Portugal vs Greece Golden Visa
A side-by-side reading of the two most-asked-about European residency programmes - capital thresholds, days on the ground, and the road to an EU passport.
Two Mediterranean programmes, two very different theories of residency.
Investors weighing Portugal against Greece are usually solving for one of three things: a European passport, a Schengen base, or a place to actually live. The two programmes answer those questions differently, and the 2023 closure of Portugal's real-estate route made the contrast sharper - not softer.
Portugal now runs almost entirely on the fund route: €500,000 into a CMVM-regulated vehicle, seven days on Portuguese soil in year one, and permanent residence eligibility after five calendar years. Greece keeps the property door open at tiered thresholds from €250,000 to €800,000, with no minimum stay - and, by design, no meaningful route to naturalisation unless you relocate.
The table below is a working reference, not a marketing sheet. Where the programmes are comparable, we say so.
Minimum investment (2026)
Portugal edge€500,000 into a CMVM-regulated venture capital or private equity fund.
€250,000–€800,000 in real estate, tiered by region (Athens, Thessaloniki, Mykonos, Santorini sit at €800,000).
Real estate route
ComparableClosed since October 2023. Property purchases no longer qualify.
Primary route. Property must be held for the life of the residence permit.
Physical stay requirement
Portugal edge7 days in year one, 14 days in each subsequent two-year block. Averages under a fortnight per year.
No minimum stay - but time outside Greece does not count towards naturalisation.
Residence and nationality
Portugal edgePermanent residence eligibility after 5 years. Under the Nationality Law effective 19 May 2026, citizenship generally requires 10 years of legal residence (7 for EU and CPLP nationals). Dual nationality permitted.
Eligible after 7 years of physical residence (183 days per year). Golden Visa alone does not qualify.
Family included
ComparableSpouse, dependent children under 26 in full-time education, and dependent parents over 65.
Spouse, children under 21, and parents of both spouses. Broader on parents; narrower on adult children.
Tax residency triggered
ComparableNo - Golden Visa holders remain non-resident for tax unless they spend 183+ days.
No - same 183-day rule. Real estate income taxed at source regardless.
Processing timeline
Greece edgeAIMA biometrics currently scheduling 14–20 months from filing. Residency backdated to application date.
2–6 months for the initial permit, one of the faster European programmes.
Renewal cycle
ComparableTwo-year renewals for the first 5 years, then permanent residency, with nationality assessed separately.
Five-year renewals as long as the qualifying property is held.
Exit liquidity
Portugal edgeFund tenor typically 6–8 years with defined wind-down. Capital returned; residency retained.
Selling the property ends the permit unless replaced with a qualifying asset.
Where the money goes.
Portugal's €500,000 sits inside a CMVM-supervised fund - a regulated vehicle with audited NAVs, defined tenor, and a wind-down at maturity. The capital is at risk but the residency does not depend on holding any single asset.
Greece's €250,000–€800,000 buys a specific property. It's a tangible asset with rental yield in the right postcode, but the permit is tied to that title deed. Sell the flat, lose the visa - unless you roll into another qualifying property.
How much time you actually spend.
Portugal asks for seven days in the first year and fourteen days every two years afterwards. For a family that treats the country as a base rather than a home, the requirement is designed to be trivially met.
Greece asks for nothing. That's a feature if you want a Schengen key without changing your life - and a bug if you eventually want to naturalise, because Greek citizenship requires 183 days a year on the ground for seven years.
Five years to permanent residence.
Golden Visa holders may become eligible for permanent residence after five years, subject to the applicable requirements, with residency counted from the date of filing rather than the date AIMA scheduled biometrics. Under Portugal's Nationality Law effective from 19 May 2026, Portuguese citizenship generally requires ten years of legal residence for most new non-EU and non-CPLP applicants, or seven years for EU and CPLP nationals. Different rules may apply to nationality applications already pending when the new law entered into force.
Portuguese citizenship carries dual nationality by default. Greece does too, but the seven-year physical-residence requirement means the Golden Visa is a residency product, not a citizenship product.
Fast permit vs. banked residency.
Greece is quicker to the card - 2–6 months is typical. Portugal is slower on paper, with AIMA scheduling biometrics 14–20 months out, but the residency clock starts on the filing date. In practice you are already accruing time towards year five before the plastic card arrives.
If you need a Schengen residence card in hand this quarter, Greece wins. If you are optimising for the five-year permanent residence window, Portugal's backdating neutralises the queue.
Greece for a fast Schengen base. Portugal for an EU passport.
Neither programme is universally better. Greece is the more efficient answer for an investor who wants a European foothold, a rental-yielding asset, and no obligation to show up. Portugal is the more strategic answer for a family that wants European residency on a defined timeline without relocating in the meantime.
Most of our clients arrive comparing the two and leave with a clear read on which question they were actually asking.
Provenance
Written by Michael Vincent (CEO)
Legally reviewed by Review pending
Last reviewed: 31 August 2026 · Last legally verified: Not yet verified
Compare on your own numbers.
Our Lisbon-based advisory team will walk through both programmes against your capital, timeline, and passport objectives. No obligation.