Comparison of Golden Visas in the EU: Latvia, Spain, Portugal, Greece

Today we are going to take a look at the different options available for obtaining a Golden Visa in Europe, paying special attention to Latvia, which in many cases is a better option than Spain, Portugal, or Greece.

Many of our readers already have a European Union passport. If this is the case for you, you will enjoy full freedom of movement in Europe. However, for perpetual tourists or Europeans who no longer live in the EU, the issue of EU residency can quickly become a problem.

Those who have ever tried to bring their spouse or partner to Europe through the traditional channels (e.g., family reunification) know that, in general, without having your own tax residence in the country in question, there is nothing you can do, and that is precisely what we often want to avoid. So how can your partner move around the EU as freely as possible if you yourself are, for example, a Perpetual Tourist?

And of course, if you don’t have an EU passport, then you may well have wondered at some point about the options available to you for spending more time in Europe.

This article is primarily aimed at the following groups of people:

• You do not have EU/Swiss citizenship and want to spend more than 90 days in 180 in the Schengen area.
• You are an EU citizen, but want to renounce this citizenship without the disadvantages that this entails for travel. For example, with a Vanuatu passport, you can continue to enjoy unrestricted access to Schengen throughout the year.
• You are an EU citizen but want to bring your (married) partner or friends to Europe on a more permanent basis.

The big issue facing many clients who live as Perpetual Tourists, without a specific tax residence: marriage alone does not offer automatic residence for the spouse in the EU. Although it is often easier to apply for a Schengen visa through marriage, this is limited to two periods of 90 days in every 180 days. Those who wish to travel permanently in Europe, for example, in a motorhome, often face difficulties.

Family reunification is only possible if the EU citizen who is married registers permanently in a Schengen country. However, in many cases this entails a tax burden and many other systemic disadvantages. Above a certain budget, it is much easier to sponsor your spouse with a golden visa or, perhaps, to forego marriage altogether, which is often disadvantageous, and continue to enjoy time in Europe with your loved ones.

This is where a very interesting visa option in Latvia comes into play, a country that has one of the most flexible, fastest, and at the same time, fiscally attractive Golden Visa programs in the entire EU.

In today’s article, we will explain how to obtain a Golden Visa in Latvia and compare this option with those in Portugal, Spain, or Greece.

Those who do not have an EU passport often face major obstacles when it comes to legal residence, mobility within Europe, or access to education, healthcare systems, and banking services. Many of the classic immigration solutions in the EU involve large investments, lengthy procedures, or the obligation to reside (for tax purposes).

Latvia’s Golden Visa is the fastest and most economical option for non-EU citizens

Latvia’s Golden Visa offers an extraordinarily flexible and cost-effective alternative. It has relatively low initial requirements, clear rules, and a realistic prospect of long-term residence, with no actual stay requirement and free movement within the Schengen area.

For non-EU citizens who wish to establish a second base in Europe or facilitate family reunification, Latvia’s Golden Visa program is one of the most attractive options in 2026.

With a minimum investment of €50,000 in the share capital of a Latvian company and a one-time state fee of €10,000, you can obtain a five-year temporary residence permit, which is also valid for your spouse and children under the age of 18. After five years, you have the option of applying for a permanent residence permit and, after ten years, even Latvian citizenship.

In total, there are three main ways to apply for the Latvian Golden Visa. Let’s take a closer look at them:

First option for obtaining a golden visa in Latvia: investment in a Latvian company

By investing a minimum of €50,000 in the share capital of a Latvian company and paying a one-time state fee of €10,000 (for the entire family), you can obtain a five-year temporary residence permit, which can be renewed later. After five years, it is possible to apply for a permanent residence permit in Latvia for both spouses and children.

Requirements and additional notes:

• The investor must be listed as an official shareholder of the company.
• An annual fee of 2% applies only if the investment is maintained for 10 years; there is no fee if it is maintained for 5 years.
• The recipient company must prove a minimum tax burden of €40,000 per year (amount corresponding to the company as a whole, not to your individual share).
• At the end of the agreed term, the invested capital is repaid in full.
• A 5-year residence permit is granted to the investor, as well as to their spouse and children.
• Additional expenses: €10,000 in legal fees, a fixed fee regardless of family size.

Our partner in Latvia works with established and reliable companies that are currently actively accepting investors. The investment agreements include a repurchase and capital repayment guarantee, regulated contractually directly between the investor and the company. Please contact us if you are interested in the program.

Second option for obtaining a golden visa in Latvia: real estate acquisition

Another possibility for obtaining a residence permit in Latvia is to invest in real estate with a minimum market value of €250,000.

If, as an investor, you decide to rent out the property, you can currently expect an annual return of between 5% and 6%.

In Latvia, a state tax of 5% of the property value and a fixed legal fee of EUR 12,000 apply, regardless of the number of family members.

Third option for obtaining a Latvian golden visa: bank deposit (bonds)

Thirdly, you can obtain a residence permit by making a bank deposit of at least EUR 280,000 in subordinated bonds from a Latvian bank. In addition, you will have to pay a state fee of EUR 25,000.

This form of investment offers an attractive return of between 5% and 11.11% per annum, with quarterly payments. In the case of classic bank deposits, the expected return is currently up to 8% per annum, also with quarterly payments. In addition, a state tax of €25,000 and fixed legal fees of €15,000 must be paid.

The programs are open to non-EU citizens, although Russian and Belarusian citizens are currently excluded, unless they have a second nationality.

For many reasons, we always emphasize the importance of having a second nationality, as demonstrated once again in this case. In addition to investment programs to obtain citizenship, there is also the option of proving income or simply residing for a certain period of time in the country in question.

Move without visas throughout the Schengen area with minimal physical presence in the host country

A major advantage of the Latvian Golden Visa is that with a residence permit there, you can travel visa-free throughout the Schengen area and only a minimum physical presence in Latvia is required, often as little as five days a year. Processing time is usually only three to four months. You must demonstrate that you have sufficient financial means and an impeccable reputation, as well as prove the origin of your investment funds.

In addition, investors benefit from low taxes, access to the European healthcare system, and the possibility of opening bank accounts in the EU. Latvia is considered a safe country, offers a stable economy, and is an attractive location for families seeking easy access to Europe.

Tax advantages in Latvia

Latvia offers investors, entrepreneurs, and individuals an exceptionally attractive tax environment thanks to its unique corporate tax system. Latvia does not tax corporate profits with corporate income tax, provided that they are not distributed but reinvested. This cash flow-based model means that companies only have to pay tax when profits are actually distributed to shareholders (deferred taxation). As long as profits remain in the company and are used, for example, for investments, they remain completely tax-free.

In this way, Latvia, like Estonia, has created a very advantageous business environment from a tax perspective. Following the unfavorable reforms in Estonia, the Latvian version of deferred taxation is now even more attractive.

On the other hand, Latvia offers other important advantages for individuals, especially with regard to dividends received from companies in other EU countries.

Individuals resident in Latvia do not pay any additional tax on dividends that have already been taxed in the country of origin (e.g., Romania, Cyprus, Spain, or Bulgaria). This 0% indirect taxation is due to the Latvian principle that profits already taxed in other EU countries can be transferred to individuals without paying further tax.

What does this mean in concrete terms?

If a person is a tax resident in Latvia and receives dividends from companies in other EU countries, these dividends are not taxed again in Latvia, provided that they have already been subject to corporate income tax in the country of origin.

Unlike many other European countries, which additionally tax dividends with a private compensation tax or capital gains tax, Latvia does not levy any additional personal tax.

This avoids double taxation of this income, which is a considerable advantage for investors who regularly receive dividends from EU companies.

Instead of paying 20% to a Latvian company at the time of distribution, you can, for example, operate through a Maltese company with substance and distribute the entire profit tax-free in Latvia with a corporate tax rate of 5%.

Although Latvia has often been overlooked when it comes to tax optimization and attractive tax regulations, together with Estonia, it represents an enormously advantageous tax structure in Europe. If structured correctly, it is as advantageous a tax haven as Cyprus, Malta, or Ireland.

In addition, Latvia’s Golden Visa program combines these tax advantages with flexible residency regulations: non-EU investors can obtain a Latvian residence permit with a minimum investment of only €50,000. This permit allows for a minimum annual stay of only five days, enabling globally mobile entrepreneurs and families to optimize their tax residence in Latvia without having to significantly change their lifestyle.

At the same time, they benefit from the freedom to travel visa-free throughout the Schengen area and, in the long term, the possibility of obtaining an indefinite residence permit and even citizenship.

Although the minimum stay, which is practically non-existent, does not entail any tax obligations, Latvian tax residence would be relatively attractive.

The Portuguese Golden Visa

The Portuguese Golden Visa program is one of the most prestigious investment programs in Europe, which has gained particular popularity among Americans. The conditions were thoroughly revised in 2024, removing real estate investments as an entry criterion, which were previously possible. Instead, they now focus on alternative options such as business creation, fund participation, and cultural investments.

A key incentive of the program is the integration of family members. The main investor can apply for residence permits not only for themselves, but also for their spouse, minor children, financially dependent adult children (provided they are unmarried and studying full-time), and parents over the age of 65. This regulation allows mixed families with EU and non-EU citizens to live together in Portugal without the main applicant having to completely relocate their residence.

The physical presence requirement has been deliberately kept low: during the first year, a seven-day stay is sufficient, followed by fourteen days every two years for renewals.

Golden visa options in Portugal through investment

Following the reform, there are several ways to obtain a golden visa in Portugal.

Fund participation: minimum investment of €500,000 in Portuguese venture capital or private equity funds that do not finance real estate projects.

Business creation: creation of at least ten jobs in Portugal or five jobs in structurally weak regions.

Cultural donations: investments starting at €250,000 in the preservation of national cultural heritage or €500,000 in research projects.

These changes reflect Portugal’s desire to promote productivity-oriented investments rather than purely capital-driven real estate transactions.

However, they also show a much higher investment threshold compared to, for example, Latvia.

The Latvian program allows for a five-year residence permit to be obtained from an investment of €50,000 in a local company, combined with a state fee of €10,000. This threshold is significantly lower than in Portugal, where from 2024 onwards, only options such as fund shares starting at €500,000 or cultural donations starting at €250,000 will be available.

Latvia is particularly attractive for families wishing to emigrate together, as spouses and children under the age of 18 are included without the need for additional investments. In Portugal, on the other hand, considerable government fees apply for each family member.

Minimum physical presence requirement with the Portuguese Golden Visa

However, another decisive difference lies in the residency requirements. Latvia only requires an annual five-day visit to renew the residence permit, provided that the investment has been made in a company. In the case of real estate investments, one visit every five years is sufficient. Portugal, on the other hand, requires a seven-day stay during the first year and fourteen days every two years thereafter.

For families with global mobility who do not wish to completely relocate their center of life, Latvia also offers a little more flexibility in this regard. In addition, processing times in Latvia are considerably faster in 2025, averaging two to three months. In Portugal, waiting times of several years are sometimes to be expected.

Latvian Golden Visa compared to Golden Visa options in Spain, Greece, and Italy

Even when compared to other major European Golden Visa programs, such as Spain, Greece, and Italy, Latvia remains the clear winner.

Upon closer examination, it quickly becomes apparent that in terms of flexibility, investment amount, and tax attractiveness, Latvia is in a league of its own.

Spanish Golden Visa

In Spain, for example, real estate investments started at €500,000. Those who preferred to invest in company shares had to have a minimum of €1 million, while government bonds required an investment of €2 million. Despite Spain’s high quality of life and popularity as a place of residence, access to residency rights remained very expensive.

Spain has recently completely eliminated its program, hence the use of the past tense. However, if you only want to reside in Spain, the Latvian program does not prevent you from doing so. As a non-EU citizen with a Golden Visa in Latvia, you can reside without any problems for up to six months per calendar year in your own property without any tax consequences.

Greek Golden Visa

Greece offers a lower entry threshold, at €250,000 for real estate, but this is still well above the minimum investment in Latvia. In addition, these costs increase significantly in popular regions such as Mykonos or Santorini (up to a minimum of €800,000). Greece also requires a stay of 183 days per year to obtain citizenship, while Latvia offers maximum flexibility with only five days per year.

Italian Golden Visa

For its part, Italy prioritizes innovative investments in start-ups (from €250,000), established companies (€500,000), or government bonds (€2 million), similar to Portugal’s updated program. However, both countries require significantly higher investments than Latvia.

Despite Italy’s attractive flat tax regulations (€200,000 per year for foreign income), Latvia remains incomparably attractive to international investors and globally mobile families thanks to its low entry threshold (company shares starting at €50,000), minimal presence requirements, and attractive tax treatment of EU dividends.

Maltese Golden Visa

Malta is a rather interesting tax haven, with a donation of €98,000 and a donation to non-profit organizations of €2,000, plus lawyers’ fees, but it is also not a very cheap option for obtaining permanent residence in the Schengen area. Unlike Latvia, here the money is completely lost and, in fact, citizenship is not granted.

In conclusion

If you are interested in the Latvian Golden Visa and want to take advantage of the tax and structural benefits for yourself or your family, we can help. We work with experienced local partners who will accompany you throughout the process, from the selection and intermediation of suitable investments to the submission of the application and the processing of the residence permit. We ensure that everything runs smoothly and offer you a customized solution that suits your particular situation.

Contact us now for more information about your options in Latvia. Of course, we can also offer you all the other Golden Visas described if, for certain reasons, such as purchasing property in Greece, you prefer one of them.