Malta or Portugal: Navigating Investment Migration Options

In a world where high-net-worth individuals (HNWIs) prioritize global mobility, portfolio diversification, and enhanced stability, acquiring a second residency or citizenship has become an invaluable strategy. Among the leading European destinations for affluent investors, Malta’s Citizenship by Investment Program and Portugal’s Golden Visa offer two distinct pathways to EU access. Latitude Group, a leading advisory in second residence and citizenship solutions with 12 offices across the world, provides expert guidance to clients navigating these opportunities.

US citizens are among the top applicants for second residency and citizenship, particularly in Europe, with Malta and Portugal being the leading choices. According to Christopher Willis, Latitude Group’s Managing Partner for the Americas and Caribbean, “The US appetite for a second residency or citizenship has been growing exponentially over the last few years. Following the recent election result, with President Donald Trump back in the Oval Office, demand has literally skyrocketed overnight. For many, the result came as a call to explore international avenues to secure their future. Growing concerns over potential social unrest, the erosion of personal liberties, and shifts in American values are prompting many to consider proactive steps to protect their families and their assets. Pursuing a second citizenship or alternative residency provides a path to international diversification and peace of mind—a global back-up plan that opens doors to new opportunities beyond U.S. borders.

At Latitude Group, we believe the American dream transcends geography. The pursuit of freedom, security, and opportunity need not be confined to one country. Today, more Americans are discovering that the stability, lifestyle, and personal freedoms they value are awaiting them abroad. And here’s the amazing thing: many of these residency and citizenship programs do not require any significant physical presence in the chosen country, allowing you to continue enjoying your life in the U.S. until you feel it becomes untenable, giving you the reassurance of a secure option should circumstances change. As the world becomes increasingly interconnected, individuals recognize the value of establishing footholds in multiple countries, diversifying their options for residence, work, and leisure while also securing a hedge against economic and political volatility.
Malta’s Citizenship by Investment program is globally recognized as the premier option, offering near-immediate EU citizenship with full privileges across all member states. In contrast, Portugal’s Golden Visa is the most popular residency-by-investment route, providing a five-year pathway to citizenship with minimal residency requirements (an average of seven days per year), albeit with a mandatory language exam. While both programs grant access to the Schengen Area’s 26 countries, they differ significantly in terms of timeline, investment requirements, and the scope of benefits.

For investors prioritizing swift EU citizenship, Malta’s Citizenship by Investment program provides a unique and expedient solution. Despite ongoing scrutiny by the European Parliament, it remains one of the most prestigious citizenship options, attracting HNWIs interested in immediate European integration with minimal presence requirements. However, the program requires a substantial investment, including a minimum donation of €600,000, a real estate purchase or rental, and a philanthropic donation of €10,000 to a Maltese charity. Depending on the option selected, the total cost may reach approximately €1 million. Nevertheless, applicants can secure Maltese citizenship in as little as 16 months, gaining full EU rights for their entire family, including the freedom to live, work, and study across all 27 EU countries—a compelling option for those focused on global mobility and wealth preservation. Austria offers a similarly prestigious path, though it is not a traditional citizenship-by-investment program and requires a significantly higher financial commitment than Malta. To qualify for Austrian citizenship by merit, it usually involves direct investments in a local business that create jobs and generate tax revenue. Another path to citizenship is through charitable donations that serve the public interest, such as contributions to projects in the arts, education, or research. Willis comments, “We assist some ultra-high-net-worth clients in securing Austrian citizenship for their families, providing another exclusive option for those seeking enhanced global status and access.”

Conversely, for HNWIs with a long-term investment outlook, Portugal’s Golden Visa, introduced in 2012, remains an appealing choice. This program allows investors to reside and work in Portugal, along with enhanced Schengen travel access. Although it does not provide immediate citizenship, the Golden Visa offers a flexible residency pathway, making individuals eligible for citizenship after five years. However, the Golden Visa application process currently faces a substantial backlog. Recent program changes implemented in mid-2023 removed real estate investment as a qualifying option due to concerns over rising property prices. The most popular route is now through investment in funds, particularly in venture capital or private equity, with a minimum commitment of €500,000.

Both programs present compelling opportunities for securing European residency and citizenship, with the choice ultimately hinging on an individual’s specific goals, financial strategy, and circumstances. As demand for investment migration programs continues to rise, potential applicants should remain aware of the shifting landscape, marked by unexpected changes and closures. Earlier this year, Spain announced the termination of its Golden Visa program, while Greece significantly increased its minimum investment thresholds. In contrast, Malta appears poised to retain its status, especially following Advocate General Anthony Michael Collins’ recommendation that the European Court of Justice dismiss the European Commission’s case against Malta —a significant milestone for the industry. As Willis aptly notes, “While we are optimistic that the court will adopt this recommendation, we urge potential applicants to act swiftly, as the regulatory environment is likely to keep evolving.”

There are many reasons to acquire a second citizenship or residency, from mobility and tax planning, to securing an alternative safe place to reside and education and business opportunities. Today, individuals do not wish to be limited by national borders. They wish to secure global opportunities, rights and access. The Latitude Group is a global leader in Residence and Citizenship by Investment. By working closely with governments, they have created and implemented the most successful investment migration programs to date. With an executive team that possesses more combined industry experience than any other firm worldwide, they are uniquely positioned to assist clients in selecting the program that aligns with their individual circumstances and aspirations.