence available here.

For historical comparison, Spain's consular page records the rule that applied before abolition: where unencumbered real estate of at least €500,000 was purchased by a couple married in community of property, one spouse could obtain an investor visa and the other a visa as a family member of the investor.

Keeping the residence alive year after year

Portugal: a two-year permit with a five-year investment

The Portuguese temporary residence authorisation for investment is valid for two years from the date of issue of the title, while the investment itself must be maintained for a minimum of five years. Renewal is where the recurring cost of effort sits. AIMA lists what is relevant as a general rule: a valid passport or travel document; a regularised tax and social security position; a criminal record certificate, where applicable; evidence of healthcare cover; evidence that the investment is maintained; compliance with the minimum periods of stay; means of subsistence and proof of accommodation; and payment of the applicable fees.

Where the investor does not receive income in Portugal, means of subsistence may, depending on the circumstances, be evidenced by documents relating to foreign income, pensions, financial investments, bank statements or other evidence of sufficient available funds.

Greece: the asset must remain in place

For the lease route, renewal is conditioned on the arrangement continuing: "the leasing of immovable property remains in force." The listed-property route is built around restoration or reconstruction of a listed building, so the qualifying asset is not something that can be disposed of and replaced at will while the permit continues.

Malta: an agent is mandatory

An individual applying under the regulations must use the services of an agent. The Third Schedule sets the annual licence fee payable by each agent to the Agency at €5,000, exclusive of any applicable taxes. That fee is paid by the agent, not by the applicant, but it is part of the market structure the applicant is buying into.

UAE: no short annual-stay clock

The UAE platform states that golden visa holders have the ability to stay outside the UAE for more than the usual period of six months needed to keep a residence visa valid. The permit itself is issued for 5 or 10 years depending on the investor category.

Two readings that cost people money

Reading the headline as the total. Portugal's €250,000 cultural route and Greece's EUR 250,000 listed-property route look like the cheapest entries on a table, but they are the cheapest capital entries, not the cheapest programmes. Portugal carries a five-year maintenance undertaking on top; Greece carries a restoration obligation and a €2,000 electronic fee where appropriate; Malta's lowest property entry still carries a €60,000 administration fee and a €37,000 contribution.

Assuming property is mandatory. It is not universal. Portugal states that the investment activity may not be destined, directly or indirectly, to real estate investment. Malta requires a qualifying property title, but accepts a rented property at not less than €14,000 per annum. The UAE accepts property ownership or a tax-paying establishment. Italy's routes are bonds, company, startup and philanthropy. Greece's captured route is property-based. Spain's property route closed: its consulate page states that investor visas were abolished from 3 April 2025.

Frequently Asked Questions

Is the published minimum the total amount I will spend?

No. The minimum is the qualifying capital. On top of it, states charge processing and administrative fees: Malta's schedule sets a €60,000 administration fee and a €37,000 contribution for the main applicant, while Greece lists €16 for printing the separate document and an electronic fee amounting to €2,000 where appropriate. Portugal's AIMA confirms an application analysis fee exists but does not publish its amount on that page.

Does Portugal still allow investment in property?

No. AIMA states that the investment activity may not be destined, directly or indirectly, to real estate investment. The qualifying routes captured here are the fund route at €500,000, research at €500,000 (reduced by 20% to 400 mil euros in low-density territory), and cultural investment or support at €250,000.

How long does the Portuguese permit last, and what does renewal involve?

The temporary residence authorisation for investment is valid for two years from the date of issue of the title, while the investment must be maintained for a minimum of five years. Renewal generally requires evidence of a valid passport, regularised tax and social security position, criminal record certificate where applicable, healthcare cover, maintenance of the investment, compliance with minimum stay periods, means of subsistence, proof of accommodation, and payment of the applicable fees.

What does Malta cost for a family rather than an individual?

Each dependant carries a non-refundable administration fee of €7,500, payable within two months of the Letter of Approval in Principle, or on submission in the cases under regulation 11(2) to (5). Dependants within paragraphs (a), (b) and (e) of the regulation 3 definition are exempt from that fee.

Can a UAE golden visa be held without living in the UAE?

The official platform states that holders can stay outside the UAE for more than the usual six-month period needed to keep a residence visa valid. The visa itself is a long-term renewable residence visa issued for 5 or 10 years, with investors in public investments qualifying for 10 years and real estate investors for 5 years.

Which programmes publish their full fee schedule officially?

Malta publishes the most detail, with amounts and payment deadlines in the First Schedule of S.L. 217.26. Greece publishes two state charges. Portugal confirms a fee exists without quantifying it, and no fee amounts for Italy or the UAE appear on the official pages checked here.

Official Sources Checked

All sources above were fetched and checked on 3 October 2026 (UTC).

Disclaimer: This article is for general informational purposes only and is not legal, tax, investment or immigration advice. Thresholds, fees and programme rules change, and several figures referenced here are confirmed as existing without being quantified on the official page. Verify every figure against the current official source before acting. The publisher is independent and is not affiliated with, endorsed by, or connected to any of the governments or authorities named.