Golden Visa for Indian Citizens: Europe’s Residency Options Compared (2026)

Is there a golden visa for Indians in Europe? Yes. We found no rule in Malta, Greece, Portugal, Hungary, Cyprus or Italy that excludes Indian nationals. The real limits are Indian: the USD 250,000 LRS ceiling per person per year, which sits below every purchase and investment minimum here, and the rule that naturalising abroad ends Indian citizenship. Residence keeps your passport.

This guide is general information about European residence by investment programmes and the Indian rules that interact with them. It is not legal, tax or immigration advice. It gives no Indian foreign exchange or tax advice: every Indian rule quoted here is a question for your authorised dealer bank and an Indian tax adviser. Rules are stated as checked against official sources in September 2026 and can change. Obtain independent professional advice before making any application or investment decision.

On this page

• Can Indian citizens get a European golden visa?
• The six programmes at a glance
• The LRS problem
• Costs in rupees
• Worked example: an Indian family of four
• Residence keeps your Indian passport; citizenship does not
• Programme by programme for Indian investors
• Beyond the EU: Turkey
• Frequently asked questions
• The bottom line

Can Indian citizens get a European golden visa?

Yes. We found no rule in Malta, Greece, Portugal, Hungary, Cyprus or Italy that excludes Indian nationals (September 2026). Indians need a visa to enter, and Hungary’s route starts with a guest investor visa from a Hungarian consulate. For Greece, the absence of a bar is our reading of the Law 5275/2026 text. The harder questions are India’s own capital and citizenship rules.

The six programmes at a glance

This table covers EU residence programmes only. Turkey sells citizenship, not residence, and sits in a separate box further down.

No row fits inside one person’s USD 250,000 LRS limit (about EUR 219,700 on 28 September 2026) except the Malta lease-route payments, whose LRS treatment the RBI has not addressed. Rupee amounts converted at EUR 1 = INR 109.2095 (ECB euro reference rate, 28 September 2026), rounded to the nearest 100.

Schengen travel. Malta, Greece, Portugal, Hungary and Italy are Schengen states. Cyprus is in the EU but not yet in the Schengen area: the Council has not lifted internal border controls with Cyprus (checked September 2026). A valid residence permit from a Schengen state lets you visit the other Schengen states without a visa for up to 90 days in any 180-day period. It gives no right to settle or work in them.

The LRS problem: why the purchase thresholds exceed one person’s limit

Most golden visa rankings stop at the price. For a resident Indian, the price meets the Reserve Bank of India’s rules first. What follows states those rules as written. It is not a plan for moving money.

USD 250,000 a year, and what para 7(d) says

Under the RBI Master Direction on the Liberalised Remittance Scheme (LRS), a resident individual may remit up to USD 250,000 per financial year (April to March), current and capital account combined. The limit has been unchanged since 26 May 2015. Buying immovable property abroad and overseas portfolio investment are permitted capital account uses, in accordance with the 2022 Overseas Investment framework.

Paragraph 7(d) deals with emigration. Foreign exchange beyond USD 250,000 is “not for earning points or credits to become eligible for immigration by way of overseas investments in government bonds; land; commercial enterprise; etc.”

Put the two together. USD 250,000 was about EUR 219,700 on 28 September 2026. Greece’s lowest property tier, Hungary’s fund route and Italy’s startup route all start at EUR 250,000.

Family pooling works only for co-owners and co-holders

Under paragraph 4, family members may consolidate their LRS remittances. For capital account transactions, that works only where each family member is a co-owner of the property or a co-holder of the investment. Whether a programme accepts co-owned property or jointly held units is a separate question for that programme’s rules and your advisers.

No loans, PAN and the bank’s checks

Banks may not extend credit for LRS capital account remittances (paragraph 12), so a loan-funded golden visa is off the table. A PAN is mandatory. For capital account remittances the account should have been held for a year, and for a new customer the bank must carry out due diligence.

Paragraph 14 bars capital account remittances to countries the FATF identifies as non-co-operative, or as notified by the Reserve Bank. None of Malta, Greece, Portugal, Cyprus, Hungary, Italy or Turkey is on the FATF grey list or call-for-action list (19 June 2026). Bulgaria is on the grey list, not the call-for-action list.

TCS at 20% above INR 10 lakh

For LRS remittances for investment purposes, Tax Collected at Source (TCS) is nil up to INR 10 lakh in a financial year and 20% on the amount above. From 1 April 2026 the provision sits in s.394(1), Table Sl. No. 7, of the Income-tax Act 2025. The Finance Act 2026 cut the education and medical rate to 2% and left the 20% rate unchanged.

One line of arithmetic: USD 250,000 is about INR 2,39,95,800, so TCS on that single remittance is about INR 45,99,200 (20% of the amount above INR 10 lakh, assuming no other LRS remittance that year). The bank collects it at source. Your Indian tax adviser can explain how TCS is credited.

Fund routes: “duly regulated” is your bank’s call

Portugal and Hungary run on fund units. Under the RBI Master Direction on Overseas Investment, units of a “duly regulated” overseas fund count as overseas portfolio investment, inside the LRS limit. Whether your authorised dealer bank accepts a particular Portuguese or Hungarian fund on that basis is the bank’s decision. Ask before you commit.

This section states the RBI rules. It is not a plan for moving money; take advice from your authorised dealer bank and an Indian tax adviser.

Costs in rupees

Converted at ECB euro reference rates of 28 September 2026 (EUR 1 = INR 109.2095 = USD 1.1378), rounded to the nearest 100. EUR amounts are the legal figures; rupee and dollar amounts are illustrative and move with the exchange rate.

mitos.gov.gr lists EUR 2,016 for each B.5 procedure it publishes but has no page for a standard purchase, so confirm the fee for your file.

Not in the table, and not estimated: stamp duties, notary and registry costs, VAT on Greek or Portuguese items, Hungarian and Portuguese state fees, the Cyprus VAT amount, and advisory fees, which are quoted per engagement.

Worked example: an Indian family of four

Two resident Indian parents, children aged 12 and 16. Government and third-party amounts only.

Greece, EUR 400,000 zone. EUR 400,000 property plus the EUR 2,016 initial permit fee comes to EUR 402,016: about INR 4,39,04,000 (4.39 crore), or USD 457,400. Both children are covered until 21, and then qualify for an autonomous 3-year permit. On the LRS side, two parents can remit up to USD 500,000 between them in one financial year, which is above USD 457,400. The pooling rule means that works only if the property is co-owned, and whether Greece accepts that co-ownership for your permit is a question for Greek counsel. TCS applies to each parent’s remittance above INR 10 lakh. That is the arithmetic, nothing more: confirm with your bank and an Indian tax adviser before committing.

Malta, lease route. A EUR 14,000 lease plus EUR 99,000 in fixed charges (children under 18 pay no dependant fee) comes to EUR 113,000 in year one: about INR 1,23,40,700 (1.23 crore), or USD 128,600. Add the capital test, which is evidence of assets, not a payment: EUR 500,000 including EUR 150,000 in financial assets, or EUR 650,000 including EUR 75,000. How the RBI classifies Malta’s non-refundable EUR 37,000 contribution under the LRS is not addressed in the Master Direction. Put that question to your authorised dealer bank.

Neither example is a recommendation. The right route depends on your assets, your family and your tax position.

Residence keeps your Indian passport; citizenship does not

Section 9(1) of the Citizenship Act 1955 ends Indian citizenship when an Indian voluntarily acquires another citizenship, on the date of acquisition. Holding or travelling on an Indian passport after that is an offence under the Passports Act 1967.

The trigger is citizenship, not residence. A golden visa, a residence permit or permanent residence does not engage s.9(1). That is why, for an Indian family, the durable value in Europe is permanent or long-term residence, and “fast citizenship” is a trade-off rather than a perk.

Overseas Citizenship of India (OCI) does not change this. Under ss.7A to 7D of the Citizenship Act, OCI is registration of a foreign national, not dual citizenship: no vote, no seat in a legislature, no constitutional posts, and no agricultural land, farm house or plantation property. It is not available if the applicant, or a parent, grandparent or great-grandparent, is or was a citizen of Pakistan or Bangladesh.

Malta’s citizenship by investment is closed. The EU Court of Justice ruled against it in Case C-181/23 on 29 April 2025, and Act XXI of 2025 (24 July 2025) replaced it with a discretionary merit route that sets no investment amount. For the Portuguese clock in detail, see Portugal golden visa to citizenship.

Programme by programme for Indian investors

Malta: permanent residence with a lease option

Malta’s Permanent Residence Programme is open to third-country nationals. Buy a property worth at least EUR 375,000 or rent one for at least EUR 14,000 a year, anywhere in Malta or Gozo: a single threshold since 1 January 2025 (Legal Notice 310 of 2024). Fixed charges are a EUR 37,000 contribution, a EUR 60,000 administrative fee and a EUR 2,000 NGO donation. A EUR 7,500 dependant fee applies only to adult children aged 18 to 28 (under 29 at filing) and to parents or grandparents. The capital test is EUR 500,000 with EUR 150,000 financial, or EUR 650,000 with EUR 75,000 financial. The result is permanent residence. It is not citizenship. See the Malta golden visa for Indian nationals.

Greece: one property, children to 21, parents included

Greece’s permanent investor residence permit (B.5) asks for one property, paid in full into a Greek account before you apply. The threshold is EUR 800,000 in Attica, Thessaloniki, Mykonos, Santorini and islands over 3,100 inhabitants, EUR 400,000 elsewhere, and EUR 250,000 for conversions to residential use or listed buildings. The permit runs 5 years, renewable, and gives no right to work. It covers the spouse, unmarried children under 21 and the parents of both spouses, which matters to Indian families who plan to bring parents. mitos.gov.gr lists an initial fee of EUR 2,016 for each B.5 procedure it publishes; confirm the fee for your file. See our Greece golden visa property guide.

Portugal: EUR 500,000 in funds and a 10-year road to citizenship

Portugal’s ARI fund route takes EUR 500,000 in Portuguese collective investment undertakings that are not aimed, directly or indirectly, at real estate. The fund must have at least five years to maturity when you invest and at least 60% in companies seated in Portugal. Minimum stay is 7 days in the first year and 14 days in each later period, and renewals have been online only since 16 February 2026. ARI families are exempt from the two-year family reunification wait under Law 61/2025. Under Organic Law 1/2026, Indian citizens need 10 years from the first card to naturalise. See Portugal golden visa investment funds.

Hungary: EUR 250,000 fund units after the property route ended

Hungary’s guest investor programme takes EUR 250,000 in an MNB-registered real estate fund or a EUR 1,000,000 donation. The direct property route was abolished with effect from 30 December 2024. Indians need a visa, so the route starts with a guest investor visa from a Hungarian consulate. The residence permit runs 10 years. The spouse, children under 18 and, at the authority’s discretion, dependent parents receive linked family permits. Citizenship comes only through naturalisation after 8 years; Hungary has no citizenship by investment. See the Hungary golden visa for Indian nationals.

Cyprus: permanent residence from EUR 300,000, outside Schengen for now

Cyprus grants permanent residence under Regulation 6(2) for at least EUR 300,000: a new home from a developer at EUR 300,000 plus VAT, other real estate, company capital or Cyprus AIF units. The money must be transferred from abroad. You also need a secure income of EUR 50,000 a year, plus EUR 15,000 for a spouse and EUR 10,000 for each minor child. The permit covers the spouse and children under 18. The official estimate is about 2 months to examine an application. Cyprus is not yet in the Schengen area (September 2026). See Cyprus permanent residency by investment.

Italy: company and startup routes, and the EUR 1 million funds test

Italy’s Investor Visa (art. 26-bis TUI) has no real estate route. The options are EUR 250,000 in an innovative startup, EUR 500,000 in an Italian company or an Italian venture capital fund, EUR 2,000,000 in government bonds, or a EUR 1,000,000 donation. The statute also requires EUR 1,000,000 in funds “available and transferable to Italy” (EUR 2 million for the bond route). You apply at the consulate of the country where you permanently reside. Whether money held in India counts as “available and transferable” given the LRS cap is a question for Italian counsel and your authorised dealer bank, not something we answer here.

Bulgaria, briefly

Bulgaria’s fund route is EUR 511,291.88 in Bulgarian collective investment scheme or AIF units (the leva amount read at the fixed 1.95583 rate); other routes are higher. Bulgaria is on the FATF grey list (June 2026). See the Bulgaria golden visa.

Beyond the EU: Turkey citizenship by investment (not a golden visa, not in the EU)

Turkey sells citizenship, not residence: USD 400,000 in real estate held for three years, or USD 500,000 in deposits, bonds, funds, pension or capital. Law 5901 art. 12 and the Citizenship Regulation art. 20 set no nationality list. The country list for property purchases is not public, so confirm India’s position with a Turkish land registry office. For an Indian, the catch is total: acquiring Turkish citizenship ends Indian citizenship automatically under s.9(1), and USD 400,000 is above one person’s LRS limit. See Turkey citizenship by investment for Indian nationals.

Frequently asked questions

Which golden visa is best for Indians?
There is no single answer. It depends on budget, family and whether you want to keep your Indian passport. Residence routes keep it; naturalising anywhere ends it. Malta and Cyprus give permanent residence, Greece covers parents and children to 21, and Portugal and Hungary use funds.

Can I pay for a golden visa above the LRS limit?
The LRS allows USD 250,000 per resident individual per financial year, and RBI para 7(d) says foreign exchange beyond that is not for earning immigration eligibility through overseas investment. Family pooling works only for co-owners or co-holders. Ask your authorised dealer bank.

How much is a golden visa in rupees?
From about INR 2.73 crore (EUR 250,000 for Greece’s conversion tier, Hungary’s fund route or Italy’s startup route) to about INR 8.74 crore (EUR 800,000 in Athens), at ECB rates of 28 September 2026. Taxes and fees come on top.

Will I lose Indian citizenship with a golden visa?
No. A residence permit or permanent residence does not trigger s.9(1) of the Citizenship Act 1955. Acquiring another citizenship does, automatically, on the date of acquisition. OCI is registration of a foreign national, not dual citizenship.

Which European country gives Indians citizenship fastest?
On the statutes: Greece after 7 years of lawful and permanent residence with an exam and integration, Hungary 8 years, Cyprus about 8 years of physical presence, Portugal and Italy 10. Whichever you choose, naturalising ends Indian citizenship.

Is Turkey a golden visa option for Indians?
Turkey sells citizenship, not EU residence: USD 400,000 in property or USD 500,000 in other routes. Acquiring it ends Indian citizenship, and USD 400,000 is above one person’s LRS limit.

The bottom line

For an Indian family, the European golden visa decision starts with two Indian rules, not a price list. The LRS caps each resident at USD 250,000 a year and says extra forex is not for buying immigration eligibility. And s.9(1) ends Indian citizenship the day you naturalise elsewhere. Read together, they make residence, not a second passport, the realistic goal for most Indian families. From there, weigh family scope (Greece covers parents and children to 21, Hungary minors only), the asset you want to hold, and Schengen access.

For totals across programmes, see how much a golden visa costs, and for the residence versus citizenship distinction, our guide to visa investments. US readers have a sibling guide: golden visa for US citizens.

Advisory fees are quoted per engagement.