Why should an investor consider Golden Visa programs in Greece and Portugal?
The Golden Visa is a common term for residency-by-investment programs in Greece and Portugal. It is a relatively easy and fast-tracked option to obtain a residence permit in these countries when you don't have family ties or don't want to bind yourself with work or studies.
Becoming a resident of Greece or Portugal opens up a range of benefits, including the possibility to live, work, and study in these countries, as well as visa-free travel across the Schengen Area.
There is also no requirement for investors to permanently live in the country after they obtain residency. At the same time, the Golden Visa may help investors obtain EU citizenship in several years.
What are the minimum investment requirements?
In both cases, the least expensive option costs €250,000.
A Portugal Golden Visa can be issued to an investor who makes a contribution to the government’s efforts to support the arts and restore the cultural heritage of the country.
A more popular option, however, is purchasing investment fund units. The minimum investment is €500,000, but the applicant will be able to return the money after a holding period of at least 5 years.
The Greece Golden Visa allows investors to purchase residential or commercial real estate for €250,000.
Importantly, the terms change on August 31st, 2024: the minimum investment threshold will increase to €800,000 in Athens, Thessaloniki, Mykonos, and Santorini. In the rest of the country, the minimum investment required will be €400,000.
Is investing in real estate also an option for the Portugal Golden Visa?
No. In 2023, the real estate investment options were abolished, meaning that buying property in Portugal no longer qualifies you for the Golden Visa.
Additionally, if an investment fund has assets in a real estate project, it is not an option that can help you apply for a Golden Visa either.
How different are the requirements for applicants in Greece and Portugal?
In both cases, the main investor must be over 18 years old, have a clean criminal record, and be able to prove a legal source of their funds. The money for investment should be earned outside the country.
You can include close relatives, such as spouses, financially dependent children, and parents, in the application:
- In Portugal, the age limit for children is 26 years old. If they are over 18, they must be registered at the same Portuguese address as the investor and study at a university.
- In Greece, the investor can include children of 24 years old or younger. If they are aged between 21 and 24, they must also be at a higher education institution.
How long does it take to get a Golden Visa?
In Greece, the whole process can be completed in just 4 months. It starts with preparing all the necessary documents, such as passports, birth and marriage certificates, health insurance, and bank statements. The applicant then obtains a tax number and makes the investment, such as a real estate purchase which can take between 1 and 3 months.
After that, the investor submits the application, which is processed in 1 or 2 months. All applicants submit their biometric data, such as photographs and fingerprints, for the residency permit cards. This is the only stage when the investor is required to travel to Greece with a visa prior to obtaining a residence permit.
In Portugal, receiving a residence permit could take 12 months or more. The whole procedure is fairly similar to the Greece Golden Visa, but the Portuguese Agency for Integration, Migrations and Asylum (AIMA) can take between 6 and 8 months to process your application.
Residency permits can be renewed if you still meet the program requirements. In Portugal, the document has to be renewed every 2 years, and in Greece, every 5 years.
How soon can permanent residency or citizenship be obtained after a Golden Visa?
In Portugal, it is possible to apply for permanent residency or citizenship 5 years after receiving the Golden Visa.
The permanent residency or citizenship applicant needs to spend just 7 days per year in the country to be eligible. They will also be required to pass a test to prove basic knowledge of the Portuguese language.
The residence permit obtained through the Greece Golden Visa program does not imply residency requirements. This means that the applicant can maintain their residence permanently without any requirement to live in the country.
However, if the investor wants to become a Greek citizen, they must live in the country and pay taxes. They must live in Greece for 7 years before being eligible to apply for citizenship. It’s also required to prove ties to the country and basic knowledge of the Greek language and culture.
How can Immigrant Invest help Golden Visa applicants?
At Immigrant Invest, we have experts who specialise in Portuguese and Greek investment programs, as well as many others in Europe and around the world. We will be happy to consult potential investors and help assess their chances to qualify for residence permits in Greece and Portugal or offer an alternative solution based on their individual needs.
