EU Residency by Investment: How Non-EU Citizens Can Secure Long-Term Status

How legal investment frameworks and national golden visa programs facilitate lawful EU residency access

WASHINGTON, DC, October 22, 2025
In 2026, Europe’s residency-by-investment landscape remains one of the most regulated yet dynamic avenues for global investors seeking legal entry, mobility, and settlement within the European Union. What began as selective national initiatives to attract foreign capital has evolved into a complex network of legal programs governed by European law, financial compliance, and international transparency standards.

For non-EU citizens, residency-by-investment (RBI) programs offer a lawful mechanism to reside, travel, and invest within the European Union while contributing to national economies. However, recent reforms have introduced heightened scrutiny, due diligence obligations, and compliance requirements to align these pathways with the EU’s evolving framework on anti-money-laundering (AML), tax cooperation, and border integrity.

In 2026, securing long-term EU residency through investment remains attainable, but it now requires a precise understanding of legal eligibility, documentation, and risk management. The programs are no longer designed as shortcuts to citizenship, but rather as instruments of lawful economic participation tied to transparency, accountability, and sustained engagement within the host state.

The Legal Basis for Residency-by-Investment in the EU

A single EU-wide regulation does not govern residency-by-investment. Instead, it operates under the national sovereignty of member states in accordance with the Treaty on the Functioning of the European Union (TFEU) and relevant domestic immigration acts. Member states retain the right to determine entry, residence, and investment conditions, provided that these conditions remain consistent with EU principles of proportionality and non-discrimination.

Once residency is granted, beneficiaries may enjoy secondary rights under EU law, including access to the Schengen Area for short-term travel, subject to the Schengen Borders Code and national visa regulations. Long-term residents who meet the five-year requirement under Directive 2003/109/EC may qualify for EU long-term resident status, granting more extensive rights across member states.

However, to comply with EU-wide security standards, the European Commission and the European Parliament have implemented new transparency rules that require member states to apply uniform due diligence screening to all applicants for RBI. This includes financial background checks, source-of-funds verification, and monitoring against international sanctions lists.

The Shift from Golden Visas to Regulated Residency Programs

Between 2013 and 2023, “golden visa” schemes became a hallmark of European investment immigration, particularly in Portugal, Greece, Malta, and Spain. These programs offered residency or, in limited cases, citizenship to non-EU investors who made qualifying investments in real estate, businesses, or government bonds.

However, by 2024, growing concern over financial opacity, housing market inflation, and potential misuse by politically exposed persons prompted the European Union to tighten its oversight. The European Commission’s 2024 Guidance on Investment Migration Programs called for increased harmonization, compliance with the EU Anti-Money Laundering Directive (AMLD6), and enhanced risk assessments by national authorities.

While the term “golden visa” remains popular, the EU has gradually transitioned toward regulated investment residency programs emphasizing transparency, employment creation, and sustainable economic development. These programs now operate under standardized legal definitions and monitoring mechanisms, ensuring compliance with the EU’s financial and legal integrity standards.

Key Residency-by-Investment Jurisdictions in 2026

Portugal: The Pioneer of Lawful Investment Residency

Portugal’s Residence Permit for Investment Activity (ARI), introduced in 2012, remains one of the most stable and reputable RBI programs in Europe. Following the 2023 reform, real estate purchases are no longer considered eligible investments. Instead, applicants must contribute to venture capital funds, scientific research, cultural projects, or job creation initiatives.

Applicants must maintain their investment for a minimum of five years to qualify for permanent residency or citizenship. Legal residency in Portugal grants visa-free movement across the Schengen Area and access to the European Health Insurance Card (EHIC) system.

Portugal’s legal framework, grounded in the Immigration Act (Law No. 23/2007), ensures compliance with EU directives and enforces stringent due diligence on all applicants. The program’s transparency, combined with robust legal safeguards, continues to attract investors seeking a secure, compliant European foothold.

Greece: Europe’s Accessible Investment Gateway

Greece’s Golden Visa Program, regulated by Law 4251/2014, offers one of the most straightforward routes to EU residency. Applicants who invest at least €250,000 in qualifying real estate are eligible for a renewable five-year residence permit.

In 2025, Greece introduced updated provisions allowing alternative investments in tourism infrastructure, green energy projects, and government bonds. Family reunification remains one of the program’s most favorable features, allowing dependents and parents of both spouses to obtain residency.

Legal residents under the program are permitted to reside in Greece indefinitely and travel freely throughout the Schengen Area. The Greek authorities have also established a central register of all investment-based permits to enhance AML compliance and transparency.

Malta: The EU’s Most Regulated Investment Program

Malta operates its residency and citizenship programs under the Maltese Citizenship and Residence Regulations (L.N. 437 of 2020) and the Permanent Residence Programme (MPRP). Malta’s framework is among the most tightly regulated in the EU, requiring contributions to national development funds, as well as property leases or purchases, and mandatory due diligence audits.

The Community Malta Agency oversees all applications and conducts multi-tier vetting procedures. Applicants must demonstrate a clean criminal record, verified financial sources, and lawful residence to be eligible for naturalization.

Malta’s program stands out for its emphasis on compliance. It operates under the supervision of both the European Commission and Moneyval, ensuring alignment with EU-wide AML standards. The result is a legally robust system that integrates transparency with investor mobility.

The Legal Compliance Dimension: AML, Sanctions, and Transparency

Residency-by-investment programs are now defined as legal privileges contingent on complete adherence to international compliance obligations. The EU’s Sixth Anti-Money Laundering Directive (AMLD6) mandates member states to identify and monitor all ultimate beneficial owners (UBOs) of investment entities applying for residency.

Financial institutions, migration agencies, and legal representatives must perform customer due diligence (CDD), politically exposed person (PEP) screening, and continuous monitoring of all transactions related to residency applications. Failure to comply can result in revocation of residency or administrative sanctions under national immigration laws.

The European Banking Authority (EBA) and Europol’s Financial Intelligence Units (FIUs) are actively coordinating cross-border investigations to prevent abuse of investment migration schemes for tax evasion, sanctions evasion, or financial fraud.

Transparency requirements have also increased. Many member states now publish anonymized statistical reports on residency-by-investment approvals, including the origins of applicants, types of investments, and approval rates. This trend reflects Europe’s shift toward a model of “lawful mobility through accountable governance.”

Case Study 1: Portugal’s Legal Evolution and Compliance Oversight

Portugal’s transformation from a traditional golden visa framework to a compliance-focused investment model offers a model for the EU’s broader migration policy. Following European Commission recommendations, Portugal eliminated property-linked pathways and introduced regulatory caps on investment funds to prevent concentration risk.

The Portuguese Immigration and Borders Service (SEF), soon to be replaced by the new Agency for Integration, Migration, and Asylum (AIMA), will centralize the processing of all RBI applications under digital verification systems that cross-reference data with the Schengen Information System (SIS) and Europol’s database.

This modernization enhances legal certainty while streamlining application transparency. As a result, Portugal continues to attract legitimate investors who prioritize lawful residency under strict EU-aligned governance.

Case Study 2: The Spain-Greece Comparative Framework

Spain and Greece represent contrasting yet complementary approaches to RBI. Spain’s Law 14/2013 on Support for Entrepreneurs and Internationalization requires a minimum €500,000 investment in real estate or €1 million in shares or deposits.

Spain’s model is structured around economic contribution and employment creation, offering renewable two-year permits leading to permanent residency after five years. Greece’s system, by comparison, maintains a lower investment threshold but enforces comprehensive verification under AML law.

Both frameworks now rely heavily on biometric registration, centralized digital records, and interministerial data access to prevent fraud or misuse.

Case Study 3: Malta and the European Compliance Model

Malta’s Permanent Residence Programme illustrates the European Union’s preferred model of regulated investment migration. All applicants must pass a four-stage due diligence process, which includes international background screening, financial verification, and an independent intelligence review.

Each application is evaluated on legal, financial, and ethical grounds to ensure that the applicant’s wealth has been lawfully acquired. The process aligns with the Financial Action Task Force (FATF) recommendations and EU law, creating a template for other jurisdictions to replicate.

The Path to EU Long-Term Residency and Citizenship

While residency-by-investment offers immediate entry and settlement rights, it differs from citizenship in that it does not confer citizenship. Under Directive 2003/109/EC, non-EU nationals who lawfully reside in a member state for five consecutive years may apply for EU long-term resident status.

This status grants the right to reside in other EU countries, access labor markets, and enjoy equal treatment in education, social welfare, and taxation. After a further period of residence and compliance with national naturalization laws, citizenship may be attainable in select jurisdictions such as Portugal or Malta.

Human Rights, Transparency, and Policy Reform

The European Union’s evolving policy toward investment-based migration reflects a broader trend toward balancing openness with accountability. The European Parliament’s 2024 resolution emphasized that while investment can support national economies, it must never compromise the rule of law or human rights.

As a result, the EU continues to monitor the human rights implications of investor mobility, ensuring that programs do not discriminate or contribute to social inequality. National agencies are now required to conduct impact assessments and report annually to the European Commission on compliance outcomes.

The Future of Lawful Investment Mobility in Europe

Looking ahead, Europe’s residency-by-investment landscape is expected to continue evolving toward standardization and legal integration. The European Commission is expected to finalize the EU Investment Migration Code, a comprehensive legal framework setting uniform principles for due diligence, minimum investment thresholds, and transparency reporting.

The adoption of digital processing systems, blockchain verification, and automated risk analysis will further enhance program integrity. For applicants, these changes mean greater predictability and legal certainty; for governments, they ensure consistency and reputational security.

In 2026, securing residency through investment in Europe remains a legitimate and strategic option for non-EU citizens, provided it is pursued transparently and in accordance with the law. The modern European model demonstrates that mobility and legality can coexist through disciplined governance, responsible regulation, and shared accountability.

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