Are you considering obtaining a Golden Visa Greece vs Portugal? Read on to learn about the comparison, benefits, and costs of each option.

Golden Visa Greece vs Golden Visa Portugal: Benefits, Cost & Requirements 

Obtaining a Golden Visa Greece vs Portugal can be an excellent opportunity for those who want to live, work, or invest in Greece or Portugal. It is a residency by investment program that allows foreign investors and their families to obtain a residency permit in exchange for investing in real estate or other eligible assets.

However, choosing between Golden Visa Greece vs Golden Visa Portugal can be a challenging decision. Both countries have their unique features, benefits, and costs that can impact your decision. In this article, we will compare the two options and help you make an informed decision.

Requirements Golden Visa Greece vs golden visa Portugal

The requirements for obtaining a Golden Visa in Greece or Portugal are similar, but there are some differences. In Greece, you need to invest a minimum of €250,000 in real estate or €400,000 in other eligible assets, such as government bonds or shares. In Portugal, the minimum investment threshold is €280,000 for real estate in low-density areas, €350,000 for real estate in high-density areas, or €350,000 for other eligible assets.

Both countries require applicants to maintain their investments for a specific period and have no criminal record. However, Greece requires applicants to have health insurance, while Portugal does not.

Benefits

The benefits of obtaining a Golden Visa in Greece or Portugal are numerous. Some of the advantages include:

Greek Golden Visa:

• A residency permit that allows you and your family to live and travel freely within the Schengen area for five years, renewable for an additional five years.
• Residence Rule: No minimum stay requirements in Greece.
• Possibility of obtaining permanent residency and Greek citizenship after seven years of continuous residence.
• Low cost of living and attractive real estate prices.
• Investment opportunities in tourism, energy, and technology sectors.
• Access the world at large with Greece’s visa-waiver agreements (171 countries visa-free).

Portuguese Golden Visa: 

• A residency permit that allows you and your family to live, work, and travel freely within the Schengen area for five years, renewable for an additional two-year period.
• Residence Rule: 7-day requirement the first year and 14 days every two years after.
• Possibility of obtaining permanent residency and Portuguese citizenship after five years of continuous residence.
• Low crime rate, high-quality education, and healthcare systems.
• Higher real estate prices but stable property market.
• The Portuguese Prime Minister stated that the Golden Visa program will be terminated sometime during 2023

Investment Costs:

The costs of obtaining a Golden Visa in Greece or Portugal depend on several factors, such as the investment amount, legal and administrative fees, and taxes. Here are some estimated costs for each option:

Greece:

• Minimum investment: €250,000 for real estate (specific areas) or €400,000 for other assets
• Legal and administrative fees: 2-3% of the investment amount
• Property transfer tax: 3.09-3.7% of the property value
• VAT: 24% for new properties or 3.09-3.7% for old properties
• Annual property tax: 0.1-0.7% of the property value

Portugal:

• Minimum investment: €280,000 for real estate in low-density areas, €350,000 for real estate in high-density areas, or €350,000 for other eligible assets
• Legal and administrative fees: 4-6% of the investment amount
• Property transfer tax: 6-8% of the property value
• VAT: 23% for new properties or no VAT for old properties
• Annual property tax: 0.3%

Application Costs: 

The act of applying for a Europe Golden Visa necessitates the payment of various charges to the pertinent authorities, in addition to fulfilling the requirements for investment. These charges are commonly assessed on a per-applicant and per-dependent basis.

In this article, we will elucidate how these charges diverge between two countries, Greece and Portugal, in terms of their Golden Visa application fees.

For Greece, the Golden Visa application fees are as follows: 

• €2,000 for the principal applicant, 
• €500 for each dependent aged 21 years old and above, and 
• €150 for each dependent below 21 years old.

As for Portugal, the Golden Visa application fees include an initial processing fee of 

• €533.90 for the primary applicant, and an additional €83.30 for each dependent. 
• Upon renewal, the charge per person amounts to €2,663, 
• Initial application costs €5,325 per individual.

Golden Visa Greece vs Golden Visa Portugal: Tax Implications

When it comes to tax implications, Greece and Portugal have different systems. Greece has a flat tax rate of 15% for foreign-source income, while Portugal offers the Non-Habitual Resident (NHR) tax regime that provides tax benefits for eligible individuals, such as a flat tax rate of 20% for certain types of income.

It is important to note that both countries have tax treaties with many other countries to avoid double taxation. Therefore, it is essential to seek professional advice to understand your tax obligations and benefits in your home country and Greece or Portugal.

Processing Time

The processing time for obtaining a Golden Visa in Greece or Portugal can vary depending on several factors, such as the investment amount, type of investment, and nationality of the applicant.

 In general, Greece has a faster processing time than Portugal. The Golden Visa application process in Greece can take 30-60 days, while in Portugal, it can take 8-12 months or even longer in some cases.

The Real Estate Market in Greece vs Portugal

Real estate is the most common investment option for obtaining a Golden Visa in Greece or Portugal. Both countries offer attractive real estate markets with various options, such as apartments, houses, villas, and commercial properties.

However, the real estate market in Greece and Portugal has different characteristics. 

Greece offers lower real estate prices than Portugal. Portugal, on the other hand, has a more established and stable real estate market with higher prices, especially in popular cities such as Lisbon and Porto.

Education and Healthcare System

Education and healthcare are essential factors for those who want to relocate with their families. Greece and Portugal both have excellent education and healthcare systems, but they have some differences. Greece offers free public healthcare and education, but the quality can vary. Portugal has a higher quality of education and healthcare, but it also has a higher cost.

FAQs

Q: Can I obtain Greek citizenship through a Golden Visa program?

A: Yes, it is possible to obtain Greek citizenship after fulfilling specific requirements, such as continuous residence and language proficiency, after 7 years.

Q: Can I rent out my Golden Visa property?

A: Yes, you can rent out your Golden Visa property, but you need to maintain the minimum investment amount and fulfill other requirements.

Q: Can I travel to other countries with a Golden Visa?

A: Yes, a Golden Visa allows you to travel freely within the Schengen area, which includes 26 European countries. You can access the world at large with Greece’s visa-waiver agreements (171 countries visa-free).

Conclusion

Obtaining a Golden Visa in Greece or Portugal can be a beneficial option for those who want to invest and live in Europe. Both options have their unique features, benefits, and costs that can impact your decision. 

Some key points about Golden Visa Greece vs Portugal: 

• Greece: €250.000 real estate investment  in Greece (certain areas) vs Portugal: +€30.000 more, outside prime areas and purchasing real estate that must have been built 30 years ago. 
• Greece: No obligations to stay in the country, whereas in Portugal there is a 7-day requirement the first year and 14 days every two years after.