Malta, Greece and Portugal are the three European residence programmes families ask us about most, and they are built on three different ideas. Malta sells permanent residence up front. Greece sells a five-year permit tied to a property you own. Portugal sells a two-year permit tied to an investment most families never touch day to day.
The right choice depends on what you count as cost, how much time you will spend in Europe, and whether a passport is the end goal. This guide compares them on one set of facts, using each programme’s own rules as of October 2026.
Key takeaways
- Malta is the only one of the three that gives permanent residence from the start. Its government payments for a family of four are EUR 101,000, and that money is spent, not invested.
- Greece has the lowest spent cost. On the EUR 400,000 tier, tax and fees for a family of four are about EUR 14,574, because the main sum buys a property you keep.
- Portugal asks the most cash up front: EUR 500,000 into a fund plus EUR 37,046.80 in AIMA fees for a family of four at full rates.
- None of the three makes you live in Europe. Portugal’s presence rule is the only one with any days at all: seven days in year one, then 14 days in each two-year period.
- For a passport, Portugal runs on legal residence from the first permit. Greece needs seven years of actually living in the country. Malta’s programme has no citizenship route of its own.
The three programmes at a glance
| Programme | Status you get | Entry route most families use |
|---|---|---|
| Malta Permanent Residence Programme | Permanent residence certificate from approval; the card renews every five years | Rent a home at EUR 14,000 a year or more, or buy at EUR 375,000 or more, plus set government payments |
| Greece Golden Visa | Five-year residence permit, renewable every five years | Buy one property: EUR 800,000 in the high-price zones, EUR 400,000 elsewhere |
| Portugal Golden Visa (ARI) | Two-year residence permit, renewable every two years; permanent residence after five years | EUR 500,000 into a qualifying investment fund with no real estate |
Programme terms below follow the Malta regulations (Subsidiary Legislation 217.26, as amended in 2024 and 2025), the Greek Migration Code, and the Portuguese immigration law with AIMA’s fee table. Our European residence by investment hub holds the country pages behind each row.
The criteria that decide it
| Criteria | Malta | Greece | Portugal |
|---|---|---|---|
| Entry cost | Government payments of EUR 99,000 plus cards, with rent from EUR 14,000 a year or a purchase from EUR 375,000. You must also show EUR 500,000 in assets, including EUR 150,000 in financial assets, or EUR 650,000 including EUR 75,000 financial | One property at EUR 800,000 in Attica, Thessaloniki, Mykonos, Santorini and the large islands; EUR 400,000 elsewhere; EUR 250,000 only for conversions and listed buildings | EUR 500,000 into a qualifying fund. Other routes: EUR 500,000 research or company capital with jobs, EUR 250,000 arts and heritage, or ten jobs created |
| Total cost, family of four | EUR 101,000 in government payments. Rent route: EUR 171,000 committed over five years. Buy route: EUR 476,000 including the property | EUR 414,574 on the EUR 400,000 tier, including the property, transfer tax and fees | EUR 537,046.80, being the EUR 500,000 fund plus EUR 37,046.80 in AIMA fees at full rates |
| Processing | No decision deadline is set in the regulations. Payments then run on fixed clocks after approval in principle | The law sets a two-month decision window on a complete file. Biometrics queues run longer in practice | AIMA publishes no decision timeline. Each stage is measured in months |
| Minimum stay | None | None | Seven days in the first year, then 14 days in each two-year period |
| Family breadth | Widest of the three: spouse, children, and parents and grandparents of both sides; up to four generations. Adult children and parents or grandparents add EUR 7,500 each; the spouse and minor children add nothing | Spouse, children under 21 (then a permit of their own), and parents of both spouses | Spouse, dependent children, and dependent parents, as family members on the file |
| Spent versus invested | The EUR 101,000 is spent for good. Rent is spent. A purchase stays yours as an asset | About EUR 14,574 is spent on the EUR 400,000 tier, in tax and fees. The property stays yours | The fees are spent. The fund units stay yours, at market risk |
| Route to a passport | None inside the programme. Naturalisation is a separate, discretionary process | Seven years of living in Greece, plus the national exam with Greek at B1 level | Ten years of legal residence from the first permit for most non-EU nationals (seven for EU and Portuguese-speaking-country citizens), plus A2 Portuguese |
| Renewal burden | Lowest. The status does not expire; only the card renews every five years. The property must be held for five years | Renew every five years while you hold the investment | Renew every two years, showing the investment is held and the presence days are met |
The family of four, costed
Take a couple with two children under 18. In Malta, the administration fee is EUR 60,000, paid as EUR 15,000 within a month of filing and EUR 45,000 within two months of approval in principle.
The contribution is EUR 37,000 on both the rent and buy routes, the donation to a registered Maltese charity is EUR 2,000, and residence cards are EUR 500 each. That is EUR 101,000 before the property line.
Rent at the EUR 14,000 floor for five years adds EUR 70,000. Buying at the EUR 375,000 floor takes the committed total to EUR 476,000.
In Greece, the same family buying at the EUR 400,000 tier outside the high-price zones pays transfer tax of EUR 12,360 at the effective 3.09 percent rate set by the Greek tax authority, plus EUR 2,214 in application and card fees. The all-in figure is EUR 414,574, and EUR 400,000 of it is a home in their name.
In Portugal, the fund takes EUR 500,000 and AIMA takes EUR 37,046.80 for four people at the full rates in its fee table, being an EUR 842.80 analysis fee and an EUR 8,418.90 grant fee per person. Reduced rates apply to some filings, and renewal fees follow every two years. The all-in figure on day one is EUR 537,046.80.
Legal fees sit on top of all three, and Malta applications can only be filed through a licensed agent. Price those before you compare headline numbers.
Spent money versus money you still own
This is the split that decides most family arguments. Malta’s EUR 101,000 never comes back; it buys the status itself. Greece spends the least, about EUR 14,574 on the mid tier, because the programme is a property purchase with a permit attached.
Portugal sits between the two: the fees are gone, but the EUR 500,000 fund units remain an investment in your name, rising or falling with the market.
Ask one question of every quote you receive: if we exit in year six, what do we get back? Malta answers the property or nothing. Greece answers the property. Portugal answers the fund value on the day you sell.
The passport question
None of the three programmes is a citizenship programme. Portugal comes closest to a planned route: the nationality clock runs on legal residence from your first permit, and the presence rule is a few days a year. Under Organic Law 1/2026 the wait is ten years for most non-EU nationals.
Greece asks for seven years, but they must be years of living in Greece, with a Greek language and civics exam at the end. Malta’s programme gives permanent residence and nothing beyond it; any citizenship step is separate and discretionary.
Which one fits your family
If you want the strongest status with the least upkeep, choose Malta. The residence is permanent from approval, there is no stay rule, and parents and grandparents can join the file. You pay for that certainty with money that is spent, not invested.
If you want a European home your family will use, choose Greece. It is the only one of the three where the main route is still a property purchase, and the spent cost is the lowest. Respect the zones: the same home can need EUR 400,000 in one town and EUR 800,000 in another, and short-term letting is banned.
If a passport is the end goal and you cannot move yet, choose Portugal. The fund route keeps your capital in financial assets, the presence rule is a short trip a year, and the nationality clock runs from the first permit. Go in clear-eyed about the ten-year wait and the two-year renewal cycle.
Where each programme fails people
- Malta: failing the assets test on paper, or missing the payment deadlines that start at approval in principle. The clocks do not wait for funds to be moved.
- Greece: buying two smaller properties instead of one, buying under 120 square metres on the standard tiers, or letting the property on short stays and losing the permit.
- Portugal: subscribing to a fund that turns out to hold real estate, which has disqualified the route since October 2023, or losing track of the presence days and the two-year renewals.
One 2025 change is worth knowing for Malta. Once the application is submitted, the family can apply for a temporary one-year residence permit while the file is processed. It can be renewed a year at a time, so a family can settle before the final certificate is issued.
Official sources
- Residency Malta Agency and the Malta Permanent Residence Programme regulations, Subsidiary Legislation 217.26, as amended by Legal Notice 310 of 2024 and Legal Notice 146 of 2025 (legislation.mt and residencymalta.gov.mt)
- Ministry of Migration and Asylum, Greece, Golden Visa page: migration.gov.gr/en/golden-visa
- AADE, the Greek tax authority, real estate transfer tax: aade.gr
- AIMA, residence permit for investment activity (ARI): aima.gov.pt
- AIMA, table of fees for administrative procedures: aima.gov.pt fee table (PDF)
Frequently asked questions
Which programme is cheapest for a family of four?
It depends what you count. Malta on the rent route commits the least cash: EUR 101,000 in government payments plus EUR 70,000 of rent over five years. Greece spends the least money for good, about EUR 14,574 in tax and fees on the EUR 400,000 tier, because the main sum buys a property you keep. Portugal costs the most to enter: EUR 500,000 into a fund plus EUR 37,046.80 in AIMA fees for four people at full rates.
Which programme gives permanent residence from day one?
Malta. The Malta Permanent Residence Programme issues a permanent residence certificate on approval. Greece gives a five-year permit that renews, and Portugal gives a two-year permit, with permanent residence available after five years.
Do any of the three make me live in Europe?
No. Malta and Greece set no minimum stay at all. Portugal asks for seven days in the first year and 14 days in each two-year period after that. All three let a family hold European residence while living elsewhere.
Which of the three can end in an EU passport?
Portugal and Greece, on different terms. Portugal counts legal residence from your first permit, and most non-EU nationals need ten years under the 2026 nationality law, plus A2 Portuguese. Greece needs seven years of actually living in Greece and its language and civics exam. Malta’s programme has no citizenship route of its own.
Can my parents join the application?
Yes, in all three, on different terms. Greece includes the parents of both spouses on the main file. Malta accepts parents and grandparents as dependants, with a EUR 7,500 fee for each adult dependant other than the spouse. Portugal accepts dependent parents as family members on the ARI file.
To see the cost for your own spouse, children and budget, use our calculator: Work out the cost for your family.
Want a second opinion on your shortlist? Book a Strategy Consultation
Written by Amir Ismail & Associates, which helps families compare residence by investment programmes and brings in a local partner in each country once a case is qualified. This article is general information, not legal or tax advice. A residence permit is not a passport.
