Are you seeking to acquire EU residency and wondering which program to pick? You might have heard of the famous Greece and Portugal Golden Visa programs.
There are several common aspects to both programs. First, they’re offered by two stunning and safe European countries, each with sunny Mediterranean climates and low living costs. With delicious food, beautiful beaches, and a high quality of life, it’s no wonder why so many tourists visit these countries every year.
Designed for non-EU citizens, the two Golden Visas offer a variety of qualifying investment options, which allow foreign investors and their families to obtain EU residency.
Both programs eventually lead to the possibility of obtaining European citizenship, which grants benefits such as visa free travel to several countries worldwide.
In this guide, we differentiate the Greece vs Portugal Golden Visa program to help you make an informed decision about which one to choose.
Here’s what we’ll cover:
- The differences between Greece and Portugal Golden Visa
- Greece vs Portugal Golden Visa: Which one to choose?
- Frequently asked questions about the programs, and more.
Greece vs Portugal Golden Visa Programs: An Overview
About the Greek Golden Visa Program
Introduced in 2014 by the Greek government to bolster the economy, the Greece Golden Visa program is a residency-by-investment scheme. It allows non-EU/EEA nationals and their families to obtain permanent residence permits in Greece.
To be eligible, applicants must have a clean criminal history and invest a minimum of €500,000 in real estate in Greece or in Greek government bonds.
The primary applicant and a large number of family dependents (including dependent children under the age of 21 and both spouses’ parents) can qualify for a Greek residence visa. There is also no necessity to spend any time in Greece.
About the Portugal Golden Visa Program
The Portugal Golden Visa, or residence permit for investment activity (ARI), is a five-year residency program in Portugal for non-EU nationals who invest in the country.
Introduced in 2012 to boost foreign investment, it has become one of the most popular schemes globally. Over 20,000 families have received Portuguese Golden Visas, raising over €4 billion.
This program allows investors and their families to live, work, and study in Portugal and travel freely in the Schengen Area.
Previously, it was possible to qualify through investments in real estate property or a capital transfer to a Portuguese bank account, but these options were discontinued in late 2023. In 2024, the investment options for the Portuguese Golden Visa include cultural donations, investment funds, job creation, and scientific research.
After keeping their investment in Portugal for five years, they can apply to get a permanent residency and become a European Union citizen.
Greece and Portugal Golden Visas Benefits
Invest and get residency in Europe
Freedom of mobility in the Schengen area
Entire family is eligible for the program
Attractive investment opportunities
Ability to receive an
EU passport
Greece and Portugal Golden Visa Comparison
Program Characteristics | Greece Golden Visa | Portugal Golden Visa |
Application time | One to two months | 18 months |
Global Passport Index ranking | 46th | 31st |
Time to citizenship | Seven years | Five years |
Qualifying investment | Minimum investment of €250,000 | Minimum investment of €250,000 |
Taxes | Income tax starts at a rate of 22 percent. Non-dom tax regime allows tax exemption on foreign income for a fixed annual fee of €100,000 | NHR Tax Regime allows tax exemption for up to 10 years |
Residence rule | No requirement | Seven-day requirement the first year and 14 days every two years after |
Ability to work | No, unless you set up your own business | Yes |
Family eligibility | Spouse, children (under 21 years old), and parents of the main applicant and spouse | Spouse and dependent children (under 18 years old or currently completing studies) |
Portugal vs Greece Golden Visa: Waiting Period and Validity
The waiting time for the Golden Visa varies depending on the country and how busy the immigration office is. The typical wait times after making an investment and applying for the visa differ: For the Portugal Golden Visa, the waiting time is 18 months; for the Greece Golden Visa, it’s three months.
How long is your Golden Visa residence permit good once you receive it? The current validity periods of the two separate residences by investment schemes are:
- Greece: The residence permit is valid for five years at a time.
- Portugal: The first residence permit is valid for two years. Portugal Golden Visa holders can then renew this residence permit for a further two years.
Portugal vs Greece Golden Visa: Investment Options
You must make an investment to apply for the Golden Visa. Each country has a list of qualified investments for its residence by investment schemes. The following are the qualifying investments for the two Golden Visa schemes.
Greek Golden Visa investment options
- Investment in Greek real estate for a minimum of €250,000*
- A €400,000 capital contribution to Greek government bonds
* The minimum investment of €250,000 in real estate increased to €500,000 on 31 July 2023. This change will only apply to real estate investments in northern and central provinces, the South Athens Attica region, and the municipalities of Thessaloniki, Mykonos, and Santorini.
2024 update: Further real estate investment changes
The Greek Minister of Finance is making adjustments to the Golden Visa Program, specifically introducing a dual-zone system for real estate transactions. The implementation of this new rule is expected to commence on March 31, 2024.
For investors, this signifies the creation of two distinct investment tiers pending official announcement by the parliament. These tiers will be based on geographic zones, directly impacting the minimum investment criteria for potential applicants.
Tier 1, requiring an investment of €800,000, pertains to real estate investments in high-demand areas such as Attica, Thessaloniki, Mykonos, Santorini, and other islands with populations exceeding 3,100.
Tier 2, with a reduced investment threshold of €400,000, encompasses all remaining regions of Greece. This tier aims to offer a more accessible entry point, promoting investment in a broader spectrum of areas and potentially expanding the program’s economic benefits.
Regardless of tier, the common requirement is for the investment to be made in a single property measuring at least 120 square meters.
Portugal Golden Visa investment options
As of 2023, real estate investment is no longer eligible for the Portugal Golden Visa Program. However, other attractive investment options are still available:
- Investment funds: Make a contribution to a qualified investment fund worth at least €500,000
- Investment or donation in the arts or reconstruction of national heritage with a donation of at least €250,000 (Read more: Portugal’s Cultural Production Golden Visa)
- Scientific Research: Science or Technology research contribution of at least €500,000
- Creation of ten jobs: Creation and maintenance of ten jobs during the required period
- Share capital and job creation: Incorporation of a company or reinforcement of a company’s share capital, in either case with an investment of €500,000, combined with the creation of five or maintaining ten jobs (5 of them permanent)
If unsure about investment pathways, crunch some stats here on top nationalities and investment routes to residency in our Portugal Golden Visa statistics article.
Portugal vs Greece Golden Visa: Stay Requirement
Wondering about the time to be spent in the country to obtain a Golden Visa? For Greece, there is no minimum stay requirement.
As for Portugal, once you have obtained your Golden Visa, you must stay in the country for an average of seven days each year to maintain your residency status. Your Golden Visa is valid for two years at a time, so you must spend a total of 14 days in the country during that time.
Portugal vs Greece Golden Visa Program: Citizenship Requirements
A Golden Visa is a pathway to gain permanent residency or apply for citizenship if you fulfill the country’s unique naturalization requirements. By getting citizenship of either country, you would gain EU citizenship, which would grant you benefits such as freedom of movement to live and work in EU states and greater access to healthcare.
To access all the benefits of EU citizenship, once you obtain a Golden Visa in Portugal or Greece, you must meet the following citizenship criteria.
Citizenship requirements for Portugal
- Five years of living in Portugal with seven days of physical residence for each year
- Having no unpaid taxes in Portugal
- A2 Portuguese language test
- No criminal record in your home country
Citizenship requirements for Greece
- Seven years of living in Greece for more than 183 days each year
- The ability to speak fluent Greek
- Greek citizenship examination
- No criminal record in your home country
European residence benefits
Both Greek and Portugal Golden Visas can lead to European citizenship. However, the requirements for gaining EU resident status change from country to country. Each country has key benefits to entice investors
Greece vs Portugal Golden Visa Programs: Taxes
Taxation is unrelated to the Golden Visa program and is solely associated with an individual’s tax residency. You aren’t automatically a tax resident of those countries if you hold a Golden Visa from Portugal or Greece. And, as long as you are not a tax resident in these countries, you only owe taxes on income earned in the hosting country. You owe no taxes on your foreign earnings.
If you opt to spend most of your year in these countries and become a tax resident, you’ll have to pay taxes, as shown below.
Greece | Portugal | |
Corporate Tax | 24 percent | 21 percent |
Income Tax | 9 percent to 44 percent | 14.5 percent to 45 percent |
Inheritance and Gift Tax | 10 percent to 40 percent (varies by relation) | 0 percent |
Tax incentive programs for foreigners | A 7 percent flat rate for 15 years. The non-dom tax regime allows tax exemption on foreign income for a fixed annual fee of €100,000. | Non-Habitual Residence Program (NHR). Ten-year exemption. |
There is a Non-Habitual Residency (NHR) Program in Portugal, a tax policy aimed at helping foreigners become tax residents in Portugal. It is one of the most appealing tax schemes in the European Union and a great advantage for UK citizens and Americans moving to Portugal.
Is NHR ending?
The State Budget Law for 2024 determined the end of the NHR regime from 1st January 2024. However, certain individuals can still apply up until 31st March 2025, and the scheme is being replaced by the Tax Incentive for Scientific Research and Innovation, which has now been implemented. To learn more, please refer to Is The Portugal NHR Ending?
Greece is working on a similar initiative that will allow foreigners wishing to migrate or retire in Greece with a flat tax rate of seven percent for the first ten years of their stay.
Portugal vs Greece Golden Visa: Application Costs
In addition to making qualifying investments, applications for a Golden Visa require paying fees to the relevant authorities. These fees are typically paid per applicant and dependent.
Below, we show how these fees differ between Greece and Portugal.
Greece Golden Visa application fees
- €2,000 for the main applicant
- €500 per family member older than 21
- €150 per family member under 21
Portugal Golden Visa application fees
- Online application submission – € 773.74
- Granting the permit – € 7,730.10 (Approval fee)
- Per renewal – 3,865.7
Greece Vs. Portugal Golden Visa: Which One to Choose?
Both Portugal and Greece offer Golden Visa programs with similarities in application time, passport ranking, minimum investment, and family eligibility. However, Greece imposes more economic restrictions on its foreign residents compared to Portugal.
Portugal’s program allows holders to work without restrictions, while Greece only permits residency without employment rights unless the visa holders start their own businesses.
Both countries offer attractive investment routes, with Portugal offering slightly more diverse options. Portugal Golden Visa holders can also enjoy a faster path to citizenship, requiring five years of residency compared to Greece’s seven years.
For those aiming for EU citizenship, Portugal’s program is recommended, while Greece’s offers faster processing time for permanent residency. Portugal stands out for its quality of life and stability, making it the top choice for Golden Visa programs in Europe.
How Can Global Citizen Solutions Help You?
Global Citizen Solutions is a boutique investment migration consultancy firm focused on finding the right residency or citizenship by investment program for individuals wishing to secure their future and become global citizens. With offices in Portugal, the United Kingdom, Hong Kong, and Brazil, our multilingual team guides individuals and families from start to finish, providing expert advice considering freedom, mobility, taxation, and security.
- We have helped hundreds of clients from 35+ countries in all the top residency by investment and citizenship by investment programs. With an in-depth and comprehensive understanding of the area, we provide our clients with solid guidance.
- Our team has never had a case rejected. Our 100 percent approval rate sets us apart from our competitors and guarantees that you can expect a successful application.
- Our transparent pricing covers all the processes from opening your bank account, document certification, and legal due diligence to investment and submission. As there is one fee for the entire process, you can be confident that you will not face any hidden costs later.
- All data is stored within a GDPR-compliant database on a secure SSL-encrypted server. You can be safe knowing that your personal data is treated with the utmost security.
- Global Citizen Solutions provides an all-encompassing solution. Our support can continue even after you receive your passport. We offer additional services such as company incorporation, Trusts, and Foundations formation.
- The BeGlobal Onboarding System® allows you to access the status of your application every step of the way, something that sets us apart from our competitors.
Frequently Asked Questions about the Greece vs Portugal Golden Visa Programs
What is Greece’s Golden Visa?
The Greece Golden Visa is an immigration and investment visa launched in 2013 by the Greek government, giving investors and their families Greek residency in exchange for a current minimum investment of €250,000.
What is Portugal’s Golden Visa?
The Golden Visa Portugal is an immigration and investment visa launched in 2012 by the Portuguese government which offers non-EU investors and their families Portuguese residency, with an eventual pathway to Portuguese citizenship allowed in exchange for a minimum qualifying investment of €280,000.
Can I obtain an EU passport by applying to the Greece or Portugal Golden Visa program?
You can obtain an EU passport by applying for the Greece or Portugal Golden Visa program. The main difference is that you’ll be able to apply for citizenship and acquire a Portuguese passport after five years of residency, while it’ll take seven years to obtain a Greek passport.
Greece or Portugal Golden Visa: Which program should I pick?
The Portugal and Greece Golden Visa programs have different advantages. However, we recommend applying for the Portuguese program as it has more investment options, offers great tax benefits to foreign residents, gives its holders the ability to work in Portugal, and ultimately is a faster route to acquiring EU citizenship.
How do I immigrate to Greece?
Greece has several visa programs that enable non-EU citizens to obtain residency status in the country. Some of them require a substantial investment to be placed in the Greek economy in exchange for permanent residency status, while others require a smaller investment in exchange for a shorter residency period.
The Greek Visa for Financially Independent People (FIP) allows third-country citizens to acquire a two-year residency permit in Greece provided they have at least €2,000 monthly income. They must first apply for a long-term Visa (D) at the Greek Consulate or Embassy in their home country and prove that they can cover their living expenses in Greece without engaging in any economic activity – or work – within Greece.
Is it better to live in Greece or Portugal?
Deciding between Portugal vs Greece hinges on personal preferences and investment goals. Both countries offer Golden Visa programs for long-term residency, along with visa-free travel within the EU Schengen area. There are also great tax benefits for those holding a tax residence permit in either country.
In both nations, there’s a low cost of living in comparison with other European nations and the US as well as a high quality of life.
Which Golden Visa is better: Greece or Portugal?
In a comparison between Greece and Portugal Golden Visa programs, it depends on what you are looking for. If your objective is to obtain an EU passport as quickly as possible, then the Portuguese Golden Visa may be the one. It also offers a more diverse range of investment routes and offers great tax benefits to foreign residents. However, the Greek program’s benefits are that there’s no minimum stay requirement and cheaper investment options.
Is property investment available for the Portugal Golden Visa?
No, real estate investment is no longer an eligible investment pathway for the Portuguese Golden Visa program. Real estate-related investment funds and capital transfers have also been eliminated from the program. However, other attractive options remain, such as investment funds, cultural and art donations, and job creation.
Will the changes to real estate investments affect current or previous Greece Golden Visa applicants?
No, the real estate changes, which will increase the minimum investment thresholds for properties in Greece, won’t affect current or previous applicants. There will be no retroactive effects for anyone who has already submitted an application for Greece’s Golden Visa.
