Introduction
The residency program in Greece is known as the Golden Visa Program, which grants a five-year residency permit to non-European Union (EU) citizens who invest in Greek real estate or a business. The residency permit can be renewed for an additional five years and provides the right to travel throughout the EU Schengen Zone.
Portugal’s residency program, also known as the Golden Visa Program, offers residency permits to non-EU citizens who invest in Portuguese real estate, start a business, or transfer funds to a Portuguese bank account. The permit is valid for two years and can be renewed for subsequent two-year periods, eventually leading to permanent residency and citizenship after five years. The program also provides visa-free travel within the Schengen Area.
Greece and Portugal both offer residence programs for foreign investors, retirees, and individuals seeking to relocate to these countries.
Benefits of Residence Programs
Benefits of Residency in Greece:
- The Golden Visa Program offers a relatively low investment threshold of €250,000, which can be in the form of real estate, business, or government bonds.
- Greece’s warm climate, beautiful scenery, and rich cultural heritage make it an attractive destination for investors seeking a Mediterranean lifestyle.
- The Golden Visa program provides a pathway to EU citizenship after seven years of residency, which offers significant advantages in terms of travel, education, and job opportunities.
Benefits of Residency in Portugal:
- The Golden Visa Program in Portugal is considered one of the most attractive residency programs in Europe, offering a range of investment options, including real estate, capital transfer, and business investment.
- Portugal’s stable political and economic climate, along with its high-quality healthcare, education, and infrastructure, make it an ideal destination for investors seeking a high standard of living.
- The Golden Visa Program provides a pathway to Portuguese citizenship after five years of residency, which offers several advantages, including visa-free travel to 186 countries, access to EU education and job markets, and the right to vote and participate in local elections.
Comparison of the Benefits of both Programs:
- Both Greece and Portugal offer relatively low investment thresholds for their Golden Visa programs, making them attractive to foreign investors.
- While Greece offers a pathway to EU citizenship after seven years of residency, Portugal offers it after only five years, making it a faster option for those seeking EU citizenship.
- Portugal offers a wider range of investment options, including capital transfer and business investment, while Greece primarily focuses on real estate investment.
- Both countries offer visa-free travel within the Schengen Area, making them attractive options for investors seeking to travel throughout Europe.
Requirements for Residence Programs
Requirements for Residency in Greece:
- The Golden Visa Program in Greece requires a minimum investment of €250,000 in real estate, business, or government bonds.
- The applicant must not have a criminal record and must have valid health insurance.
- The investment must be maintained for at least five years, and the applicant must visit Greece at least once per year.
- The applicant must also provide evidence of sufficient funds to support themselves and their family members.
Requirements for Residency in Portugal:
- The Golden Visa Program in Portugal requires a minimum investment of €280,000 in real estate, €350,000 in a scientific or cultural project, or €350,000 in a small or medium-sized Portuguese business.
- The applicant must not have a criminal record and must have valid health insurance.
- The investment must be maintained for at least five years, and the applicant must visit Portugal at least once every two years.
- The applicant must also provide evidence of sufficient funds to support themselves and their family members.
Comparison of the Requirements of both Programs:
- Both programs require applicants to have a clean criminal record and valid health insurance.
- The investment threshold is slightly higher in Portugal, but it offers a wider range of investment options.
- The residency permit must be maintained for at least five years in both countries, and there are minimum residency requirements for each program.
- Both programs require applicants to demonstrate sufficient funds to support themselves and their family members.
Application Process
Application Process for Residency in Greece:
- Select an investment option and acquire the necessary documentation.
- Open a Greek bank account and transfer the investment funds.
- Obtain a tax registration number and submit the residency permit application.
- Schedule an appointment at the Greek consulate or embassy for biometric data collection.
- Await the outcome of the application and the issuance of the residency permit.
Application Process for Residency in Portugal:
- Select an investment option and acquire the necessary documentation.
- Open a Portuguese bank account and transfer the investment funds.
- Obtain a fiscal number and submit the residency permit application.
- Schedule an appointment for biometric data collection and submit the application to the Portuguese Immigration and Borders Service (SEF).
- Await the outcome of the application and the issuance of the residency permit.
Comparison of the Application Process for both Programs:
- Both programs require applicants to choose an investment option and transfer the funds to a local bank account.
- In Greece, applicants submit their application to the consulate or embassy, while in Portugal, it is submitted to the SEF.
- Both programs require biometric data collection and have a waiting period for the outcome of the application.
- The steps for obtaining a tax registration number and fiscal number differ between the two countries.
Conclusion
In conclusion, the Golden Visa Programs in Greece and Portugal offer unique benefits, requirements, and application processes. Greece offers a relatively low investment threshold, warm climate, and rich cultural heritage, while Portugal offers a wider range of investment options, stable political and economic climate, and high-quality healthcare, education, and infrastructure. Both programs require applicants to have a clean criminal record, valid health insurance, and sufficient funds to support themselves and their family members. The application process for both programs involves selecting an investment option, transferring funds to a local bank account, submitting an application, and awaiting the outcome of the application.
The cost of living in Portugal is generally considered higher than in Greece, but this may vary depending on the applicant’s location and lifestyle. Comparing residence in Greece vs Residence in Portugal, the cost of living can differ depending on individual factors.
Ultimately, the choice between the two programs will depend on individual circumstances and preferences. Those seeking a Mediterranean lifestyle may find Greece more appealing, while those seeking a high standard of living and a wider range of investment options may prefer Portugal. It is recommended that potential applicants consult with an immigration lawyer or specialist to determine which program may be more suitable for their situation.