Portuguese "Golden Visa" is growing amid tax reforms — how does it compare with the Greek program

In 2024, the popularity of the Portuguese "Golden Visa" increased dramatically: the number of applications increased by +72%, and the authorities They are considering the introduction of a special tax program for foreign investors. What spurred such an upsurge and how does this system differ from Greece's rapidly changing program?

Why is investment in Portugal on the rise again

1. Renunciation of real estate as a holder of a residence permit
2. Since October 2023, Portugal has excluded housing investments from the Golden Visa program. This freed up capital for alternative directions: venture funds, startups, scientific projects and cultural initiatives.
3. Surge in flows in 2024-2025
4. In 2024, the volume of investments increased dramatically — stock and scientific programs have attracted €7.3 billion since its launch in 2012, and investments in cultural heritage increased by 165%, reaching almost €12 million
5. Transition to digital processes and new visa categories
6. Since the beginning of 2025, AIMA has implemented electronic filings with a priority of digital documents and biometrics. The introduction of a social visa (solidarity visa) for investments in affordable housing is also being discussed.
7. NHR 2.0 tax initiative
8. At the same time, the updated IFICI/NHR 2.0 program is being launched, which assumes a 20% tax on local income and full benefits on foreign income (except pensions), ensuring tax attractiveness.

Comparison: Portugal vs. Greece

Minimum investment threshold

1. • Portugal: from €250,000 to €500,000 (in funds, culture, R&D, business)
2. • Greece: from €400,000 to €800,000 depending on the region; €250,000 for restoration

Investment methods

1. • Portugal: venture funds, scientific projects, cultural facilities, job creation
2. • Greece: only real estate or restoration of real estate

Requirements for accommodation and real estate

1. • Portugal: no physical presence required, 7 days a year is enough
2. • Greece: real estate is mandatory, location is important; physical residence is required

Accessibility of the program

1. • Portugal: the program remains open and accessible despite the reforms
2. • Greece: threshold increased, ban on Airbnb, housing requirements

Taxes

1. • Portugal: 20% on local income, 0% on foreign income (under NHR 2.0)
2. • Greece: standard tax rates, residence permit tax benefits no

Impact on the local economy

1. • Portugal: investments stimulate innovation, culture and housing
2. • Greece: the program focuses on the real estate market, there are problems with housing affordability

Obtaining citizenship

1. • Portugal: after 5 years of residence permit, without permanent residence
2. • Greece: you need to live for 7 years, pass the exam in language and integration

Why is this important for investors

• Portugal redirects flows not to real estate, but to the scientific and cultural sphere, while maintaining a preferential tax regime. Minimum requirements are from €250,000.
• Greece is gradually making entry more difficult: a threshold of up to €800,000, a ban on Airbnb and a requirement for large housing (≥120 m2). However, it retains the "cheap" restoration option.
• If you want minimal formalities and flexibility of capital allocation, it is better to pay attention to Portugal.
• If your goal is investment in real estate with a chance to get a residence permit and you are ready to invest a higher amount — Greece remains an option (but less affordable).

🔍 Results

• Portugal is strengthening its position through reforms and tax incentives, making the program attractive to smart investors.
• Greece is tightening conditions, but retains a niche for restoration projects and real estate.
• The choice depends on the strategy: flexible investing and benefits are available in Portugal. Real estate in tourist areas is in Greece, but it is more expensive and more difficult.

Learn more about the golden visa of Greece and help in obtaining:

https://digital-nomad.gr/goldenvisa