Greece vs. Portugal Golden Visa: Investor Residency Programs Compared

Greece and Portugal operate two of Europe’s most popular Golden Visa programs, allowing non-EU citizens to gain residence in the countries by making a minimum investment of EUR 250,000. 

The two programs, however, differ in the types of investments they aim to attract and in some of the rights they grant to successful applicants. In this Greece vs. Portugal Golden Visa comparison, we’ll examine the programs across three major categories: 

1. The residency benefits they provide
2. Types of investments that qualify for the programs
3. The application process

Greece vs. Portugal Golden Visa: Residency Benefits

The Greek Golden Visa program typically awards a five-year residence permit, unless you invest in a startup, in which case you receive a one-year permit. Residence in Greece is renewable for an equal term or a longer, two-year term if you initially receive a one-year permit. 

Greece’s Golden Visa doesn’t require a mandatory stay in the country to maintain the residence permit. 

The Portuguese Golden Visa program, officially known as the Resident Permit for Investment Activity (ARI), awards you a two-year temporary residence permit, renewable for equal terms. After five years of temporary residency, you can become a permanent resident of the country.

While Portugal does have a mandatory minimum stay, it’s not too demanding:

• Seven days in the first year
• 14 days during a two-year period

To further compare the two programs’ benefits, we’ll examine how they affect your:

1. Tax status
2. Travel benefits 
3. Family reunification
4. Path to citizenship

Bonus read: If you’re interested in learning about other countries’ investment programs, explore our guides on Dubai Investor Visa, Panama Qualified Investor Visa, Panama citizenship by investment, and Cyprus citizenship by investment.

Tax Status

Greece and Portugal make a distinction between tax residents and non-residents for tax purposes. Both countries tax their tax residents on worldwide income and non-residents only on their domestic income, at the following rates:

Taxation Status	Tax Rate in Greece	Tax Rate in Portugal
Resident	9%–44% (15%–45% on income from real estate)	12.50%–48%
Non-resident*	9%–44% (15%–45% on income from real estate)	25%

*Tax rates for non-residents can vary and become significantly reduced depending on the relevant Double Tax Treaty of the non-resident investor’s country of residence.

In both countries, staying for more than 183 days renders you a tax resident. You can also become a tax resident if:

• You establish your main residency in the country, in the case of Portugal
• Your residency is considered the center of your vital interests, in the case of Greece

Both countries will apply the second condition even if you don’t meet the 183-day presence criterion.

Greece and Portugal both offer special tax regimes for new residents:

Special Tax Regime	Tax Treatment	Duration
Greece Non-dom	Lump-sum fixed tax payment of EUR 100,000 per year on all foreign earnings, regardless of income level	15 fiscal years
Portugal’s IFICI regime	Flat 20% tax rate on qualified Portuguese income and exemptions on most foreign income	10 fiscal years

Both programs have strict eligibility requirements, most notably not having been considered a tax resident for seven out of the previous eight fiscal years in the case of Greece, and no tax residency in the previous five years in the case of Portugal.

Travel Benefits

Both programs allow you visa-free travel within the Schengen area. 

As a non-citizen, you will still need to present a passport during air travel, if asked. You also won’t enjoy the benefits of having an EU passport for traveling outside of the bloc, at least until you become a citizen of Greece or Portugal.

Family Inclusion

Both Golden Visa programs grant residence to dependents.

Under the Greek program, certain family members can obtain residency that lasts as long as the main applicant’s. The included family members are:

• Your spouse or civil partner from a registered partnership
• The children you have with your spouse or civil partner, provided they are younger than 21 and unmarried
• Yours or your spouse’s or partner’s children from other relationships, as long as each partner has legal custody over their children (who are younger than 21 and unmarried)
• Yours or your spouse’s or partner’s parents

When your or your spouse’s children reach 21 years of age, they will receive a three-year residence permit of their own. 

The Portuguese program allows the following family members to obtain residency under the family reunification policy:

• Your spouse
• Children, including adopted children:
  • Minor children (17 or younger)
  • Adult children (between the ages of 18 and 25) who are unmarried, financially dependent, and full-time students
  • Children with disabilities who are dependent on you and your partner
• Yours or your spouse’s parents, provided they are dependent on you
• Brothers or sisters younger than 17, provided you have legal guardianship over them

Path to Citizenship

Both visas allow you to accrue time towards citizenship by naturalization. Each country has its specific requirements: 

• Greece: You have to be resident for seven years, although this could be reduced to three years if you marry a Greek person and have a child with them
• Portugal: You have to be resident for five years; however, the required duration is subject to policy changes and could soon increase to 10 years

Portugal’s shifting policies make the program unpredictable. You can stay ahead of the changes by working with a trusted global mobility advisor firm.

Portugal vs. Greece Golden Visa: 4 Major Types of Investments

The major difference between Greece’s and Portugal’s Golden Visa programs is in the type of investments they want to attract:

• Greece offers more options for a passive investment
• Portugal offers more options for active investors with strategic contributions to boost employment or benefit the country culturally

To examine both programs’ offerings, we’ll present eligible investments in the following sectors:

1. Real estate
2. Business
3. Finance
4. Other

1. Real Estate Investments

Portugal used to require a real estate investment of at least EUR 500,000 for its Golden Visa. 

However, the program has undergone significant changes in 2023, most notably eliminating real estate investments as a qualifying factor. When applying for a Portuguese Golden Visa, you will have to choose another available type of investment. 

Greece’s Golden Visa allows real estate investments. They are separated into three tiers, based on their location and type of property, with different minimum investment values:

Minimum Investment Value	Type of Property
EUR 800,000	Property in Attica, Mykonos, Thessaloniki, Santorini, and islands with over 3,100 inhabitants
EUR 400,000	Property in other parts of the country
EUR 250,000	Property that was converted to residential or property that needs restoration

As a real estate investor with a Greek Golden Visa, you are not permitted to work in the country. You’ll also need to continue owning the property to maintain the residence, and you won’t be able to use it for short-term rentals, business offices, or subletting purposes.

Greece also allows you to make a real estate investment in four different ways:

1. By owning it personally, or co-owning it with a spouse or a partner
2. By purchasing it through a Greek or EU company that’s 100% in your ownership
3. Through a long-term lease for tourist accommodation or a timeshare
4. By inheriting it or having it gifted to you by your parents

2. Business Investments

The Greek Golden Visa offers several types of business investments as a way of meeting the program’s requirements, including:

• A EUR 250,000 investment in a Greek startup that results in the creation of two new jobs within a year
• A EUR 500,000 investment in a new company in Greece, with positive effects on the country’s economy

Portugal’s Golden Visa recognizes three types of investments in businesses as eligible for the program:

1. A EUR 500,000 investment to establish a company and create at least five new jobs
2. A EUR 500,000 investment in an existing company and creation of at least five jobs or maintenance of at least 10 existing jobs
3. An investment of a non-specified amount that leads to the creation of 10 jobs

If you decide to open a company in a low-density area in Portugal, which means it’s either sparsely populated or is below the average national GDP, an investment that creates eight jobs would still be eligible.

3. Financial Investment

The following financial investments are eligible under the Greek Golden Visa program, provided they are made using funds from abroad:

Amount Invested	Type of Investment
EUR 800,000	Shares or bonds traded on the Greek securities market, purchased through an investment firm
EUR 500,000	Shares in a Greek company or a real estate investment company that invests solely in Greece Shares in capital venture companies or mutual funds Government bonds with at least three years of remaining maturity A one-year fixed-term deposit in a local bank
EUR 350,000	Units in a mutual fund with at least EUR 10 million in Greek-listed assets Units in an alternative investment fund with at least EUR 3 million in Greek-listed assets

For the Portuguese Golden Visa, you can invest in a non-real estate collective investment company, provided that the investment meets the following criteria:

• It is at least EUR 500,000 in size
• It has five years of maturity 
• At least 60% of the value is realized in Portugal-based real estate companies

4. Other Types of Investments

Portugal offers two more types of eligible investments for the Golden Visa program: 

1. A EUR 500,000 investment in public or private scientific research institutions
2. A EUR 250,000 investment in public institutes, foundations, or other entities that support artistic production, or the discovery or maintenance of cultural heritage

Application Process and Cost

Both Greece’s and Portugal’s Golden Visa programs allow you to submit application documents online, through the Immigration Portal and the ARI Portal, respectively. While both processes are heavily digitized, you will still be required to travel to the respective country, either for an in-person appointment (Portugal) or to leave your biometrics (Greece). 

The documents you should prepare for the process include: 

• Your passport, with additional passport-sized photos of yourself
• Health insurance with coverage in the host country
• Documents related to your investment 

Portugal will also require you to submit a criminal record certificate. 

The fees for the two programs are:

Type of Fee	Portugal	Greece
Application fee	EUR 605	EUR 2,000
Resident card issuance fee	EUR 6,045.20	EUR 16

Greece vs. Portugal Golden Visa: How To Make the Right Decision

The Greek and the Portuguese Golden Visa programs offer you a relatively low price of entry for a potentially significant gain: EU citizenship and a passport. However, the differences between the two can sway you on either side, depending on whether you prefer to earn a passive income or want to participate in your host country’s economic future. 

The major point of difference, however, is the stability of the programs. Portugal’s Golden Visa has recently undergone significant changes. Additional policy changes were announced that could affect the value of the Golden Visa permit, including the potential extension of the residency requirement for citizenship. 

While Greece’s Golden Visa may currently have a clear advantage for many investors, Portugal is still the preferable option for some, depending on individual circumstances and objectives. If you are considering either route, acting promptly can help you avoid potential future changes to the programs.

To determine which option is best suited to your needs and prepare your application as efficiently as possible, contact Nomad Capitalist for tailored guidance and support.

Choose the Most Suitable Golden Visa Program With Nomad Capitalist

Nomad Capitalist is an advisory company specializing in global mobility and wealth preservation. We’ve helped over 1,500 high-net-worth individuals achieve their financial and lifestyle goals through tax optimization and the successful acquisition of residencies and citizenships abroad. 

To ensure we address your individual objectives and requirements, we develop a personalized Action Plan, a 360-degree strategy tailored to your unique circumstances. Here’s how we approach our collaboration:

1. We ask you to fill out a form to confirm that our services are a good match for your situation
2. We schedule a 45-minute onboarding call to learn more about your circumstances and goals
3. Our team creates the Action Plan and presents it to you for approval 
4. We proceed with the implementation of the Plan over a 12-month period
5. You continue receiving support from us, even after the Plan has been fully implemented

If you’re having trouble choosing between the Greek and the Portuguese Golden Visa, Nomad Capitalist can help you determine which program is better suited for you. We will also manage the application process, providing support all the way until you acquire citizenship in the country of your choosing.