If you’re a non-EU citizen looking to live in Europe, both Greece and Portugal offer excellent residency options through their Golden Visa programs.
These programs allow you and your family to live, work, and travel within the Schengen Zone, with the possibility of gaining EU citizenship over time. While both countries provide attractive benefits, there are key differences that might make one more suitable for your situation than the other.
In this guide, we’ll break down the Greece Golden Visa and Portugal Golden Visa, highlighting their advantages and what you should consider when making your decision.
Overview of Greece and Portugal’s Golden Visa Programs
Both countries have Golden Visa programs designed to attract foreign investors. Greece launched its program in 2013, while Portugal introduced theirs in 2012. These visas allow you to invest in real estate or other qualifying assets and, in return, gain residency for yourself and your family. Eventually, these programs offer a pathway to European citizenship.
Greece Golden Visa Program
- Minimum Investment: €400,000 for most areas, €800,000 for high-demand regions like Athens, Mykonos, and Santorini.
- Residency Requirements: No requirement to live in Greece to maintain the visa.
- Time to Citizenship: 7 years of continuous residency.
- Family Members: Spouse, children under 21, and parents of both spouses can be included.
- Visa-Free Travel: Allows travel to the Schengen Area.
Portugal Golden Visa Program
- Minimum Investment: €250,000.
- Residency Requirements: You need to spend 14 days every two years in Portugal.
- Time to Citizenship: 5 years of continuous residency.
- Family Members: Spouse, children under 18, or dependent children in full-time education.
- Visa-Free Travel: Also allows travel to the Schengen Area.
Benefits of Each Program
Both visas provide the opportunity for long-term residency in Europe, but there are some differences to note.
Greece’s Golden Visa is well-suited for those who prefer more flexibility in terms of residency, as it doesn’t require you to live in the country to maintain your visa.
This means you can invest in Greece and live elsewhere without worrying about meeting residency requirements. Greece’s larger investment options in specific areas also allow investors to focus on high-demand locations.
Portugal’s Golden Visa, on the other hand, has a quicker route to citizenship, requiring only 5 years of residency compared to Greece’s 7 years. Additionally, Portugal’s residency requirement is minimal – just 14 days every two years – making it a great option for those who want to maintain residency without having to relocate permanently.
Investment Options
Both countries offer various ways to qualify for a Golden Visa, but the specifics differ.
For the Greece Golden Visa, you can invest in real estate starting from €400,000 in most areas or €800,000 in high-demand regions.
You can also invest in Greek government bonds or other qualifying assets. In certain cases, a €250,000 investment in culturally significant or restored properties is another option.
The Portugal Golden Visa also allows for real estate investment, but as of 2023, properties in high-demand areas are no longer eligible. Instead, you can invest in business startups, scientific research, or contribute to private equity funds with a minimum investment of €250,000. These options make Portugal’s visa more flexible for investors who want to diversify their portfolios.
Taxes and Costs
Tax implications are an important consideration when choosing between Greece and Portugal.
In Greece, income tax starts at 22%, and there is a non-dom tax regime that allows for a flat tax rate of 7% for 15 years for foreign investors. This regime offers significant tax breaks for those who want to move to Greece and become tax residents.
Portugal offers the Non-Habitual Resident (NHR) tax regime, which provides tax exemptions on foreign income for up to 10 years. This is especially attractive for retirees or individuals with income from outside Portugal. However, it’s important to note that the NHR regime is expected to end in 2024, though some may still qualify for the program under certain conditions.
Application Time and Processing
Processing times also differ between the two programs. The Greece Golden Visa generally takes 1-2 months to process, making it one of the fastest programs available. Portugal’s Golden Visa can take up to 18 months due to high demand, but efforts are being made to speed up the process.
Which Program is Right for You?
Choosing between Greece and Portugal’s Golden Visa depends on your personal situation and priorities.
- If you want a quicker path to EU citizenship and don’t mind minimal residency requirements, Portugal may be the better option with its 5-year citizenship route.
- If you prefer more flexibility without having to live in the country or want to focus on investing in specific high-demand areas, Greece’s Golden Visa could be more appealing.
Both programs provide excellent opportunities to live, work, and travel within Europe, and either option will ultimately depend on your investment goals and family needs.
How can Marlow Bray Help You?
Planning to obtain second citizenship? Going through the process can be challenging, but having access to experts who can provide tailored support is invaluable. A migration specialist and an immigration lawyer can assist you in several ways:
1. Minimize the number of visits to the designated country
2. Benefit from dedicated representation
3. Streamline the citizenship application process
4. Gain insights from seasoned professionals
Ready to take the next step toward second citizenship? Reach out to us by completing the contact form below.
