A Tale of Two Golden Visas - Greece and Portugal: More Different Than You Think
Golden Visa - Invest Migration | March 2022
A Tale of Two Golden Visas - Greece and Portugal: More Different Than You Think

You may be forgiven for assuming that the Greek and Portuguese golden visas are more or less the same. After all. both grant their holders EU residency, rely heavily on real estate investment, and follow a similar process. However, the finer details tell a different story, one highlighting the minuscule variations that can make one of them superior for long-term benefits.


Financials are key

When comparing capital-based immigration programs, money makes a massive difference, especially when two programs seemingly offer the same benefits. In terms of pure financials, Greece edges out Portugal's golden visa.

In Portugal, applicants are given the choice of buying real estate for €500.000 or rehabilitated properties older than 30 years for €350,000. If those properties are situated in a low density area, the applicant can get a 20% discount, making the bare minimum €280,000, which is still higher than the minimum threshold of Greece's golden visa.

Greece requires an investment of only €250,000, which can be split amongst various properties, making it more affordable than Portugal's cheapest option. However, the financial differences don't end there, as the property transfer tax in Portugal is normally set at 6.5% (in some cases, it can be reduced to 5%), meaning that if a person opts for the most economical option, they still have to pay €18,200 in transfer tax. On the other hand. Greece has a 3% property transfer tax, adding only €7,500 to the purchase amount. 

But there is more.

The issuance fee for a Portuguese golden visa is €5,147 for each family member in the application and requires a renewal fee of €2,573.90 for each of those aforementioned family members. Renewals are done at least twice during any given five-year period.

The admin fees in Greece are significantly lower, as issuance fees are €2,000 for the main applicant and €150 for each family member. The visa is valid for five years at a time, and renewal after five years costs only €500 per family member.

So, considering a family of four as a sample, the family would need to pay €339,382 inclusive of the investment, taxes, and processing fees during a five-year period. That same family would need only pay €259,950 under Greece's golden visa, a difference of about €80,000, approximately 25% less than under Portugal's option.

Even when it comes to other options, recent changes in Portugal have seen its second most popular option, investment funds (9% of all applications), increase from €350,000 to €500,000. Greece's banking product options remain at €400,000, a staggering 20% less, highlighting why Greece's golden visa is superior to its Portuguese counterpart in terms of pure cost.


Quality of investment

Financials are not the only factor of the investment; the quality of the asset itself is also critical. This issue affects the most important part of obtaining a golden visa, which comes after a person gets their residency.

When an investment is nothing more than a means to an end, the subsequent headaches can be quite brutal. A bad investment, especially in real estate, can be difficult to monetize or even sell, leading to particularly hefty losses.

The changes in Portugal's golden visa also affect this factor, as investors are now limited to the interior of Portugal when searching for a suitable residential property. Meaning hot spots such as Lisbon and Porto are no longer on the table, forcing investors to increase their risk margin by buying real estate in relatively uncharted territory in terms of global investments.

Greece paints another picture, allowing investors to purchase any property (or properties) throughout an open market. Athens, Thessaloniki, Santorini, Mykonos, and anywhere else within the Hellenic Republic. This flexibility gives investors the ability to create their own real estate portfolio, prioritizing their objectives, be it personal use, renting them out for ROI, or playing the waiting game by investing a portion in a developing area.

ROI is another important matter to consider, as renting out a flat in Athens for the long term may prove much simpler than doing the same in the Algarve, and it may prove much more profitable as well.

But what remains a crucial aspect is the exit strategy. Take Portugal's cheapest option, the €280,000 option, as an example again. It costs more than the Greek golden visa, a fact well established, but it remains an old property of at least 30 years of age in an urban area. Selling it after a while may prove quite the challenge, and if the investors want to liquefy their investment quickly, they may have to do so while bearing a loss.

In Greece, however, investors can choose newly built, state-of-the-art properties in bustling cities, making re-selling them much easier and much more likely to make a profit through their constant appreciation.


The Process

While the process for both programs remains relatively similar, one major difference comes in terms of processing times. Portugal's golden visa has quite the backlog, making processing times stretch from 8-12 months, meaning investors have to carefully plan their applications if they are aiming to relocate while maintaining their children's schooling schedules.

In Greece, thanks to a centralized process, investors can get their golden visa within an average of three months; this is quicker, simpler, and can help those looking to relocate to efficiently plan their move.


A superior option for many

While each investor will have their own needs and objectives, Greece continues to edge out Portugal in terms of investment, cost, and ease. The process is simple, quick, and can be highly lucrative if done correctly, and if you are interested in doing it the right way, contact Georgaki Law Firm today to book a consultation with our experts.



Source: https://www.imidaily.com/sponsored-feature/a-tale-of-two-golden-visas-greece-and-portugal-more-different-than-you-think/?fbclid=IwAR3b3uZ-uzOzmyuvnEdcL8hQRdR7J1nVtpBpWeQj5fgJ6w8npEbxnxgtyE4

Related Articles

As a sequel to our last article concerning the thriving Real Estate Market in Greece which presented among others the advantages of the Golden Visa Scheme, it worths highlighting the importance of the rapid processing time of the Golden Visa application. 

Golden Visa - Invest Migration | March 2023

Speaking about social globalization the world is more connected than ever due to the widespread of technology.

Golden Visa - Invest Migration | February 2023

Always wanted to move to Greece and wander around the picturesque island alleys with the view of blue domes?

Golden Visa - Invest Migration | February 2023

While the change of the limit for the Greek Golden Visa has not been established yet and it seems that no change will take place until the new year, the Greek government and the relevant ministers are studying alternative scenarios in order not to damage its popularity.

Golden Visa - Invest Migration | October 2022

The golden visa program was introduced by Law 4146/2013.

Golden Visa - Invest Migration | September 2022

The collection of the first installment by the Recovery Fund, amounting to 3,4 billion euro, towards our country, from which the amount of 1,72 billion regarding no refundable grants and the amount of 1,84 regarding loans.

Golden Visa - Invest Migration | April 2022

Removal of examination suspension and issuance of pending applications for renewal and submission of applications for renewal of residence permits of citizens of the Russian Federation and Belarus - The suspension of submission and approval of new residence permit applications is maintain

Golden Visa - Invest Migration | April 2022

Following the decision of the Ministry of Immigration and Asylum for the provisions of temporary protection towards displaced Ukrainian citizens, Greek Government proceeds to the adoption of additional measures of humanitarian sensitivity as aid to Ukrainian ci

Golden Visa - Invest Migration | March 2022

Residency by investment (RBI) is a two-way venture. There is the immigration aspect, which in the case of Greece’s Golden Visa is the residency permit, and there is the investment factor, which can be quite complex and highly profitable – if done right.

Golden Visa - Invest Migration | March 2022

Following the recent undesirable developments of the Ukraine crisis, Greece proceeds to the practical support towards the displaced 

Golden Visa - Invest Migration | March 2022

By the adoption of the New Immigration Code in 2014, Greece entered the Golden Visa sector dynamically constituting one of the principal choices for investment immigration candidates.

Golden Visa - Invest Migration | March 2022

The upturn of Greek economy is confirmed once more by the national bank of Greece, according to the relevant data indicating the “vertical” increase of foreign direct investments in Greece for 2021, even in comparison to the pre-COVID era.<

Golden Visa - Invest Migration | February 2022

by Christian Henrik Nesheim


How do you spend your weekends?

Golden Visa - Invest Migration | February 2022

Following the idleness of the investment community recorded during 2020 due to the pandemic, 2021 seems to show improving statistics from foreign investors in Greece.

Golden Visa - Invest Migration | February 2022

According to data collected by the international insurance company William Russel, Greece was listed within the top ten countries where citizens choose to live in 2022.

Golden Visa - Invest Migration | January 2022

Greece welcomes the new year with a promising growth, following the increasing trajectory of December 2021, according to the economic indicator researched by the Foundation of Economic and Industrial Research (in Greek

Golden Visa - Invest Migration | January 2022

The famous Greek Golden Visa scheme, which allows third country investors to acquire a
residence permit, has led to a significant growth of the Greek Real Estate market. Despite the
negative consequences of the coronavirus pandemic at a global level, real estate acquisitions in

Golden Visa - Invest Migration | January 2022

November has proven to be a very successful month for the Greek Golden Visa scheme since 151 applications – filed from main applicants – were approved. The approval rate reached 38 approvals per week and has granted Greece a leading position over the famous Portuguese program. 

Golden Visa - Invest Migration | December 2021

Despite the difficulties faced by the Greek Golden Visa scheme during last year, partially due to the pandemic crisis, Greece has rebounded and reached the 1

Golden Visa - Invest Migration | December 2021







Golden Visa - Invest Migration | November 2021


Golden Visa - Invest Migration | September 2021

A new tax motive regarding parental grants, which is predicted to trigger a boost in Real Estate transfers, is to be in force from 1

Golden Visa - Invest Migration | September 2021

Pursuant to articles 10 and 11 of the new legislation “Reformation of deportation procedures and return of third country citizens, attraction of investors and digital nomads, issues of residence permit and procedures of granting international protection along w

Golden Visa - Invest Migration | September 2021





Golden Visa - Invest Migration | July 2021



Golden Visa - Invest Migration | April 2021


Golden Visa - Invest Migration | March 2021

Greece is on its first attempt to offer tax motives in order to attract foreign direct investments.

Golden Visa - Invest Migration | January 2021

The upcoming Brexit which will turn British individuals to third country citizens with doubtful access to European Union, especially while the agreement between London and Brussels is pending, has shaped new trends for property market abroad from residents of United Kingdom.

Golden Visa - Invest Migration | December 2020

According to the Investment Migration Insider website and to the research of Anatoliy Lyetayevand the statistics from last year for some of the most popular resident permit’s by investment programs of Spain, Greece, and Portugal indicate that Greece had been the ultimate champion in “Golden Visa”

Golden Visa - Invest Migration | December 2020

According to Bloomberg, the country we considered as one with the strongest passports globally, is starting to lose ground, since the wealthy Americans are looking for a double citizenship. It is known that Americans have not expressed interest for “golden passports” until now.

Golden Visa - Invest Migration | December 2020
How Can We Help You