Last update Greece vs Portugal golden visa: 20.09.2022
Are you trying to decide between the Greece vs Portugal golden visa programs?
If so, you are not alone. Both countries offer attractive golden visa programs that grant the holder the right to live and work in the country, as well as access to world-class education and healthcare systems.
In this blog post, we will compare the Greece vs Portugal golden visa programs to help you make an informed decision.
We will cover the requirements, benefits, and costs of each program, as well as the pros and cons of each country.
Whether you are looking to relocate for business or personal reasons, we hope this comparison will help you choose the best golden visa program for you.
Greece vs Portugal golden visa:
Overview of Greece VS Portugal Golden Visa
There are common similarities between Greece and Portugal’s programs. They both are stunning and safe countries, with sunny Mediterranean weather and low living costs, delicious food, beautiful beaches, and rich culture, no wonder why so many tourists visit these countries every year.
Both schemes offer various qualifying investment options for non-EU citizens, allowing applicants and their families to get an EU residency in a few months.
Both programs eventually lead to the possibility of getting an EU passport.
So, you might be thinking, what are the differences then?
Portugal Golden Visa Program = Easy and fast tracked path to EU citizenship
The Portuguese Golden Visa requires applicants to spend a minimum of €280,000 on real estate in low-density areas of Portugal. You must spend an average of seven days the first year and 14 days the following years. Its process is simple to apply for temporary residence and also for Portuguese citizenship after five years – which grants you all the benefits of being a European Union citizen.
Greece Golden Visa = Cheap way to EU citizenship
The Greek Golden visa requires applicants to spend a minimum of €500,000 (previously €250,000) on real estate in Greece. This is sufficient to qualify for a Greek residence visa for the primary applicant and many family dependents (including dependent children under the age of 24 and both spouses’ parents). There is also no necessity to spend any time in Greece.
What are the benefits of being a European Resident?
Having citizenship in one of the European nations is an attractive and advantageous offer. Consider the key benefits of obtaining European citizenship:
High living standards, a modern healthcare system, and a high-quality education system.
Freedom of movement. What does this mean to you? Being an EU citizen allows you to work, travel and study anywhere within the Schengen area. A key benefit if you’re an entrepreneur with foreign partners.
There are no conditions for permanent residency, except in Portugal, where one must remain for at least a week in 365 days to have one’s status in the extended country.
A spouse and children may be granted residency with the main applicant. In some jurisdictions, even parents may be included in the application.
Which Golden Visa Program should I pick?
Pathway to European Citizenship
A Golden Visa is a pathway to permanent residency in a country. Once you obtain a Golden Visa, you must meet their citizenship criteria to apply for citizenship. Here’s a quick overview of Greece and Portugal’s requirements.
Citizenship requirements for Portugal:
Five years of living in Portugal, on average seven days a year
Having no unpaid taxes in Portugal
A2 Portuguese language exam
No criminal record in the home country
Citizenship requirements for Greece:
Seven days of living in Greece for more than 183 days each year
Greek citizenship examination
No criminal record in your home country
Golden Visa Europe Programs’ Taxation
This has nothing to do with the Golden Visa program but is a concern for everyone. As long as you’re not a tax resident in these countries, you only owe taxes on income earned in the hosting country. You don’t have to pay taxes on your foreign earnings.
There’s a Non-habitual Residency scheme in Portugal which is a tax policy aimed to help foreigners become tax residents in Portugal. it is one of the most appealing tax schemes in the European Union.
Now, how do you decide which program to apply to? There are definitely many similarities between Greece and Portugal’s Golden Visa in terms of application time, passport ranking, minimum investment required, and family eligibility.
It is important to keep in mind though, that Greece applies more economic restrictions to its foreign residents than Portugal. While Portugal Golden Visa holders can work without restrictions in Portugal, this is not the case in Greece, where you’re able to live but not work (unless you create your own business).
In terms of taxes, Greece imposes an income tax rate that starts at 22% to all its residents, while Portugal offers attractive tax incentices for its foreign residents under the NHR tax regime – so, if your main goal is to reduce your taxation then Greece’s Golden Visa might not be the best option to you. Real estate can also prove to be more costly in Greece than in Portugal, as property taxes are high in Greece.
A major plus for the Portuguese program is the ability to apply for a Portuguese passport five years prior to obtaining residency, contrary to the seven years needed for acquiring a Greek passport.
Greece offered the cheapest investment option a month ago with no residency requirements. On September 20th, the Greek government announced the minimum investment increase from €250,000 to €500,000.
Portugal has been recognized as one of the best countries to live in for expats. With more attractive and still affordable investment options available in Europe.
Portugal offers you stability, quality of life and more opportunities as a foreigner.
Golden Port Visa is here to assist you through the entire process. We are more than an immigration consultancy – we are your trusted Portuguese partner that will help you achieve your relocation goal.
We specialize in assistance with residency and property investment in Portugal. Contact us to schedule a free call or send us an email to know more about the program.
FAQ - Greece vs Portugal Golden Visa
Does the investor have to pay taxes in Portugal on his/her worldwide income?
No. If the investor doesn’t spend 183 days or more in Portugal within a year, the investor is not a domicile. In that case, the investor doesn’t pay taxes in Portugal on the worldwide income, apart from that in Portugal.
Can I obtain an EU passport by applying to the Greece or Portugal Golden Visa program?
Yes, you can obtain an EU passport by applying for the Greece or Portugal Golden Visa program. The main difference is that you’ll be able to acquire a Portuguese passport after five years of residency, while it’ll take seven years to obtain a Greek passport.
Which Golden Visa program is the best? Comparison: Portugal vs Greece
It depends. It depends on the criteria of the investor, and there are many variables that go into answering that question. Nevertheless, we recommend applying for the Portugal Golden Visa as it has more investment options, offers great tax benefits to foreign residents, gives its holders the ability to work in Portugal, and ultimately is the fastest route to acquiring EU citizenship.
Do you have an updated comparison?
Hi Panagiota,
Thank you for your question. We do have an updated comparison. The post has been updated as of September last year. Please let us know if you have any further questions.