Greece vs Portugal Golden Visa 2026: Which Is Better for Your Goals?

Last updated: March 2026

Two of Europe's most popular investor residency programmes — but the Greece Golden Visa and Portugal Golden Visa have diverged significantly since 2023. One programme eliminated direct real estate investment entirely. The other raised thresholds dramatically in high-demand areas but kept property as a qualifying route. This comparison covers everything you need to decide.

Bottom line upfront: Greece suits investors who want to hold real property in Europe. Portugal suits investors comfortable with financial instruments and those prioritising faster citizenship. The right answer depends on your goals.

Understanding the Greece vs Portugal Golden Visa Landscape in 2026

The greece vs portugal golden visa debate has shifted considerably over the past two years. Regulatory changes in both countries, driven by housing market pressures and EU scrutiny of investor residency schemes, have redefined who each programme is best suited for. Understanding the current landscape is the first step to making an informed decision.

What is the Greece Golden Visa? The Greece Golden Visa is an investor residency programme that grants non-EU nationals a five-year renewable residence permit in exchange for a qualifying investment in Greece. Launched in 2013, it is one of the longest-running golden visa programmes in the European Union and remains firmly anchored in real estate. Holders gain the right to live, work, and travel freely across the Schengen Area.

What is the Portugal Golden Visa? Portugal's Autorização de Residência para Atividade de Investimento (ARI), commonly known as the Portugal Golden Visa, was introduced in 2012 and rapidly became Europe's most subscribed investor residency scheme. Following a reform package enacted in October 2023, residential real estate was removed as a qualifying investment. The programme now focuses on fund investments, capital transfers, business creation, and cultural donations. Critically, Portugal's programme offers a direct pathway to citizenship after five years — a feature Greece does not currently replicate.

For a broader view of investor residency options worldwide, see our guide to the best golden visa investment programmes.

Investment Options Compared: Greece vs Portugal Golden Visa

This is where the two programmes diverge most sharply. Your preference for tangible versus financial assets will likely determine your choice before you weigh any other factor.

Greece Golden Visa — Investment Routes

• Real estate purchase (standard zones): Minimum €400,000 in a single property. This threshold applies to most regions of Greece outside the high-demand designations.
• Real estate purchase (high-demand zones): Minimum €800,000 in Athens, Thessaloniki, Mykonos, Santorini, and any island with a population above 3,100. The threshold doubled in 2024 for these zones.
• Real estate purchase (conversion projects): Minimum €250,000 for the conversion of commercial properties to residential use, or for the restoration of listed buildings. This route remains one of the most accessible entry points in any EU golden visa programme.
• Capital investment: €500,000 invested in shares, bonds, or Greek government bonds.
• Bank deposit: €500,000 in a fixed-term deposit with a Greek credit institution.
• Business investment: €500,000 invested in a Greek company or business operating in Greece.

Portugal Golden Visa — Investment Routes (Post-2023)

• Venture capital or private equity fund investment: Minimum €500,000 into a qualifying Portuguese fund with a minimum ten-year lock-in. This is currently the most popular route.
• Capital transfer: Minimum €1,500,000 transferred to a Portuguese bank or financial institution.
• Business creation: Creation of at least ten permanent jobs in Portugal, or five jobs if the business is in a low-density area.
• Artistic or cultural donation: Minimum €250,000 donated to the arts, cultural heritage, or national heritage preservation.
• Scientific research: Minimum €500,000 invested in Portuguese scientific or technological research activities.

The practical conclusion: if you want a tangible European property asset, Greece is the only viable option of the two. If you are comfortable with fund structures and value a citizenship pathway above property ownership, Portugal is the stronger choice. Explore the full details on our dedicated Greece Golden Visa programme page and our Portugal Golden Visa programme page.

Eligibility Requirements

Both programmes share broadly similar eligibility criteria, though there are meaningful differences in the detail.

Shared Eligibility Criteria

• Applicant must be a non-EU, non-EEA, non-Swiss national
• Applicant must be 18 years of age or older
• Clean criminal record from country of nationality and country of residence
• No prior visa refusals from Schengen member states that would indicate a security risk
• Valid health insurance covering Greece or Portugal (respectively)
• Proof of source of funds

Greece-Specific Requirements

• The qualifying investment must be maintained for the duration of the residence permit
• Minimum physical presence: seven days per year (or none, in practice — Greece does not strictly enforce this threshold for permit renewal)
• The property must be held in the investor's personal name, or via a single-member company (IKE or EPE)

Portugal-Specific Requirements

• Minimum physical presence of seven days in the first year and fourteen days in each subsequent two-year renewal period
• After five years, applicants may apply for permanent residency or citizenship, provided they demonstrate A2-level Portuguese language proficiency and pass a basic civic knowledge test
• The qualifying investment must be maintained for a minimum of five years from the date of the residence permit issuance

Application Process Step by Step

Greece Golden Visa — Application Process

1. Appoint a legal representative: Greek law requires a licensed local lawyer to act on your behalf. Your representative will conduct due diligence, manage the property conveyancing, and submit the application.
2. Obtain a Greek Tax Identification Number (AFM): Required before any property transaction can proceed.
3. Open a Greek bank account: Necessary to facilitate the property purchase and pay associated taxes.
4. Complete the property purchase: Sign the sale contract before a Greek notary. Pay the applicable transfer tax (currently 3.09% of the objective property value).
5. Submit the golden visa application: Filed with the relevant Decentralised Administration or via the online Ministry of Migration portal.
6. Biometric appointment: The investor (and any family members included) must attend a biometric data collection appointment in Greece.
7. Receive residence permit card: The permit is valid for five years and is renewable provided the investment is maintained.

Portugal Golden Visa — Application Process

1. Obtain a Portuguese Tax Identification Number (NIF): Can be obtained remotely via a fiscal representative.
2. Open a Portuguese bank account: Required for fund subscriptions and capital transfers.
3. Complete the qualifying investment: For fund investments, subscribe and transfer funds to the qualifying vehicle. Obtain confirmation of the investment.
4. Submit the ARI application online: Filed through the AIMA (Agency for Integration, Migration and Asylum) online portal. Supporting documentation includes investment proof, criminal record certificates, and health insurance.
5. Attend biometric appointment in Portugal: Mandatory in-person attendance. This is typically the only time physical presence in Portugal is required during the initial application stage.
6. Receive residence permit card: Initially valid for two years, then renewed in two-year increments. After five years, apply for permanent residency or citizenship.

Processing Times and Timelines

Processing times are a frequent concern among applicants and have improved in both countries following periods of significant backlog.

Portugal's citizenship pathway at five years is a compelling differentiator for investors who view a second passport as the ultimate objective. Greece's route to citizenship via naturalisation typically requires seven years of continuous legal residence and significantly higher physical presence requirements — making it considerably more demanding for those who do not intend to relocate.

Benefits: Residency Rights, Travel, and Lifestyle

Schengen Access

Both programmes grant full Schengen Area freedom of movement, allowing holders to travel across 27 European countries without a visa. This is one of the most immediately practical benefits for investors whose business or personal travel frequently brings them to Europe.

Visa-Free Travel on the Passport

Should you proceed to citizenship and acquire the passport, the access figures are comparable: a Greek passport currently provides visa-free or visa-on-arrival access to approximately 185 countries; a Portuguese passport provides access to approximately 188 countries. Both rank among the top-ten most powerful passports globally.

Tax Considerations

Neither the Greek nor the Portuguese Golden Visa obliges you to become a tax resident — the minimal physical presence thresholds ensure this. However, both countries offer attractive ancillary tax regimes for those who choose to relocate. Greece's Non-Dom programme offers a flat annual tax of €100,000 on foreign-source income for up to 15 years. Portugal's NHR (Non-Habitual Resident) regime has been reformed into the IFICI programme for 2024 onwards, offering a flat 20% rate on qualifying Portuguese-source income for a ten-year period. If tax optimisation is part of your planning, both regimes merit separate, detailed analysis with a qualified tax adviser.

Family Inclusion

Both programmes extend residency rights to the principal investor's immediate family under a single application. Qualifying dependants typically include:

• Spouse or legally recognised civil partner
• Children under 18 years of age
• Unmarried children aged 18 to 26 who are in full-time education (programme-specific conditions apply)
• Dependent parents and parents-in-law of the investor and/or spouse

Greece additionally permits dependent minor siblings of the investor under certain conditions. Both programmes allow family members to apply for their own independent residency or citizenship in due course, subject to meeting the relevant requirements. Family members do not need to make a separate qualifying investment.

If you are evaluating additional programmes alongside these two, our comprehensive guide to the best citizenship by investment programmes provides a broader comparison framework.

Costs Beyond the Minimum Investment

The qualifying investment figure is only part of the total cost picture. Applicants should budget for the following additional expenses:

Greece — Additional Costs

• Government application fee: approximately €2,000 per adult applicant; €150 per minor
• Property transfer tax: 3.09% of the objective value of the property
• Notary fees: approximately 1–1.5% of the property value
• Legal fees: typically 1–2% of the property value, depending on complexity
• Annual property tax (ENFIA): varies by property value and location
• Permit renewal fee: approximately €2,000 per renewal cycle

Portugal — Additional Costs

• Government application fee: approximately €5,325 per principal applicant; approximately €2,663 per dependant
• Fund subscription fees: typically 1–2% of the invested amount (entry fee) plus annual management fees of 1.5–2.5%
• Legal fees: €3,000–€8,000 depending on service scope
• Permit renewal fees: approximately €2,663 per renewal
• Language test and citizenship application fees (at the five-year stage): approximately €250–€500

For a tailored cost breakdown that reflects your family size and investment preferences, we encourage you to book a free consultation with our team.

Frequently Asked Questions: Greece vs Portugal Golden Visa

For personalised guidance on either programme, speak with one of our advisers today. You can also explore our profile of the Portugal Golden Visa in greater depth.