Portugal vs Greece: Which Golden Visa Residency Program is Best in 2025
In 2025, Europe’s residency-by-investment landscape has changed dramatically. With Spain and Ireland closing their golden visa programs, Portugal and Greece remain the top EU destinations for high-net-worth individuals seeking a legal pathway to residence and citizenship.
Here’s how each golden visa program compares right now – investment options, processing times, benefits, and what’s changed this year.
Book A ConsultationKey Investment Options For Portugal Golden Visa 2025
Innovation, Science, and Cultural Investments
Law No. 56/2023, enacted in October 2023 and still in effect in 2025, removed real-estate purchases and large capital transfers from the list of qualifying investments. Existing real-estate investors’ rights were preserved, but new applicants must choose from five categories focused on science, culture or job creation.
| Investment option (2025) | Minimum contribution | Notes |
|---|---|---|
| Cultural or artistic patronage | €250k | Donation to a certified project for artistic production or restoration of cultural heritage. Low-density regions may qualify for a 20% reduction. |
| Scientific research | €500k | Funding of research projects within Portugal’s national science and technology system. |
| Investment funds | €500k | Subscription to venture-capital or private-equity funds regulated in Portugal; at least 60% of the assets must be invested in Portuguese companies and the fund must have a five-year maturity. |
| Business creation | 10 new jobs | Establishing a company that creates at least ten full-time positions (eight jobs in low-density areas). |
| Company capital & jobs | €500k | Injecting capital into an existing company and creating or maintaining at least five jobs for three years. |
Portugal’s golden visa now focuses on innovation, science, and cultural investment, with minimum contributions starting at €250,000. Real estate no longer qualifies, but processing times may improve as the government invests in digitization.
These investment levels reflect the government’s desire to direct foreign capital toward innovation, science and employment. The programme continues to allow a 20% reduction for projects located in low-density areas (fewer than 100 people per km² or GDP per capita below 75% of the national average).
Portugal Golden Visa Processing Times
Portugal’s immigration agency (AIMA), created after the disbanding of SEF, has struggled with a backlog of applications. Reports in mid-2025 indicated about 45,000 pending golden-visa cases and average waiting times between 12 and 24 months for approvals.
Government officials announced plans to digitise the entire process, including online submission, payment and biometric scheduling, and promised to clear renewal backlogs by October 15 2025 and resolve pending concessions by December 31 2025.
Whether these targets will be met remains to be seen. Meanwhile, the programme continues to attract investors: Portugal issued a record 4,987 golden visas in 2024, a 72% increase over 2023, with Americans among the top applicants.
Benefits Of The Portugal Golden Visa
Mobility Benefits Of The Portugal Golden Visa
Holders enjoy visa-free travel throughout the Schengen Area and can live, work and study in Portugal. They are not required to relocate permanently; a seven-day average stay per year suffices.
Can I Get Permanent Residency Without Investment?
Once a golden-visa holder obtains permanent residency after five years, the initial investment may be liquidated.
What If The Laws For The Portugal Golden Visa Change?
In addition to proposals lengthening the citizenship timeline, political factions have suggested requiring greater physical presence. As of August 2025, no reforms had been enacted, but investors should monitor legislation as it could affect future applicants.
Key Investment Opportunities For Greece Golden Visa 2025
Tiered Real Estate And Alternative Investments
Greece reformed its golden visa in August 2024 to address housing affordability. The new rules divide the country into three investment zones and set different minimums.
| Zone | Minimum investment | Areas covered | Notes |
|---|---|---|---|
| Zone A (premium) | €800k | Entire region of Attica (Athens and Piraeus), Greater Thessaloniki, Mykonos, Santorini and any island with a population over 3,100. | Property must be at least 120 m². Purchases must be used as the buyer’s residence or leased long term; short-term rentals are not permitted. |
| Zone B (standard) | €400k | All other mainland and island areas not in Zone A or Zone C. | Minimum property size 120 m² and same usage restrictions as Zone A. |
| Zone C (special) | €250k | Projects converting commercial buildings to residential use or restoring properties of historical or cultural value. | Allows smaller units and continued flexibility for tourist-accommodation projects; can qualify with a 10-year hotel lease (from €250k to €500k depending on location). |
Greece offers flexible, tiered investment options – including real estate, government bonds, and mutual funds starting at €250,000 in special zones. No minimum stay is required, and investors can include family members and benefit from attractive tax incentives.
Alternative Non-Real Estate Investments For The Greece Golden Visa Programme
The Greek programme still allows non-property investments.
Bank Deposits or Government Bonds
€500k deposited in a Greek bank for at least one year, or €500k in three-year Greek government bonds.
Corporate Bonds or Listed Shares
€800k invested in Greek corporate bonds or shares traded on the Athens Stock Exchange.
Mutual Funds or Real-Estate Investment Funds:
€350k in funds that invest solely in Greek securities or property investment funds.
Greece Golden Visa Processing Times
Official processing times for the Greek golden visa are 4–12 months. In practice, heavy demand and administrative bottlenecks have created a backlog of about 50,000 pending applications. In 2024 the Ministry received 9,289 new applications but issued only 1,617 permits. The government launched a digital submission portal and is expanding staff to speed up approvals, but applicants should still expect delays.
Benefits Of The Greece Golden Visa
Is There A Minimum Stay Required For The Golden Visa?
Greece does not require golden-visa holders to reside in the country; they can renew their five-year residence permit without setting foot in Greece.
Can I Bring My Spouse Or Children On Greece’s Golden Visa?
The programme allows the principal applicant to include a spouse or partner, children up to 21 (extendable to 24 with annual renewals), and the parents of both partners. Following Greece’s marriage-equality law in February 2024, same-sex couples enjoy the same rights.
Greece Pathway To Citizenship
Greek citizenship is available after seven years of continuous residence. Applicants must prove integration by passing a B1 Greek language test and demonstrating knowledge of Greece’s history and culture. Residence must be physical; time spent outside the country does not count.
Tax Incentives For Greece Golden Visa
Greece offers a non-dom regime with a flat €100k annual tax on worldwide income for investors who were not Greek tax residents for the previous seven years and maintain at least €500k invested in Greece. Pensioners may opt for a 7% flat tax on foreign pension income for the first 15 years of residence. New properties are exempt from 24% VAT and subject to a 3% transfer tax; insured homes under €500k receive a 20% property-tax discount.
Trends In Greece’s Real-Estate Market – What To Know
Greece’s property market has grown for seven consecutive years. Prices in the Athens region have risen 71.1% since 2017, with an annual increase of 7.8% in 2024. Foreign direct investment in Greek real estate reached €3 billion in 2023, and rental yields of 4–6% are common in major cities (up to 10% in tourist hotspots).
These trends, coupled with improved tourism revenues and GDP growth forecasts of around 2.1% for 2025, underpin the country’s attractiveness for real-estate investors.
Portugal vs Greece – Golden Visa 2025 Program Comparison
The table below summarises key elements of both programmes. It focuses on quantifiable attributes; qualitative differences are discussed afterwards.
| Feature | Portugal Golden Visa | Greece Golden Visa |
|---|---|---|
| Minimum investment | €250k (arts/culture); €500k (funds or research); 10 jobs or €500k + jobs. | €250k (Zone C heritage/restoration or hotel lease); €400k (Zone B); €800k (Zone A). Alternative: €350k–€800k in financial instruments. |
| Real-estate route | Discontinued since Oct 2023. | Still available with tiered thresholds and restrictions on short-term rentals. |
| Processing time | 12–24 months on average; backlog of ~45,000 applications. | 4–12 months officially; backlog of ~50,000 applications. |
| Residency requirement | 14 days per two-year period (7 days/year average). | None. Residence permit can be renewed without physical presence. |
| Duration of residence permit | Initial card valid for 2 years, renewable for 2-year periods. | Five-year permit, renewable indefinitely as long as investment is maintained. |
| Eligibility for citizenship | After 5 years; A2 language test; minimal physical presence. Proposed reforms may extend to 7–10 years but not yet enacted. | After 7 years of continuous residence; B1 language test and integration exam. |
| Family inclusion | Spouse or partner, children up to 26, dependent parents. | Spouse or partner (including same-sex couples), children up to 21/24, parents of both partners. |
| Tax regime | IFICI+ regime for scientific/innovative professionals offers 20% flat tax; standard tax otherwise; non-habitual resident regime abolished. | Non-dom regime (€100k flat tax); 7% flat tax on foreign pensions; VAT exemptions and property-tax discounts. |
Ready to explore your best golden visa residency options for 2025? Book a Consultation with Bluewater Immigration for personalized advice.
Which Golden Visa Pathway To Residency Is Better? Greece Or Portugal?
Portugal Investment Flexibility Vs Greece Real Estate Ownership
Portugal or Greece? If you prioritize science and innovation and want a clear path to EU citizenship in five years, Portugal may be your best bet.
If you value real estate ownership, immediate family inclusion, and a more generous tax regime, Greece offers flexibility across multiple zones with lower property thresholds in select areas.
Which Is Faster To Complete? Greece Or Portugal?
Both programmes suffer from bureaucratic backlogs.
Portugal’s 12–24-month processing time and 45,000-case backlog are significant drawbacks. AIMA’s promised digital overhaul could speed things up, but progress has been slow.
Greece’s average processing time of 4–12 months appears faster on paper, yet its own backlog of about 50,000 applications means some applicants wait almost a year.
Both governments have signalled commitment to clearing queues, but investors should anticipate delays.
What Is The Residency Obligation For Portugal And Greece?
Portugal requires minimal physical presence—just 14 days every two years—which makes it attractive for investors who want flexibility while maintaining a path to citizenship. Greece imposes no residency requirement at all, so long as the investment is retained. That makes it especially appealing to investors who are not ready to relocate. However, citizenship in Greece demands seven years of physical residence, so those aiming for a Greek passport must eventually live there.
Portugal vs Greece: Tax Considerations
Tax is often overlooked in golden-visa comparisons. Portugal’s IFICI+ regime targets professionals in science and technology; others fall under standard Portuguese taxes, which are moderate by European standards but lack the exemptions of the former NHR regime.
Greece’s non-dom regime remains more generous: a €100k flat tax on worldwide income can be attractive for high-net-worth individuals, and retirees can benefit from a 7% tax on foreign pension income. Property-tax reductions and VAT exemptions further sweeten Greece’s offer.
Portugal vs Greece: Which Is More Stable?
Portugal has undergone substantial legal changes in the past two years. The elimination of real-estate investments and proposed extensions of the citizenship timeline create some uncertainty. On the other hand, the government emphasised in June 2025 that it does not plan to end the programme.
Greece’s three-zone system is new but seems politically stable, with the government focusing on controlling housing inflation rather than dismantling the scheme. Applicants should nonetheless monitor Greek elections and EU policies, as further tightening is possible.
Minimum Investment For Both Golden Visa Programs In 2025
The bar chart below visualises the minimum investment required for each major category in both programmes. It highlights how Greek thresholds vary by zone and shows that Portugal’s non-property options start at €250k. Values are expressed in thousands of euros.
Choose Bluewater Immigration For Your Global Migration Advice
As a high-net-worth individual, you deserve a boutique agency that understands your personal challenges, accomplishments, and future goals. Whether you value Portugal’s innovation-driven path or Greece’s real-estate flexibility, our experts provide tailored advice and hands-on support.
Contact Bluewater Immigration today to discuss your options, evaluate the best residency program for your needs, and take the first step toward EU residency and citizenship.
Frequently Asked Questions
Is the Portugal Golden Visa still open in 2025?
Yes. Portugal’s Golden Visa remains open in 2025. The government chose to restructure the program rather than end it, removing real estate and capital transfer options.
