Greece vs Portugal Golden Visa? – if you’re considering obtaining a Golden Visa in Europe, these two programs will likely come up in your research. But what exactly is a Golden Visa, and how can it benefit investors?
A Golden Visa in Europe is a residency permit granted to non-European Union nationals who invest a certain amount of money in a country.
The goal of the Golden Visa is to attract foreign investment and boost economic growth while also offering the investor benefits, including the ability to live and work in the country, access to its healthcare and education systems, and, eventually, a path to citizenship.
In this blog post, we’ll be comparing two European Golden Visa programs: the Portugal Golden Visa and the Greek Golden Visa.
We’ll take a closer look at the benefits, requirements, and restrictions of each program, as well as the application process and timeline so that you can make an informed decision about which program is right for you.
Portugal Golden Visa background
The Portugal Golden Visa program is one of Europe’s most popular residency by-investment programs, attracting investors worldwide with its numerous benefits.
Launched in 2012, the Portugal Golden Visa program offers non-European Union nationals the opportunity to obtain residency in Portugal through a qualifying investment.
This can include purchasing real estate, and funds, investing in a business or making a capital transfer.
With a relatively low investment threshold compared to other programs and the ability to apply for a Portuguese passport after five years of residency, the Portugal Golden Visa is an attractive option for many investors.
Benefits of Portuguese citizenship
Here are some of the benefits of Portuguese citizenship:
- Access to quality healthcare and education systems: Portugal has a well-regarded healthcare system, with both public and private options available to citizens. The country’s education system is also highly regarded, with a strong emphasis on science and technology.
- Ability to live and work in any EU country: As a Portuguese citizen, you have the right to live and work in any country within the European Union. This can provide significant opportunities for career advancement and personal growth.
- Tax benefits: Portugal has a favorable tax regime for foreign investors, with a flat tax rate of 20% for personal income and a special tax regime for non-habitual residents.
- Rich cultural heritage: Portugal has a rich history and cultural heritage, with beautiful architecture, art, music, and cuisine.
- A relaxed and welcoming lifestyle: Portugal is known for its relaxed, sunny climate and friendly people. Whether you’re a retiree, a young professional, or a family, you’ll find Portugal to be a welcoming and enjoyable place to live.
- Path to citizenship: Obtaining Portuguese citizenship through the Golden Visa program can provide a path to full citizenship, including the right to vote and the ability to pass your citizenship on to future generations.
- Strong economic growth: Portugal has experienced strong economic growth in recent years, making it an attractive place to invest and do business.
These are just a few of the many benefits of Portuguese citizenship, which can be obtained through the Portugal Golden Visa program.
If you’re considering obtaining residency in Portugal, be sure to explore the specific benefits and requirements of the program to see if it’s the right choice for you.
Lower investment threshold in real estate investment
The Portugal Golden Visa program has a lower investment threshold in real estate investment compared to other residency by investment programs in Europe, making it an attractive option for investors with a limited budget.
The minimum investment required for the Portugal Golden Visa program is just €280,000, significantly lower than the investment required for similar programs in other countries.
For investors interested in real estate, the Portugal Golden Visa program offers a great opportunity to purchase a property at a lower cost while still enjoying the benefits of residency in Portugal.
The country has a thriving real estate market, with a wide range of properties available in popular tourist destinations, bustling cities, and idyllic rural areas.
In addition to the lower investment threshold, property taxes in Portugal are relatively low, making real estate a more cost-effective option compared to other countries.
Greek Golden Visa
The Greek Golden Visa program is another popular residency by investment program in Europe, offering investors the opportunity to obtain residency in Greece in exchange for a qualifying investment.
The program has been designed to encourage investment in the country and support its economic growth.
Greece is renowned for its rich cultural heritage, with a history that spans thousands of years. The country is also famous for its stunning landscapes, including the Aegean and Ionian Seas, and its beautiful islands.
The Greek Golden Visa program offers investors the opportunity to experience this vibrant and historic country while enjoying the benefits of residency.
Benefits of Greek Citizenship
Although these benefits might appear at first glance similar to Portuguese citizenship, there are some slight differences.
- Access to quality healthcare and education systems: Greece has a well-regarded healthcare system, with both public and private options available to citizens. The country’s education system is also highly regarded, with a strong emphasis on science and technology.
- Ability to live and travel in the European Union: As a Greek citizen, you have the right to live and travel in any country within the European Union.
- Favorable tax regime: Greece has a favorable tax regime for foreign investors, with a flat tax rate of 24% for personal income and a special tax regime for non-habitual residents.
Compared to Portuguese citizenship, Greek citizenship offers similar benefits in terms of access to quality healthcare and education systems and the ability to live and travel in the European Union.
However, the Portuguese tax regime is considered more favorable, with a lower flat tax rate of 20%. Additionally, Portuguese citizens are able to live and work in any EU country, while in Greece foreign residents are not able to work unless they create their own business.
It is important to note that the process of acquiring Greek citizenship takes seven years, compared to five years in Portugal. This longer timeline can be a consideration for some investors.
Ultimately, the choice between the Portuguese and Greek Golden Visa programs will depend on individual factors such as investment goals, desired lifestyle, and personal preferences.
Comparison of Portugal vs. Greece Golden Visa
Differences between the Portugal Golden Visa and the Greek Golden Visa:
- Investment Threshold: Portugal has a lower investment threshold for real estate investment, with a minimum investment of 280,000 EUR compared to 500,000 EUR in Greece.
- Restrictions on Work: Portugal allows Golden Visa holders to work without restrictions, while in Greece, foreign residents are not able to work unless they create their own business.
- Time to Obtain Citizenship: Portuguese citizens can apply for a passport five years prior to obtaining residency, while in Greece the timeline is seven years.
Pros of Portugal Golden Visa
Lower investment threshold: The lower investment threshold in Portugal makes it an attractive option for investors who want to maximize the return on their investment.
Work without restrictions: Golden Visa holders in Portugal are able to work without restrictions, providing them with more flexibility in their professional life.
Faster timeline to citizenship: The faster timeline to citizenship in Portugal allows investors to enjoy the benefits of Portuguese citizenship sooner.
Cons of Portugal Golden Visa
Property taxes: Property taxes in Portugal can be higher than in other countries, which can impact the return on investment for real estate investors.
Pros of Greek Golden Visa
Rich cultural heritage: Greece is renowned for its rich cultural heritage, offering investors a unique and historic living experience.
Favorable tax regime: Greece has a favorable tax regime for foreign investors, with a flat tax rate of 24% for personal income and a special tax regime for non-habitual residents.
Cons of Greek Golden Visa
Higher investment threshold: The higher investment threshold in Greece can make it less accessible to some investors.
Restrictions on work: Foreign residents in Greece are not able to work unless they create their own business, which can limit their professional opportunities.
Longer timeline to citizenship: The longer timeline to citizenship in Greece can be a consideration for some investors.
The decision to apply for a Golden Visa is a significant one and requires thorough research and consideration. While both the Portugal Golden Visa and the Greek Golden Visa offer attractive benefits, the ideal program will depend on individual goals and preferences.
It is important to take into account factors such as investment threshold, restrictions on work, timeline to citizenship, and overall cost of living when evaluating each program.
At Golden Port Visa, we specialize in the Portugal Golden Visa via real estate and fund investment. Our team of consultants is dedicated to helping clients navigate the complex process of obtaining a Golden Visa and achieving their investment goals.
If you’re considering a Golden Visa, we encourage you to book a call with one of our consultants. Our experts will help you evaluate the pros and cons of each program and determine the best path forward for your specific needs.