Greece vs Portugal golden visa, which should you choose? If you’re considering an European residency-by-investment program, you’ve likely narrowed your options to Greece and Portugal.
Both offer attractive pathways to live in Europe, but recent changes have dramatically shifted the landscape. I’ve spent years helping investors navigate these programs, and there’s never been a more important time to understand the differences.
Let’s break down exactly how these two popular Golden Visa programs are, so you can make the right investment decision for your future.
Current Program Status: Greece Takes the Lead
The biggest shakeup in the investment immigration world came when Portugal essentially gutted its Golden Visa program in October 2023.
Meanwhile, Greece has simultaneously strengthened its position despite some investment threshold increases.
Portugal’s Major Overhaul
Portugal’s program underwent dramatic changes that eliminated its most popular pathway:
Residential real estate investments, which previously accounted for over 90% of applications, no longer qualify. The focus has shifted to commercial properties, investment funds, business creation, and capital transfers.
While the program remains alive, it’s lost much of its appeal for many investors.
Processing times have also ballooned to 12+ months in some cases, creating significant uncertainty for applicants. I’ve seen several clients redirect their interest after learning about these extended timelines.
Greece’s Strong Position
Greece has maintained a more stable program, though not without changes:
The minimum real estate investment doubled to €500,000 in prime areas like Athens, Thessaloniki, and tourist islands like Mykonos.
However, properties in other regions still qualify at the original €250,000 threshold, making it Europe’s most accessible real estate residency program.
Processing times remain impressively efficient at 2-3 months, among the fastest in Europe. This efficiency has become a major selling point as I’ve watched processing times increase across other programs.
Investment Options: What’s Available Now
The investment requirements between these programs have diverged significantly in 2025.
Greece’s Investment Pathways
Greece offers several investment routes with residential real estate remaining the most popular:
• €250,000 in real estate (non-prime areas) – both residential and commercial property qualify
• €500,000 in real estate (Athens, Thessaloniki, and high-demand islands)
• €400,000 bank deposit for 12 months
• €400,000 in government bonds or securities
The property market in Greece has rebounded significantly since the financial crisis, with coastal properties seeing particular appreciation.
One client who invested in a €300,000 apartment in Athens in 2019 saw its value increase to approximately €450,000 by 2023 – a significant return alongside residency benefits.
You can learn more about all available investment options in this guide on Global Residence Index which outlines the complete requirements for each pathway.
Portugal’s Remaining Options
Portugal’s revised program focuses on productive investments:
- €500,000 in commercial real estate (€350,000 for rehabilitation projects)
- €500,000 in Portuguese investment funds
- €1.5 million capital transfer
- €500,000 business creation with 10 jobs
While these options may appeal to institutional investors, they represent a significantly higher barrier to entry for typical applicants seeking both residency and lifestyle benefits.
Residency Benefits: What You’ll Actually Get?
When comparing these programs, the residency benefits reveal some crucial differences that could impact your decision.
Physical Presence Requirements
This might be the biggest practical difference between the programs:
Portugal requires you to spend at least 7 days in your first year and 14 days in each subsequent two-year period. Though relatively minimal, these requirements are strictly enforced and critical for maintaining eligibility for permanent residency and citizenship.
Greece has no minimum stay requirement whatsoever. Your residence permit remains valid regardless of how much time you actually spend in Greece. This flexibility has been game-changing for busy investors who can’t commit to regular visits.
Family Inclusion
Both programs offer family inclusion, but with notable differences:
Portugal allows dependent children up to age 26 if they’re full-time students, while Greece only permits children under 21.
Greece, however, more readily accepts parents of both the main applicant and spouse without the age restrictions Portugal imposes (66+ or 55+ if dependent).
I’ve seen families make decisions based entirely on these differences – one family with university-aged children chose Portugal specifically to ensure their children could maintain legal residency through their studies.
Path to Citizenship
For many investors, the citizenship pathway represents the ultimate goal:
Portugal offers citizenship eligibility after 5 years, requiring basic language proficiency (A2 level) and sufficient connections to Portugal. This path remains intact despite other program changes.
Greece requires 7 years of residency before citizenship application, with more stringent language requirements (B1 level) and integration criteria. In practice, Portugal’s citizenship pathway remains more accessible despite recent program changes.
Processing Efficiency: Time is Money
The efficiency gap between these programs has widened dramatically:
Greece continues processing applications within 2-3 months with a streamlined process requiring minimal in-person appearances. Legal representatives can handle most of the process with power of attorney.
Portugal’s processing times have extended to 6-12 months, with mandatory biometric appointments facing 3-6 month backlogs. The operational inefficiencies have become a significant deterrent for time-sensitive applicants.
Tax Considerations: The Hidden Factor
Tax implications often prove decisive when choosing between programs:
Portugal’s Non-Habitual Resident tax regime offers significant advantages for certain income types, though less generous than in previous years. It still provides planning opportunities for pension income and certain professional categories.
Greece offers a competitive flat tax program for new tax residents investing at least €500,000, with a fixed annual tax of €100,000 regardless of worldwide income. This can represent substantial savings for high-net-worth individuals.
Which Program Is Right For You?
After analysing hundreds of cases, I’ve found that the right choice typically comes down to a few key factors:
Choose Greece if:
- You want the lowest-cost real estate entry point (€250,000 in non-prime areas)
- Processing speed is critical (2-3 months vs. 6-12+ for Portugal)
- You need maximum flexibility with physical presence requirements
- Your investment budget is under €500,000
Consider Portugal if:
- The faster pathway to citizenship is your primary goal
- You have children between 21-26 who need inclusion
- You’re specifically interested in investment funds rather than real estate
- Tax planning under the Non-Habitual Resident regime aligns with your income types
The dramatic changes to Portugal’s program have undeniably shifted the balance toward Greece for most investors seeking straightforward real estate options.
While Portugal’s citizenship pathway remains attractive, Greece’s combination of lower investment thresholds, faster processing, and zero physical presence requirements creates compelling value for those prioritising European residency with maximum flexibility.
