Portugal and Greece have Golden Visa programs that allow foreigners to obtain residence permits by investment. The minimum eligible sum is €250,000 in both countries.
In this article, we compare Portugal and Greece Golden Visas, so that you can decide which investment program suits you better.
A Golden Visa is a residence permit issued in exchange for investment in a country’s economy. Applicants can buy real estate, purchase securities, or open companies. After passing Due Diligence, they become residents within several months.
Greece and Portugal are among the several European countries that have Golden Visa programs.
Timeframes. In Greece, the status is obtained within 4 or more months, whereas in Portugal, the process is longer and takes at least 12 months.
Investment options. Greece has nine investment options, the most popular of which is purchasing real estate worth at least €250,000. However, since August 31st, 2024, the investment threshold will increase to €400,000 and €800,000, depending on the region.
Portugal offers five investment options but does not allow the purchase of real estate under the Golden Visa program. Most applicants choose to purchase investment fund units for €500,000.
Some common advantages of the Portugal and Greece Golden Visas are:
Differences do exist, especially regarding minimal residency requirements. Portugal requires foreigners to visit the country for at least 7 days a year to maintain the status. There is no such requirement in Greece, which is a major advantage compared to other Greek residence permit types.
While both countries offer special tax regimes, Portugal has specific criteria for eligibility. Investors who are tax residents in Madeira or the Azores and work in companies there can obtain the tax status of a Non-Habitual Resident (NHR). This status also applies to investors working in startups. In Greece, any investor can pay a flat tax if they obtain tax residency.
| Criteria | Portugal | Greece |
| Visa-free travel to the Schengen Area | Yes, for up to 90 days within a 180-day period | Yes, for up to 90 days within a 180-day period |
| Access to free public education and healthcare | Yes | Yes |
| Residency requirements to maintain the status | 7 days per year | None |
| Special tax regime for investors | Yes, but only for certain categories of new tax residents; The flat tax of 20% on income earned in Portugal | Yes, for new tax residents; The flat tax on the global income is €100,000 per annum |
| Inclusion of family members | Yes, spouses, children, and parents | Yes, spouses, children, and parents |
| Return of investment | Yes, under the purchase of investment fund units option | Yes, under the purchase of real estate, bonds, and shares options |
| Path to citizenship | Yes, after 5 years Relocation is not necessary | Yes, after 7 years Relocation is required |
Foreigners can obtain residency status in both countries if they invest at least €250,000. In Portugal, applicants choose from 5 options, while Greece offers almost twice as many paths to residency by investment.
Portugal has the following options:
In addition to making the investment, foreigners must pay an application fee of €605 per person, a residence permit card issuance fee of €6,045 per person, and a minimum administrative fee of €300 per person. All applicants must have health insurance costing about €400 per individual.
In Greece, there are 9 investment options:
Starting September 1st, 2024, investors buying real estate must contribute €400,000 to 800,000, depending on the location of a property.
The minimum investment is €800,000 for real estate in Attica, Thessaloniki, Mykonos, Santorini, and on islands with the population of 3,100 and more people. The required investment is €400,000+ if real estate is located in other regions.
The previous minimum sum of €250,000 applies only if the investor purchases a property for renovation or conversion into residential premises.
Aside from investment, the applicant also pays a fee of €2,000 for themselves and €150 per every adult family member included in the application. Health insurance, which is obligatory, costs about €300 per person.
Those who buy real estate in Greece must also pay notary fees of 1—2% of the property value and a property transfer tax of 3.09% of the property value.
Let’s consider the expenses for obtaining Golden Visas under the most popular investment options: purchase of investment fund units in Portugal and buying real estate in Greece.
| Expenses | Portugal Golden Visa for a single applicant | Portugal Golden Visa for a family of four | Greece Golden Visa for a single applicant | Greece Golden Visa for a family of four |
| Investment | €500,000+ | €500,000+ | €250,000+ | €250,000+ |
| €6,950 | €27,800 | €2,000 | €2,150 | |
| Health insurance | €400+ | €1,600+ | €300+ | €1,200+ |
| Total | €507,350+ | €529,400+ | €252,300+ | €253,350+ |
Investors applying for a Portugal or Greece Golden Visa must meet the following criteria:
Portugal Golden Visa applicants must also ensure their investment funds are earned outside Portugal.
In both countries, investors can include their spouses, children, and parents in the application.
| Portugal | Greece | |
| Spouse | In a registered marriage or unregistered partnership; Same-sex couples included | In a registered marriage or with a cohabitation agreement registered and signed in Greece; Same-sex couples included |
| Under 18 — no requirements; Aged 18 to 26 — financially dependent and either live with the investor or study at a university | Under 21 — unmarried; the spouse’s children must be in the investor’s custody; Aged 21 to 24 — unmarried and studying at a university | |
| Unver 65 — financially dependent, which is proved by documents; Over 65 — no proof of financial dependency is required | Financially dependent on the investor; No age limit |
According to the experience of Immigrant Invest lawyers, obtaining a Golden Visa takes at least 12 months in Portugal and at least 4 months in Greece. During this period, the investor must visit the chosen country to submit biometrics and provide original documents. Immigrant Invest accompanies applicants throughout the entire process.
A certified Compliance Anti-Money Laundering Officer checks the investor’s background against global databases, such as Europol and Interpol, to identify refusal risks. This process usually takes one day. After this, Immigrant Invest signs an agreement with the applicant.
In both countries, the applicant must obtain a tax number: Número de Identificação Fiscal (NIF) in Portugal and a Tax Identification Number (AMF) in Greece. This is necessary for activities like buying or renting real estate, opening bank accounts, and registering businesses.
Immigrant Invest lawyers apply for a tax number on behalf of the investor.
The applicant fulfils the investment requirements, such as opening a company or purchasing securities. Lawyers gather all documents proving the investment.
Lawyers provide the applicant with a customised list of required documents, fill out government forms, and assist with translation and notarisation.
In Portugal, e-copies are sent to the Agency for Integration, Migration and Asylum (AIMA). The application is considered within 4‑5 months.
In Greece, documents are submitted via the official website of the Greek migration service, with consideration taking 1—2 weeks.
Once the application is approved, the investor enters Portugal or Greece on the Schengen visa.
The investor and their family visit Portugal or Greece to submit original documents and fingerprints for residence permit cards. The appointment is booked in advance.
In Portugal, AIMA reviews documents and biometric data for up to 8 months. In Greece, the authorities consider the application within 1—2 months. Once approved, the investor collects their documents in person or through a lawyer.
To maintain residency in Portugal, investors and their families must stay in the country for at least 7 days annually. The residence permit requires renewal every 2 years.
Greek residence permits are granted for 5 years, with the opportunity for extension for the same period.
To prolong the status, the investor must undergo the same application process again and maintain the investments.
Foreigners can obtain permanent residence 5 years after receiving temporary residence permits in both countries.
Opening a bank account. During the process of obtaining the Golden Visa in Portugal, the investor must open a Portuguese bank account and transfer the investment money from it. Immigrant Invest assists in opening and activating the account. The process takes 1 to 1.5 months.
Those applying for the Golden Visa in Greece don’t need to have a Greek bank account. They can transfer investment money from banks in other countries.
Both the Portugal and Greece Golden Visas lead to citizenship. To obtain a passport, the foreigner must meet residency requirements, gather documents, and file an application with the country’s authorities.
Years of residence. Portuguese citizenship can be obtained after 5 years of holding a residence permit. In Greece, a person becomes eligible for a passport after 7 years of being a resident.
Physical presence. Portuguese residents who want to become citizens do not need to live in the country continuously. Spending 7 days per year is enough to maintain the status. A person must live in Greece for at least 183 days a year to obtain Greek citizenship.
Language proficiency. Both countries require foreigners to know the official language: Portuguese in Portugal and Greek in Greece.
Citizenship test. In Greece, applicants must pass a citizenship test that includes questions on the country’s culture, history, geography, and civics. There is no citizenship test in Portugal.
Greece and Portugal are relatively similar countries. They both have a Mediterranean climate and a low cost of living compared to many other EU states. However, people choose them for different reasons.
Portugal is one of the safest countries in the world, so it is perfect for families and retirees looking for a calm and peaceful lifestyle. Digital nomads often choose Portugal, making it a great option for remote workers who want to be around like‑minded people.
People who enjoy water sports might also find Portugal very appealing. Due to its favourable climate, diverse coastline, and strong maritime traditions, the country is usually seen as a fantastic destination for both sailing and surfing.
Greece might benefit businesspeople who would like to optimise their taxes. For example, investors who obtain Golden Visas and become tax residents have the right to pay a flat tax of €100,000 on their foreign income annually.
The country is an excellent choice for history and culture lovers, as there are many ancient sites dating back to centuries BC. Greece is also great for people who like travelling. Its location allows easy access to countries such as Italy, Bulgaria, Türkiye, Egypt, Lebanon, and many others.
| Criteria | Portugal | Greece |
| Population | 10.41 million | 10.43 million |
| Climate | Mediterranean with hot, dry summers and mild, wet winters; +25…35°C — the average summer temperature; +8…16°C — the average winter temperature | Mediterranean with hot, dry summers and mild, wet winters; +25…30°C — the average summer temperature; +5…10°C — the average winter temperature |
| Average living expenses per month | €670 for one person; €2,400 for a family of four | €800 for one person; €2,700 for a family of four |
| Average monthly rent | €730—960 for a one-bedroom apartment; €1,200—1,700 for a three-bedroom apartment | €400—500 for a one-bedroom apartment; €700—830 for a three-bedroom apartment |
| Free healthcare for residents and citizens | Available | Available |
| Income and corporate taxes | 14.5—48% — for individuals; 21% — for companies | 9—44% — for individuals; 22% — for companies |
| Official language | Portuguese | Greek |
| Use of English | Widely spoken | Widely spoken |
Yes, the Golden Visa program functions in Portugal. To participate, a foreigner must invest at least €250,000 in the country’s economy.
The minimum investment threshold is €250,000. This sum is contributed to supporting arts and restoring cultural heritage.
Other options include the purchase of investment fund units, investment in research activities, and starting a business with the creation of at least 5 jobs. Applicants choosing one of these options must contribute at least €500,000.
There is no minimum sum established if the investor opens a company and creates 10 jobs.
No, it is no longer possible. In 2023, Portuguese authorities abolished this investment option.
Now, foreigners can get residency in Portugal if they buy investment fund units, support the arts, restoration of cultural heritage or research activities, or open a company. The required sum is €250,000—500,000, depending on the option.
It is hard to say whether the Portugal Golden Visa is better than the Greek one. The answer depends on the investor’s preferences.
The Portuguese Golden Visa is more beneficial for people who want to obtain citizenship without the need to relocate. The program requires investors to spend only 7 days a year in the country to maintain the status. However, the process of acquiring Portuguese residency by investment takes at least 12 months.
The Greece Golden Visa might be attractive to people who want to invest in real estate or obtain resident status faster. The process takes 4—6 months.
Yes, Greece has the Golden Visa program. To participate, foreigners must invest €250,000+ in the country’s economy. It takes at least 4 months to obtain the Golden Visa.
Yes, Greek authorities introduced changes concerning the minimum investment sum for real estate purchases. Since August 31st, 2024, applicants will need to invest at least €400,000. If they buy real estate in popular locations, such as Attica, Thessaloniki, Mykonos, or Santorini, they will need to pay at least €800,000.
All European Golden Visas have their own advantages. However, the Portugal program is one of the most popular ones among investors.
Both countries are great choices for relocation. Greece might be excellent for people enjoying history and culture, as well as for those who like travelling. Portugal is a great choice for digital nomads and families.
In general, it is hard to say which country is better as everything depends on individual preferences.
Immigrant Invest is a licensed agent for government programs in the European Union and the Caribbean.
Hello,
I want to buy a house in Europe and obtain a EU citizenship in future. Which program should I choose?
Hello Rahul,
Thank you for your question.
If your primary goal is to become an EU citizen in the future, a Portugal Golden Visa might be the right choice for you. Portugal Golden Visa holders can apply for citizenship by naturalisation after 5 years of holding residence permits. There is also no requirement to permanently live in the country: investors and their families only need to stay in Portugal for at least 7 days annually.
However, you should note that Portugal does not grant residency for investments in real estate.