Residence Permit Programs through Investment: Countries and Conditions

A residence permit is a great opportunity for many. It concerns various countries that offer socially and economically advantageous conditions. 

Obtaining a residence permit through investment remains one of the legal ways to migrate to another country for citizens of countries that are not part of the relevant integration association. 

What is the residence permit program through investment

The essence of such programs is that a foreigner invests funds in the economy of the state in a direction defined by law and, on this basis, receives the right to reside. In different countries, the mechanisms differ significantly: in some, the main option remains the purchase of real estate, while in others, preference is given to investment funds, creating companies, or funding scientific or cultural projects.

Investment residence permits should not be equated with citizenship. A permit confirms the right to legally reside in the state for a specified period, while a passport is associated with acquiring citizenship and the corresponding legal status. In many programs, the investor first receives a temporary or long-term permit, while the issue of permanent residence or naturalization is addressed separately according to general rules.

In 2026, the requirements for such programs are noticeably different from the rules that were in effect several years ago. States are reviewing conditions for foreign investors, changing permissible types of investments, and tightening control over the origin of funds. For example, Portugal no longer uses the purchase of residential real estate as a basis for new applications under the ARI program, instead providing for other investment mechanisms. In Hungary, a residence permit for guest investors operates with specific legally defined investment options, while in Cyprus, a separate procedure for permanent residence permits for investors continues to function.

The choice of country depends not only on the size of capital. Factors include the duration of the investment, the ability to include family members, residency requirements, the process of status extension, tax implications, real estate acquisition rules, business conditions, and prospects for further obtaining permanent status. Therefore, an investment residence permit is essentially a combination of migration and financial decisions, for which it is necessary to consider the legislation of a specific state.

The residence permit program through investment is a legal mechanism established by the state, under which a foreigner can obtain a residence permit after fulfilling certain investment conditions and other immigration legislation requirements. The investment itself generally does not imply automatic receipt of the document. The applicant must confirm their identity, the legality of the capital's origin, the absence of legally defined grounds for rejection, the presence of medical insurance or other necessary conditions, as well as the actual implementation of the stipulated investment.

The legal structure depends on the country. In one state, the investor is issued a special 'golden visa', which is actually a form of long-term residence permit. In another, a separate category of investor permit is used. Some countries grant permanent permits after fulfilling investment criteria, while others initially issue a temporary status with the possibility of extension.

It is essential to distinguish between four different concepts:

• the right to temporary residence;
• the right to long-term or permanent residence;
• the right to enter and stay on a special investor visa;
• citizenship of the state.

Having a permit does not mean automatic acquisition of citizenship. Even if a program allows for further naturalization, it may take years of legal residence, language knowledge, integration, absence of convictions, and fulfillment of other requirements. That is why promises like 'investment guarantees a passport' require particularly careful consideration.

Another important feature of modern programs is the control over the source of funds. The state must ensure that the investment is made with legal funds. To this end, banking documents, tax declarations, income confirmations, property sale documents, corporate documents, and other evidence of the financial origin of capital may be required.

In certain countries, the law explicitly states that the investment funds must be transferred from abroad. For example, the Cypriot procedure for investors requires documentary confirmation of the foreign origin of funds and establishes specific rules for their transfer.

Thus, an investment residence permit is not just a purchase of an asset. The legal status arises only after meeting a set of conditions established by immigration and investment legislation.

Which countries offer investment residence permits

As of 2026, investment or related residence programs are maintained in various regions of the world. In Europe, among the well-known destinations, Greece, Portugal, Hungary, Cyprus, and Malta can be mentioned. However, the mechanisms in them differ, so unifying all programs under the same 'golden visa' model is incorrect.

Greece continues to issue permanent residence permits to investors. The program is primarily associated with real estate, but after legislative changes, the thresholds depend on the specific area and characteristics of the property. The official statistics from the Greek Ministry of Migration for 2026 confirm that the Golden Visa remains a valid category of permits for investors.

Portugal retains the ARI program; however, its structure has significantly changed. For new applications, among the options provided by law, there remain job creation, investments in scientific research, cultural activities, certain non-real estate investment funds, and capitalization of Portuguese companies. In this case, the investment cannot be directly or indirectly aimed at real estate. Hungary uses a separate status for guest investors. The current rules provide, among other things, for purchasing shares in a real estate investment fund for at least 250,000 euros or a monetary donation of at least 1 million euros to an identified higher education institution for supporting educational, research, or artistic activities. For the fund variant, blocking the respective securities for at least five years is required.

Cyprus has a procedure for permanent residence permits for investors. The basic investment amount is at least 300,000 euros, with the legislation defining several permissible categories: housing from a developer, other real estate, company capital in Cyprus, or shares of certain collective investment organizations. For investments in a company, a requirement for physical presence and at least five employees is stipulated. Malta has a separate Malta Permanent Residence Programme. Its conditions include a property component and other financial obligations provided by law. The current rules establish, in particular, a minimum value of qualified purchased real estate at 375,000 euros.

Outside of Europe, the United Arab Emirates is a separate category. Investors in public investments can apply for a Golden Visa for up to 10 years if they meet established financial criteria, while investors in real estate can receive a five-year status provided they own property worth at least 2 million dirhams. The program also allows for sponsoring family members.

Thus, the geography of programs is quite broad, but their legal nature is different. For comparison, it is necessary not only to look at the minimum investment amount but also at what exact document the investor receives, for what period it is issued, what assets are allowed, and what happens after the expiration of the investment obligation.

The most popular investment options

Investment programs employ several core models. Most often, the legislation ties the right to residence with purchasing real estate, investing in a fund, creating or financing a company, forming jobs, or supporting designated state sectors.

The choice of mechanism is important not only for obtaining a residence permit. The investment may remain frozen for a certain period, require maintaining the value of the asset, or fulfillment of additional conditions. Therefore, the actual costs for the investor may be higher than the minimum amount specified by law.

Purchasing real estate

The purchase of real estate has long been the most well-known option for investment residence permits. The logic of the model is simple: a foreigner buys a residential or commercial property for a sum established by law, after which they confirm ownership and fulfill other conditions of the immigration program. However, real estate has become the area where states have been actively reviewing rules in recent years. In some countries, the minimum amount depends on the location of the property. In others, certain types of real estate are prohibited for purchase, or restrictions are placed on their further use.

Greece is an example of a country where conditions depend on the specific territory and type of investment. Therefore, to rely on the old figure of the minimum contribution without checking the characteristics of the property is incorrect. Official materials from the Greek authorities also require documents confirming the conclusion and payment of the real estate transaction. In Cyprus, investment real estate also remains one of the options. For housing, the purchase of first sale from a developer worth at least 300,000 euros plus VAT is specified. For other types of real estate, the rules differ, but the general minimum investment criterion is also 300,000 euros.

An investor must consider not only the price of the property. Additional costs may arise due to taxes, notarial services, state fees, registration, legal support, insurance, and property maintenance. If the property is planned for rental, it is also necessary to check the rules regarding its use and taxation of income.

Investing in a business

The business model involves investing funds in a company or creating a new enterprise. In this case, the state is interested not only in the influx of capital but also in the development of economic activity, the establishment of businesses, job creation, and tax revenues. The Portuguese ARI allows for an investment of at least 500,000 euros in the creation of a commercial company with an office in Portugal, provided at least five permanent jobs are created. Increasing the capital of an already existing company while meeting the legally required employment conditions is also allowed. In Cyprus, an investor can direct 300,000 euros to the statutory capital of a new company or increase the capital of an existing enterprise. The company must effectively operate within the territory of the country and employ at least five people.

Business investment differs from purchasing real estate in that the investor faces operational tasks. It is necessary to create or maintain real economic activity, keep accounting, fulfill tax obligations, and comply with labor legislation. For the immigration program, preserving documents that confirm compliance with the conditions is essential. These may include company registration documents, bank statements, contracts with employees, tax payment documents, and evidence of the actual activity of the enterprise.

Government funds

The fund mechanism allows directing funds not directly into real estate or own business but into an investment fund that meets government-established criteria.

Such an option is used, in particular, in Hungary and Portugal. In Hungary, to grant guest investor status, it is necessary to purchase shares in the respective real estate fund for at least 250,000 euros. The specific structure of the fund and its registration are controlled per Hungarian legislation. Furthermore, the investment shares must be blocked for at least five years.

The Portuguese ARI provides for a different model. A minimum of 500,000 euros may be allocated to purchase shares of non-real estate collective investment organizations that meet established legal requirements. In particular, the fund must be created in accordance with Portuguese legislation, have a maturity of at least five years, and at least 60% of the investment's value must be invested in commercial companies registered in Portugal.

The fund variant requires careful checking not only of migration rules but of the investment product itself. It is important to establish who manages the fund, what assets are included in its portfolio, what is the investment duration, what fees are provided, and under what conditions exit is possible.

Creating jobs

Some states associate the right to residence permits not with a specific sum of capital, but with the economic result of the investment. The most typical example is job creation. The Portuguese ARI program allows for obtaining an investment permit through the creation of at least ten jobs. For areas with low population density, the law permits reducing this requirement by 20%, that is, to eight jobs, provided that the area meets established criteria.

This option fundamentally differs from passive investment. Simply transferring funds is not enough. It is necessary to actually create jobs and confirm their existence with documents. In the case of using a corporate structure, contracts with employees, company registration data, and other documents may be subject to verification. For an entrepreneur, this mechanism may be connected with real business development, but it requires significantly greater operational involvement. Costs are not limited to the starting capital, as the employer must provide salaries, social contributions, accounting support, and compliance with labor standards.

What requirements are imposed on investors

Regardless of the country, an investor must meet basic migration requirements. First of all, it is necessary to have a valid passport or another document recognized for border crossing. Next, the legality of residence and the applicant's compliance with the conditions of a specific category of permit are verified.

A significant role is played by the verification of criminal history. The applicant may need certificates of no criminal record from their country of citizenship and states of residence. In many procedures, such documents must be current at the time of submission, legalized or apostilled, and translated according to local rules.

Financial condition is also verified. The migration authority must establish that the investor genuinely possesses the necessary capital and can confirm its origin. Documents may include:

• bank statements;
• income certificates;
• tax documents;
• documents regarding the sale of real estate or other property;
• purchase-sale agreements;
• corporate documents;
• documents on obtaining inheritance;
• transfer confirmations;
• documents regarding the ownership structure of companies.

Separate verification of the investment itself is also conducted. If it concerns real estate, documents proving ownership or a contract confirming the purchase are required. If a fund is used, confirmation of the acquisition of the respective shares is needed. For business investment, documents regarding the company and the movement of capital are submitted.

Medical insurance is also often part of the requirements. For example, in Portugal, among the general documents for ARI, there is a mention of confirmation of medical coverage, as well as documents regarding criminal history, tax, and social liabilities.

The investor must also comply with the requirements regarding the duration of maintaining the investment. It is not always possible to sell the asset immediately after obtaining the permit. If the law requires keeping the investment for a specific period, premature alienation may lead to problems with the extension or retention of status.

Another key point is actual residence. Some programs allow obtaining status with very limited physical presence, while much stricter rules regarding the number of days of stay may apply for further permanent residence or citizenship.

How much does participation in the programs cost

There is no single amount for all investment programs. The minimum capital depends on the country, type of investment, and specific category of permit.

For orientation, several relevant examples in 2026 can be highlighted:

• Hungary — from 250,000 euros through the purchase of certain investment shares; an alternative is a donation of 1 million euros for a legally established purpose.
• Cyprus — from 300,000 euros for the categories of investment provided by the program.
• Portugal — from 250,000 euros for a specified cultural investment or from 500,000 euros for a number of other options provided by the program.
• Malta — the property component of the program involves acquiring qualified real estate starting from 375,000 euros, but the total costs also depend on other established program conditions.
• UAE — for real estate investors, the threshold is set from 2 million dirhams; for public investment investors, the capital criterion of 2 million dirhams is also used.
• Greece — the amount depends on the specific type of investment and the location of the property, so the universal old figure of 250,000 euros cannot be used as a description of the entire current program.

The minimum investment does not equate to the total cost of processing. In addition to the main capital, there may be expenses for state fees, registration, taxes, notarial services, translations, legalization of documents, legal support, banking operations, insurance, and asset maintenance.

For instance, when purchasing real estate, the actual budget should consider not only the price of the apartment or house. Additional payments may be related to formalizing the transaction and subsequent maintenance of the asset. When creating a company, capital is supplemented by expenses for registration, accounting, renting premises, employee salaries, and taxes.

Separately, it is necessary to calculate the costs of extending the status. Even if the investment has already been made, the permit may require a payment of an administrative fee during each renewal. In Portugal, for example, the AIMA provides for a separate procedure for extending the ARI, and from February 16, 2026, renewal applications are submitted through an electronic portal, except in cases where separate biometric data is needed.

Therefore, the actual budget should be formed on the principle: investment plus taxes and fees plus document and support costs plus asset maintenance costs for the established period.

Can family members be included in the application

In many investment programs, there is a possibility to extend the right of residence to family members of the investor. However, the family composition and rules for confirming family ties depend on the legislation of the specific country. Most often, the family application may include a husband or wife and minor children. In some states, the inclusion of adult children is permitted if they meet the established criteria for dependency on parents. There may also be specific rules regarding the investor's parents or their spouse.

The Cypriot procedure explicitly provides rules regarding family members and separate conditions for adult children. To include an adult child who is not financially dependent, a mechanism is envisioned to increase the investment threshold according to the number of such children. In the UAE, the holder of the Golden Visa can sponsor family members, including a husband or wife and children. To confirm family ties, relevant documents are needed. Marriage and birth certificates, documents regarding a name or surname change, and other civil status acts may require apostille, consular legalization, and translation. If there are children of different ages in the family, it is important to check the specific rules regarding adults. The requirements may relate to age, education, financial dependency, or marital status.

The family component also affects the overall cost of the procedure. Additional applicants may mean additional state fees, insurance policies, translations, and documents. At the same time, in many programs, the main investment remains tied to the primary applicant unless the law sets an increased threshold for a specific family member.

Which programs lead to citizenship

The investment residence permit and citizenship are different legal procedures. Most modern investment residence programs do not mean automatic receipt of a passport after making an investment. If the state allows for naturalization after the investment residence permit, the applicant must first meet the general conditions for acquiring citizenship. Among them, there may be required residential periods, knowledge of the state language, confirmation of integration, absence of legally defined obstacles, and other criteria.

It is especially important to consider legislative changes. Programs that were previously positioned as a direct path from investment to citizenship in many countries have been changed or discontinued. Therefore, old descriptions of programs cannot be automatically used for planning migration in 2026. The Portuguese ARI may be part of a longer migration route, but the mere fact of investment does not mean automatic issuance of a passport. Separate provisions of Portuguese legislation apply to citizenship. The Greek Golden Visa is also a residence permit program, not an automatic naturalization procedure. Holding investor status does not exempt one from the requirements established for acquiring citizenship. The Cypriot investment procedure aims to obtain a permanent residence permit. The right to citizenship should be considered separately from this status and checked according to the naturalization rules in effect at the time of the respective application.

The Hungarian permit for guest investors is also not a program for automatic citizenship issuance. Its purpose is to grant the right to reside contingent upon fulfilling specific investment criteria. The UAE uses a different model of long-term residence. The Golden Visa may be granted for five or ten years depending on the category, and after the expiration, there is a possibility of renewal provided requirements are met. This does not imply automatic transition from investor status to citizenship. Thus, if the aim is indeed the passport, it is necessary right from the beginning to separately verify citizenship legislation. If the main task is lawful residence, the investment program may have a different legal logic: maintaining the status during the period of asset ownership or fulfilling the investment obligation.

Conclusion

In 2026, investment residence permit programs remain diverse in mechanisms, amounts, and legal consequences. In some countries, the possibility to invest in real estate remains, while in others the focus has shifted to funds, enterprises, jobs, scientific research, or cultural projects.

Among the European options, Portugal, Greece, Hungary, Cyprus, and Malta have specific features, while the UAE employs its own system of long-term Golden Visas. In Portugal, minimum sums for various directions range from 250,000 to 500,000 euros, in Hungary, a guest investor can utilize an investment starting from 250,000 euros, while the Cypriot permanent residence program has a basic threshold starting from 300,000 euros.

When selecting a program, it is essential to evaluate the entire structure of costs, the duration of investment retention, origin requirements for funds, rules for family members, continuation conditions, and the potential for subsequent attainment of permanent status or citizenship. It is particularly important to check the current rules directly before submitting documents, as investment migration programs are regularly changed by legislation.

Overall, this is a good option for Ukrainians. Indeed, it is possible to start a new life in another safe country.