Is Greece the New Portugal?
Is Greece the New Portugal?
Portugal has long been a favorite route for expats moving to Europe, in large part because of its golden visa program. But since 2023, that route has a roadblock: While prospective immigrants can still get their five-year residency permit by investing in private equity funds, business startups, or tech ventures, visa via residential real estate is off the table. The new restrictions come in response to unsustainable populations of newcomers crowding into already-crowded coastal areas and driving up property prices.
As one visa door closes in Portugal, however, one remains open in Greece, which International Living says is emerging as the new go-to for residency via the golden visa — and, indeed, the only remaining country in mainland Europe that offers residential property as a qualifying investment.
Greece has been floating changes to its own golden visa program for many of the same reasons Portugal ultimately shuttered part of its program. But while Greece’s newly announced regulations have taken some cues from Portugal in clamping down on certain types of investment to protect housing demand and property values, they’ve done so by directing investment toward areas that can handle the additional neighbors. Your Greek residential golden visa will require:
- An €800,000 (about $840,000) investment in and around Athens, Thessaloniki, Mykonos, Santorini, and/or 32 other islands with populations above 10,000;
- A €400,000 investment in other areas; or
- A €250,000 investment in a real estate project that converts commercial property for residential use or restores a historic building.
The visa grants a five-year residency, renewable every five years for as long as the property investment is retained. The visa is renewable whether or not the investor remains in the country, but if you are able to meet annual requirements for physical presence, and learn Greek, naturalization becomes an option after seven years.
Interested in the Greece golden visa? Meet with Mohamed to learn more.
The new regulations allow applicants to assign power of attorney to a proxy in Greece to handle all the transactions and arrangements before the new resident even arrives in the country. Applicants are now also able to pool family money and borrow from foreign banks to fund their real estate investment, making it easier for applicants with a more average net worth to gain their golden visa.
Aspiring expats who had their heart set on Portugal’s residential golden visa may be pleased to know Greece’s program charges €2,000 (about $2,100) per permit, plus €150 per additional family member, to Portugal’s €5,000 per family member. Combine that with no minimum residence requirement and an all-online application, and Greece’s residential golden visa might be one of the simplest ways to obtain residency in Europe for anyone able and willing to put together the money for residential property on a sparsely populated Mediterranean island.
