How can I obtain a residence permit in Europe by purchasing property, and how much does it cost?

A residence permit in another country appeals to foreign nationals for a variety of reasons. The most obvious is the desire to move to a country that offers a more comfortable environment, both for living and for doing business. However, in recent times, a foreign residence permit has increasingly been chosen by those who consider themselves ‘citizens of the world’ and do not wish to tie their future to just one jurisdiction.

In the case of the European Union, a residence permit in one country usually entitles the immigrant to visa-free travel to other countries within the bloc. In addition to the advantages listed above, people apply for a residence permit in Europe in order to:

• Move freely, without bureaucratic red tape, between any countries within the Schengen Area;
• Receive a modern, high-quality education;
• Preserve and grow personal wealth;
• Receive medical treatment in the best clinics, equipped with state-of-the-art technology;
• To buy or rent property, cars and yachts.

Finally, for those planning to move to the EU, a European residence permit will be the first step towards obtaining second citizenship.

Visas, residence permits, permanent residence and citizenship – what’s the difference?

Before we move on to discussing how to become a resident of Europe, let’s take a look at how a European residence permit differs from other immigration statuses.

A residence permit is an official document confirming a foreign national’s right to stay in another country for a prolonged, yet limited, period of time. The key difference between a residence permit and a short-term visa is precisely the right to reside in the country for an extended period.

Thus, a long-term visa, on the basis of which a person lives and works abroad for years, can also safely be called a residence permit. Although in the press, the term ‘residence permit’ is sometimes used to refer to the biometric resident card issued to immigrants in some countries.

In Europe, there are many different types of residence permits and ways of obtaining them. Some newly granted residents are permitted to work in their new country, whilst others are granted a residence permit without the right to work. Depending on the immigration category, the holder may face no restrictions whatsoever, or, conversely, their continued stay in the country may depend directly on their status and occupation (as is the case with student, work, business and spousal visas).

An important point to bear in mind when applying for a residence permit in Europe is that this status entitles you to reside only in the country that issued your residence permit. However, as mentioned earlier, you may enter other countries in the Schengen Area without restriction and stay there for up to 90 days.

A permanent residence permit implies a deeper integration of the immigrant into their new society. In most European countries, applicants for permanent residence must have lived in the country for at least five years and have learnt the local language and cultural traditions. In exceptional cases – for example, for a significant contribution to the national economy – a foreign investor may be permitted to apply for permanent residence after 2–3 years. Unlike a residence permit, holders of permanent residence status are no longer subject to restrictions on the length of their stay in the country or on their activities. However, permanent residence still does not permit you to live permanently in any other EU country apart from the one that granted this status – you may still visit them for up to 90 days at a time.

Thus, in terms of their rights and obligations, permanent residents in Europe differ little from other citizens. With permanent residence, you are free to do whatever you wish in the country: study, work or simply relax. As a rule, even with permanent residence, a person is still not permitted to stand for election in local elections, hold certain elected or public offices, serve in the state security services or be conscripted into the army. Furthermore, a permanent residence permit does not offer the same excellent opportunities for travelling around the world as a European passport, so the next logical step is to obtain citizenship.

Obtaining citizenship is the final stage of an immigrant’s integration. In most European jurisdictions, in order to be granted a passport, you must have lived in the country for between 5 and 12 years, have an impeccable reputation, be fluent in the language, and have a good understanding of local history and cultural traditions. Throughout this time, your immigration status will change: first you will apply for a residence permit, then you will be granted permanent residence, and after a further year or several years, as a permanent resident, you will apply for citizenship.

With an EU passport, you can choose to live in any of the 27 EU countries, as well as visit a huge number of other countries around the world without a visa.

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Is it possible to obtain citizenship in Europe more quickly?

In the recent past, some European jurisdictions granted citizenship to foreign investors on a fast-track basis under special programmes.

For example, in Malta, it was possible to obtain an EU passport within one or three years by making substantial investments in the economy under the Citizenship by Naturalisation for Exceptional Services programme; however, this immigration route has been unavailable since 23 July 2025. Now, wealthy foreign nationals can apply for permanent resident status in the Republic of Malta by participating in the Malta Permanent Residence Programme (MPRP). Furthermore, since July 2025, Malta has had a naturalisation scheme based on merit, which has replaced the previous investment programme.

A second example is Montenegro’s citizenship-by-investment programme, which offered the possibility of fast-track naturalisation. The Montenegrin citizenship-by-investment programme ended on 31 December 2022.

To obtain a European passport now, an immigrant must spend a sufficient amount of time in the country on a legal basis and fulfil a whole range of other requirements. The length of residence required for naturalisation depends on the chosen jurisdiction. For example, in Portugal and Germany, it is at least five years.

How can you obtain a residence permit in Europe?

If we analyse all the options currently available for obtaining resident status in Europe, they can be divided into two broad categories:

1. Obtaining a European residence permit on the basis of the applicant’s business merits or personal circumstances.
2. Obtaining a residence permit through investment in the economy, including the purchase of property.

In the first case, the host jurisdiction allows the following people to settle on its territory:

• Have come to study, work or plan to set up a business;
• Have close relatives in that country who are citizens or permanent residents;
• Are married to or in a civil partnership with a citizen of that country;
• Have come to undergo long-term medical treatment;
• Are fleeing political persecution or escaping from a war zone.

In the second case, the immigrant is generally in a more favourable position, as they are granted a residence permit in return for their contribution to the country’s economic development:

• The purchase of shares in local companies;
• Donations to an economic development fund;
• Purchasing government debt securities;
• Depositing a large sum in a savings account at a local bank;
• Purchasing or taking a long-term lease on property;
• Paying an annual fixed (lump-sum) tax to the regional budget.

Investment programmes in different European jurisdictions vary significantly from one another: some allow local property to be used as a standalone investment, whilst others consider it only as part of a comprehensive investment solution. In some programmes, the option to invest in property in order to obtain a residence permit has been excluded altogether.

In which European countries can you obtain a residence permit by purchasing property?

Permanent residence in Cyprus

For a long time, the Republic of Cyprus offered investors the opportunity to obtain European citizenship in exchange for investing in the country’s economy. In November 2020, the island’s passport programme was suspended; however, foreign nationals can still apply for permanent residence if they invest in residential property in Cyprus.

To participate in the programme, a prospective permanent resident must purchase a new house or flat from a property developer. The minimum investment amount is €300,000, excluding value-added tax.

Other investment options include the purchase of commercial property, such as offices, hotels, shops, etc. Unlike residential property, such properties can also be purchased on the secondary market.

The investment-based permanent residence programme also allows for an investment of at least €300,000 in the capital of a company with a physical presence in Cyprus, or in a subsidiary of an approved Cypriot investment fund.

An important condition for all investment options is the requirement regarding the applicant’s income. In addition to the investment, programme participants must demonstrate a guaranteed personal income from overseas sources:

• €50,000 per year – for a single applicant;
• €15,000 in addition to the annual income for each spouse included in the application;
• €10,000 in addition to the income for each minor child included in the investor’s application.

Additional costs

As already mentioned, the minimum investment amount of €300,000 is quoted exclusive of value-added tax (VAT), which is payable when purchasing new residential property from a property developer. The standard VAT rate in Cyprus is 19 per cent; however, special rules apply to certain property transactions.

In the Republic of Cyprus, there is also a transfer tax on immovable property, which is payable by the purchaser. The rate of this tax depends on the transaction value. If new property has been purchased with VAT paid, the property transfer tax is not payable. In all other cases, the rates of this tax are reduced by 50 per cent.

Benefits of the programme

A permanent residence permit in Cyprus does not require annual renewal. With this status, you are free to leave the hospitable island for as long as you wish – the main thing is to visit at least once every two years.

Family members – spouses and minor children – may obtain a residence permit alongside the investor. Provided a number of additional conditions are met, even unmarried adult children aged between 18 and 25 may be granted a residence permit.

Residence permit in Malta through investment

In the Republic of Malta, there are several ways to obtain a residence permit. One of these, the Global Residence Programme, allows citizens of countries outside the EU, the EEA and Switzerland to obtain a Maltese residence permit by purchasing or renting suitable property. Participants in the programme also benefit from a special tax regime: foreign income transferred to Malta is taxed at a rate of 15 per cent, and the minimum annual tax is €15,000.

Another option, the MPRP mentioned earlier, is a programme granting permanent residence in Malta in return for investment. To participate in this programme, you must purchase local property worth at least €375,000 or rent a suitable property with a minimum annual rent of at least €14,000. In addition, a government contribution and a non-refundable administrative fee are payable.

Additional costs

In addition to the costs of purchasing or renting property, the total expenses for participants in the Malta Permanent Residence Programme should include:

1. A government fee of €37,000.
2. An administrative fee of €60,000.
3. A donation to a non-governmental charitable organisation – at least €2,000.
4. An additional fee of €7,500 for each adult dependant, provided they are not the investor’s spouse.

Programme participants must also demonstrate that they have the following capital:

• either at least €500,000, of which at least €150,000 must consist of financial assets;
• or at least €650,000, including financial assets worth at least €75,000.

Benefits of Malta’s immigration programmes

The main advantage of the Maltese investment programme is the opportunity to obtain permanent residence immediately, without first having to apply for temporary status. The MPRP allows the investor’s family members to be included in the application. The range of eligible dependants is not limited to a spouse and children: subject to certain conditions, the applicant’s and their spouse’s parents and grandparents may also be granted a residence permit.

Participants in the Global Residence Programme receive a special tax regime alongside the right to reside in the Republic of Malta. This programme will appeal to investors who wish to combine moving to Malta with optimising the tax liability on their overseas income.

To find out all the details of Malta’s investment programmes, explore the information on our website or book a consultation with the specialists at Imperial & Legal.

Residence permit in Greece through property purchase

Greece operates the Golden Visa programme, which enables third-country nationals to obtain a five-year residence permit in return for investing in the economy. One of the main ways to participate in the programme is through the purchase of property.

From 2024, the minimum investment amount will depend on the property’s location:

• at least €800,000 must be invested in a single property with an area of 120 square metres or more, located in Attica, Thessaloniki, Mykonos, Santorini or on islands with a population of over 3,100;
• the minimum value of a single property with an area of at least 120 square metres must be €400,000 in the remaining regions of Greece.

Greek legislation provides for the possibility of investing from €250,000 in certain categories of property. In particular, this threshold applies to commercial property or industrial buildings that are being converted for residential use, as well as to certain listed buildings requiring restoration or renovation. As with investing in standard property, the funds are invested in the purchase of a single property.

Additional costs for the investor

When purchasing property that is not subject to VAT, the investor pays a property transfer tax at a rate of 3 per cent of the taxable value. Taking the municipal levy into account, the total rate is 3.09 per cent. In September 2026, an increase in the property transfer tax for buyers from outside the EU/EEA was announced; however, the relevant legislation has not yet been passed. The previous rate remains in force for the time being, but it may rise for buyers from third countries.

When purchasing a suitable new property in 2026, a VAT suspension may apply. This has been extended until 31 December 2026; however, the arrangements depend on the specific property and the taxation regime chosen by the developer. The standard VAT rate in Greece is 24 per cent. Before any transaction, the specialists at Imperial & Legal check individually which tax rate will apply to the property being purchased by the client.

Benefits of the programme

The Greek Golden Visa allows you to obtain a 5-year residence permit, which is renewable provided the investor continues to meet the programme’s requirements.

Holders of an investment residence permit may spend as much time in Greece as they require. The investor is not required to reside in Greece permanently to maintain their status.

Family members of the programme participant may also be granted a residence permit. As a Greek resident, you can travel to Schengen Area countries without a visa or tedious bureaucratic procedures.

European countries where it is no longer possible to obtain a residence permit through the purchase of property

Spain

This was both the most popular and, arguably, one of the most expensive investment programmes in Europe. To obtain a Spanish residence permit, investors had to invest at least €500,000 in property in the country. Until 3 April 2025, a Spanish residence permit based on investment was issued for a period of two years, with the option to extend it for a further five years. The Golden Visa programme is currently closed to new applicants, so it is no longer possible to buy a flat or house and obtain a residence permit on that basis.

Prior to the programme’s closure, investors were not required to reside permanently in Spain to retain their investment-based residence permit. The immigration status previously granted to programme participants continues to be governed by transitional rules.

Portugal

Previously, to obtain a ‘Golden Visa’ for Portugal, it was sufficient to spend at least €350,000 on the purchase of property. From October 2023, the purchase of property will no longer be grounds for obtaining a Portuguese Golden Visa. Therefore, this option is now only available to those who obtained investment status under the previous rules and continue to renew it.

The ‘Golden Visa’ programme itself remains in place in Portugal, but participants must now choose a different investment route. For example, one option is to invest €500,000 or more in units of non-property-related investment funds or venture capital funds.

Latvia

This Baltic republic operates the state-run Latvia Golden Visa investment programme. Unfortunately, from 15 September 2026, foreign investors will no longer be able to invest in the purchase of local property to obtain a Golden Visa. Investing in Latvian property under the residence permit programme was advantageous, as the set minimum of €250,000 was sufficient to purchase a spacious, well-renovated flat in Riga or Jūrmala.

The investment immigration programme currently in force provides for two options for investing in the Latvian economy:

1. Investment in the capital of a Latvian company. Depending on the size of the business, you will need to invest either €50,000 or €100,000, as well as make a one-off contribution of €10,000 to the state budget. A residence permit is granted for a period of up to two years.
2. Investment in a state-established alternative investment fund. A minimum of €150,000 must be invested directly into the fund for at least 5 years. Furthermore, a contribution of €10,000 is paid to the state budget. A residence permit is issued for a period of up to 5 years.

As of 15 September 2026, the second investment option is merely a theoretical possibility, as the relevant alternative fund has not yet been established.

An obvious advantage of the Latvia Golden Visa programme is the opportunity for visa-free travel within the Schengen Area, which is available to holders of a Latvian residence permit. Along with the investor, their spouse and minor children may also obtain resident status. Latvia can still be considered both a place to live and a ‘plan B’: it offers a mild climate, European quality standards and a low cost of living.

A comparison of European programmes for obtaining a residence permit through property purchase

By 2026, the choice of investment programmes in Europe had become significantly more limited. If we consider property specifically as the basis for an immigration route, the main options currently available to investors in our selection remain Greece, Cyprus and Malta. Spain has closed its investment programme, whilst Portugal and Latvia no longer recognise the purchase of property as a basis for obtaining a Golden Visa.

It should be noted that the mere fact of purchasing property is not, in itself, a universal way of obtaining a European residence permit. In all the jurisdictions under consideration, there are additional requirements for applicants. In Malta, the purchase or rental of property forms part of a comprehensive investment package.

Cyprus and Malta are of particular interest as they allow applicants to obtain permanent or de facto permanent resident status without having to go through the usual multi-year process of progressing from a temporary residence permit to permanent residence. However, in other respects, the programmes in these countries differ significantly.

Buying property in other European countries

Our discussion would be incomplete if we did not address the issue of buying a home in those European countries where there are no government investment programmes for obtaining a residence permit through the purchase of property. Is there any point in buying your own house or flat if you are obtaining a long-term visa on other grounds, for example, as an entrepreneur or a specialist invited to work?

According to experts at Imperial & Legal, buying or entering into a long-term tenancy agreement for residential property in the country to which you intend to move will be a further point in your favour when your application for a residence permit is considered.

Permanent residence and citizenship for investors

Purchasing a property may serve as a basis for temporary or permanent residence status; however, the subsequent transition to permanent residence or citizenship is governed by separate rules.

Permanent residence

In most European jurisdictions, the standard requirement for obtaining permanent resident status is several years of lawful and actual residence. The specific timeframes, rules regarding the crediting of an investment-based residence permit, and additional requirements for applicants may vary depending on the country.

The investment programmes in Cyprus and Malta grant permanent resident status right from the outset. In Greece, purchasing property grants a temporary residence permit, whilst transitioning to permanent resident status requires meeting a number of requirements, including a period of continuous residence in the country, a stable income, health insurance and knowledge of the Greek language.

Citizenship

It would be a mistake to view participation in an investment programme as a quick way to obtain citizenship. In Europe, simply buying property and obtaining a residence permit is not sufficient for naturalisation.

As a rule, the immigration authorities impose a number of requirements on prospective citizens, including a good character, a long and continuous period of residence in the country, and knowledge of the national language, as well as the traditions, culture and history of their new homeland.

Is it necessary to live in the country?

If an investor plans to move to Europe to apply for naturalisation, they are usually required to prove that they have actually resided in the country for a specified period.

The choice of immigration programme should be dictated by the investor’s ultimate goal. If they only require resident status without relocating, programmes with no residence requirements will be more suitable. If the main objective is to obtain citizenship in the long term, it is essential to take into account the requirements regarding residence, language and integration in advance.

Residence permits in Europe through property purchase – a summary

You can obtain a European residence permit by purchasing property in several European Union countries at once. Unfortunately, in the space of a short article, we have only been able to list the most interesting options. However, even if the country you’re interested in does not have any investment immigration programmes, buying a property will be a strong argument in your favour when a decision is being made on whether to grant you a visa to move there.

With legal support from the experienced specialists at Imperial & Legal, you will be able to purchase property in Europe on favourable terms, avoid hidden surcharges, obtain a residence permit for yourself and your whole family, and organise a comfortable move to the country of your dreams.