Greece vs Malta Golden Visa 2026: The European Golden Visa Comparison Matrix
AVLA REAL ESTATE · COMPARISON · EUROPEAN GOLDEN VISA 2026
Greece vs Malta Golden Visa 2026: The European Golden Visa Comparison Matrix
Quick answer: For an investor who wants to keep the property as an asset, Greece is the more efficient choice; residence by real estate starts at €250,000 and most of the money stays in the title deed. Malta (MPRP) grants permanent residence from day one, but the administrative fee and government contribution alone come to €97,000, none of it refundable. On the rental route, the sunk cost over five years is at least €169,000.
By M. Sami Akbeniz — Founder, Avla Real Estate, Istanbul · Data cut-off: 12 October 2026
At a glance: four numbers
8 open programmes: according to IMI Daily's March 2026 inventory, eight residence-by-investment programmes remain open in Europe; only four of them (Greece, Cyprus, Latvia, Malta) still offer a direct real estate route.
€375,000: the minimum property value on Malta's MPRP purchase route; on the rental route the annual rent must be at least €14,000 (Residency Malta Agency).
€250,000: the Greek threshold for converting commercial property to residential use or restoring a listed building (Law 5100/2024).
34,278: active Greek investor permits at the end of July 2026; Turkish investors rank second with an 18.2% share (IMI Daily, Ministry of Migration data).
01 The European golden visa matrix (October 2026)
The table below compares the programmes that still accept applications in Europe. Thresholds refer to the main applicant and exclude taxes, fees and advisory costs.
Country | Minimum investment | Real estate route | Note |
Greece | €250K / €400K / €800K | Yes | No stay requirement; 5-year renewable permit |
Malta (MPRP) | €375K purchase or €14K/yr rent + €97K fee and contribution | Yes | Permanent residence; €500K capital assets required |
Cyprus | €300K + VAT (new home) | Yes | Visit every two years; tightening announced |
Latvia | €250K real estate | Yes | Bill to scrap the fund route before parliament |
Portugal | €500K fund | No (closed October 2023) | 7 days a year; record processing times |
Italy | €250K start-up / €500K company | No | Investor visa; property does not qualify |
Hungary | €250K real estate fund | Not direct | Indirect property exposure via a fund |
Spain | — | Closed | No applications since 3 April 2025 |
For an investor who wants to buy a home and obtain residence with it, the realistic shortlist narrows to four countries. We cover Portugal and Spain in detail in Greece vs Portugal and Greece vs Spain.
02 Greece vs Malta, point by point
Item | Greece | Malta (MPRP) |
Permit type | Investor residence permit, 5 years, renewable | Permanent residence (from day one) |
Property threshold | €250K / €400K / €800K (by region) | €375K purchase or at least €14K/yr rent |
Non-refundable payments | No government contribution (application fees only) | €60K admin fee + €37K contribution + €2K donation |
Wealth test | No separate threshold beyond the investment | €500K assets (€150K financial) or €650K (€75K financial) |
Holding period | Investment kept for the life of the permit | Property for at least 5 years; a Maltese residence thereafter |
Physical stay | Not required | No minimum stay |
Family | Spouse, children, parents of both spouses | €7,500 per adult dependant other than the spouse |
The two programmes answer the same question differently. Malta sells permanent residence for a fee; the money goes to the state. Greece ties the permit to an asset; the money goes into an apartment, and the rental income and capital growth stay with you.
03 Worked example: how much of your money do you keep after five years?
Our calculation from the official amounts (excluding taxes, notary, legal and agency fees):
Malta, rental route: €60,000 admin fee + €37,000 contribution + €2,000 donation + 5 × €14,000 rent = €169,000. All of it is spent; after five years you own nothing.
Malta, purchase route: €375,000 property + €99,000 non-refundable payments = €474,000 total outlay. You keep the property, but €99,000 is gone on day one.
Greece, €400,000 route: at today's 3.09% transfer tax, about €12,360 in tax. The rest sits in the title deed as an asset.
Greece, €250,000 conversion route: at the same rate, about €7,725 in tax.
Note: Greece has announced that from 1 July 2027 the transfer tax on residential purchases by non-EU individuals will rise to 15.45% including the municipal surcharge; the measure has not yet been legislated. See our October 2026 market report for the timeline, and the Greece golden visa total cost guide for a line-by-line budget.
04 What changed in Malta: the citizenship route is gone
In its judgment of 29 April 2025 in case C-181/23, the Court of Justice of the EU ruled that Malta's citizenship-by-investment programme breaches EU law. In the Court's view, the nationality of a member state, and with it EU citizenship, cannot be granted in exchange for predetermined payments or investments.
The ruling did not affect Malta's residence programme (MPRP), which still accepts applications. What changed is that Malta no longer offers a fast route to a passport. Investors should assess Malta and Greece alike as residence permits. Greek citizenship is a separate process that requires actual residence and integration requirements.
05 Europe keeps tightening
Spain closed its programme on 3 April 2025. Portugal removed the real estate route in 2023, and IMI Daily data to the end of September 2026 show record processing times. In September 2026 Cyprus said it would tighten the programme ahead of Schengen accession and review the conditions of about 12,000 permits already issued. In Latvia, a bill to abolish the fund route was filed in September.
Greece raised its thresholds in 2024 and has announced a transfer tax timetable. Even so, among programmes that keep a real estate route, impose no stay requirement and sit inside Schengen, it still offers the widest range of entry points.
06 Which one fits you?
You want property and rental income: Greece. Gross rental yield in Athens is 5.52% (Global Property Guide, May 2026).
Your budget is €250,000–€400,000: Greece's conversion or €400,000 route. Malta's purchase route is out of reach at this budget.
You want permanent residence without buying, and you hold €500,000 in assets: Malta's rental route is worth considering.
You want to include your parents: Greece covers the parents of both spouses under the same investment; Malta charges €7,500 for each adult dependant other than the spouse.
For the step-by-step process and document list, see our Greek Golden Visa Complete 2026 Guide.
Frequently asked questions
What is the minimum cost of Malta's golden visa?
Malta's MPRP requires a €60,000 administrative fee and a €37,000 government contribution, plus a €375,000 property purchase or an annual rent of at least €14,000, and capital assets of €500,000 (€150,000 of it financial). Source: Residency Malta Agency.
Is Greece or Malta cheaper?
Greece has the lower entry point: the €250,000 conversion route. Malta's rental route ties up less cash, but creates at least €169,000 of non-refundable spending over five years. In Greece most of the money stays in the property.
Does Malta still offer citizenship by investment?
No. In its judgment of 29 April 2025 in case C-181/23, the Court of Justice of the EU found Malta's citizenship-by-investment programme contrary to EU law. The MPRP residence programme continues.
Which European golden visas still have a real estate route?
According to IMI Daily's March 2026 inventory, a direct real estate route remains open in Greece, Cyprus, Latvia and Malta. Portugal closed its real estate route in 2023 and Spain closed its programme on 3 April 2025.
Avla's view
Malta delivers permanent residence quickly and cleanly, but the price is paid up front and does not come back. Greece reaches the same goal by turning the money into an asset. That is one reason Turkish investors, with 4,543 permits, are the second-largest group in Greece. Choose by what you will own after five years, not by the programme's name.
Sources: Residency Malta Agency, MPRP legal framework page (October 2026) · Court of Justice of the EU, judgment C-181/23 and press release No 52/25 (29 April 2025) · IMI Daily, "Every golden visa still open in Europe in 2026" (13 March 2026), Greek application data (27 August 2026), Cyprus (28 September 2026), Latvia (17 September 2026), Portugal processing times (30 September 2026), transfer tax (10 September 2026) · Greek Ministry of Migration and Asylum, June 2026 data · Global Property Guide, Greece rental yields (May 2026) · Law 5100/2024. Calculations by Avla from official amounts; taxes and service fees excluded. This article is not legal or tax advice.
To compare Greece with other European programmes against your own budget, write to Avla Real Estate: realestate@avla.com.tr · +90 532 282 2657 →
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