Master prompt
EU Golden Visa landscape — target country selection (Portugal / Greece / Italy / Malta / Latvia)
Compare the live EU investor pathways for Indian HNW clients — Portugal Golden Visa (post-2023), Greece Golden Visa (tiered 2024), Italy Investor Visa, Malta MPRP, Latvia investor permit — and select the optimal target by investment capacity, residence intent, family, and citizenship horizon.
EUInvestor visaGolden VisaPortugalGreeceItalyMaltaLatviaComparison
You are a multi-jurisdictional immigration consultant specialising in EU residence-by-investment for Indian HNW clients. Run a structured selection audit for [CLIENT_NAME] against the five live EU investor pathways and recommend a target country. Be conservative and country-specific. Flag any uncertain figure with "verify".
CLIENT SUMMARY
- Principal applicant: [CLIENT_NAME], age [AGE]
- Investment capacity: EUR [INVESTMENT_CAPACITY_EUR]
- LRS headroom this FY: USD 250000
- Family: [FAMILY_COMPOSITION]
- Residence intent: [RESIDENCE_INTENT]
- Citizenship horizon: [CITIZENSHIP_HORIZON]
- Source of funds: [SOURCE_OF_FUNDS]
- Tax-residence preference: [TAX_RESIDENCE_PREFERENCE]
- Occupational ties: Mixed — partial
§1 - SCOPE NOTE: PROGRAMMES THAT NO LONGER EXIST (do not pursue)
Before recommending, eliminate:
(a) SPAIN Golden Visa — ENDED for new applications on 3 April 2025
under Ley Orgánica 1/2025. Existing holders only. Indian clients
seeking Spain should pivot to: Non-Lucrative Visa (NLV; passive
income EUR 28,800+/yr); Entrepreneur Visa (Ley 14/2013 innovative
business plan endorsed by ENISA); Digital Nomad Visa; Highly
Qualified Professional Visa.
(b) IRELAND Immigrant Investor Programme — CLOSED 15 February 2023.
(c) CYPRUS Investment Programme (citizenship) — TERMINATED 1 November
2020. Cyprus Permanent Residence Programme (residence-by-property)
remains active but does NOT lead to fast citizenship.
(d) MALTA citizenship-by-investment (MEIN; replaced earlier IIP) —
under EU sunset proceedings; Indian-applicant feasibility uncertain
in 2026. The MPRP (residence-by-investment) remains active and is
a different programme — see §6.
Live programmes for new Indian applicants (2026-05): Portugal Golden
Visa, Greece Golden Visa, Italy Investor Visa, Malta MPRP, Latvia
Investor Permit. Recommend among these only.
§2 - PORTUGAL GOLDEN VISA (post-2023 reform)
Statutory basis: Law 23/2007 (immigration law) + Regulatory Decree
84/2007 + Law 56/2023 (Mais Habitação reform, effective 7-Oct-2023).
Active investment routes (current 2026-05 — verify against AIMA):
- EUR 500,000 in qualifying Portuguese VC / private equity fund
(Comissão do Mercado de Valores Mobiliários, CMVM-registered; min
60% of fund invested in Portuguese companies; not real-estate-
backed; 5-year minimum holding)
- EUR 500,000 in scientific research at accredited Portuguese R&D
institution (Fundação para a Ciência e a Tecnologia, FCT-listed)
- EUR 500,000 in capitalising a Portuguese company creating 5
permanent jobs (3 years)
- Business creation with 10 permanent jobs (no min capital)
- EUR 250,000 in cultural heritage / artistic preservation
- EUR 250,000 philanthropic donation to public-interest project
Real estate purchase + REIT routes: REMOVED for new applicants post-7-
Oct-2023. Do not recommend.
Physical-stay rule: 7 days in year 1; 14 days every subsequent 2-year
renewal cycle. Compatible with full Indian residence + occasional
travel.
Citizenship: eligible after 5 years legal residence (Lei da
Nacionalidade Law 37/81). Language: A2 Portuguese (CAPLE-CIPLE test).
Family inclusion: spouse, dependent children (incl. unmarried adult
children in education up to ~26), dependent parents (financially
dependent + age 65+ historically; verify current).
Authority: AIMA (Agência para a Integração, Migrações e Asilo) —
replaced SEF in October 2023. Significant backlog under AIMA; processing
times have stretched to 18-30 months for some applications. // 2026-05
— verify current AIMA processing benchmarks.
Tax: Portugal Non-Habitual Resident (NHR) regime tightened in 2024;
"NHR 2.0" / "Tax Incentive for Scientific Research and Innovation"
(IFICI) regime offers reduced tax on qualifying activities; verify
applicability to [CLIENT_NAME] before counting on NHR benefits.
For [CLIENT_NAME]: viable if [INVESTMENT_CAPACITY_EUR] ≥ EUR 500,000
AND clean source of funds AND citizenship horizon ≥ 5 years.
§3 - GREECE GOLDEN VISA (post-2024 tiered reform)
Statutory basis: Law 4251/2014 + Law 5038/2023 + 2024 amendments.
Tiered real-estate minimums (current 2026-05 — verify):
- EUR 800,000 — Attica (Athens proper + Athens Riviera), Thessaloniki,
Mykonos, Santorini, all islands with population > 3,100
- EUR 400,000 — remaining mainland Greece + smaller islands
- EUR 250,000 — only for: properties converted from commercial use to
residential (post-conversion, with documentary proof) OR listed /
heritage buildings being restored (with restoration project filed)
in any region
Alternative non-real-estate routes:
- EUR 400,000 Greek government bonds (3-year minimum)
- EUR 400,000 shares / corporate bonds in Greek-domiciled company
- EUR 400,000 mutual fund units (Greek-managed)
- EUR 400,000 time deposit in Greek credit institution (1-year
minimum, renewable)
Physical-stay rule: NONE (zero days minimum) — uniquely flexible among
EU Golden Visas. Permit issued for 5 years, renewable indefinitely as
long as investment maintained.
Citizenship: eligible after 7 years legal residence + Greek A2 language
test + civics test. NOT a fast citizenship route.
Family inclusion: spouse, dependent children up to age 21 (extended
to 24 if in education), dependent parents (both applicant's + spouse's
parents — broad family coverage).
Authority: Ministry of Migration and Asylum + decentralised
administration aliens directorates. Processing: 4-12 months typical.
For [CLIENT_NAME]: viable if [INVESTMENT_CAPACITY_EUR] ≥ EUR 250,000
(if conversion/heritage angle available) or ≥ EUR 400,000 (mainland)
or ≥ EUR 800,000 (Athens/islands). Zero physical-stay rule attractive
for Plan B + occupational ties to India. Slow citizenship (7y +
language) is the trade-off.
§4 - ITALY INVESTOR VISA (Visto Investitori per l'Italia)
Statutory basis: Decreto Legge 50/2017 (Industria 4.0) + Decreto
Ministeriale 21 luglio 2017.
Investment routes (current 2026-05 — verify):
- EUR 250,000 in an Italian innovative startup (PMI innovativa /
startup innovativa registered with Camera di Commercio innovation
section)
- EUR 500,000 in an Italian limited company (S.p.A. or S.r.l.) —
capital increase or share purchase
- EUR 1,000,000 philanthropic donation to public-interest project
(culture, education, immigration, scientific research, cultural
heritage restoration)
- EUR 2,000,000 in Italian government bonds (BTP or similar) held
for at least 2 years
Process: applicant first obtains "nulla osta" (no-objection) from the
Comitato Investitori per l'Italia (Italian Investor Visa Committee
at MISE — Ministry of Enterprise) — fully digital application via
investorvisa.mise.gov.it. After nulla osta, type-D entry visa from
Italian consulate (e.g. Mumbai / Delhi), then Permesso di Soggiorno
from Questura on arrival.
Physical-stay rule: NO minimum residence-day requirement — BUT 183-day
threshold triggers Italian tax residence (see §11). Indian clients who
do not relocate keep Italian tax-non-resident status.
Citizenship: eligible after 10 years legal residence + B1 Italian
(CILS / CELI). The 2025 "Tajani decree" tightened jure sanguinis but
not residence-based naturalisation; verify B1 + 10-year requirement
unchanged.
Family inclusion: spouse, dependent children, dependent parents
(broad; specifically permitted under DL 50/2017).
Tax planning angle: the Italy "EUR 100,000 flat-tax regime" for new
tax residents (Article 24-bis TUIR) — high-income clients relocating
to Italy can elect EUR 100,000 flat substitute tax on all foreign-
sourced income (capped 15 years). Recent reform raised the flat
amount from EUR 100,000 → EUR 200,000 for new electors from 11-Aug-
2024; verify [CLIENT_NAME]'s applicability. // 2026-05 — verify
For [CLIENT_NAME]: viable across capital tiers (EUR 250k-2M); innovative
startup route is the lowest threshold; flat-tax regime attractive if
relocating + significant offshore income.
§5 - MALTA PERMANENT RESIDENCE PROGRAMME (MPRP)
Statutory basis: Legal Notice 121/2021 (replacing earlier MRVP).
Administered by Residency Malta Agency (RMA).
Requirements (current 2026-05 — verify):
- Government contribution: EUR 28,000 (if purchasing property) OR
EUR 58,000 (if renting)
- Property: PURCHASE minimum EUR 375,000 (Malta) / EUR 350,000
(Gozo / South Malta) held for 5 years; OR RENT minimum
EUR 14,000/year (Malta) / EUR 12,000/year (Gozo / South Malta) for
5 years
- Donation: EUR 2,000 to registered Maltese NGO (philanthropy)
- Administrative fee: EUR 40,000
- Capital + assets requirement: EUR 500,000 net worth, of which
EUR 150,000 in financial assets
- Clean criminal record (4-tier due diligence by RMA)
Total programme cost (approximate, 5-year horizon):
- Buy route: EUR 375,000 (property, retained) + EUR 28,000 + EUR 40,000
+ EUR 2,000 + due-diligence fees + legal ~ EUR 100,000 non-recoverable
- Rent route: EUR 70,000 rent (5y) + EUR 58,000 + EUR 40,000 +
EUR 2,000 + due-diligence ~ EUR 175,000 non-recoverable
Physical-stay rule: no minimum days, but ties to Malta expected at
renewal.
Citizenship: MPRP does NOT lead directly to citizenship. EU long-term
residence status after 5 years (Directive 2003/109/EC). Maltese
citizenship requires separate naturalisation (5+ years legal residence
+ Maltese OR English knowledge — Malta has both official languages).
MEIN citizenship-by-investment route is separate + under EU pressure.
Family inclusion: spouse, dependent children (including unmarried
adult children up to 28 if economically dependent), dependent parents
+ grandparents (uniquely broad — MPRP allows grandparents).
For [CLIENT_NAME]: viable if [INVESTMENT_CAPACITY_EUR] ≥ EUR 175,000
non-recoverable (rent route) or willing to lock EUR 375,000 in
property. English-speaking jurisdiction (no language barrier). Slow
citizenship (no direct path via MPRP).
§6 - LATVIA INVESTOR PERMIT
Statutory basis: Immigration Law, section 23.
Routes (current 2026-05 — verify; Latvia has tightened periodically):
- EUR 250,000 in a Latvian company + minimum 5 employees + minimum
EUR 40,000 annual taxes paid by company (5-year temporary
residence, renewable)
- EUR 250,000 in real estate (single property in Riga / Jūrmala /
republican cities) — but cadastral value > EUR 80,000
- EUR 280,000 in subordinated capital of a Latvian credit institution
(5-year minimum)
- EUR 60,000 in non-interest-bearing Latvian government bonds + state
fee EUR 25,000 (5-year residence) — uniquely low entry point
Authority: OCMA / PMLP (Pilsonības un migrācijas lietu pārvalde).
Physical-stay rule: 1 day per year minimum.
Citizenship: 10 years legal residence + Latvian B1 language test
+ history + Constitution test. NOT a fast citizenship route.
For [CLIENT_NAME]: the EUR 60,000 + EUR 25,000 bond route is the
LOWEST entry point in the EU. Suitable for Plan B / residence permit
collection without major capital lock-up. Latvian language barrier
makes citizenship path long.
§7 - SCORING MATRIX (calibrate to [CLIENT_NAME])
Score each programme 1-5 on each axis:
| Axis | Portugal | Greece | Italy | Malta | Latvia |
|--------------------------|----------|--------|-------|-------|--------|
| Capital efficiency | 3 | 4 | 4 | 3 | 5 |
| Physical-stay tolerance | 4 | 5 | 5 | 4 | 5 |
| Family inclusion breadth | 4 | 5 | 4 | 5 | 3 |
| Citizenship speed (yrs) | 5 (5y) | 3 (7)| 2(10)| 2 | 2(10) |
| Language ease (English) | 4 | 3 | 3 | 5 | 2 |
| Programme stability | 3 | 4 | 4 | 4 | 3 |
| Tax-regime attractiveness| 3 | 3 | 5(*) | 4 | 3 |
(*) Italy flat-tax regime if relocating; otherwise neutral.
§8 - INDIAN-SIDE CAPITAL TRANSFER FEASIBILITY
For 250000 LRS headroom + [INVESTMENT_CAPACITY_EUR] target:
- LRS alone in single FY: maximum USD 250,000 per individual
(Master Direction on Liberalised Remittance Scheme, RBI). For
family of 4 adults, max USD 1,000,000 in a single FY = roughly
EUR 920,000 at current rates. // 2026-05 — verify USD-EUR rate
near submission
- Multi-FY split: Indian FY runs April-March. Transferring EUR 500,000
via LRS realistically requires 2-3 FYs OR 2+ adult family members.
- Overseas Direct Investment (ODI): for Indian-corporate-led
investments under Foreign Exchange Management (Overseas Investment)
Rules 2022 + Master Direction on Foreign Investment in Overseas
JV/WOS. Caps: 400% of net worth of Indian-corporate parent. Indian
Pvt Ltd of [CLIENT_NAME] could invest in EU subsidiary as ODI
rather than personal LRS. Tax + RBI filings required (Form FC,
APR annual filings).
- Gift / Inheritance / Business-sale proceeds: each requires
documentary chain (see Slot 4 — Source of Funds prompt).
Based on [SOURCE_OF_FUNDS] = "[SOURCE_OF_FUNDS]" — propose primary
remittance route.
§9 - TAX-RESIDENCE ANALYSIS
For [TAX_RESIDENCE_PREFERENCE] = "[TAX_RESIDENCE_PREFERENCE]":
- "Stay Indian tax resident": all 5 programmes compatible. Stay < 183
days per year in target EU country; do not establish "centre of
vital interests" there.
- "Become EU tax resident": Portugal (NHR / IFICI), Italy (EUR 100k
flat-tax regime) most attractive; Greece (50% tax-reduction regime
for foreign professionals under Law 4758/2020); Malta (remittance-
basis taxation for non-domiciled residents); Latvia (standard tax).
- "Non-domiciled regime": Portugal IFICI (replaced NHR) + Italy
Article 24-bis flat tax + Malta remittance basis are the three
realistic options.
DTAA India treaties exist with all 5 target countries. Verify
tie-breaker rules (Article 4 OECD model) and residency certification
before triggering dual tax-residence ambiguity.
§10 - RECOMMENDATION FOR [CLIENT_NAME]
Based on inputs, recommend ONE primary target + ONE backup. Structure:
PRIMARY TARGET: [country] — [route]
- Why: align with [CITIZENSHIP_HORIZON], [INVESTMENT_CAPACITY_EUR],
[RESIDENCE_INTENT], Mixed — partial
- Total capital deployment: EUR [amount] (recoverable EUR [amount],
non-recoverable EUR [amount])
- Timeline: application to permit ~[months]; citizenship horizon
~[years]
- Indian-side route: LRS multi-FY / ODI / family pooling
BACKUP TARGET: [country] — [route]
- When to switch: e.g. AIMA processing delay > 24 months, Portuguese
fund yields underperform, Italy startup fails diligence.
§11 - OPEN QUESTIONS BEFORE NULLA-OSTA / GOLDEN-VISA SUBMISSION
- Final source-of-funds tracing (15CA/15CB + apostilled chain)
- Confirm investment vehicle availability (qualifying Portuguese
fund / Greek property surveyed / Italian startup vetted)
- Tax-residency election + DTAA tie-breaker
- Family member inclusions (parents — financially dependent proof?)
- Indian PCC from Mumbai/Delhi/Bengaluru regional passport office +
apostille at MEA (4-12 weeks)
- Member-state-admitted lawyer engagement (Portugal advogado /
Italy avvocato / Greece dikigóros / Latvia zvērināts advokāts /
Malta lawyer)
- Cooling-off period for [CLIENT_NAME] family on which country to
target (this is a 5-10 year commitment)
End with: "DRAFT EU investor-visa landscape + target-selection — for country-specific immigration lawyer review (Portugal AIMA-registered advogado, Italy iscritto in albo, Greece dikigóros, Malta lawyer, Latvia zvērināts advokāts). EU investor programmes change rapidly — Spain GV ended 2025, Portugal post-2023 reform, Greece 2024 tiering, Cyprus CIP closed Nov 2020, Ireland IIP closed Feb 2023, Malta MEIN under EU pressure. Verify all five primary programmes (Portugal / Greece / Italy / Malta MPRP / Latvia) are still open at submission date. Not legal advice."Unlock the vault to see the full prompt