Greece vs. Portugal: In-Depth Comparison of Golden Visa Programs

Table of Contents

1. Introduction to Golden Visa Programs
2. Overview of Greece’s Golden Visa Program
3. Overview of Portugal’s Golden Visa Program
4. Investment Options Comparison
5. Application Process and Requirements
6. Processing Times and Costs
7. Benefits and Privileges
8. Residency and Citizenship Pathways
9. Tax Implications
10. Real Estate Markets and Investment Potential
11. Lifestyle and Quality of Life Comparison
12. Pros and Cons of Each Program
13. Recent Changes and Future Outlook
14. Which Program is Right for You?
15. Conclusion
16. FAQs

1. Introduction to Golden Visa Programs

Golden Visa programs have become increasingly popular among investors and high-net-worth individuals seeking to obtain residency or citizenship in European countries. These programs offer a pathway to residency and potentially citizenship through significant investments in real estate, business ventures, or government bonds. Among the various Golden Visa schemes available in Europe, those offered by Greece and Portugal have garnered substantial attention due to their attractive benefits and relatively accessible investment thresholds.

This comprehensive comparison will delve into the intricacies of the Greek and Portuguese Golden Visa programs, examining their investment options, application processes, benefits, and potential drawbacks. By providing a detailed analysis of these two popular programs, we aim to help potential investors make informed decisions based on their individual circumstances and goals.

2. Overview of Greece’s Golden Visa Program

Greece introduced its Golden Visa program in 2013 as part of an effort to attract foreign investment and stimulate its economy following the financial crisis. The program offers non-EU citizens the opportunity to obtain a residence permit in exchange for a qualifying investment in Greek real estate or other approved assets.

Key Features of the Greek Golden Visa:

• Minimum investment threshold of €250,000 in real estate
• Residence permit valid for five years, renewable indefinitely
• No minimum stay requirement to maintain the visa
• Visa-free travel within the Schengen Area
• Option to include family members in the application
• Potential pathway to citizenship after seven years of residence

The Greek Golden Visa has gained popularity due to its relatively low investment threshold and the absence of a minimum stay requirement, making it an attractive option for investors seeking a flexible residency solution in Europe.

3. Overview of Portugal’s Golden Visa Program

Portugal launched its Golden Visa program in 2012 to attract foreign investment and boost its economy. The program offers non-EU citizens the opportunity to obtain a residence permit in exchange for various types of investments, including real estate, capital transfer, and job creation.

Key Features of the Portuguese Golden Visa:

• Multiple investment options, starting from €280,000 for real estate
• Residence permit valid for two years, renewable for subsequent two-year periods
• Minimum stay requirement of seven days in the first year and 14 days in subsequent two-year periods
• Visa-free travel within the Schengen Area
• Option to include family members in the application
• Potential pathway to citizenship after five years of residence

The Portuguese Golden Visa has been widely regarded as one of the most successful residency-by-investment programs in Europe, attracting significant foreign investment and offering a relatively straightforward path to EU citizenship.

4. Investment Options Comparison

When comparing the investment options between the Greek and Portuguese Golden Visa programs, it’s essential to consider the various pathways available and their respective minimum thresholds.

Greece Investment Options:

• Real Estate: Minimum investment of €250,000 in one or more properties
• Time-sharing agreement: Minimum investment of €250,000 for a lease of at least 10 years in hotel accommodations or furnished tourist residences
• Purchase of land: Minimum investment of €250,000 with the intention to construct a building

Portugal Investment Options:

• Real Estate:
  • €500,000 in any area of Portugal
  • €350,000 for properties over 30 years old or in urban regeneration areas
  • €280,000 for properties in low-density areas
• Capital Transfer:
  • €1.5 million transfer to a Portuguese bank account
  • €500,000 investment in research activities
  • €350,000 investment in investment funds or venture capital
• Job Creation: Creation of at least 10 jobs

While Greece offers a more straightforward and lower investment threshold for real estate, Portugal provides a wider range of investment options, catering to diverse investor preferences and goals.

5. Application Process and Requirements

Both Greece and Portugal have structured application processes for their respective Golden Visa programs. Understanding these processes and requirements is crucial for potential investors.

Greece Application Process:

1. Select and purchase a qualifying property
2. Obtain a Greek tax number (AFM) and open a Greek bank account
3. Gather required documents, including proof of investment, criminal record check, and health insurance
4. Submit the application to the Greek immigration authorities
5. Attend a biometrics appointment
6. Receive the Golden Visa residence permit

Portugal Application Process:

1. Choose and make the qualifying investment
2. Obtain a Portuguese tax number (NIF) and open a Portuguese bank account
3. Gather required documents, including proof of investment, criminal record check, and health insurance
4. Submit the pre-application online
5. Schedule and attend an appointment with SEF (Portuguese Immigration and Borders Service)
6. Receive the Golden Visa residence permit

Both countries require applicants to provide proof of a clean criminal record, valid health insurance, and sufficient financial means to support themselves during their stay. Portugal additionally requires applicants to demonstrate basic knowledge of the Portuguese language for citizenship applications.

6. Processing Times and Costs

The processing times and associated costs are important factors to consider when choosing between the Greek and Portuguese Golden Visa programs.

Greece:

• Processing time: Typically 2-4 months
• Application fee: €2,000 for the main applicant, €150 for each family member
• Residence permit issuance fee: €16 per person
• Renewal fee: €1,000 for the main applicant, €50 for each family member

Portugal:

• Processing time: Typically 3-6 months
• Application fee: €533 for the main applicant, €83 for each family member
• Residence permit issuance fee: €5,325 for the main applicant, €5,325 for each family member
• Renewal fee: €2,663 for the main applicant, €2,663 for each family member

While Greece generally offers faster processing times and lower government fees, Portugal’s program may involve higher costs, particularly for family applications. However, these costs should be weighed against the broader benefits and investment opportunities offered by each program.

7. Benefits and Privileges

Both the Greek and Portuguese Golden Visa programs offer a range of benefits and privileges to successful applicants. Understanding these can help investors determine which program aligns best with their goals.

Greece Golden Visa Benefits:

• Visa-free travel within the Schengen Area for up to 90 days in any 180-day period
• No minimum stay requirement to maintain the visa
• Option to rent out the invested property
• Access to Greek public education and healthcare systems
• Ability to start a business in Greece
• Family reunification (spouse, children under 21, and parents of the main applicant)

Portugal Golden Visa Benefits:

• Visa-free travel within the Schengen Area for up to 90 days in any 180-day period
• Minimal physical presence requirements (7 days in the first year, 14 days in subsequent two-year periods)
• Option to rent out the invested property
• Access to Portuguese public education and healthcare systems
• Ability to work or start a business in Portugal
• Family reunification (spouse, children under 18 or dependent, and parents of the main applicant)
• Potential tax benefits under the Non-Habitual Resident (NHR) regime

While both programs offer similar core benefits, Portugal’s Golden Visa provides additional advantages such as the potential for tax optimization through the NHR regime and a faster route to citizenship.

8. Residency and Citizenship Pathways

One of the key considerations for many investors is the potential pathway to permanent residency and citizenship offered by these Golden Visa programs.

Greece:

• Initial residence permit valid for 5 years, renewable indefinitely
• Permanent residency possible after 5 years of continuous residence
• Citizenship eligibility after 7 years of residence, requiring knowledge of Greek language and culture

Portugal:

• Initial residence permit valid for 2 years, renewable for subsequent 2-year periods
• Permanent residency possible after 5 years
• Citizenship eligibility after 5 years of residence, requiring basic knowledge of Portuguese language

Portugal offers a faster route to both permanent residency and citizenship compared to Greece. However, it’s important to note that Portugal requires applicants to demonstrate some knowledge of the Portuguese language for citizenship, while Greece has more stringent language and cultural knowledge requirements.

9. Tax Implications

Understanding the tax implications of each Golden Visa program is crucial for investors to make informed decisions and optimize their financial planning.

Greece Tax Considerations:

• Non-domiciled tax regime available for high-net-worth individuals
• Flat tax rate of €100,000 per year on foreign-sourced income
• Property tax (ENFIA) applies to real estate investments
• Capital gains tax of 15% on property sales
• Inheritance tax rates range from 1% to 40%, with exemptions for close family members

Portugal Tax Considerations:

• Non-Habitual Resident (NHR) regime offers significant tax benefits for the first 10 years
• Under NHR, foreign-sourced income may be exempt from Portuguese taxation
• 20% flat rate on certain Portuguese-sourced income for NHR beneficiaries
• Property tax (IMI) applies to real estate investments
• Capital gains tax of 28% on property sales, with some exemptions
• No inheritance or gift tax for direct family members

Portugal’s NHR regime can offer substantial tax advantages for many investors, particularly those with significant foreign-sourced income. However, Greece’s non-domiciled tax regime may be attractive for ultra-high-net-worth individuals seeking a simplified tax structure.

10. Real Estate Markets and Investment Potential

The real estate markets in Greece and Portugal play a crucial role in the attractiveness of their respective Golden Visa programs, as property investment is a common route for many applicants.

Greek Real Estate Market:

• Recovering market with potential for capital appreciation
• Lower property prices compared to many other European countries
• Popular locations include Athens, Thessaloniki, and various islands
• Growing demand for short-term rentals in tourist areas
• Ongoing urban regeneration projects in major cities

Portuguese Real Estate Market:

• Strong market performance in recent years, particularly in major cities
• Higher property prices compared to Greece, but still affordable by Western European standards
• Popular locations include Lisbon, Porto, and the Algarve region
• High demand for both long-term and short-term rentals
• Ongoing development and urban renewal projects

Both markets offer potential for capital appreciation and rental income, but Portugal’s real estate market has shown stronger performance in recent years. However, Greece’s lower entry point may appeal to investors with smaller budgets or those seeking potentially higher returns in an emerging market.

11. Lifestyle and Quality of Life Comparison

The lifestyle and quality of life offered by each country can be a significant factor in choosing between the Greek and Portuguese Golden Visa programs.

Greece:

• Mediterranean climate with hot summers and mild winters
• Rich historical and cultural heritage
• Beautiful beaches and islands
• Famous cuisine and hospitality
• Lower cost of living compared to many Western European countries
• Improving infrastructure and healthcare systems

Portugal:

• Mild climate with long summers and short winters
• Diverse landscape including beaches, mountains, and historic cities
• Rich cultural heritage and vibrant arts scene
• Renowned for its food, wine, and welcoming atmosphere
• High quality of life with excellent healthcare and education systems
• Consistently ranked as one of the safest countries in the world

Both countries offer attractive lifestyles with their own unique charms. Greece may appeal more to those seeking a quintessential Mediterranean experience, while Portugal offers a blend of Atlantic and Mediterranean influences with a generally higher standard of living.

12. Pros and Cons of Each Program

To help investors make an informed decision, it’s useful to summarize the main advantages and disadvantages of each Golden Visa program.

Greece Golden Visa Pros:

• Lower investment threshold (€250,000)
• No minimum stay requirement
• Faster processing times
• Lower application and renewal fees
• Potential for high returns in an emerging real estate market

Greece Golden Visa Cons:

• Longer path to citizenship (7 years)
• More stringent language and cultural knowledge requirements for citizenship
• Less diverse investment options
• Potentially less stable economic environment

Portugal Golden Visa Pros:

• Faster route to permanent residency and citizenship (5 years)
• More diverse investment options
• Attractive tax benefits through the NHR regime
• Higher-performing real estate market
• Generally higher standard of living

Portugal Golden Visa Cons:

• Higher investment thresholds
• Minimum stay requirements (though minimal)
• Longer processing times
• Higher application and renewal fees, especially for families
• Recent restrictions on real estate investments in high-density areas

13. Recent Changes and Future Outlook

Both the Greek and Portuguese Golden Visa programs have undergone changes in recent years, and it’s important for potential investors to be aware of these developments and future prospects.

Greece:

• Introduction of digital nomad visa, complementing the Golden Visa program
• Discussions about potential increases in the investment threshold
• Growing focus on attracting investments in sustainable and innovative sectors
• Continued efforts to streamline the application process

Portugal:

• Recent restrictions on real estate investments in high-density areas like Lisbon, Porto, and parts of the Algarve
• Increased focus on investment options that promote job creation and cultural projects
• Ongoing debate about the program’s impact on local housing markets
• Potential for further adjustments to investment thresholds and options

Both programs are likely to continue evolving in response to economic conditions, political pressures, and the changing needs of investors. Prospective applicants should stay informed about any upcoming changes that may affect their investment decisions.

14. Which Program is Right for You?

Choosing between the Greek and Portuguese Golden Visa programs depends on various factors unique to each investor’s situation and goals. Consider the following when making your decision:

• Budget: If you have a lower investment budget, Greece’s program may be more accessible.
• Timeline to Citizenship: If obtaining EU citizenship quickly is a priority, Portugal’s faster route may be preferable.
• Tax Optimization: Portugal’s NHR regime can offer significant tax advantages for many investors.
• Real Estate Preferences: Consider the type of property and location that interests you, as well as your views on each country’s real estate market potential.
• Lifestyle: Think about which country’s culture, climate, and way of life aligns better with your preferences.
• Future Plans: Consider your long-term goals, including whether you plan to reside in the country or use it as a base for European travel.
• Family Considerations: Evaluate the costs and benefits of including family members in your application.

Ultimately, the right choice will depend on a careful evaluation of these factors in light of your personal circumstances and objectives.

15. Conclusion

The Golden Visa programs of Greece and Portugal both offer attractive pathways to European residency and potential citizenship for non-EU investors. While Greece’s program stands out for its lower investment threshold and absence of minimum stay requirements, Portugal’s scheme offers a faster route to citizenship and potentially more lucrative tax benefits.

Greece may be the better choice for those with a lower investment budget or those specifically interested in the Greek real estate market and lifestyle. On the other hand, Portugal could be more suitable for investors seeking a quicker path to EU citizenship, diverse investment options, and significant tax advantages through the NHR regime.

Regardless of which program you choose, it’s crucial to conduct thorough due diligence, stay informed about any program changes, and seek professional advice to ensure that your investment aligns with your long-term goals. Both Greece and Portugal offer unique opportunities, and with careful consideration, investors can find the Golden Visa program that best suits their needs and aspirations.

FAQs

1. Can I apply for both the Greek and Portuguese Golden Visa programs simultaneously?

While there’s no legal restriction preventing you from applying to both programs simultaneously, it’s generally not recommended due to the significant financial commitment required for each program. It’s usually more practical and cost-effective to choose one program that best aligns with your goals and focus your resources on that application.

2. Are there any restrictions on the types of properties I can invest in for these Golden Visa programs?

Both programs have some restrictions. In Greece, the property must be worth at least €250,000, and can be residential or commercial. In Portugal, recent changes have restricted investments in residential properties in high-density areas like Lisbon, Porto, and parts of the Algarve. It’s important to consult with local real estate experts to ensure your investment meets the program requirements.

3. How do the education systems in Greece and Portugal compare for families considering relocation?

Both countries offer good public education systems, with Portugal generally ranking higher in international comparisons. Portugal also has a wider selection of international schools, particularly in major cities. However, Greece has been making significant efforts to improve its education system and also offers international school options in larger urban areas.

4. Can I start a business in the country after obtaining a Golden Visa?

Yes, both the Greek and Portuguese Golden Visa programs allow holders to start businesses in the respective countries. This can be an excellent way to further integrate into the local economy and potentially create additional income streams. However, you should familiarize yourself with local business regulations and seek professional advice before starting any business ventures.

5. What happens to my Golden Visa status if I decide to sell my investment property?

In both Greece and Portugal, selling your investment property before the end of the mandatory holding period (which varies depending on the type of investment) can result in the revocation of your Golden Visa. If you need to sell, it’s generally possible to reinvest in another qualifying property to maintain your visa status. However, it’s crucial to consult with immigration lawyers before making any changes to your investment to ensure compliance with program requirements.

Article reviewed by Jasna Jovanovic, Real Estate Asset Manager | Bridging Profitability and Community in Mixed-Use Spaces, on March 1, 2025