The Greek programme was created in 2013, as an incentive to attract foreign investment and boost the country’s economy – following a financial crisis. The Greece Golden Visa was incredibly successful, generating significant revenue for the country, projecting it not only into the global market but boosting other sectors, such as tourism.
Following this trend there was an increase in property purchasing, generating billions of euros for the Greek economy. From January to May 2023, there was a total of 3,900 submission requests for residency real estate acquisitions, a notable increase compared to the 1,444 requests recorded during the same period the previous year. The country benefited nearly €1 Billion for 5 months during 2023, through the Golden Visa alone and flourished, as there was a flow of job creation and local development (source: Ministry of Migration and Asylum).
This compelling choice offered then and now a combination of investment options all over the country and the islands, including the possibility of European residency, future citizenship, family inclusivity, high quality of life, and a cultural experience with the chance to travel freely.
On the other hand, the Portuguese Golden Visa offered many advantages, being in a strategic trading location, Portugal is a freeway to European markets. Still, the sunny coastal country offers a serene and vibrant lifestyle, benefiting from a rich cultural background and granting a multicultural experience.
The education and health systems are known all over the world for their high standards, as well as the perfect climate, high quality of life and welcoming communities.
Although Portugal Golden Visa offered Schengen area access, the Greek programme has very appealing features for investors and not only. Expectations must be kept in place while considering “a big move” such as moving to Greece or investing in the country's real estate scenario. There are a variety of idyllic properties all over the country that will grant a range of benefits, such as Citizenship-by-Investment – after 5 years of the investment.
The dynamic between the Greece and Portugal Golden Visa programmes has shifted, as Portugal's enticing initiative has come to an end. The Portuguese government's decision to conclude this once-thriving programme, which significantly boosted the country’s economy and elevated its status in global markets, was prompted by the "Mais Habitação" bill – which was introduced to address the housing crisis in Portugal, resulting in the closure of the Portugal Golden Visa and altering the landscape of options for prospective investors seeking European residency.
According to individuals’ expectations and financial situation, Greece attends to all demands when one understands the economic and legal framework. Investors can have all the benefits, including ROI (return on investment) in their hands.
Beyond the advantages of residency and travel, the Greece and Portugal Golden Visa programmes align within a shared economic landscape, financial opportunities, and investment security. Also, with the imminent conclusion of the Portugal Golden Visa, the stage is now set for the rise of the Greece Golden Visa, which emerges as an appealing alternative.
Other advantages include Greece’s cost of living, which is particularly evident in its lower rental expenses and overall affordability. For instance, a family of four can expect estimated monthly costs of 2,538.7€, excluding rent, while a single person's expenses amount to 746.8€ without rent. Additionally, the cost of living in Greece averages 15.1% higher than in Portugal, while rent expenses are remarkably lower, sitting at 42.5% lower than those in Portugal (source: Numbeo).
Travelling back, the Portugal Golden Visa symbolised an unparallel world of investment opportunities, this programme was perfect for every situation – depending on expectations and financial situation.
The country’s vast seashores, beautiful interior landscapes and cosmopolitan cities still offer a tour through cultural heritage in every part of the country, even in the heart of the main cities, such as Lisbon or Porto. Tradition is deeply rooted in the local community, as the own country exhales culture.
Greece Golden Visa offers a range of opportunities, for investors who want to expand their portfolios, and families looking to move into the country there is a range of opportunities that grant the freedom to select from a variety of properties. From these investment choices, investors can apply for Greek citizenship after 5 years, among other benefits.
There is a range of property type options, from serene and calm island life, with clear blue water and soft sandy beaches, to picturesque properties, surrounded by nature, to luxurious villas and apartments in the heart of the country, history and culture are everywhere. In gastronomy, festivals, and architecture: every sight is breathtaking.
Investing in Greece requires a minimum of €250,000 in expenses, and the Visa might be issued within a 1–2-month period. Investors don’t need to stay in the country to keep their residency and can get their citizenship after 7 years. Also, there is no need for a language exam for residency but needed for citizenship appliance. Parents can freely apply together with their kids – important to note that the first residence permit renewal is 5 years after it was issued.
Conditions for the Portugal Golden Visa included: a minimum of €280,000 in expenses and the Visa might be issued within a 3–6-month period. Investors needed to stay in the country for at least a 1–2-week period to keep their residency and can get their citizenship after 5 years. Also, there was no need for a language exam for residency but needed for citizenship appliance. Parents could apply together with their kids if they are financially dependent – important to note that the first residence permit renewal was 1 year after it was issued.
Portugal still benefits from a strict and well-structured fiscal model, that grants both locals and foreigners reliability. This is one of the reasons why the Portuguese Golden Visa was one of the most sought-after. The country keeps its strong and vibrant economic future, with a financial framework that still offers many opportunities and safeness to investors, today and in the future.
In addition to the range of advantages from favourable climates, rich cultural legacies, exceptional quality of life, and enticing travel privileges, the economic landscape stands as a focal point for both seasoned investors and first-time buyers in these countries. Both the Greek and Portuguese economies are experiencing robust growth, with foreign investment flourishing. Notably, a distinguishing feature of these economies is their unwavering stability, further enhancing their allure.
Greece, the Mediterranean paradise, presents not only economic diversity but also an investor’s opportunity to grow and make safe moves. The country has grown, resurging in the world’s markets – in multiple areas, such as shipping, agriculture, and tourism, among others. This is a dynamic market for investors who know how to dodge the bullet and navigate the sea of investments, offering space for innovation and bold strategies.
Unlike some other countries, Greece does not impose restrictions on the type of property, giving investors flexibility in selecting residential, commercial, or mixed-use properties. With Portugal's Golden Visa coming to an end, Greece's real estate market becomes an even more attractive option for those seeking European residency through investment. The allure of the Greece Golden Visa becomes even more pronounced with the end of the Portuguese programme.
Greece's Rise: Portugal's Golden Visa Transition
Greece's programme stands as a beacon of stability and opportunity in the investment migration landscape. As the Portugal Golden Visa closes its doors, Greece offers a robust framework for growth and strategic investments. This dynamic market spans sectors such as shipping, agriculture, and tourism, offering a canvas for innovation and bold strategies.
Furthermore, Greece's strategic location, coupled with its diverse landscapes and cultural richness, positions it as an investment haven. The Greek Golden Visa is not only a conduit to residency and citizenship but also an opportunity to tap into a resilient and evolving economy.
This is a life journey that must be planned according to one’s expectations – both financial and personal. Moving and investing in a foreign country represents most of the time a dream come true but for everything to go smoothly plans and research must be made.
Embarking on a New Chapter: Family Life in Greece vs. Portugal Lifestyle
Investors and their families who obtain Greece's Golden Visa receive a five-year residency permit, offering the privilege of residing, working, and studying in Greece. A distinctive advantage of this permit is its inclusion in the entire Schengen Area, easing travel across Europe without the need for additional visas. This advantage becomes particularly significant as Portugal's Golden Visa is set to conclude.
Both Greece and Portugal are safe countries that foster a booming economy and have room for safe investment. In these cultural countries, tradition is part of the daily lifestyle, and a vibrant environment is also a big part of both communities.
Residency permit holders in Greece gain access to the country's healthcare system and educational institutions. This ensures that families have the necessary support and resources for their well-being and personal growth. As the Portugal Golden Visa chapter comes to an end, Greece's programme shines as a robust alternative, catering to the holistic needs of investors and their families.
Regarding raising a family in Greece, the country has an excellent programme that gives priority to family values – with healthcare access services, education structure, and the benefit to grow among culture and ancient history.
Climate and high-quality lifestyle allure tourists from everywhere each year, and many of them decide to call one of these countries their home at some point. For investment purposes or to give their families a better way of life, there are many reasons why Greece represents inviting investment opportunities.
Portugal is also a country with a strong historic heritage, which is perfect for those looking for more intellectual and illuminating paths. The way of life varies depending on the region. The main cities foster a vibrant social scene, immerse in culture and tradition, the coastal line has beautiful beaches, perfect for sunbathing or outdoor activities, and the country’s interior has stunning landscapes and picturesque scenarios.
Choosing Your Path: Greece vs. Portugal for Residency by Investment Programme
Embracing the Greece Golden Visa is more than a legal process; it's a journey toward empowerment and enrichment. This programme caters to a diverse range of investors, offering various entry points based on financial capacities and objectives.
Greece's flourishing economy presents a spectrum of investment opportunities, coupled with a Mediterranean climate that is conducive to an exceptional quality of life. Moreover, the absence of mandatory residency requirements provides unparalleled flexibility for individuals seeking a seamless transition.
As the curtain falls on the Portugal Golden Visa, Greece's Golden Visa shines as a beacon of opportunity and growth. Its diverse investment landscape, flexible residency requirements, and rich cultural heritage make it a compelling choice for investors seeking European residency and citizenship. With the closing chapter of the Portugal Golden Visa, now is the time to seize the advantages that the Greece Golden Visa has to offer and embark on a journey of prosperity and transformation.