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. Both immigration and investment programs grant residency to non-EU applicants in exchange for a qualifying economic investment. Affordable, attractive, and your gateway to EU residency, how to decide which one to apply to? In this guide, we help you differentiate the programs in order to make an informed decision on which program to pick.
For more information, including continuous updates on this visa category, please refer to our article: Portugal Golden Visa Ending: Everything We Know So Far and Golden Visa Changes.
Greece and Portugal Golden Visa: An Overview
Tailored for non-EU citizens, both schemes offer a variety of qualifying investment options, which allow applicants and their families to obtain EU residency in a few months. Both programs eventually lead to the possibility of getting an EU passport. So, how do you pick, you might ask?
Portugal Golden Visa: An easy path to EU citizenship
The Portuguese Golden Visa program requires Golden Visa candidates to spend an average of seven days each year in Portugal. It is quite simple to apply for Portuguese citizenship after five years, which essentially grants the applicant all of the benefits of being a European Union citizen.
Greece Golden Visa: A cheap way to EU permanent residency
The Golden Visa Greece program requires applicants to spend a current minimum of €250,000 in real estate in Greece, however, on 31 July 2023, the investment threshold for real estate will be raised from €250,000 to €500,000. This change will only apply to purchases in northern and central provinces, the South Athens Attica region, and the municipalities of Thessaloniki, Mykonos, and Santorini.
Nevertheless, 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.
Acquiring Greek citizenship provides you with the following benefits:
- Easily enter and exit Greece without restrictions;
- Live or remain in Greece for as long as you wish;
- Travel visa-free to the EU and Schengen nations;
- Access the world at large with Greece’s visa-waiver agreements (171 countries visa-free).
European residence benefits
The requirements for gaining EU resident status change from country to country. Each country has its own set of benefits to entice investors to choose it. Nevertheless, having citizenship in one of the European nations is an attractive and advantageous offer. To back up these assertions, consider the key benefits of obtaining European citizenship:
- High living standards, a modern healthcare system, and a high-quality education system;
- The ability to travel to Schengen nations without a visa, therefore, EU citizens do not have to spend time or money on visa applications. Such as mobility is especially important for entrepreneurs who operate with foreign partners;
- There are no conditions for residency, except in Portugal, where one must remain for at least a week in 365 days to have one’s status in the extended country;
- A spouse and children may be granted residency with the main applicant. In some jurisdictions, even parents may be included in the application.
IMPORTANT UPDATE: PORTUGAL GOLDEN VISA 2023
The Portugal Golden Visa program has recently undergone substantial changes. The new legislation, which took effect in October 2023, eliminated the purchase of real estate and real-estate-related funds as qualifying investment options for the program.
However, several attractive investment routes still maintain their eligibility for the program. To learn more, please refer to our comprehensive guide: Portugal Golden Visa
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 | |
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) |
The European Golden Visa’s Waiting Period and Validity
The waiting time for the EU 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 Golden Visa differ: For the Portugal Golden Visa, the waiting time is 18 months, and for the Greece Golden Visa, it is three months.
Remember, this presumes you have no travel limitations to the hosting country and can visit the proper immigration offices to deliver your biometric data on time. At the time of your application, it is necessary to get an update from your law agency on the most recent wait times.
How long is your Golden Visa card good once you receive it? The current validity periods of the two separate residences by investment schemes are listed below:
- Greece: Permits are valid for five years at a time.
- Portugal: The first permit is valid for one year, however, due to a legal amendment related to COVID-19, they began issuing the first card with a validity duration of two years in 2020. The other permits are valid for two years.
Which forms of investments are eligible for a Golden Visa in Europe?
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.
- Investment in Greek real estate for a minimum of €250,000*
- A €400,000 capital contribution to a Greek Government Bond
*It is important to note that the current minimum investment of €250,000 in real estate will increase 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.
Qualifying investments for Portugal Golden Visa:
- Fund Subscription: 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.
Time to be spent in the country to obtain a Golden Visa
Once you have obtained your Golden Visa, you must stay in Portugal for an average of seven days each year to maintain your Golden Visa status. If your Golden Visa is valid for two years, Portugal needs you to spend a total of 14 days in the country during that time.
As for Greece, there is no minimum stay requirement.
The Golden Visa Program as a Road to Citizenship in Europe
A Golden Visa is a pathway to permanent residency in a country. Residency can be your road to citizenship if you fulfill the country’s unique naturalization requirements. Once you obtain a Golden Visa in Portugal and Greece, you must meet their 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 the 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
Golden Visa Europe Programs’ Taxation
Taxation is unrelated to the Golden Visa program and is solely associated with an individual’s tax residency. You are not 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 will be subject to the tax rates 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.
Important Note: The Prime Minister of Portugal has recently announced his intention to eliminate the Non-Habitual Resident (NHR) regime starting in 2024. While this announcement is currently informal, it should be taken seriously. Read more here: Is The Portugal NHR Program 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.
Europe Golden Visa Application Costs
Applications for a Golden Visa require paying fees to the relevant authorities, apart from the qualifying investments. 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 – € 7730.10 (Approval fee)
- Per renewal – €3.865.7
Our Recommendation
Now, how do you decide which program to apply to? There are definitely many similarities between the Greece versus Portugal Golden Visa in terms of application time, passport ranking, minimum investment requirement, and family eligibility.
However, it is important to keep in mind that Greece applies more economic restrictions to its foreign residents than Portugal. While Golden Visa holders are able to work without restrictions in Portugal, this is not the case in Greece, where Golden Visa holders are allowed to live but not work (unless they create their own business).
In terms of Golden Visa investment routes, both countries have very attractive options — with slightly more diverse options for the Portugal Golden Visa. A major plus that Portugal has is the ability for Portugal Golden Visa holders to apply for a Portuguese passport five years after obtaining residency, in comparison to the seven years needed to acquire a Greek passport. Greek citizenship by naturalization also required a minimum of 183 physical residency, the ability to speak fluent Greek, and passing a Greek citizenship test.
Therefore if your ultimate goal is to obtain an EU passport, the Portugal Golden Visa scheme is highly recommended. On the other hand, for those eager to get the process to permanent EU residency over and done with, the Greece Golden Visa offers a fast processing time, and without the burdensome bureaucracy infamous to Portugal.
While Greece offers cheap investment options and no residency requirements, Portugal has been recognized as one of the best countries to live in for expats. With many attractive and affordable Golden Visa investment options, it is definitely the best Golden Visa program available in Europe in terms of stability, quality of life, and opportunities for foreigners.
Take a look at our Portugal Golden Visa Ultimate Guide by local experts.
To see the full list of reasons why to work with Global Citizen Solutions for your Portugal Golden Visa, you can find out more here: Why Work with Global Citizen Solutions for Your Golden Visa Portugal Application?Why choose Global Citizen Solutions for your Portugal Golden Visa?
Frequently Asked Questions about the Greece versus Portugal Golden Visa
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 Portugal Golden Visa 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 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?
We recommend applying for the Portugal Golden Visa 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?
It’s tough to make a choice between two stunning countries on the Mediterranean coast. Both countries offer a comfortable and relatively cheap cost of living. Ultimately, it depends on your personal preferences and the kind of investment pathway you are interested in. It’s possible to obtain long-term residency in Greece vs Portugal through Golden Visa. Plus, there are travel benefits for Greece and Portugal Golden Visa holders, which is full and free travel in the EU Schengen area. There are also great tax benefits for those holding a tax residence permit in either country.
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 as an applicant. 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. The Portugal Golden Visa is the Global Citizen Solutions recommendation. However, a benefit of the Greece Golden visa programs is the no minimum stay requirement, and cheaper investment options.
More On Greece and Portugal Golden Visa
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