A Golden Visa is a government program that allows you to obtain a residence permit in a country in exchange for investing in its economic development. These residence permits often offer more flexible terms than traditional ones, including the length of stay in the country.
Portugal and Greece are among the European countries with long-standing investor appeal. Both countries are part of the EU and the Schengen Area. They offer several investment options and have similar entry thresholds. However, the Golden Visas of Greece and Portugal suit different needs. In this article, we’ll discuss which country currently issues residence permits to property owners, compare program terms, and provide helpful tips for choosing.
Advantages of Greece and Portugal Golden Visas
Although the Golden Visa programs in Greece and Portugal have different terms, investors in both countries can expect similar benefits:
- Visa-free entry into Schengen countries for up to 90 days within any 180 days.
- The right to obtain a residence permit for family members.
- The ability to enter the country at any time, even if borders are closed.
- Access to European healthcare and education systems.
- The ability to transfer capital to a European country and protect it from potential risks in your home country.
- No permanent residence requirement is necessary to maintain a residence permit, providing investors with a «backup» option for themselves and their families.
Although Portuguese or Greek citizenship cannot be obtained directly through investment, residency status is the first step toward an EU passport. Citizenship can be obtained after 5 years in Portugal and 7 years in Greece.
- The legal path to an EU residence permit and citizenship
- Investments of €250,000 or more in approved programs
- Living and working in any Schengen country
A comparison of the investment options in Greece and Portugal
The main difference between Portugal’s and Greece’s residency by investment is the amount and type of investment required. Furthermore, the Greek program does not allow for Golden Visa investment refunds: withdrawing funds results in the revocation of the status. In Portugal, investments can be returned, but only after 5 years.
The table below compares the terms of each program:
| Investment option | Minimum investment amount, € | |
| Greece | Portugal | |
| Real estate | 250,000 | – |
| Investment fund units | 350,000 | 500,000 |
| Investment in establishing a new company | 500,000 | 500,000 |
| Investment in existing companies | 500,000 | 500,000 |
| Investment in research projects | – | 500,000 |
| Donation to cultural projects | – | 250,000 |
| Bank deposit in a national bank | 500,000 | – |
| Government bonds | 500,000 | – |
| Corporate bonds | 800,000 | – |
In 2024, Greece introduced new property price thresholds to ease the burden on the housing market for residents:
- EUR 800,000 for properties in Attica, Thessaloniki, Mykonos, and Santorini, as well as on islands with populations of 3,100 or more. Properties must have a minimum area of 120 m²;
- EUR 400,000 for other areas of the country, also with a minimum area of 120 m²;
- EUR 250,000 for the purchase of commercial property intended for residential conversion, or for the purchase of a culturally significant property intended for restoration or reconstruction.
In 2023, the real estate investment option was removed from Portugal’s Golden Visa program. Therefore, Greece is the only suitable country for those planning to buy property in Europe and obtain a residence permit based on this.
iWorld you in selecting a suitable property, completing the transaction, and obtaining a residence permit.
In both Greece and Portugal, you can obtain a residence permit by funding your own or an existing company with the same investment threshold. Greece’s Golden Visa program is more advantageous for purchasing shares in an investment fund and offers more options overall. However, if you specifically want to support scientific research or national art, Portugal offers a better choice.
Comparison of residence and visitor requirements
The Greece Golden Visa program stands out for its extremely lenient approach to the investor’s physical presence. There is no minimum residency requirement. A foreign national can obtain a residence permit in Greece by investment without visiting the country until the permit is renewed after 5 years.
On the other hand, the Portuguese Golden Visa program establishes clear, albeit minimal, stay requirements. To maintain residency, an investor only needs to be in the country for 7 days in the first year. In subsequent years, the required minimum is 14 days.
Based on these requirements, one could conclude that Greece offers a better option for those seeking a passive residence permit. Greece can serve as a «backup plan», allowing you to return if needed quickly. For instance, you could purchase an apartment, rent it out long-term, obtain residency status, and then relocate, using your residence permit for business trips or travel within Europe.
A Portuguese residence permit is also ideal for a quick relocation or travel. However, maintaining your status requires short visits to Portugal, so this program is ideal for those who plan to vacation or relocate there occasionally.
Residence permit validity and renewal
Greece Golden Visa and the Portugal Golden Visa are issued for different periods. A Greek residence permit is valid for 5 years and renewable for the same period, provided that the foreigner has not withdrawn their investment. For example, this would apply if they still own real estate or hold shares in a local company. If the property was acquired for renovation or restoration purposes, the investor must complete the relevant work and submit an engineer’s report for the first renewal.
Renewal of a Greek residence permit must be requested no earlier than 2 months before the permit expires. Applications are submitted online through the government service portal immigration.gov.gr with scanned copies of the required documents attached, and the applicable fee must be paid. After reviewing the documents, the Immigration Department will send a letter indicating whether biometrics are required. The completed card can be picked up at the department by appointment.
In Portugal, the initial residence permit is issued for 2 years. It can be renewed for an additional 2 years if the investor submits the application no later than 30 days before the permit expires. To do so, schedule an appointment at the AIMA (Agency for Integration, Migration, and Refugees) office via the ARI portal. The investor will receive an email with full details of the visit to the government agency.
Citizenship prospects for investors
In both Greece and Portugal, the status granted to investors is temporary. Golden Visa holders do not receive preferential treatment when applying for citizenship; they must apply for standard naturalization, like all other foreigners.
Portugal is one of the most lenient countries in Europe when it comes to naturalization, including among those issuing Golden Visas. Citizenship can be applied for after 5 years of legal residence in the country. Following changes in 2024, this period will be calculated from the date of application for a residence permit rather than from the date the physical card is received. To obtain Portuguese citizenship, you must also demonstrate basic language proficiency (A2 level) and have a clean criminal record.
Greek citizenship can be applied for after 7 years of legal residence in the country, and the requirements are somewhat more complex. Applicants must demonstrate knowledge of the Greek language (level B1) and of the country’s history and culture.
In both countries, permanent residence is not required to obtain citizenship, although it does offer certain benefits. In both Greece and Portugal, permanent residence is granted after 5 years.
If you want to obtain citizenship by investment as quickly as possible, consider other countries, such as Turkey, which issues passports directly for investment. However, if you’re choosing between Portugal and Greece, Portugal is currently the better option—5 years versus 7. However, the situation could change: Portuguese authorities are considering a bill that would increase the residency requirement to 10 years. Therefore, we recommend consulting lawyers who are up to date on the latest legislation and can advise you on the best solution for your situation.
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Comparison of requirements for family members
Greece and Portugal programs grant investment residence permits that allow investors to obtain status for their spouses, children, and parents. However, the specific requirements and relocation conditions differ. The table below compares the Golden Visa requirements for family immigration in Greece and Portugal:
| Family members | Greece | Portugal |
|---|---|---|
| Spouse | Legally married spouse or registered partner | Legally married spouse |
| Children | Up to 21 years old; residence may be extended up to 24 | Up to 17 years old, including adopted children;
18–25 if studying and financially dependent |
| Investor’s parents | Yes, with no age or dependency restrictions | Yes, if financially dependent |
| Spouse’s parents | Yes, under the same conditions as the investor’s parents | Yes, under the same conditions as the investor’s parents |
| Siblings | No | Up to 17 years old if the investor is the legal guardian |
Greece has stricter requirements for children. Once a child turns 21, they can apply for a special 3-year independent residence permit. After that, they must find another way to reside in the country. However, if they inherit or receive sufficient-value real estate in Greece from a parent, they can obtain an investment residence permit.
Greece allows parents to relocate with their children. Investors do not need to prove financial dependence or retirement age. Proof of family kinship is sufficient.
Taxes and costs for investors
If you are planning to obtain a Golden Visa in Greece or Portugal, consider the tax conditions and associated costs.
A residence permit itself does not obligate a person to pay taxes. Whether or not a foreigner is a tax resident of the country is what matters. A person becomes a tax resident when they spend more than 183 days per year in the country. In this case, taxes are paid on all worldwide income. If a foreigner is not a tax resident (i.e., has not relocated to Greece or Portugal), they only pay taxes on income earned in that country.
In Greece, income tax is calculated on a progressive scale ranging from 9% to 44%. The dividend rate is 5%, and the interest rate is 15%. Greece has a non-domicile (Non-Dom) regime, under which new tax residents can pay a fixed annual tax of EUR 100,000 on all worldwide income for 15 years, regardless of the amount.
Portugal abolished its popular NHR (Non-Habitual Resident) program in 2024. Its income tax rate is progressive, ranging from 12.5% to 48%. Dividends and interest are subject to a 28% withholding tax.
Regarding additional costs, such as those incurred when applying for a residence permit for the purchase of real estate in Greece, the following applies:
- Transfer tax: 3% of the property value.
- Notary fee: 1-1.5% plus VAT.
- Property registration tax: 0.5–0.8%.
- Annual property ownership tax: from EUR 2 to EUR 16 per square meter.
- State fee for a residence permit: EUR 2,000 for the main applicant and EUR 150 for each family member.
The Portuguese Golden Visa fee is 8,060.20 EUR, plus an additional EUR 806.80 for the application. An extension costs EUR 4,030.90. If you invest in an investment fund, the commission will be 1-2% of the investment amount.
A comparison of lifestyles in Greece vs Portugal
If an investor plans to immigrate permanently to Greece or Portugal rather than simply obtaining a residence permit, it’s important to research the specifics of life in these countries in advance. Both countries offer access to reliable European banks, high-quality healthcare, and good schools for children. They also both boast a high quality of life and a comfortable climate. Citizens are equally welcoming to immigrants, and both Greece and Portugal rank highly in safety ratings. However, Portugal is safer and more affordable.
Portugal is more culturally European and organized, and English is more widely spoken. In Greece, English is significantly less common outside tourist areas. Portugal has better-developed infrastructure, roads, and digital services. The Multibanco payment network is considered one of the best in the world. Greece, on the other hand, captivates with its authenticity, including small, family-run tavernas and farmers’ markets. You can also change your scenery by sailing to a neighboring island. Greece can get quite hot in the summer, while the Portuguese ocean breeze softens the summer heat, but brings damp and windy winters.
Which Golden Visa residency program should you choose in 2026?
By 2026, both the Portuguese and Greek Golden Visa programs had undergone reforms. Portugal entirely removed the purchase of residential property from its list of options, while Greece raised the entry threshold significantly in popular regions.
The choice of immigration destination depends on the investor’s individual capabilities and goals. A Portugal Golden Visa program is right for you if:
- your goal is to obtain EU citizenship relatively quickly;
- you are not focused on investing in real estate;
- you are willing to visit Portugal occasionally.
Greece is an option for those who plan to:
- own physical assets (an apartment or villa can be used for personal residence or long-term rental);
- move with parents of any age;
- keep a residence permit as a backup plan.
