Goodbye, Portugal? Investor has new “darling” Golden Visa for property in Europe

Portugal entered the investor map in recent years after expanding benefits for its Golden Visa program, but everything changed in 2023. Last year, the country removed the possibility of a visa for real estate investment, a modality responsible for almost 90% of visas obtained in the last 10 years, the equivalent of 6.45 billion euros in investments, according to data from the Foreigners and Borders Service (SEF).

Now, another country has become the “favorite” of those who want to buy property and, in return, obtain a European residence permit: Greece.

The Greek Golden Visa program exploded last year and became the most popular in the world after a 95% growth in the number of investment requests, which reached 8,516 applications, according to data from the IMI Data Center. The search was so great that it caused a rush for property, causing property prices in cities such as Athens, Mykonos and Santorini to double, from an average of US$250,000 to US$500,000 in one year.

There were also delays in processing applications. In 2023, the government was still responding to backlogged requests from the previous year – December 2022 recorded a record of more than 1,200 applications in the month. In January this year, late orders totaled almost 8 thousand.

“Greece’s Golden Visa has very attractive benefits. The residence visa is permanent and it is not necessary for the investor to reside in the country”, says Adalberto Pucca, immigration advisor at Global Citizen Solutions. This way, he says, it is possible to buy a property and put it up for rent without giving up your residence permit in the country and, consequently, your freedom of movement around Europe.

Is Greece new Portugal?

Even with the recent changes, the Portuguese Golden Visa remains in first place in the ranking of residence visas via investment by Henley & Partners, an agency and consultancy specializing in Golden Visas. In the 2024 ranking, Portugal appears with 75 out of 100 points. The company evaluates 10 criteria, with scores from 1 to 10, and ranks the countries. The Greek program, despite having become the most popular, appears in third place in the ranking, tied with Austria, with 73 points.

Michel Soler, general director of Latin America at Henley & Partners, states that Greece has become a good alternative for those who want a Golden Visa via investment in the real estate market. But this possibility became even more expensive. A year after increasing the minimum prices for investment in real estate, the Greek government raised the values ​​again: since March 31, the minimum investment in real estate has been 800,000 euros in the main cities, and 400,000 euros in other locations.

For Soler, Portugal, where 360 ​​thousand Brazilians live, continues to be an interesting option, but with other investment possibilities. “The new investment routes are interesting and allow for diversification of assets with financial returns for the investor. We are talking about funds private equity It is venture capital. Many people already have this amount invested in similar investments, but without the benefits of international residence”, says Soler.

Which Golden Visa is better: Portugal or Greece? Compare:

Golden Visa Benefits

Greece and Portugal allow investment in the country to grant residence visas. In other words, authorization for a foreigner to live in the country for a specified period of time (in the case of Greece, permanently). This authorization extends to close relatives, but does not grant legal and public rights.

To do this you need to be a citizen, a second step possible via Golden Visa, after a period of residence in the country. With citizenship, the investor acquires all the country’s legal rights, from permission to vote to public benefits, in addition to being lifelong and passed on to future generations.

For Pucca, the choice between one country and another is more related to the investor’s objective. According to him, Portugal offers more ease for those who want to progress from applying for citizenship. “After five years of residence it is possible to apply for citizenship. Normally, to become a citizen, countries require a long period of stay there. But not Portugal, only 7 days a year. And the process is not that long,” he says.

Greece, where around 4 thousand Brazilians already live, has an easier Golden Visa for residence, but the progression to citizenship is more complicated. “You need to wait 7 years to apply and become a tax resident in addition to living, and the country requires proficiency in the Greek language”, says the specialist at Global Citizen Solutions.

How to invest?

Portugal’s Golden Visa requires an investment of between 250,000 and 500,000 euros – approximately R$1.35 million and R$2.69 million. The amount of 250,000 euros can be applied to cultural organizations and artistic productions, such as entities for the recovery and maintenance of historical heritage. The 500,000 euros can be invested in investment funds eligible for the new government rules. The process takes around 18 months and grants free access to Europe.

The Greek program became more expensive than Portugal after the increases in 2023 and 2024. It is possible to invest in properties outside high population density municipalities for 400,000 euros or contribute 800,000 euros in cities such as Athens, Mykonos and Santorini. Furthermore, the new requirement provides that the purchase must be for just one property, measuring at least 120 square meters. There is also the possibility of financial investments: transfer 400,000 euros to invest in government bonds, local shares or bonds of Greek companies – with the possibility of receiving dividends and interest.

Soler states that Golden Visas are not exclusive investment options for those who want to live in another country or are “billionaires”. For him, it is a diversification of assets with international benefits. “With good planning, you can make a good investment and get residency benefits, a strong passport and freedom of international movement, in addition to financial returns,” he says.

1. Portugal – 75 points
2. Austria – 73 points
3. Greece – 73 points
4. Switzerland – 72 points
5. Italy – 71 points
6. UK – 71 points
7. Canada – 69 points
8. Spain – 69 points
9. Luxembourg – 66 points
10. United Arab Emirates – 66 points

*Henley & Partners Golden Visa Ranking