New Greece Golden Visa vs. Portugal Golden Visa: Full Guide Comparison

In the landscape of European residency by investment programs, the Greek Golden Visa and the Portuguese Golden Visa stand out as two of the most sought-after options. Both offer attractive opportunities for investors looking to secure residency and potentially citizenship in the European Union.

However, each program comes with its unique features, investment requirements, and lifestyle considerations. Especially after the Greek government changed their program and increased the minimum required investment, the choice becomes not as clear as it was before.

This guide will dive into a detailed comparison of the two, focusing on investment criteria, application processes, permanent residency pathways, and more, to help you make an informed decision.

Contents

Investment Requirements

Golden Visa Investment Income Comparison

Application Process for Portugal and Greece Golden Visa

Permanent Residency and Citizenship

Lifestyle

Comparison Chart of Greece and Portugal Golden Visa

Greece vs. Portugal: Which Golden Visa Is Better?

Conclusion

Investment Requirements

Portugal Golden Visa Investment Requirements

Investment Funds: Investors can choose to invest a minimum of €500,000 in qualified Portuguese investment funds, which are often managed by professional fund managers and offer a diversified investment portfolio. Real Estate Funds are not eligible.
Job Creation: An investment of €500,000 in a business that creates at least 5 permanent jobs.
Research & Development: A minimum investment of €500,000 in scientific or technological research in Portugal.
Cultural Heritage Donation: A €250,000 donation to support cultural heritage or arts.

Greece Golden Visa Investment Requirements

€250,000. A specialized real estate investment focused on converting commercial properties into residential spaces or restoring listed buildings, irrespective of their location or size.
€800,000. Real estate investment for high-demand areas, Attica, Thessaloniki, Mykonos, Santorini, the islands, which have a population of more than 3,100, and most municipalities in Athens.
€400,000 in real estate in all other regions of Greece. Property Specifications: Each investment must be in a single property with a minimum area of 120m². The use of properties for short-term rentals is prohibited, reflecting Greece’s broader housing policy objectives.
A minimum of €500,000 investment in: a) a fixed-term deposit in a Greek credit institution; b) a public limited real estate investment company investing exclusively in Greece, c) a closed-end investment company or mutual fund, d) a Greek-based company for a share capital increase or bonds issued for trading on regulated Greek markets or multilateral trading facilities; e) the purchase of Greek government bonds with a remaining maturity of at least three years, through a Greek credit institution.
€350,000. Acquisition of shares or stocks in a mutual fund that invests exclusively in shares, corporate bonds, or Greek government bonds traded on regulated markets or multilateral trading facilities in Greece, or in an alternative investment fund established in Greece or another EU member state, exclusively focused on investing in Greece.
A 10-year timeshare or lease agreement for hotel accommodations or furnished tourist residences valued at a minimum of €400,000 or €800,000, depending on the designated threshold zone.
€800,000. Acquisition of shares, corporate bonds, or Greek government bonds traded on regulated Greek markets or multilateral trading facilities.

Both the Greek and Portuguese Golden Visa programs present unique opportunities for investors, each catering to different goals and preferences. Greece’s program is ideal for those looking to invest in real estate, particularly in high-demand areas, or in bonds and shares tied to the local economy, though it comes with specific property requirements and restrictions on short-term rentals.

Portugal offers a broader range of investment options, with investment funds being the most secure and predictable income-generating choice. Other options, such as job creation or research, may carry higher risks and less stable returns.

Later in this article, we focus on comparing the two most popular options: investing €500,000 in funds for the Portugal Golden Visa and making the minimum €250,000 specific real estate investment for the Greece Golden Visa.

Golden Visa Investment Income Comparison

Portugal: investment funds offer a diversified portfolio managed by professional fund managers. These funds typically focus on a variety of sectors such as real estate, technology, renewable energy, and infrastructure, among others.

Expected Annual Returns: The annual returns from these funds can vary widely, depending on the specific fund, its investment strategy, and market conditions. On average, these funds might yield an annual return of 5% to 10%.

Investing in real estate for Greece Golden Visa can offer substantial rental income, particularly in high-demand areas. However, recent changes have restricted short-term rentals, which could impact potential income, especially in tourist-heavy regions.

Expected Annual Rental Yield: The rental yield for Greek properties varies by location, property type, and market conditions. Historically, rental yields in Greece have been in the range of 3% to 5% for long-term rentals.

Risk and Stability

Portugal: Investment funds are subject to market risks and performance variability. However, they are professionally managed, which may help mitigate risks. The diversified nature of funds also spreads risk across multiple assets.
Greece: Real estate offers a relatively stable investment, especially in prime locations. However, the recent rental restrictions could reduce income potential, and property market fluctuations could affect both rental yields and capital appreciation.

Flexibility and Liquidity

Portugal: Investment funds typically offer less flexibility in terms of liquidity, as funds are usually locked in for several years. The success of the exit strategy largely depends on the fund’s performance in the market. Professional fund managers with expertise in investment management carefully calculate and execute the exit strategy, ensuring optimal returns for investors.
Greece: Real estate is less liquid, but it offers the advantage of tangible ownership. The investor has more control over the property, including the option to use it personally or sell it once the minimum holding period is met.

Both investment options offer competitive income potential, but they cater to different risk profiles and investor preferences.

Choose Portugal if you prefer a diversified investment with professional management and higher income and, but you are comfortable with the potential variability in returns.

Choose Greece if you value the stability of real estate and prefer a tangible asset that you can control directly. The Greek option is particularly suited for investors who prefer lower initial investment amounts while still securing European residency.

Application Process for Portugal and Greece Golden Visa

Common requirements for applicants for both countries

over 18 years old;
proven legal income;
investment funds originating outside of the country whose residence permit the investor wants to obtain;
clean criminal record;
an individual has to keep an investment minimum for 5 years.

Processing Time

The processing time for the Portuguese Golden Visa is generally 9-12 months, reflecting a more thorough administrative procedure.

The Greek Golden Visa typically has a processing time of 6-10 months.

Government Costs

	Greece	Portugal
Initial Application Fee	None	€773.74 per applicant
Approval Fee	€2,000, €150 for each family member	€7,730.10 per visa holder
First Visa Renewal Fee	€2,000, €150 for each family member	€3,865.79 per visa holder
Total	€4,000	€12,369.63

Minimum Stay Requirement to Maintain Golden Visa Status

Portugal implements a phased residency requirement. In the first year, a minimum stay of 7 days is required. Thereafter, you must maintain residency by spending at least 14 days in Portugal every two years.

Greece does not impose a minimum stay requirement, allowing investors to maintain their primary residence outside the country while holding Greek residency.

Eligible family members

	Greece	Portugal
Spouse	Yes	Yes
Children	Under 21 years old, provided they are not married	Under 18 years old. Under 25, provided they are not married and are students.
Parents	Parents of the main applicant and spouse	Parents of the main applicant above 65 years old
Grandparents	Grandparents of the main applicant and spouse	No

Golden Visa Residency Renewal Process

Portugal offers a two-year Golden Visa upon program acceptance. Subsequent renewals occur every two years, ensuring a streamlined and consistent process for maintaining your residency status.

Greece grants a 5 years Golden Visa upon successful application. Investors can renew visas for the next 5 years. To renew the Golden Visa, you need to keep your investment.

Greece Golden Visa presents a faster and more straightforward application process, making it an appealing choice for investors seeking a swift path to residency. The Greek Golden Visa also stands out for its broader family inclusion, allowing applicants to include parents and grandparents, and for its significantly lower government fees.

Portugal’s Golden Visa comes with a longer processing time, higher costs, and more limited family inclusion, making it a less attractive option for those prioritizing efficiency and family considerations.

Permanent Residency and Citizenship

Permanent Residency

Portugal offers permanent residency after five years of holding the Golden Visa. The country’s flexible residency requirements make it easier for investors who cannot spend long periods in Portugal.

Greece. Investors can apply for permanent residency after holding the Golden Visa for five years. The residency does require actual physical presence in Greece, which is a significant disadvantage for investors who are not planning to relocate.

	Greece	Portugal
Eligibility	After 5 years of legal residency	After 5 years of legal residency (including initial application waiting period)
Minimum Stay Requirement	183 days per year over 5 years	7 days in the first year, then 14 days every two years thereafter

Citizenship

One of the most attractive aspects of the Portuguese Golden Visa is the possibility of applying for citizenship after five years. Portugal’s soft residency requirement, coupled with the shorter path to citizenship, makes it a highly favourable option.

Greek citizenship can be pursued after seven years of continuous residence, with requirements including language proficiency and integration into Greek society.

	Greece	Portugal
Eligibility	After 7 years of legal residency	After 5 years of legal residency (initial application waiting period is included)
Minimum Stay Requirement	183 days per year over 5 years	7 days in the first year, then 14 days every two years thereafter
Other Requirement	Knowledge of Greek language, culture, history, and civic responsibilities.	Knowledge of the Portuguese language

Portugal clearly stands out for investors aiming for European citizenship, offering a faster track with more lenient residency requirements. With Portugal’s Golden Visa, investors can apply for citizenship after just five years of residency, and the minimal stay requirement (just 14 days every two years) adds to its appeal.

In contrast, while allowing investors to obtain residency without any physical presence, Greece requires a longer pathway to citizenship and PR, seven years of continuous residence. The need for a more extended stay and deeper integration into Greek society may deter investors who prioritize a quicker and less demanding route to EU citizenship.

Lifestyle

When choosing between Greece and Portugal for your Golden Visa investment, lifestyle considerations play an important role. Both countries offer unique cultural experiences, climates, and living environments that can significantly influence your quality of life.

Climate

Portugal and Greece both enjoy Mediterranean climates but with distinct regional variations. Portugal’s coastal regions, such as the Algarve and Lisbon, offer warm, sunny days year-round, ideal for outdoor activities like surfing, hiking, and golfing. Northern Portugal, including Porto, experiences cooler temperatures and more rainfall, particularly in winter.

In contrast, Greece has hot, dry summers and mild, wet winters. Southern regions and islands like Crete and Rhodes are especially warm, attracting year-round residents. Northern Greece, including Thessaloniki, can see colder winters with occasional snowfall, making it a varied climate suitable for diverse outdoor activities like swimming and sailing.

Cost of Living

Both Portugal and Greece offer relatively low costs of living compared to other Western European countries, though there are regional differences. In Portugal, housing and daily expenses like groceries, transportation, and dining out are affordable, particularly outside major tourist areas. Similarly, Greece offers a low cost of living, especially in rural areas and smaller towns. However, in cities like Athens or on popular islands like Mykonos, housing costs can be significantly higher. Despite this, daily living expenses in both countries remain manageable, making them attractive for those seeking an affordable European lifestyle.

Healthcare

Portugal’s public healthcare system (SNS) is comprehensive and accessible to all residents, including expatriates, with high-quality care in modern facilities. Many expatriates also choose affordable private healthcare for quicker access to specialists.

Greece’s public healthcare system (ESY) similarly provides low-cost medical care, though many opt for private healthcare, which is of high quality and widely available in urban areas. Private healthcare costs in Greece are relatively low compared to other Western nations, making it a viable option for expatriates seeking comprehensive medical coverage.

When comparing the lifestyle in Greece and Portugal, both countries offer a high quality of life with their own unique cultural and environmental advantages. Greece is ideal for those who appreciate a rich historical heritage, vibrant traditions, and a warmer climate, particularly in the summer. It offers a blend of modern and traditional living, with affordable costs and a strong sense of community.

Portugal, on the other hand, offers a mild climate, a more structured and accessible healthcare system, and a welcoming atmosphere for expatriates. Its relatively low cost of living, combined with a high quality of life, makes it particularly attractive for retirees and families. The ease of integration, especially with English being widely spoken, adds to Portugal’s appeal as a long-term destination.

Comparison Chart of Greece and Portugal Golden Visa

In this chart, we focus on comparing of 2 most popular options, investment in Funds for Portugal Golden Visa €500 000 and minimum investment in real estate for Greece Golden Visa €250 000.

Feature	Greece	Portugal
Investment amount	€250,000	€500,000
Type of investment	A specific real estate investment focused on converting commercial properties into residential	Venture and Private Equity funds, supervised by the government
Minimum stay requirement to keep Golden Visa	None	7 days in the first year, then no less than 14 days every two years
Golden Visa validity	5 years, renewable for another 5 years.	2 year, renewable every 2 years
Path to permanent residency	After 5 years	After 5 years
Minimum stay requirement for PR	183 days a year during the 5 years	7 days in the first year, then no less than 14 days every two years
Path to EU citizenship	After 7 years of continuous residence	After 5 years, coming 14 days per 2 years.
Processing time	6-10 months on average	9-12 months on average*
Government Costs	€4,000	€12,369.63

* Portugal’s recent law recognizes the start of legal residency from the date when residency was requested. This change means that this waiting period will be included in the 5-year residency duration calculation.

Greece vs. Portugal: Which Golden Visa Is Better?

Greece Golden Visa

Advantages:

Real Estate Investment: Greece’s Golden Visa is ideal for those who prefer real estate investments, offering opportunities to generate rental income, especially in high-demand areas and tourist hotspots.
Lower Costs: The initial investment in Greece is less than in Portugal, and government fees are significantly lower, making it a more affordable option overall.
Quicker Process: The Greek Golden Visa process is faster, often taking 2-3 months, saving you at least six months compared to Portugal’s longer processing time.

Disadvantages:

Stricter Residency Requirement: To qualify for permanent residency, you must spend at least 183 days per year in Greece, which might be restrictive for some investors.
Longer Path to Citizenship: Greece requires seven years of continuous legal residency before you can apply for citizenship, which is longer than the five years required by Portugal.
Ongoing Investment Requirement: You must maintain your investment for as long as you hold your Golden Visa, limiting flexibility if you wish to liquidate or change investments.

Portugal Golden Visa

Advantages:

Faster Path to Citizenship: Portugal offers a faster route to citizenship, allowing investors to apply after five years of residency, with a minimal stay requirement of just 14 days every two years.
Possible higher income: offers a wider range of investment options through the Funds with potentially higher ROI.
Less Restrictive Residency Requirements: Portugal’s Golden Visa has more lenient residency requirements, requiring minimal physical presence in the country, making it ideal for investors who do not plan to relocate immediately.

Disadvantages:

No Real Estate Investment: The Portuguese Golden Visa program does not currently accept applications based on real estate investments. This limits options for investors who prefer the stability and tangible nature of property ownership.
Higher Costs: The program requires a higher minimum investment compared to other Golden Visa programs, particularly in Greece. Additionally, government fees and associated costs are also higher, making it a more expensive option overall.
Longer Processing Time: The process for obtaining a Portuguese Golden Visa can take a year or more to complete. This longer timeline may be a disadvantage for those seeking quicker residency or citizenship.

Why Choose the Portuguese Golden Visa?

Portugal’s Golden Visa is better suited for investors looking for possibly higher return of investment, a faster pathway to citizenship, and a flexible residency requirement. It is especially appealing to those who value the option of permanent residency or citizenship within a shorter timeframe, and those who are considering relocating to Portugal due to its high quality of life and easy integration process.

Why Choose the Greek Golden Visa?

The Greek Golden Visa is ideal for investors who prefer a faster, more straightforward process with minimal residency requirements. It is particularly suited for those who are interested in investing in Greece’s real estate market, especially in regions outside the high-demand areas, where the investment threshold remains more affordable. Moreover, those who are not seeking citizenship in the near term but want a European residency with flexibility will find Greece an attractive option.

Conclusion

Choosing between the Greek and Portuguese Golden Visa programs depends largely on your investment goals, residency plans, and lifestyle preferences. Greece offers a more streamlined process with a focus on real estate investments in specific areas, while Portugal provides opportunities for higher income and a more diverse range of investment options, coupled with a faster path to citizenship.

Both programs have their distinct advantages, but if your priority is citizenship within a shorter period, with the flexibility of minimal stay requirements, Portugal might be the better choice.

On the other hand, if you seek a quick and straightforward residency process with a focus on real estate, Greece could be the ideal destination.

We hope this guide has been helpful. If you are interested in this Visa, we are happy to give you detailed information via call or Zoom meeting. We analyze your situation from different perspectives, give full support in the process. We advice you about the optimal investment and best strategy to use in your case. You can schedule a meeting at a suitable time here.