Golden Visas have gained notable popularity in the last few years. So much so that the Golden Visa market has turned into a multi-billion-euro market with price tags ranging up to €10 million a pop, in the case of the UK investor visa.

The Golden Visa itself grants temporary residency in several European countries, with the trade-off being a qualifying investment in the host country. With this residency permit also comes a number of rights, including the right to live in the country, travel through the European Union (EU) visa-free, and more.  

Among the most popular countries for Golden Visa programs are Spain, Greece, and Portugal—all of which we’re going to take a closer look at to compare and contrast these programs. 

To learn more about the Golden Visa program, its benefits, and which country of the above three reigns supreme, keep reading.

What Exactly Is a Golden Visa?

The Golden Visa is essentially a program in which governments trade citizenship or residency rights for investments. 

Of course, the trade arrangements differ among the countries offering the program as do the requirements. In most cases, the requirements include business investments, real estate investments, and government bonds. 

In other cases, purchasing property in a certain country may be enough to be justified as an investment, which is how many people retire on a Golden Visa rather than a Non-Lucrative Visa.  

There are currently over 20 countries and territories offering residency by investment programs, including Austria, Belgium, Bulgaria, Cyprus, Greece, Latvia, Lithuania, Malta, Monaco, Portugal, Spain, Switzerland, the United Kingdom (UK), and for a brief period of time, Hungary.

Who Can Apply For a Golden Visa?

Generally speaking, it can be said that there’s a bit of a target market when it comes to the Golden Visa program as it’s meant to attract investors to the various host countries.

However, if you have a clean criminal record, aren’t already a citizen of the EU, EEA, or Switzerland, and can make a qualifying investment, you’re eligible to apply for a Golden Visa in Spain, Greece, Portugal, and most other participating countries.

Essentially, if you can afford to invest in a business, real estate, government bonds, or certain other opportunities and you have a clean record, then you’re eligible for the application—and will likely get approval.

The Golden Visa Comparison: Spain Vs Greece Vs Portugal

Spain, Greece, and Portugal are the top three countries in terms of seeking residency via investment programs within the European Union.

All three offer a Golden Visa program in which a foreign national can receive a residence permit simply by making a qualifying investment and meeting the other criteria. All three programs also require that the applicants be non-EU, EEA, or Swiss nationals.

Of course, while each program is similar in principle and most requirements, they also differ in certain aspects. 

Below we’ll take a look at the three Golden Visa programs by category to compare them: 

The Benefits

In terms of benefits, all three programs provide the right to live in the host country as well as travel within the Schengen countries minus the need for a travel visa. 

When it comes to investing in real estate, each country allows the investor in question to rent out or sublet their investment property in addition to living there themselves. Other benefits regarding real estate vary between the countries. 

It should also be noted that while Portugal’s Golden Visa program wins over Spain and Greece for most benefits, Greece’s Golden Visa program allows for more flexibility in terms of family reunification and dependants.

Here’s a breakdown of the benefits and varying aspects by category:

Living and Working

The Golden Visa programs for Spain, Greece, and Portugal all allow the right to live in the host country where the investment is made.

However, only Spain and Portugal offer the right to work while residing in each country. 

Greece does not grant the right to work.

Travel

Spain, Greece, and Portugal all allow for visa-free travel within the European Schengen Area. 

The Schengen Area refers to the 26 European countries that have officially done away with the need for a passport and other forms of border control identification at each mutual border, i.e., a visa. 

Of course, you will need your proof of residency to gain access to each country in the Schengen Area.  

Stay Requirements

Both Spain and Greece do not require that you reside in either country for a set amount of time. That means, as soon as you legally purchase an investment property or make another qualifying investment, you’ll gain automatic temporary residency and you can come and go as you please.

Under Portugal’s Golden Visa program, you are required to stay in the country for at least seven days out of the calendar year each year you’re a part of the program only if you want to qualify for citizenship at the end of the program. 

Family

Under Spain and Portugal’s Golden Visa program, you’re permitted to bring along a spouse, dependent children, and dependent parents who will be granted the same residency rights as you. For Spain and Portugal, there are a considerable number of checks and balances when ensuring the dependency of the parents. It’s not guaranteed by any means and usually, parents of the main investor opt into investing in another ticket themselves. For children, anyone under the age of 18 qualifies but in some cases, children above 18 can also be included. This has to be evaluated as a case by case basis.

As mentioned above, Greece allows for all the same dependents as well as any parents-in-law. However- the Greek program wants you to include the parents and in-laws and the process does not require “dependency” and it’s almost automatic.

The Investment Options

Each of the three countries offers several different investment routes in exchange for the Golden Visa residence permit. The one thing they all have in common is the option to make a real estate investment, which just so happens to be the most popular route in all three countries. 

The area in which they differ is their real estate investment thresholds, with the lowest being Greece at €250,000. They also differ by their investment options beyond real estate. 

Here’s a closer look at investment opportunities as well as investment thresholds per country:

Spain

Beginning with real estate, Spain’s minimum threshold is set at €500,000. 

The other investment options and their minimum thresholds that the country offers include:

• Capital transfers at €1 million
• Business investments at €1 million
• Government bonds at €2 million

Greece

As you know, Greece offers the lowest real estate investment threshold at €250,000.

However, unlike Spain and Portugal, Greece only offers one other investment opportunity for their Golden Visa program, and that’s a capital contribution of €400,000 or more.

Portugal

Starting with real estate, Portugal sets its minimum threshold at €500,000. For real estate involving a 30-year-old property (or older) with plans for rehabilitation, the minimum threshold is set at €350,000. In low-density areas, the minimum threshold ranges between €280,000 and €400,000.

The other investment options and their minimum thresholds include:

• Capital transfer at €1 million
• Business investments that create 10 or more job opportunities
• R&D investments at €1 million
• Investment funds at €350,000
• Investments in national heritage, arts, and culture at €250,000

Starting from 1st of January, 2022, investments in coastal areas such as Lisbon, Porto, and Algarve will be excluded from the program and there will also be some price hikes in areas such as investment funds which will no longer be qualify at 350.000€ and will require a minimum investment of 500.000€.

The Citizenship Requirements

As part of the deal for residency and citizenship, it’s important to keep in mind the stay period and renewal periods. All three countries require that you preserve your investment by keeping it active, however, Portugal is the only country that requires you to physically be in the country for a certain amount of time for the residency under your Golden Visa to remain legitimate.

It’s also important to note that having a Golden Visa doesn’t automatically entitle you to citizenship in any of the three countries—it grants you temporary residency and the right to apply for citizenship according to each government’s naturalization laws. 

Additionally, the requirements involved in applying for citizenship also vary significantly between Spain, Greece, and Portugal.  

Here’s a closer look at each country’s citizenship requirements by category:

Tests

All three countries require that you take a language test and requirements for different for each country. For Portugal, it’s A2 level which is pretty basic but for Spain and Greece, you need to be very fluent in order to pass the citizenship test that comes at a later stage.

Stay Requirements

The stay requirements for obtaining citizenship are different from that of keeping your Golden Visa (temporary residence) active. 

In Portugal, the requirement is still seven days out of the year each year for up to a minimum of five years to become eligible for citizenship. 

In Spain, you’re required to spend the majority of your time in the country for up to 10 years on a residency permit.

In Greece, you’re required to remain in the country for a minimum of 183 days each year for up to seven years of residency. 

Travel Allowances

In terms of your travel freedom once you gain citizenship, the number of countries you can travel to without a visa also varies.

With Portuguese citizenship, you’ll be permitted to travel to 186 different counties. As a citizen of Spain the number of countries is 188, and Greece it’s 171 countries. 

Keep in mind that it’s not a requirement to travel in order to gain citizenship—but without full citizenship, you’re only permitted to travel throughout the Schengen Area sans visa. 

The Taxes

When you hold a Golden Visa in Spain, Greece, or Portugal, you won’t be required to become a tax resident unless you choose to spend more than 183 days of the calendar year in either of the three countries.

If you have another type of residency permit or are a citizen of either country but spend less than 183 days in your host country, you’ll also be exempt from taxation in terms of all foreign sources of income.

Additionally, Portugal probably has one of the most favorable tax schemes for foreigners in all of the EU. They have a program called the Non-Habitual Residency (NHR) which is a primary incentive for those looking to relocate.

Greece’s parliament is also currently working on an incentive program similar to that of Portugal which would allow its tax residents to pay a flat rate of 7% for their first 10 years of residency. 

Here’s a comparison of the various tax rates in each country by tax type and program:

The Application Costs

The application for the Golden Visa also varies by country from processing to legal fees. Here’s what you can expect to pay based on each country:

The Issuing Time

The time it takes to process and issue the Golden Visa permit also varies by country and how busy its corresponding immigration office is at the time.

Keeping in mind that the COVID-19 pandemic has affected immigration processing, you can expect an extended issuing time as follows:

• Spain: 2 – 3 months
• Greece: 2 – 4 months
• Portugal: 8 – 12 months

Of course, standard and extended times are always subject to change. Therefore, you’ll want to check in with the legal services handling your visa application for a proper estimate.

Spain and Greece offer considerable advantages in terms of the application time which is more or less 2 months in most cases. Portugal however, since it’s a program that offers a quite frictionless path to citizenship, takes substantially more time.

The Validity Period

Lastly, there’s a period of validity where your Golden Visa becomes active and an amount of time you’ll need to remain in the country to ensure its activation.

Here’s what you can expect for each country: 

Spain

Initially, when you’re issued a Golden Visa in Spain it’s valid for up to one year at a time. 

During this period, you’ll have the option to apply for the two-year residence permit, although it’s not required (but may be beneficial to you if you cannot keep your investments active).

The residence permit typically requires that you stay in the country for 183 days out of the year for each year it’s active, and once the two-year period is over any residence permits afterward are valid for five years.

Greece

Greece issues its Golden Visa with a validity of five years.

You can renew your visa every five years with the condition that you’re able to preserve your investment. As of recently, you can apply or renew without making a trip to Greece as long as you’re present later for the biometric requirements.

Portugal

The validity of Portugal’s Golden Visa is set at two years. 

During these two years, you’ll be required to spend at least 14 days in the country which will be required with each visa renewal.

The Golden Visa comparison among the three countries makes for a difficult decision. The benefits, costs, and other aspects are very similar, and each country has plenty to offer from a beautiful climate, incredible cuisine, low crime rates, and much more.

While each Golden Visa opportunity has its own pros and cons, the decision comes down to where you would want to live and what you can afford. Either way, you really can’t go wrong with a “plan B”. Here’s our recommendation for different cases.

If you want lightning-fast processing times and don’t care about liquidating your investment it’s Greece.

If you want to be part of a huge and thriving economy and don’t care about going for citizenship, it’s Spain.

If you want to become an EU citizen down the line and you want many investment routes, AND you want to liquidate in ~5 years it’s Portugal.