Have you managed to secure a golden visa for a better life abroad? Tell us your story at money@telegraph.co.uk *.
If you’re itching to leave Britain for a life in the sun, a visa is key to secure a longer-term home, the right to live overseas and visa-free travel across the EU – but it’s vital to choose the right one.
“Whether you’re a student, retiree, digital nomad or company director, you’ll find that a quick online search reveals a wealth of different visa types to suit a range of lifestyles,” said Stephen Parsons, of property company MyElysium.
“The best visa option, however, will ultimately depend on your unique situation. Key factors to weigh include how easily you can enter and leave your chosen country and for what time periods. Financial self-sufficiency is also crucial.”
Typically, for those who want to move in their later years, the choice is between retirement (or passive income) visas or golden visas , which grant residency in return for investment, sometimes in property.
But the deals on the table have changed in recent years, and some are not as easy to access as they once were.
Here, Telegraph Money compares golden visas vs retirement visas for some of the most popular expat destinations:
Portugal
Portugal is a popular spot for British travellers in search of sun, beaches and top-notch golf courses. Even better, living costs are pretty cheap, too.
Portugal golden visa
Portugal’s golden visa can provide you with a five-year residence permit in return for a qualifying investment. It also gives you the right to live and work in the country and travel visa-free throughout the Schengen area.
“One of its most attractive features for internationally mobile investors is the relatively light residency requirement: to spend at least seven days in Portugal in the first year and 14 days a year in subsequent years,” said Christina Hippisley, of the Portuguese Chamber of Commerce in the UK.
Further down the line, you may be able to apply for permanent residence or Portuguese nationality.
The requirements
In order to qualify, you’ll need to meet one of the following criteria:
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The creation of at least 10 jobs in a Portuguese business, owned by you as the applicant
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An investment of €500,000 in eligible scientific research or development activity
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An investment of €250,000 into artistic production or national cultural heritage
“Importantly, property acquisition is no longer listed as a qualifying route under the current regime,” added Ms Hippisley, meaning you can no longer qualify by purchasing an overseas home. “Applicants also need a clean criminal record in relevant respects and must not be subject to an exclusion order or alerts for refusal of entry/residence.”
How much does it cost?
In addition to the upfront investment cost, there will also be fees to pay to AIMA (the migration and asylum office), including €806.80 for the application and €8,060.20 to issue the permit. Further charges will also apply on renewal and if you want other family members included in your application.
Ms Hippisley said: “In practice, investors should also budget for fund subscription costs or transaction costs, legal fees, tax advice, translations, certification, and document legalisation where required.”
Other points to consider
Ms Hippisley warns potential investors to expect a long and formal application process: “Given the changes made to the golden visa scheme in recent years, investors should verify the precise qualifying route and fund eligibility at the point of application, rather than relying on marketing material or historic summaries,” she said.
Portugal retirement visa
The D7 retirement visa is intended for people who want to spend more of their time in Portugal (183 days or more) and who have a stable, passive income, such as a pension.
Although it’s temporary, the visa could pave the way to permanent residency. Like the golden visa, it also means you’ll be able to travel throughout the Schengen area.
Ms Hippisley said: “It’s often more suitable than the golden visa for retirees who genuinely intend to live in Portugal because it’s based on income and residence, rather than on making a qualifying investment.”
The requirements
“Applicants for the D7 visa need to show regular passive income and sufficient means of subsistence. Portugal’s official means-of-subsistence guidance says the benchmark is tied to Portugal’s national minimum wage, which is €920 per month in 2026,” said Ms Hippisley.
This equates to around €11,040 per year, which is less than the current UK full new state pension.
The visa application for UK residents will also need to be supported by evidence of:
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A passport
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Six months of travel insurance
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A clean criminal record certificate
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Proof of Portuguese accommodation
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Bank statement and proof of funds
How much does it cost?
The official application fee is just €110. But if you use a service provider to make your application, there’s likely to be an additional fee. You’ll also need to budget for the cost of sourcing the required documentation.
Tax considerations for Portuguese visas
Your visa determines your immigration status, rather than your tax status.
“An individual generally becomes a Portuguese tax resident if they spend more than 183 days in Portugal in a relevant 12-month period or otherwise meet residence criteria, such as maintaining a habitual home there,” said Ms Hippisley.
It’s also worth noting that Portugal’s attractive NHR (non-habitual resident) income tax regime is no longer open to new arrivals. She added: “New retirees should therefore not assume they will receive the previous 10-year NHR income tax benefits that featured so prominently in earlier coverage of Portugal’s beneficial NHR tax regime.”
These included tax-free transactions and low rates of tax on wealth and pension income.
“The newer NHR 2.0/IFICI regime is designed to attract highly skilled professionals working in scientific and innovation roles. It is not a general retirement tax regime,” she added.
Italy
The dolce vita continues to draw British holidaymakers to Italy, but with a flexible and fast-track visa process, it’s also an attractive option for UK investors and retirees.
Italy golden visa
Laura Protti, Italian avvocato and English solicitor, said the Italian Investment Visa offers residency rights in exchange for capital investment.
“This golden visa is especially appealing to UK nationals because it offers flexibility. Unlike traditional options, it does not mandate a minimum stay in Italy. As a result, recipients can keep their main home in the UK and still enjoy unrestricted entry to both Italy and the wider Schengen area.”
Nikki Taylor, the CEO of Italy Property Consulting, added that the visa grants residency for two years, which can be renewed for a further three, but that you could become “eligible for permanent residency after five years and citizenship after 10 years, subject to residency requirements”.
Immediate family members – including a spouse, dependent children and parents – can also be included in the application.
The requirements
Qualifying investments include one of the following:
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€250,000 in an innovative Italian startup
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€500,000 in an Italian company
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€2m in Italian government bonds
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€1m philanthropic donation
As with Portugal, investment in property will not be enough to qualify. “Italy’s programme is focused on business, innovation, and government-backed investment,” said Ms Taylor.
You’ll also need government pre-approval in the form of a “Nulla Osta” or “certificate of no impediment” before you apply. Ms Protti explained: “This involves providing proof that their funds are legal, showing they have no criminal record, and signing an agreement to invest within three months of arriving in Italy.”
How much does it cost?
Ms Protti said: “Apart from the principal investment, UK nationals should anticipate administrative and professional expenses associated with the golden visa to typically range from £15,000 to £25,000, or more. These costs encompass legal, accountancy, and administrative fees.”
For example, legal advice will be required to verify the source of your funds, while tax advice should be taken before any major decisions about residency are made.
Italy retirement visa
The Elective Residence Visa (ERV) isn’t a retirement visa per se, but it may suit those who want to retire in Italy.
Ms Protti explained: “The ERV is designed for non-EU nationals seeking to reside in Italy on a long-term basis without undertaking any professional or employment activities. In contrast to the golden visa, ERV applicants are required to demonstrate their intention to establish Italy as their principal place of residence.”
The requirements
The main requirement is substantial and steady passive income, generated outside Italy. This includes income from pensions and overseas properties, as well as dividends from foreign investments and interest from savings – you cannot include earnings from work.
Ms Protti said: “The statutory minimum income threshold is currently set at approximately €32,000 per year for individual applicants and €38,000 per year for married couples. Applicants with children or other dependents must satisfy additional criteria.”
She added: “Unlike the golden visa, which allows you to purchase a home after your application is approved, the ERV requires that you secure housing in Italy before you apply.”
You will also need to arrange comprehensive private health insurance for at least one year covering a minimum of €30,000.
How much does it cost?
The application fee is currently around €116. However, you will still need to budget for health insurance and other costs that may be associated with the move.
Tax considerations for Italian visas
If you use an ERV, you’ll be living in Italy for more than 183 days a year, so you’ll automatically become a tax resident.
Ms Protti said: “Conversely, golden visa holders benefit from greater flexibility, as there is no minimum stay obligation. As such, they may avoid becoming Italian tax residents provided they spend fewer than 183 days annually in Italy and do not establish Italy as the centre of their vital interests.”
Italy has also implemented a number of tax policies to attract overseas investors and retirees .
“The ‘new residents’ regime offers high-net-worth UK nationals a fixed annual substitute tax of €300,000 on all foreign-sourced income, regardless of the total amount. This policy is advantageous for individuals with substantial global earnings from dividends, capital gains, or international property holdings,” said Ms Protti.
She added that retirees may get favourable tax treatment for moving to smaller municipalities in southern Italy or select earthquake-affected areas of central Italy: “This programme applies a 7pc flat tax rate on all foreign-sourced income, including dividends, interest, and rental proceeds.”
Greece
If you’re happy to travel a little further afield, Greece offers more affordable property and a lower cost of living.
The Greek golden visa is also significantly more flexible than some of the other options.
Greece golden visa
In exchange for investment, the Greek golden visa offers visa-free travel throughout the Schengen area for the whole family, and it can be renewed indefinitely. Even better, you may be able to qualify with the purchase of a property . However, the minimum thresholds have increased in recent years, and there is a ban on these properties being used for short-term rentals.
The requirements
Qualifying investments include:
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€250,000 for commercial-to-residential conversions, listed heritage building restorations, or certain start-up investments.
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€400,000 for properties located in less populated areas or islands (with fewer than 3,100 inhabitants), with a minimum of 120 sq m (1,291 sq ft) in a single property.
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€800,000 for properties in high-demand areas such as Athens, Thessaloniki, Mykonos, Santorini, and islands with more than 3,100 inhabitants.
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A 10-year timeshare or lease agreement for hotel or furnished tourist accommodation valued at €400,000 or €800,000 (depending on location).
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A fixed-term deposit of €500,000 in a Greek credit institution.
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Invest either €500,000 in Greek government bonds; €800,000 in shares, corporate bonds or Greek government bonds traded on Greek markets; or €350,000 in a mutual fund that invests exclusively in Greece.
“The Greek golden visa program is notably straightforward compared to other European programs,” explained Nicoleta Barlagianni, attorney at law, Immigreece in Athens.
“Investors must hold a valid passport and complete the qualifying investment prior to submitting the residence permit application. Although a criminal record certificate is not required at the submission stage, applicants must have a clean criminal record.”
The process can largely be conducted remotely: the investor and any accompanying family will only have to travel to Greece to provide biometric data for residence cards. Ms Barlagianni said the residence permit card is usually ready around a month later.
“This makes the programme particularly attractive for non-EU investors who wish to secure residence rights in Greece with minimal physical presence requirements,” she added.
How much does it cost?
In addition to upfront costs – including €2,000 government fees for the main applicant – Ms Barlagianni advised that there would be extra fees. “Investors should budget approximately 9pc on top of the purchase price for out-of-pocket expenses and fees, including transfer tax, Cadastral Registration Rights, administrative fees and so on,” she said.
Greece retirement visa
If you have no plans to work in Greece and have sufficient passive income, you can apply for the Financially Independent Permit.
“Holders can live in Greece long-term, renew the permit if conditions persist, and potentially later transition toward long-term residence/other statuses if they meet the relevant requirements,” said Ms Barlagianni.
Requirements
In order to qualify for the permit, applicants will need to demonstrate a passive income of at least €3,500 a month – plus a further 20pc if accompanied by a spouse and 15pc for each dependent child.
How much does it cost?
Ms Barlagianni said: “The out-of-pocket expenses and fees for the process are approximately €4,500-€5,000 depending on the number of applicants.”
Tax considerations for Greek visas
It’s important to note that if you reside in Greece for more than six months a year, you’ll become a resident for tax purposes.
In addition to Greek income tax, you’ll also need to budget for tax on property. “ENFIA is an annual tax imposed on almost all properties in Greece (buildings and land), regardless of whether the owner is a Greek resident or a foreigner,” said Ms Barlagianni. The tax is calculated based on the square footage and location of the property.
Cyprus
Cyprus was recently named as a top retirement destination (tied with Ireland) in a report by Hoxton Wealth and the University of Warwick.
In addition to the sun-drenched Mediterranean lifestyle, Cyprus also offers a tantalising tax regime for wealthy UK investors and retirees.
Cyprus golden visa
Cyprus offers permanent residency by investment (fast-track) in the EU for €300,000 plus VAT. The deal is for life, can include your spouse and children and requires just one visit to the island every two years.
Eleni Philippou, of Philippou Law Firm in Paphos, said: “For UK investors post-Brexit, Cyprus ticks a lot of boxes. Permanent residency, a Mediterranean lifestyle and one of the most tax-efficient regimes in Europe – all for a minimum investment of €300,000. It’s hard to find better value in the EU.”
Requirements
To qualify, you’ll need capital to invest and a secure income:
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€300,000 investment in new residential property, commercial real estate, shares or a mutual fund
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Secure overseas income of at least €50,000 (plus €15,000 for a spouse and €10,000 per child)
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No criminal record, health insurance and a declaration to show that you’re not employed in Cyprus
How much does it cost?
In addition to upfront investment costs, Ms Philippou said you should allow for health insurance, government fees and legal fees of €2,000 to €5,000.
Cyprus retirement visa
People looking to retire to Cyprus can get permanent residency (slow-track) with the passive income permit.
Ms Philippou said: “Cyprus is a natural fit for British retirees – English is spoken everywhere, there is a familiar legal system, your UK pension is uprated under the triple lock, and the cost of living is roughly 25-30pc lower than in the UK. Add 320 days of sunshine and it is easy to see why so many British nationals have made it their home.”
Requirements
To qualify, you’ll need:
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A secure, overseas annual income of €9,568, plus €4,613 per dependent
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€15,000-€20,000 in a Cypriot bank account
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Proof of accommodation, health insurance and no criminal record
However, Ms Philippou warned that your application could take three to five years to complete: “Processing times are currently lengthy – the Migration Department is working through a significant backlog. A temporary “pink slip” [a temporary residence permit] is required while the application is pending. Those with capital of €300,000-plus may find the Golden Visa a faster and more comprehensive alternative.”
Tax considerations for Cypriot visas
“The UK has dismantled its non-dom regime, while Cyprus has one of the most generous non-dom frameworks in Europe, and it is quietly attracting a growing number of British high-net-worth individuals as a result,” said Ms Philippou.
She explained that non-dom residents are generally exempt from Special Defence Contribution (SDC) on dividends and passive interest for up to 17 years; there is no inheritance tax in Cyprus, and foreign pension income is taxed at 5pc on amounts over €5,000 per year.
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