Choosing between the Malta vs Portugal Golden Visa is no longer a simple decision. They are built around very different goals, costs, and long-term outcomes. Portugal focuses on investment-led residency with a clear citizenship pathway, while Malta prioritises immediate permanent residency through a property-based model.

This guide breaks down the Portugal vs Malta Golden Visa question in practical terms. We compare investment requirements, residency rules, tax implications, processing timelines, and citizenship options so you can understand which programme fits your budget, mobility needs, and long-term plans.

About Portugal Golden Visa 

Portugal runs a residency-by-investment programme that is now centred on funds rather than property. It is designed for investors who want a low-maintenance way to secure EU residency, with a clearly defined route to permanent residency and citizenship.

Minimum investment requirements

The main qualifying option is a €500,000 investment in an approved Portuguese investment fund. These funds must be regulated by Portugal’s securities authority and are required to invest at least 60% of their capital into Portuguese companies. Property-based or real estate-backed funds are no longer eligible.

Investors must hold their fund investment for a minimum of five years to remain compliant with the programme.

Other eligible routes (less commonly used)

Applicants may also qualify through a €500,000 contribution to certified scientific research, typically supporting sectors such as renewable energy, biotechnology, or environmental innovation.

Another option is a €250,000 donation to approved cultural or artistic projects, including initiatives related to heritage preservation, museums, or nationally recognised cultural programmes. These projects must be authorised by the relevant cultural authority.

A further pathway involves a €500,000 investment into the share capital of a Portuguese company. This route requires the creation of at least five new full-time jobs or the maintenance of ten existing positions, with a minimum of five held on a permanent basis.

No real estate route

Buying property no longer qualifies for the Portugal Golden Visa. All current options focus on productive investment that contributes directly to Portugal’s economy rather than residential or commercial real estate acquisition.

Comparison of Qualifying Investment Options for Portugal Golden Visa 

Access to healthcare and education

Golden Visa holders can register with Portugal’s national healthcare system and access high-quality medical care at relatively low cost. Children are eligible to enrol in public schools and universities under the same tuition conditions as Portuguese residents. Portugal also offers a wide range of international schools, particularly in Lisbon, Porto, and the Algarve.

Tax advantages for Portugal Golden Visa holders

Portugal’s Golden Visa offers considerable tax flexibility, allowing investors to remain non-residents or become tax residents depending on how much time they spend in the country.

Non-resident tax status

Golden Visa holders are not required to live in Portugal full-time. The programme only requires a minimum stay of seven days in the first year and fourteen days during each subsequent two-year renewal period.

As long as you stay within these limits, you remain classified as a non-resident for tax purposes and are not subject to Portuguese income tax, which is particularly attractive for investors managing their tax affairs elsewhere.

Becoming a tax resident

You are considered a Portuguese tax resident if you spend more than 183 days in Portugal within a calendar year or if you maintain a home that qualifies as your habitual residence. 

Applicants who meet these conditions may also be eligible for Portugal’s new tax incentive regime, known as NHR 2.0, provided they fall within the approved professional categories.

NHR 2.0 eligibility for Golden Visa holders

NHR 2.0, also referred to as IFICI, replaces the former Non-Habitual Resident scheme and is aimed at individuals working in specialised, high-value sectors.

Eligible profiles include professionals in fields such as technology, healthcare, and scientific or academic research, as well as senior executives or board members of Portuguese companies, including those in which Golden Visa investors hold a qualifying interest.

Key benefits under NHR 2.0

Eligible Golden Visa holders may benefit from a favourable tax framework, including a 20% flat tax rate on qualifying Portuguese employment income and potential exemptions on certain foreign income streams, such as dividends, rental income, and specific capital gains. These benefits apply for up to ten years, providing long-term tax predictability.

Fees and costs

The application analysis fee is €618.60 per applicant and is paid at the time of submission. Once approved, the initial residence permit fee is €6,179.40, with each renewal costing €3,090.40 per person.

After five years in the programme, the permanent residence application carries a fee of €8,463.40, and subsequent renewals cost €4,326.30. Applicants should also budget approximately €100–€300 for administrative expenses such as criminal record certificates, apostilles, notarised translations, and certified copies, depending on their country of origin.

Many applicants opt for full-service legal support, which typically ranges from €10,000 to €20,000 depending on family size and case complexity. 

This usually covers document preparation, compliance checks, coordination with AIMA, and overall application management.

Processing time and residency rules

Applications are submitted online through AIMA’s portal, where authorities review documentation and investment details to ensure compliance. After submission, applicants are scheduled for an in-person biometrics appointment, which may take several weeks depending on availability.

At the appointment, the main applicant and dependents complete fingerprinting, photographs, and identity verification. Families can attend together. Once biometrics are completed, Golden Visa residence cards are typically issued within around four months, granting full residency rights and starting the five-year timeline toward permanent residency or citizenship.

Residency renewals, long-term status, and the route to Portuguese citizenship

The Portugal Golden Visa is renewed every two years, provided the qualifying investment is maintained, and the minimum stay requirements are met. After five years of legal residence, investors may apply for either permanent residency or Portuguese citizenship, depending on their objectives.

Citizenship applicants must demonstrate basic Portuguese language proficiency at the A2 level and maintain a clean criminal record. Once citizenship is granted, there is no requirement to retain the original Golden Visa investment.

The programme also allows full family reunification from the outset, covering spouses, dependent children, and dependent parents. Adult children over 18 may also qualify if they are financially dependent, making the Portugal Golden Visa one of the more flexible options for families.

Step-by-step process to apply for the Portugal Golden Visa

Step 1: Obtain a Portuguese NIF

You must obtain a Portuguese tax number (NIF), which is required for all financial and legal transactions in Portugal. Non-residents typically need a Portuguese tax representative to request the NIF on their behalf.

Step 2: Open a Portuguese bank account

After securing your NIF, you must open a Portuguese bank account to transfer your investment funds. Banks will require identification documents, proof of income, and tax forms, particularly for U.S. citizens.

Step 3: Transfer the qualifying investment amount

You must transfer the qualifying investment amount—typically €500,000—into your Portuguese bank account. The bank will issue an official statement confirming the transfer.

Step 4: Collect and prepare documentation

Applicants must prepare several documents, including their passport, bank account confirmation, proof of investment, criminal background checks, and IRS compliance certificates. All documents must comply with Portuguese legal standards.

Step 5: Complete the investment

Once the funds are in your Portuguese bank account, you must complete the investment into the chosen eligible route, such as a regulated fund, cultural project, or research institution. Investment confirmation documents will be included in the application.

Step 6: Submit your application to AIMA

Your application is submitted to AIMA, the Portuguese immigration authority, for review. AIMA verifies your investment and documentation before scheduling your biometrics appointment.

Step 7: Attend a biometrics appointment in Portugal

Applicants must attend an in-person appointment where fingerprints, photographs, and signatures are collected. Dependents may attend the same appointment.

Step 8: Receive Golden Visa residency card

After approval, you will receive your residence card, which grants full residency rights. The five-year residency clock begins on the date the card is issued.

About Malta Golden Visa Programs

Malta’s Golden Visa is officially known as the Malta Permanent Residence Programme (MPRP). It is a residency-by-investment scheme aimed at non-EU nationals who want permanent residency in Malta.

Malta has been a member of the European Union since 2004 and part of the Schengen Area since 2007, which gives residence holders the ability to live in Malta and travel visa-free within the Schengen zone for short stays.

The programme is designed for individuals and families who want a stable EU base rather than fast-track citizenship. It offers permanent residence status from the outset, subject to meeting investment, eligibility, and due diligence requirements.

Minimum investment requirements

Main qualifying route (property-based)

The Malta Golden Visa requirements include a mandatory property commitment. All applicants must choose between purchasing or renting qualifying property in Malta or Gozo.

Applicants may purchase a qualifying property in Malta or Gozo with a minimum value of €375,000, or alternatively rent a qualifying property for at least €14,000 per year. The property must be suitable for residential use and retained for the duration required by the programme.

Government contribution, donation, and administrative fee

Beyond the property requirement, Malta Golden Visa requirements include several mandatory financial contributions. The main applicant pays a €60,000 government administrative fee and a €37,000 government contribution, regardless of whether they choose to buy or rent property.

Applicants are also required to make a €2,000 charitable donation to a registered Maltese voluntary organisation. Where adult dependents other than a spouse are included, an additional €7,500 administrative fee applies per adult dependant, such as parents, grandparents, or adult children.

Financial eligibility (capital requirement)

Beyond the investment costs, applicants must demonstrate sufficient financial standing. This is assessed through one of two recognised thresholds: either €500,000 in capital, with at least €150,000 held in financial assets, or €650,000 in capital, with at least €75,000 held in financial assets. These requirements form part of Malta’s due diligence and suitability assessment.

No fund or business investment route

Unlike Portugal, Malta’s MPRP does not offer a qualifying route through regulated investment funds, business investment, or job creation. The programme is structured around property plus fixed state contributions, with eligibility assessed through financial standing and background checks rather than economic activity or investment performance.

Comparison of qualifying investment options for Malta MPRP 

Access to healthcare and education

Malta Permanent Residence Programme (MPRP) holders must maintain private health insurance that covers risks in Malta. This is a mandatory requirement at application stage and must remain valid to stay compliant. 

Access to Malta’s public healthcare system is not automatic under the MPRP and generally depends on later ordinary residence or employment-based contributions.

Private healthcare in Malta is widely used by MPRP holders and is considered reliable, with English-speaking doctors and modern facilities across the country.

For families, Malta’s education system is a major advantage. Schooling is primarily English-based and follows a British-style curriculum. Children can attend state schools, private Maltese schools, or international schools offering British and IB programmes.

Tax considerations for Malta Permanent Residence holders

Holding permanent residence under the MPRP does not automatically trigger Maltese tax residency. Tax residence is assessed separately and depends on physical presence and personal ties, not residency status alone.

This allows applicants to hold Maltese permanent residence for mobility and long-term security without relocating full-time or changing their tax residence. Those who do move to Malta for extended periods may become tax resident under Malta’s domestic tax rules and should plan accordingly.

Fees and costs

The Malta Permanent Residence Programme has a clearly defined cost structure:

• €60,000 government administrative fee (main applicant)
• €37,000 government contribution
• €2,000 mandatory charitable donation

Applicants must also meet one property requirement:

• Purchase a qualifying property for at least €375,000, or
• Rent a qualifying property for at least €14,000 per year

An additional €7,500 fee applies for each adult dependant (excluding a spouse), such as parents, grandparents, or adult children.

Legal, agent, insurance, and property-related costs are separate and vary by case.

Processing time and residency rules

Applications must be submitted through a licensed agent authorised by the Residency Malta Agency. All applications undergo a multi-tier due diligence process, including background checks on the main applicant and dependents.

Following recent procedural updates, applicants may receive a temporary residence document after initial checks and payments are completed. Final approval results in the issuance of permanent residence status under the MPRP.

Residency renewals, long-term status, and citizenship considerations

The MPRP grants permanent residency, not a temporary permit that requires routine renewals. Ongoing compliance with programme conditions, including property and insurance requirements, is mandatory.

Importantly, the programme does not include a defined or automatic path to Maltese citizenship. Citizenship is governed by Malta’s standard naturalisation rules and generally requires substantial physical residence over time, along with good character and integration requirements.

Step-by-step process to apply for the Malta Golden Visa

Step 1: Appoint a licensed agent registered with the Residency Malta Agency

Applications under the Malta Permanent Residence Programme cannot be submitted directly by applicants. You must appoint a licensed agent authorised by the Residency Malta Agency. The agent is responsible for verifying eligibility, preparing the application file, submitting documents, and acting as the official point of contact with Maltese authorities throughout the process.

Step 2: Choose the qualifying property route

Applicants must decide whether to meet the property requirement through purchase or rental. This involves either purchasing a qualifying residential property in Malta or Gozo for a minimum value of €375,000, or entering into a rental agreement with a minimum annual rent of €14,000. While the property does not always need to be finalised at the initial submission stage, applicants must demonstrate intent and later provide proof of compliance within the required timeline.

Step 3: Prepare eligibility and due diligence documentation

The application requires a comprehensive documentation pack. This includes identity documents (passports, birth and marriage certificates), proof of financial standing to meet the capital thresholds, valid private health insurance covering Malta, and police clearance certificates for all adult applicants. Documents must be translated and legalised where required, in line with Maltese standards.

Step 4: Submit the application and pay the required fees

Once the file is complete, the licensed agent submits the application to the Residency Malta Agency. At this stage, applicants pay the €60,000 administrative fee, the €37,000 government contribution, the €2,000 charitable donation, and any additional €7,500 fees for adult dependents (excluding a spouse). These payments are mandatory for the application to proceed.

Step 5: Undergo due diligence and background checks

Maltese authorities conduct multi-tier due diligence checks on the main applicant and all dependants. This includes background screening, source-of-funds verification, and suitability assessments. The review is designed to ensure applicants meet Malta’s integrity, security, and reputational standards. Additional information may be requested during this phase.

Step 6: Approval and grant of permanent residence

Once due diligence is successfully completed and all programme conditions are met, the application is approved. Applicants then receive permanent residence status in Malta under the MPRP. 

This status allows long-term residence in Malta and visa-free travel within the Schengen Area under the 90/180-day rule, subject to continued compliance with programme requirements.

Portugal vs Malta Golden Visa: Quick comparison table

​​Here is a simple breakdown of the Malta vs Portugal Golden Visa to help you compare both programs at a glance.

Malta vs Portugal Golden Visa: Which option is better for you?

Choosing between Malta and Portugal depends on your goals, your budget, and the type of investment experience you prefer.

Choose Portugal If

• Your primary goal is EU citizenship, not just permanent residency
• You want a clear five-year route to naturalisation with low physical presence requirements
• You prefer recoverable, fund-based investments rather than non-refundable government contributions
• You do not want to manage or hold real estate
• You want the option to remain a non-tax resident while holding EU residency

Portugal is particularly attractive if you value:

• Family reunification from day one
• A predictable, well-established legal framework
• Dual citizenship eligibility after meeting language and residency requirements

Choose Malta If

• Your priority is immediate permanent EU residency, rather than a citizenship timeline
• You value tax flexibility and optimisation more than recovering invested capital
• You want no minimum stay requirement to maintain residency status
• You prefer an English-speaking legal, educational, and administrative system

Malta may be a better fit if you are comfortable with:

• Non-recoverable government contributions as part of the residency cost
• Stricter due diligence standards at the application stage
• The possibility of citizenship through separate routes, such as Malta’s high-cost exceptional investment framework (outside the MPRP)

How can Touchdown assist you with the Portugal Golden Visa

People start their Golden Visa journey for different goals. Some seek flexibility, others focus on family needs, and many want a stable connection to Europe. Touchdown, created by expats for expats, guides you through the process from the very beginning.

You can use the free Eligibility Checker to determine whether the Golden Visa is a suitable option for your profile. Once you know where you stand, it becomes much easier to understand your investment options. 

Most applicants ultimately choose between regulated investment funds, cultural contributions, or research investments, depending on their goals and risk tolerance.

Touchdown explains the requirements for each option and helps you understand which one aligns with your plans, but the support doesn’t stop at choosing an investment. 

The team prepares your documents, submits your application, secures your NIF, opens your bank account, coordinates fund transfers, and handles tax matters such as NHR 2.0 or company setup if your move requires it.

You can book a 1:1 consultation where the team reviews your situation and outlines the path that fits your investment capacity, family setup, and long-term plans.

FAQs About Malta vs Portugal Golden Visa

Which country in Europe is easiest to get a Golden Visa?

Among EU options, Portugal is often considered the easiest due to clear rules, low stay requirements, and a predictable five-year path to citizenship. Malta is simpler administratively but focuses on permanent residency, not citizenship.

What is the downside of a Portugal Golden Visa?

The main drawback is the high capital requirement (€500,000 via funds) and exposure to market risk. Processing timelines can also be slow due to demand and administrative backlogs.

Which is cheaper, Portugal or Malta?

Looking at Malta vs Portugal Golden Visa costs, Malta is usually cheaper upfront because it relies on fixed, non-recoverable government contributions. Portugal typically costs more overall but offers the possibility of capital recovery through regulated funds.

Why is Portugal ending the Golden Visa?

Portugal phased out real-estate routes to reduce housing pressure and speculation. The programme continues through productive investments, such as regulated funds, aligned with broader housing and economic policy goals.