Portugal vs. Greece Golden Visa (2026)
These programs were once close competitors. Since Portugal's real estate route closed in February 2023, they now appeal to different investors entirely. The key question is simple: do you want to own real estate, or invest in funds?
| Feature | Portugal Golden Visa | Greece Golden Visa |
|---|---|---|
| Real estate investment? | No Closed Feb 2023 | Yes — €250k–€800k Open |
| Investment fund option? | Yes — €500k (most popular) | No |
| Cultural heritage option? | Yes — €250k (lowest entry) | No |
| Bank deposit option? | No | Yes — €500k |
| Government bonds option? | No | Yes — €500k |
| Minimum stay requirement | 7 days per year | None — zero days |
| Path to citizenship | 5 years | 7 years |
| Language for citizenship | A2 Portuguese (basic) | B1 Greek (very hard — new alphabet) |
| Dual citizenship? | Yes | Yes |
| Children included up to age | 26 (if dependent/studying) | 21 (hard cutoff) |
| Can exit investment after 5 yrs? | Yes — sell fund shares, keep residency | No — must hold property to maintain status |
| Processing time | 4–8 months | 3–6 months |
Two Programs, Two Philosophies
Portugal went intangible — funds, research, culture. Greece stayed tangible — real estate and capital instruments. Neither is objectively better; which suits you depends entirely on whether owning physical property in Europe is the goal.
- Investment funds (€500k) — most popular. Qualified funds invest in Portuguese companies, real estate funds (indirectly), or infrastructure. Liquid after 5–6 years.
- Cultural heritage (€250k) — lowest entry point. Arts, cultural preservation, or national heritage projects.
- Research & development (€500k) — investment in scientific research or technology development.
- Job creation (€500k + 10 jobs) — creating at least 10 jobs for Portuguese residents.
- Real estate route: closed February 2023. Capital transfer route: also closed.
- Real estate (€250k–€800k) — still fully available. Minimums depend on zone (see tiers below). You own a physical property.
- Bank deposit (€500k) — deposit in a Greek bank. Simple and liquid.
- Government bonds (€500k) — purchase of bonds with minimum 3-year maturity.
- Company investment (€400k) — investment in a Greek company with minimum 15% ownership.
- No fund option available. No cultural heritage route.
Side-by-Side Investment Comparison
Portugal — Available Routes (2026)
| Investment Type | Minimum | Key Details |
|---|---|---|
| Investment funds | €500k | Most popular. Funds qualified by Portuguese authorities. Includes real estate funds (indirectly). Liquid after 5–6 years. Annual management fee ~0.5–1.5%. |
| Cultural heritage | €250k | Lowest entry point. Arts, cultural preservation, or national heritage. Niche — harder to find qualifying projects. |
| Research & development | €500k | Investment in scientific research or technology development in Portugal. |
| Job creation | €500k + 10 jobs | Must create at least 10 permanent jobs for Portuguese residents. Complex to structure. |
| Real estate | Closed | Ended February 2023. No longer available. |
| Capital transfer | Closed | Ended February 2023. No longer available. |
Greece — Available Routes (2026)
| Investment Type | Minimum | Key Details |
|---|---|---|
| Real estate — entry zone | €250k | Limited areas: Thessaloniki suburbs, some islands, parts of Attica outside main metro. Verify current zone eligibility. |
| Real estate — standard | €400k | Most regions of Greece. Effective baseline for the majority of buyers. |
| Real estate — premium | €800k | Athens, Thessaloniki proper, Mykonos, Santorini, popular islands. Residency without minimum stay. |
| Bank deposit | €500k | Deposit in a Greek bank. Simple, but ties up capital at low returns. |
| Government bonds | €500k | Minimum 3-year maturity. Low risk, low return. |
| Company investment | €400k | Minimum 15% ownership in a Greek company. |
Portugal Wins — 5 Years vs. 7, A2 vs. B1
For Americans whose ultimate goal is an EU passport, the citizenship comparison is the most important dimension of this decision — and Portugal wins decisively on every metric.
- Language: A2 Portuguese — basic level. Latin alphabet.
- A2 achievable in 6–12 months of part-time study
- Physical presence: 7 days/year (35 days total over 5 years)
- Processing after application: 6–12 months
- Dual citizenship: fully allowed
- Language: B1 Greek — intermediate level. Different 24-letter alphabet.
- B1 Greek typically takes 2–4 years of serious study for English speakers
- Physical presence: no minimum for Golden Visa, but citizenship requires demonstrable ties
- Processing after application: 12–24 months
- Dual citizenship: allowed
Both Are "Soft" Residency — Greece Offers More Flexibility
Neither program requires you to live in the country full-time. Greece's zero minimum stay is slightly more flexible than Portugal's 7 days per year — though in practice, most American investors visit Portugal anyway for the lifestyle.
| Residency Feature | Portugal | Greece |
|---|---|---|
| Minimum days per year | 7 days (average over 5 years) | None — zero days required |
| Total days over 5 years | 35 days minimum | 0 days |
| Renewal in person? | Yes | Yes — every 5 years |
| Creates tax residency? | No (183+ days triggers tax residency) | No (183+ days triggers tax residency) |
| Citizenship physical presence | 7 days/year satisfies requirement | Unclear — likely requires demonstrable ties |
Portugal's 7 days per year is a very low bar — this is one week per year in a beautiful country with great weather and English-speaking expat communities. Most investors exceed this comfortably. Greece's zero requirement offers maximum flexibility, particularly for investors who purchase purely as a financial asset and have no intention of visiting regularly.
Portugal's Age 26 Cutoff vs. Greece's Age 21
Both programs include the main applicant's spouse, dependent children, and financially dependent parents of either spouse. The child age cutoff is a meaningful difference for families with college-aged children.
| Family Member | Portugal | Greece |
|---|---|---|
| Spouse | Yes | Yes |
| Children — age cutoff | Up to 26 (if unmarried and financially dependent / studying) | Up to 21 (hard cutoff) |
| Parents of either spouse | Yes (if financially dependent) | Yes (if financially dependent) |
| Same-sex spouses | Yes | Yes |
| Siblings | No | No |
For families with children aged 21–26 still in university or graduate school, Portugal's cutoff is a significant practical advantage. Greece's hard 21-year cutoff means a 22-year-old still in college cannot be included in the application.
Portugal — Exit After 5 Years. Greece — Tied Up for 7+.
This is an often-overlooked but critical financial planning difference. Portugal's fund structure allows you to sell your investment and recover your capital after approximately 5–6 years while keeping your EU citizenship. Greece's real estate ties up your capital until you have citizenship — or you lose your residency.
| Liquidity Feature | Portugal | Greece |
|---|---|---|
| Can you sell after 5 years? | Yes — sell fund shares, keep residency and citizenship | No — selling property before citizenship ends Golden Visa |
| Minimum holding period | ~5–6 years (until citizenship) | 7+ years (until citizenship — or indefinitely if not pursuing citizenship) |
| Typical time to sell | 30–90 days (fund redemption) | Months to years (real estate market dependent) |
| Capital gains tax | 28% on profits | 15% on profits (lower) |
| Ongoing costs | ~0.5–1.5% fund management fee per year | Property tax (0.1–1%/year), maintenance, insurance, agent fees |
Greek real estate has outperformed in recent years, and ownership provides rental income potential. But the illiquidity is real — if you need your capital back before 7 years, or if the market turns, you cannot exit without surrendering your residency. Portugal's fund structure provides clean exit timing aligned with citizenship milestone.
Government Fees, Legal Costs & Ongoing Expenses
Which Golden Visa Is Right for You?
The decision comes down to one question: do you want to own real estate, or invest in funds? Everything else — citizenship speed, language difficulty, liquidity, ongoing costs — flows from that.
- You want an EU passport in 5–6 years with A2 Portuguese (basic, achievable in under a year)
- You prefer investment funds — diversified, professionally managed, liquid after 5–6 years
- You don't want the headaches of property ownership (maintenance, tenants, annual tax)
- You have children aged 21–26 still in university — Portugal includes them; Greece cuts off at 21
- You want a clean exit: sell fund shares after 5 years, keep your EU citizenship
- You're willing to spend 7 days per year in Portugal (an easy bar)
- You want to buy real estate — a vacation home, rental property, or tangible EU asset
- You're comfortable holding the property for 7+ years before you can sell without losing residency
- Zero minimum stay requirement matters — you want residency without visiting Greece
- You're investing in an entry zone (€250k) where Portugal's cheapest option (€250k cultural heritage) is a niche alternative
- You don't need citizenship urgently and are willing to commit to learning B1 Greek
- You already love Greece and want a tangible asset there regardless of residency
| Priority | Winner |
|---|---|
| Fast EU passport | Portugal (5 yrs vs. 7 — total ~6–7 vs. ~9–10 yrs) |
| Language requirement for citizenship | Portugal (A2 basic vs. B1 Greek with new alphabet) |
| Real estate investment | Greece (Portugal's real estate route closed Feb 2023) |
| Investment fund option | Portugal (€500k qualified funds — Greece has no fund route) |
| Lower minimum investment | Greece (€250k entry zone real estate vs. €250k cultural heritage niche) |
| Liquidity — exit after 5 years | Portugal (sell fund shares, keep citizenship; Greece must hold until citizenship) |
| No minimum stay requirement | Greece (zero days vs. Portugal's 7 days/year) |
| Children up to age 26 | Portugal (Greece cuts off at age 21) |
| Lower ongoing costs | Portugal (fund fee ~1%/yr vs. property tax + maintenance + insurance) |
| Tangible asset ownership | Greece (you own real property in Europe) |
| Processing time | Greece (3–6 months vs. Portugal's 4–8 months) |
| Capital gains tax on exit | Greece (15% vs. Portugal's 28%) |
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If Portugal Golden Visa is your direction
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If Greece Golden Visa is your direction
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We work with Portugal and Greece Golden Visa specialists who focus exclusively on American investors. From fund selection and qualified investment partners in Portugal to Greek real estate legal due diligence and zone verification — we connect you with the right licensed professionals for your specific investment goals.