Portugal Vs Greece Vs Spain - who is the Queen of Golden Visas?

The Golden Visa program is an opportunity for people from different parts of the world to invest in and eventually become citizens of the EU and enjoy all the benefits that come with being a citizen of the EU such as the freedom to live and work freely in the EU. There are several Golden Visa programs and here we compare the most popular ones to evaluate their strengths and weaknesses to identify which one of them is the best.

Based on a study by DRP Advisers comparing the Golden Visa of Portugal, Greece, and Spain, here are the facts about three of the most popular EU Golden Visa programs to make it easy for prospective investors to decide which one is most suited to their needs.

The Right to Live and Work

Both Portugal and Spain allow investors the right to live and work freely whereas Greece only allows investors the right to live but not to work so for investors seeking to work as well, Greece does not accept that.

Visa-Free Travel and Restrictions

Investors in all three countries become eligible for Visa-free travel within the European Schengen Area. As a Citizen of Portugal, Spain, or Greece, one will be able to travel to186, 188, and 171 countries respectively.

Minimum Investment and Options

The minimum investment for Portugal is 280,000 euros whereas that for Spain is 500,000 euros and that for Greece is 250,000 euros. Investment options in Portugal can be in real estate, capital transfer, business investments that create jobs, Investment funds, R&D investments as well as investments in national heritage, arts, and culture for as low as 250,000 euros. Spain offers other investment options which are capital transfers, Business investments, and government bonds. Greece only offers one other investment option which is a capital contribution of 400,000 euros or more.

Minimum Stay requirements

Portugal requires an investor to at least spend 7 days out of a calendar year in Portugal whileSpain and Greece do not. An investor in Portugal has to be physically present in the country for at least seven days, unlike Spain and Greece where temporary residency is automatic upon legally purchasing an investment property.

Language Tests

A language test is mandatory in all 3 countries. Spain and Greece demand a high level of fluency to pass the citizenship test unlike Portugal’s which is a basic A2-level test.

Family Inclusion

Portugal, Spain, and Greece are all-inclusive when it comes to family and include children, spouses, and parents of the investor(s). They all however review the requirements on a case-by-case basis.

Tax Incentives

In all three countries, you are only required to become a tax resident if you spend more than 183 days in the country in a calendar year. Portugal also has a program called Non-habitual residency (NHR) a program for investors seeking to relocate even though the Greek parliament is in the process of developing a similar program.

Security

Portugal is considered more peaceful than Spain and Greece and has been rated one of the safest countries in the world to live in.

Hospitality and Cuisine

The people in Portugal are generally considered a lot more hospitable than their Spanish and Greek counterparts. Portugal also has a broader cuisine with a wider range of foods to offer.

Cost of application

Spain charges 87.57 euros per person, Greece charges 2000 euros per person, 500 euros for a member of the family over 21 years of age, and 150 euros for those under 21 years, and Portugal charges 2668.20 euros per person.

The duration it takes to become Eligible for EU Citizenship

For Portugal, an investor becomes eligible to apply for EU citizenship after 5 years whereas for Spain it will take 10 years, and for Greece, it will take 7 years.

A golden Visa does not automatically entitle one to citizenship but makes one eligible to eventually apply for EU citizenship.

To be eligible for EU citizenship Portugal requires one to spend at least 7 days a year in the country for five consecutive years.

Spain requires one to spend most of their time in the country for up to 10 years to qualify.

Greece requires an investor to spend at least 183 days per year in the country for up to 7 years to be eligible.

In conclusion, the Portugal Golden Visa program wins the race because it comes with a low investment amount and several investment options from as low as 250,000 euros, offers tax incentives, has more hospitable people, and takes the shortest time to become eligible for EU Citizenship.

DRP Advisers is a real estate and immigration consultancy based in Portugal that has been actively helping investors since 2015 to identify ideal properties in Portugal to invest in as well as immigrate to Portugal and eventually attain EU Citizenship.