Greece vs. Portugal Golden Visa: which should an investor choose in 2026?

What has changed, and why is there no longer an obvious “winner”?

Both Greece and Portugal have reformed their Golden Visa programs, thereby shifting their target audiences. Consequently, it is impossible to definitively say which country’s residence permit is better; the answer depends on your specific situation and goals.

Portugal enacted Law 56/2023, which terminated the residence-by-investment program based on real estate purchases as of October 7, 2023. During the program’s operation, foreign nationals purchased residential property so actively that it drove an uncontrolled rise in prices. This sparked public criticism, compelling the government to amend its immigration legislation.

At the same time, Portugal discontinued the residence permit option based on a EUR 1.5 million capital investment, whether deposited in a local bank account or placed in securities. As an alternative, foreign nationals were offered the option to invest between EUR 250,000 and EUR 500,000 in venture capital funds, scientific research, or the arts sector.

Greece enacted Law 5100/2024, which altered the minimum investment thresholds for obtaining a residence permit through real estate investment. As of April 5, 2024, foreign nationals have 3 investment options available to them:

• From EUR 250,000 in non-residential property or architectural monuments, subject to requirements for conversion into residential housing or restoration;
• From EUR 500,000 in residential property located in regions that are not major tourist destinations;
• From EUR 800,000 in real estate in the Athens area, Mykonos, Thessaloniki, and other islands with a population exceeding 3,100.

Other investment options for obtaining a Golden Visa remain available in Greece, with minimum investment thresholds ranging from EUR 250,000 to EUR 500,000, including investments in startups, businesses, investment funds, and securities.

Comparison based on key criteria

Investment options and amounts

Portugal offers 5 investment options:

• From EUR 250,000 for developing the arts or restoring historical monuments;
• From EUR 500,000 in a business (requiring job creation), scientific research, or investment funds;
• No minimum financial threshold: creation of 10 jobs.

Program participants receive a 2-year residence permit. If the investment remains in the Portuguese economy and all other conditions are met, the permit can be renewed, and the holder can transition to permanent residence after 5 years.

Greece offers 6 investment options:

• From EUR 250,000–EUR 800,000 in residential real estate. Properties may be rented out for periods of 2 months or longer;
• From EUR 250,000 in an innovative project, limited to a maximum one-third stake in the business, which requires hiring at least 2 employees and maintaining those jobs for 5 years;
• From EUR 350,000 in an investment fund. It is advisable to check with the migration authorities regarding which funds qualify;
• From EUR 500,000 in a company, bank deposits, or government bonds;
• From EUR 800,000 in corporate or government shares or government bonds traded on the stock exchange.

Investors are granted a 5-year residence permit. Provided the investment is maintained and other conditions are met, residency can be renewed, and the holder can transition to permanent residence after 5 years.

In-country stay requirements

Portugal does not require permanent residence, but periodic visits to the country are mandatory. During the first year, investors must spend at least 7 days in Portugal. In each subsequent year, they must spend at least 2 weeks in Portugal.

Holders of the Portuguese Golden Visa may apply for permanent residence after 5 years, regardless of how much time they spend in Portugal. However, this factor is usually taken into account when applying for citizenship by naturalization.

In Greece, investors are not required to reside in the country permanently. At the same time, residents can easily renew their residence permits: the key is to maintain their investments in the country.

If your goal is permanent residency and citizenship, however, living in the country permanently is essential.

The path to citizenship

Portugal has reformed its citizenship law. As of 2026, obtaining a passport requires residing in the country for at least 10 years. There are no simplified procedures for investors. To apply, you must meet several other important requirements:

• Be of legal age;
• Pass integration and language tests. Portuguese proficiency must be at least at the A2 level;
• Have no criminal record and provide documentary proof of this;
• Be financially self-sufficient.

The jus soli (right of the soil) principle applies here as well, but with additional conditions. A child can become a citizen if they are born in the country and at least one parent has resided there for at least 5 years. Previously, only one year of residency by either parent was required.

Greece grants citizenship to foreigners after 7 years of permanent residence. The final 3 years must be spent continuously in the country. Demonstrating social integration is crucial: Applicants must pass a B1-level language test and an exam on Greek history and culture. Income — at least EUR 11,040 gross per year — and a clean criminal record are also assessed.

Asset liquidity

Asset liquidity and the overall risk profile of an investment depend on the specific sector where the funds are allocated.

In Portugal, the most liquid investment options involve business and job creation and require company registration. The country’s appeal to entrepreneurs is evident in the monthly influx of approximately EUR 1.5 million in foreign direct investment. Portugal ranks among the top 7 European countries for starting a new business.

In Greece, real estate and businesses are considered liquid assets. Housing prices are rising rapidly, by about 6.8% annually, with the fastest growth seen in Thessaloniki, where prices can spike by 10%. Consequently, when you sell, you can recoup your investment and make a profit. If you don’t plan to live in Greece, you can rent the property long-term to generate regular income.

There are lucrative business opportunities, particularly in tourism—hotels, restaurants, and entertainment. For example, Greece welcomed 37.98 million tourists in 2025.

Immigration with family

In Portugal, family members can apply for the Golden Visa at the same time as the investor. However, their application for a residence permit will only be approved after the sponsor’s application has been cleared. Eligible family members include spouses and children under 17, as well as unmarried children up to 25 who are pursuing their education. Residence permits may also be requested for dependent parents and siblings under 17.

Greece allows families to relocate through a reunification procedure. The application can be submitted once the investor has obtained their residence permit. This option is available to spouses, children under 21, and parents of both spouses.

Taxes

Portugal offers an attractive tax system, especially for businesses:

• Corporate tax: 19%, with startups eligible for a reduced rate of 12.5%;
• A special regime for intellectual property income, which offers a corporate tax reduction of up to 85%;
• VAT: 23%, with reduced rates as low as 6%;
• Income tax ranges from 12.5% to 48%, depending on income level.

Taxes are higher in Greece:

• Corporate tax: 22%;
• VAT: 24% (with a reduced rate of 13%);
• Salary income tax ranges from 9% to 44%.

Greece offers a number of tax incentives. For instance, pensioners receiving their pensions from abroad, entrepreneurs who have started a business in Greece, and foreign professionals are eligible for a 50% reduction in income tax. Foreign investors can pay a flat tax of EUR 100,000 under the Non-Dom regime.

Which option is right for you?

The choice between Greece and Portugal for a Golden Visa depends on your objectives:

• Real estate purchase: Greece offers 3 different investment options in this category;
• Residence permit without mandatory relocation: both options are viable, but Greece imposes no stay requirement, whereas Portugal requires 1 to 2 weeks per year;
• Business investment: Portugal offers greater growth potential due to its larger, stronger economy (its GDP is 17% higher) and lower taxes;
• Low-risk investment: Greece, where you can invest in real estate and bank deposits;
• Capital diversification: Greece allows simultaneous investment across 3 areas;
• Second citizenship: if you want a second passport for yourself, naturalization is faster in Greece. For future children, Portugal is the better choice.
• Children’s education: Portugal is a better choice, as its universities are more popular among foreigners and rank highly in international rankings, such as the QS World University Rankings 2027;
• Emigration: the cost of living is lower in Portugal. A single person needs EUR 676 per month (excluding rent), compared to EUR 784 per month in Greece.

Both countries are equally suitable if you need a residence permit to travel within the Schengen Area, which allows stays of up to 90 days within any 180-day period. Additionally, both countries offer residency options for the investor’s family.

Common mistakes that lead investors to make the wrong choice

It is easy to make a mistake when choosing between the Portuguese and Greek Golden Visa programs. Many unprepared investors focus solely on the benefits, such as living by the sea, traveling within the Schengen Area, and relocating with their families. From that perspective, the 2 countries seem very similar.

However, the residence permits, application processes, and investment options differ significantly between the 2 countries.

Familiarize yourself with the most common mistakes investors make when choosing between the 2 programs so you can avoid them:

• Seeking the cheapest option. Both countries offer residence permits for investments starting at EUR 250,000. In Portugal, this often involves investing in the arts and culture, which are difficult to recoup. In Greece, however, it involves purchasing real estate that can be resold at a profit;
• Overlooking potential returns. Many investors simply look for a good residence permit option and invest haphazardly, focused only on obtaining residency. Yet, the Golden Visa offers excellent profit potential. This is why it’s important to analyze investment options in both countries, ideally with the help of experienced immigration specialists;
• Expecting an automatic second passport. Obtaining citizenship often requires permanent residence in the country, even though an investor residence permit does not mandate it;
• Failing to check restrictions. Many people buy property in Greece with the intention of renting it out. However, the government has banned short-term rentals, and violating this rule can lead to fines;
• Choosing a country based solely on taxes. It is also important to consider which country is better suited for a specific type of business. For instance, Portugal is generally more attractive to entrepreneurs, while Greece offers significant potential in the tourism sector. Keep in mind that obtaining a residence permit does not change your tax residency status. To become a tax resident, you generally need to spend about 6 months of the year in the country;
• Failing to analyze costs. For instance, purchasing real estate typically entails paying a realtor’s commission, taxes, and registration fees. If you invest in a business, you will also have to pay regular taxes on its income. The residence permit application process itself is costly. In Greece, for instance, the application fee alone is EUR 2,000.

A major mistake is choosing Greece or Portugal based on a single criterion, such as the investment amount, the permit’s validity period, or the speed of obtaining citizenship. It is crucial to evaluate the country as a whole in the context of the Golden Visa program. Is it a suitable place for you to live? How profitable is the investment? What investment options are available? Will it help you achieve your personal and business goals?

Conducting this analysis independently can be challenging, so consider seeking professional legal assistance. Lawyers can help you make the right choice and guide you through the immigration process by handling document preparation, submitting the residence permit application, and managing the transfer of investment funds. If you would like to learn more about working with legal professionals or Golden Visa programs, please provide your contact information. The initial consultation is free.