The Spanish Government’s announced plans to completely terminate the Golden Visa program are now close to being realized with the approval of a draft law by the Spanish Congress.
Although it may take a few months to implement this measure, it is clear that new investors will need to consider alternative investment options in other European countries. Among the most attractive programs are the Portuguese Golden Visa and the Greek Golden Visa.
Portugal and Greece: the main competitors
When analyzing the features and advantages of both programs, it is easy to conclude that investing in Portugal is the winning choice.
The Greek Golden Visa begins with the possibility of real estate investment at a minimum amount of €250,000, particularly for converting commercial-use properties into residential use or restoring and rehabilitating historical properties.
Investment amount comparison
If, however, the investor opts for a move-in-ready property, the minimum investment increases to €400,000.
In comparison, Portugal offers its lowest-cost investment option at €200,000, allowing for contributions to artistic production or the recovery and maintenance of Portuguese cultural heritage in low-density population areas.
Despite the end of real estate investment as an option for obtaining the Portuguese Golden Visa, the Portuguese proposal remains highly attractive and does not prevent foreign citizens from purchasing property in Portugal if they wish to do so.
Benefits and requirements: Greek vs. Portuguese Golden Visa
Regarding the benefits of the Greek Golden Visa, it is worth noting that its processing time is approximately six months, it is issued for a period of five years, and it does not require any mandatory minimum stay.
On the other hand, the Portuguese Golden Visa currently faces a significantly longer processing time, with an initial validity of two years, renewable for equal periods, and a mandatory average stay of seven days per year.
Nationality and Residency Duration: a decisive factor
Although the Greek Golden Visa does not require a minimum stay, it does not allow access to Greek nationality. Greek nationality by naturalization is only possible after seven years of effective residence in the country.
In contrast, the Portuguese Golden Visa allows both the investor and their family to acquire Portuguese nationality after five years, starting from the date of the visa application submission.
This means that, despite the lengthy processing time of the Portuguese Golden Visa, the countdown toward obtaining Portuguese nationality begins as soon as the visa application is submitted, ensuring that the path to acquiring a Portuguese passport remains unaffected.
Additional rights: work and family inclusion
As for the rights granted to the investor, the Greek Golden Visa does not allow the investor or their family to work in Greece. However, the Portuguese Golden Visa places no restrictions on this option.
Portuguese Passport: a global asset
It is well known that, in most cases, the primary goal of investors is not only the ease of travel within the Schengen Area but also the opportunity to acquire a European passport.
As one of the most powerful passports in the world, the Portuguese passport reinforces Portugal’s Golden Visa as the leading Residency-by-Investment Program globally after the end of the Spanish Golden Visa, as highlighted by Bloomberg and other publications.
If you are considering investing in Portugal and benefiting from the unique advantages of the Portuguese Golden Visa, we can assist you in this process. Contact us to turn your investment into a gateway to new opportunities!
