Case Study: An Investor Who Switched from Portugal to Greece’s Golden Visa

Reading time: 15 minutes

Table of Contents

• Introduction
• Background on Golden Visa Programs
• The Investor’s Initial Interest in Portugal
• Reasons for Switching to Greece
• The Greek Golden Visa Program
• The Investment Process in Greece
• Comparative Analysis: Portugal vs. Greece
• Economic Impact of Golden Visa Programs
• Future Outlook for Golden Visa Investments
• Conclusion
• FAQs

Introduction

In the ever-evolving landscape of international investment and residency programs, the Golden Visa schemes have become increasingly popular among high-net-worth individuals seeking to diversify their portfolios and gain access to new markets. This case study explores the journey of an investor who initially set their sights on Portugal’s Golden Visa program but ultimately decided to buy property in greece through its Golden Visa scheme instead. By examining this investor’s decision-making process, we can gain valuable insights into the comparative advantages of different Golden Visa programs and the economic factors that influence such choices.

Background on Golden Visa Programs

Golden Visa programs, also known as residency-by-investment schemes, have gained significant traction in recent years. These programs offer foreign investors the opportunity to obtain residency permits, and in some cases, a path to citizenship, in exchange for substantial investments in the host country. The investments typically involve real estate purchases, government bonds, or business ventures.

Several European countries have implemented Golden Visa programs to attract foreign capital and stimulate their economies. Among these, Portugal and Greece have emerged as popular destinations due to their attractive investment thresholds, quality of life, and potential for EU residency.

The Investor’s Initial Interest in Portugal

Our case study focuses on a 45-year-old American investor, whom we’ll call John, with a background in tech entrepreneurship. John initially considered Portugal’s Golden Visa program for several reasons:

• Relatively low investment threshold (€500,000 for real estate)
• Reputation for safety and political stability
• High quality of life and favorable climate
• Potential for EU residency and eventual citizenship
• Vibrant startup ecosystem in cities like Lisbon and Porto

John began researching properties in Lisbon and the Algarve region, impressed by Portugal’s growing real estate market and the potential for both capital appreciation and rental income.

Reasons for Switching to Greece

Despite his initial enthusiasm for Portugal, John’s research led him to reconsider his options. Several factors contributed to his decision to shift focus to Greece:

1. Lower Investment Threshold

Greece’s Golden Visa program offered a significantly lower investment threshold of €250,000 for real estate purchases, compared to Portugal’s €500,000 requirement. This lower entry point allowed John to diversify his investment portfolio more effectively.

2. Market Potential

While Portugal’s real estate market had already experienced significant growth, Greece’s market was still in the early stages of recovery following the country’s economic crisis. John saw greater potential for capital appreciation in the Greek market.

3. Tourism Prospects

Greece’s established tourism industry and iconic destinations offered strong potential for rental income, particularly in popular areas like Athens, Santorini, and Mykonos.

4. Cultural Appeal

The rich history and cultural heritage of Greece resonated strongly with John, who saw the opportunity to immerse himself in a civilization that has profoundly influenced Western culture.

5. Emerging Tech Scene

While less developed than Portugal’s, Greece’s growing tech ecosystem, particularly in Athens, presented interesting opportunities for John to leverage his entrepreneurial background.

The Greek Golden Visa Program

Greece’s Golden Visa program, launched in 2013, offers non-EU citizens and their family members five-year residency permits in exchange for qualifying investments. Key features of the program include:

• Minimum investment of €250,000 in real estate
• No minimum stay requirements to maintain the visa
• Visa renewal every five years, provided the investment is maintained
• Option to apply for citizenship after seven years of residency
• Access to the Schengen Area for travel purposes

These features aligned well with John’s investment goals and lifestyle preferences, making the Greek program an attractive alternative to Portugal’s offering.

The Investment Process in Greece

John’s journey to obtaining a Greek Golden Visa involved several steps:

1. Property Search

John engaged a reputable real estate agency specializing in Golden Visa investments. He focused his search on Athens, attracted by the city’s cultural offerings and potential for urban regeneration.

2. Legal and Financial Due Diligence

With the help of local lawyers and financial advisors, John conducted thorough due diligence on potential properties, ensuring compliance with Golden Visa requirements and assessing the investment’s financial viability.

3. Property Acquisition

John ultimately purchased a renovated apartment in a historic building in central Athens for €300,000, exceeding the minimum investment threshold and providing a buffer for potential market fluctuations.

4. Visa Application

Following the property purchase, John submitted his Golden Visa application, providing all necessary documentation, including proof of investment, health insurance, and a clean criminal record.

5. Biometrics and Permit Issuance

After submitting biometric data at a local police station, John received his five-year residency permit within three months of application submission.

Comparative Analysis: Portugal vs. Greece

John’s decision to choose Greece over Portugal was based on a careful comparison of various factors:

While both countries offered attractive programs, Greece’s lower investment threshold and potentially higher returns aligned better with John’s investment strategy and risk tolerance.

Economic Impact of Golden Visa Programs

Golden Visa programs have had significant economic impacts on host countries, including:

1. Foreign Direct Investment (FDI) Inflows

Since its inception in 2013, Greece’s Golden Visa program has attracted over €2 billion in real estate investments, providing a much-needed boost to the country’s economy following its debt crisis.

2. Real Estate Market Stimulation

The influx of foreign investment has helped stabilize and grow real estate markets, particularly in urban centers and popular tourist destinations. In Athens, property prices have shown consistent growth since 2017, partly attributed to Golden Visa investments.

3. Job Creation

The program has indirectly supported job creation in various sectors, including real estate, construction, legal services, and tourism.

4. Tourism Boost

Golden Visa investors often become ambassadors for their host countries, potentially leading to increased tourism and business connections.

Future Outlook for Golden Visa Investments

The future of Golden Visa programs remains dynamic, with several factors likely to influence their evolution:

1. Regulatory Changes

Increased scrutiny from the European Union may lead to stricter regulations and higher investment thresholds. Investors should stay informed about potential policy changes.

2. Market Saturation

As more investors enter popular markets, competition for prime properties may increase, potentially affecting returns on investment.

3. Economic Recovery

The pace of economic recovery in countries like Greece will impact the potential for capital appreciation and rental yields.

4. Geopolitical Factors

Global events, such as the ongoing COVID-19 pandemic and geopolitical tensions, may influence the attractiveness of different Golden Visa programs.

Conclusion

John’s journey from considering Portugal’s Golden Visa program to ultimately investing in Greece illustrates the importance of thorough research and careful consideration of individual investment goals when choosing a residency-by-investment program. While Portugal remains an attractive option for many investors, Greece’s combination of a lower investment threshold, recovering real estate market, and strong tourism sector made it the optimal choice for John’s specific circumstances.

The case study also highlights the broader economic implications of Golden Visa programs, which have become important tools for countries seeking to attract foreign investment and stimulate economic growth. As these programs continue to evolve in response to regulatory pressures and changing market conditions, investors must remain vigilant and adaptable in their approach to international real estate investments.

Ultimately, the success of Golden Visa investments depends on a careful alignment of the investor’s goals, risk tolerance, and long-term vision with the specific opportunities and challenges presented by each host country. By conducting thorough due diligence and seeking expert advice, investors can navigate the complexities of these programs and potentially reap significant rewards in terms of financial returns, lifestyle benefits, and global mobility.

FAQs

1. How long does it typically take to obtain a Greek Golden Visa?

The process usually takes between 2 to 4 months from the time of property purchase to the issuance of the residency permit. However, this timeline can vary depending on individual circumstances and the efficiency of local authorities.

2. Can Golden Visa holders work in Greece?

Yes, Golden Visa holders are permitted to work in Greece. However, the primary purpose of the visa is investment, not employment. If working is a priority, it’s advisable to consult with a legal expert about specific employment regulations.

3. Are there any restrictions on the type of property that can be purchased for a Greek Golden Visa?

While there are no specific restrictions on property type, the investment must be in real estate with a minimum value of €250,000. This can include residential, commercial, or multiple properties, as long as the total investment meets the threshold.

4. How does Greece’s Golden Visa program compare to other EU countries in terms of taxation?

Greece offers a relatively favorable tax environment for Golden Visa holders. Non-domiciled residents are only taxed on their Greek-source income. However, if an individual becomes a tax resident (spending more than 183 days per year in Greece), they may be subject to taxation on their worldwide income. It’s crucial to consult with a tax professional for personalized advice.

5. Can the Greek Golden Visa lead to citizenship, and what are the requirements?

Yes, Golden Visa holders can apply for Greek citizenship after seven years of continuous residency. Requirements include demonstrating sufficient knowledge of the Greek language, history, and culture, as well as maintaining a clean criminal record. The naturalization process typically involves an interview and a citizenship test.

Article reviewed by Anna Mayer, Residential Property Investment Advisor | Luxury Market Specialist, on March 19, 2025