THE BATTLE OF THE GOLDEN VISAS: PORTUGAL GOLDEN VISA VS GREECE GOLDEN VISA.
The Portugal Golden Visa scheme is a residency program intended to entice non-EU nationals to make investments in the Portuguese economy. By making a qualifying real estate investment in Portugal, individuals and families are able to obtain the right to reside and travel across the Schengen Area. Individuals must make a minimum investment of at least €280,000 over a five-year period in Portuguese real estate to be eligible. Investors receive a renewed residency permit in return, and if they stay in Portugal for a predetermined period of time, they may also become citizens of Portugal. Authorities in Portugal conduct thorough background checks and financial analysis as part of the application process. While, through the Greek Golden Visa scheme, non-European nationals (nationals of third countries) can obtain a permanent residence status by making real estate investments. An investor must invest at least 250,000 EUR about to be increased to EUR 500,000 in Greek real estate in order to be eligible for the program. The investment must be made in one or more Greek properties, either individually or collectively (as long as the total investment is at least the minimum amount). The property might be rented out to generate cash or used for personal purposes. The investor and their family (spouse and children under 21) are given five-year residency permits that can be renewed after the investment has been made and the residence permit has been issued. Investors have the same freedoms, rights, and privileges as Greek citizens while they are residents, including the ability to travel, work, and study.
The Golden Visas of Portugal and Greece are two residence by investment programs that grant European residency in return for investment. The two programs do differ in some significant ways.
Portugal Golden Visa:
-Must invest in real estate
-A minimum investment of €280,000 is required
-Must be physically present in Portugal for 7 days per year
-Residency is renewable indefinitely
Greek Golden Visa:
-Must invest in real estate
-A minimum of €250,000 is required
-Must be physically present in Greece for at least one day per year
-Residency is renewable for five year periods
Greece and Portugal are both Mediterranean nations with a lot in common culturally, yet they also differ greatly from one another. Geographically speaking, Portugal is a little bit bigger than Greece and has a considerably more varied scenery, including mountains, plateaus, and plains. Greece has a lot of islands, and its landscape is more mountainous. Greek and Aegean seafood cuisine is well-known, while Portugal has a wide selection of dishes, including classic bacalhau (dried cod) and robust stews.
The cuisines of the two nations also differ in flavor, with Portuguese meals relying on garlic and spices and Greek dishes using lemon, oregano, and olive oil. Greek and Portuguese are the official languages of their respective countries in terms of language. While the histories and cultures of both nations are rich, Portugal’s is more profoundly influenced by its ties to the Spanish and Islamic cultures. Greece has a longer history than most other countries because civilization there began at least in antiquity. It also has a close relationship with the Orthodox Church, which is the country’s main religion. Greece’s soccer teams are well-known in the sporting world, whereas Portugal’s national team players and soccer clubs are better renowned.
Overall, there are many similarities and contrasts between Greece and Portugal and whichever you choose, you are surely giving your family a happy and stable future.
The news that the Portugal Golden Visa program might be ending may worry you whether you have already applied or are thinking about doing so right now.
But Portugal has always shown that, prior to any program adjustments, they are considerate of people who apply and contribute.
The following would certainly be true if the program were to terminate at some point in the upcoming years:
In order to allow for the completion of ongoing investments and the fulfillment of applications, there would be a previous announcement of at least six months or more.
Applicants who submit their forms before the program’s termination will be grandfathered in, allowing them to preserve their residence permits so long as they renew them every two years.