Can I lose a Greek golden visa by renting the property out?

Long term letting is allowed. Short term letting of under 60 days through sharing economy platforms, and subletting, are banned for properties bought under the current rules, and breaking the ban means the permit is revoked and a €50,000 fine is imposed.

Does holding the permit while living elsewhere count toward citizenship?

Not automatically. Greece and Italy both tie naturalisation to residence in the country, and Portugal's rules for minimum stay holders are not settled in the sources we read.

Keeping a Golden Visa While Living Elsewhere: What Can Cost You the Permit

Direct answer: In all three countries the permit depends on the investment staying in place. Beyond that, Portugal asks for a minimum number of days, Greece sets rules on how the property is used, and Italy can revoke the permit if you sell the investment too early. None of them requires you to make the country your main home to keep the permit, but living elsewhere does affect what the permit counts toward.

Portugal: the investment and the days

Keep the investment. Renewal requires proof that the qualifying investment is still in place (Foreigners Act, Article 90-A(2)). For the fund route the holding period is at least five years; see the Portugal page.
Meet the days. Seven days in the first year and fourteen in each later two year period (regulation, Article 65-C).
The general absence rule. Article 85(2)(a) of the Foreigners Act allows a temporary permit to be cancelled after an unjustified absence of six consecutive or eight non consecutive months. The regulation switches the absence rules off for holders of the permanent investment permit (Article 65-K). It does not say, in the text we read, how the general rule sits alongside the ARI minimum stay for temporary permit holders.

Greece: the property

Keep the property. The permit is renewed while you still own it. If you sell to another non EU buyer, they can take over the right to a permit and yours is revoked (Migration Code, Article 100).
No short term lets. For properties bought under the current rules, letting for under 60 days through sharing economy platforms and subletting are banned. The penalty is revocation of the permit and a €50,000 fine on the owners or holders. Long term letting is allowed. The ban does not apply to properties bought under the earlier rules.
Listed and converted buildings. A listed building must be restored by the first renewal (or a €150,000 fine applies), and transferring it before restoration is complete means revocation plus €150,000. A converted building must stay a home, not a business seat.
No job. The permit gives no access to employment. Working in Greece needs a different permit.

Italy: the investment

Keep the investment. The law allows revocation if the investment is sold before two years, and renewal requires the money to still be invested (Article 26-bis). The government's 2021 guide goes further and says the investment must be kept for the whole life of the permit. Plan on keeping it for as long as you want the permit.
No switching. The guide says you cannot move the money to a different company or recipient while you hold the permit. A new investment means a new visa application. Bonds and shares must stay deposited with a bank or intermediary domiciled in Italy.
No continuity rule for five years. For five years from the first permit, holders are exempt from the residence continuity obligations.

What the permit counts toward if you live elsewhere

Greece. The naturalisation procedure lists the investor permits as accepted titles, but requires seven years of lawful and permanent residence, proof of continuous residence with Greece as the center of your life, and tax assessments as a Greek resident. Our reading is that years held while living elsewhere are unlikely to count.
Italy. Naturalisation requires at least ten years of legal residence in Italy. The investor permit's flexible stay rule and the citizenship clock are not the same thing.
Portugal. The rules changed in 2026; see the Portugal page.

Between visits

Keep the paperwork that renewals ask for in one place: proof the investment is still held, records of your days in the country, and the permit cards for each family member with their expiry dates. Ask your lawyer which local registrations, addresses or representatives you need to keep in place while you are away.

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Questions we hear most

Can I lose a Greek golden visa by renting the property out?: Long term letting is allowed. Short term letting of under 60 days through sharing economy platforms, and subletting, are banned for properties bought under the current rules, and breaking the ban means the permit is revoked and a €50,000 fine is imposed.
Does holding the permit while living elsewhere count toward citizenship?: Not automatically. Greece and Italy both tie naturalisation to residence in the country, and Portugal's rules for minimum stay holders are not settled in the sources we read.

Sources

Lei n.º 23/2007 (Foreigners Act), consolidated text, Articles 3, 82, 90-A, 98, 99, Procuradoria-Geral Distrital de Lisboa (consolidated text of the law published in Diário da República). Official source. Last checked 28 October 2026.
Decreto Regulamentar n.º 84/2007, Articles 65-B to 65-K (ARI rules), Procuradoria-Geral Distrital de Lisboa. Official source. Last checked 28 October 2026.
Perguntas frequentes: Autorização de Residência para Investimento (ARI), AIMA. Official source. Last checked 28 October 2026.
Law 5100/2024, codified Migration Code text including Article 100 (investor residence), Ministry of Migration and Asylum, Hellenic Republic. Official source. Last checked 28 October 2026.
Circular 9 of 24 September 2024 on investor residence permits (golden visa), Ministry of Migration and Asylum. Official source. Last checked 28 October 2026.
Joint Ministerial Decision 214926/2025 (document list for investor permits), as reproduced, forin.gr. Secondary source. Last checked 28 October 2026.
Naturalization of foreign nationals (procedure record), MITOS, National Register of Administrative Procedures, Hellenic Republic. Official source. Last checked 28 October 2026.
Decreto Legislativo 286/1998, Article 26-bis (entry and residence for investors), text in force, Normattiva, Istituto Poligrafico e Zecca dello Stato. Official source. Last checked 28 October 2026.
Investor Visa for Italy, applicant guide (2021 edition, Ministry of Economic Development), hosted by the Embassy of Italy in Abuja, Ministero degli Affari Esteri e della Cooperazione Internazionale. Official source. Last checked 28 October 2026.
Legge 91/1992 (Citizenship Law), Articles 3-bis, 9 and 9.1, Normattiva. Official source. Last checked 28 October 2026.

This page is general information, not legal, tax, immigration or investment advice. Rules and fees change, so check the sources above and the date we last checked them. No approval, permit or timeline is guaranteed. We are paid for introductions; here is how.