Greece vs Portugal vs Italy golden visa: which option fits you

Every row in the table is sourced and dated: each cell names the official text behind it and the day we last read it. The figures come from our country pages for Portugal, Italy and Greece, where each rule is explained in full. Italy by route: €250,000 innovative startup, €500,000 company or venture capital fund, €2 million government bonds, €1 million donation.

Minimum investment, and what you hold at the end

The lowest headline figure is a tie at €250,000, for a converted or listed building in Greece and a registered innovative startup in Italy, but those are the two most specialized routes. The mainstream choices are a €400,000 or €800,000 Greek home, a €500,000 Portuguese fund, or €500,000 in an Italian company or venture capital fund.

The question we ask first is not "how much" but "what do you want to be holding in five years". In Portugal you hold units in a non real estate Portuguese fund, kept for five years from the date the permit is granted. In Greece you hold one home, for as long as you want the permit. In Italy you hold company shares, venture capital fund units or Italian government bonds; the law sets a two year minimum, the 2021 official guide says for the life of the permit, and each renewal needs the investment still in place. The €1 million donation leaves you holding nothing.

Italy has one condition that is often missed: you must show at least €1,000,000 of your own funds, available and transferable to Italy, even for the €250,000 and €500,000 routes (€2,000,000 for the bonds route). State fees are €9,261.70 per main applicant for the first Portuguese permit at standard rates, against €2,000 plus €16 for the card in Greece and about €116 for the Italian visa plus permit card fees. For the all in figure, use the cost calculator or read the cheapest golden visa, counted properly.

Property or not: can a home get you the permit?

Only in Greece. Portugal stopped counting property on 7 October 2023, and property has never been one of Italy's investor visa routes.

Greece asks for one property only. The minimum is €800,000 in Attica, Thessaloniki, Mykonos, Santorini and islands with more than 3,100 inhabitants (the Ministry counts Evia as an island area), and €400,000 elsewhere. A built property needs at least 120 m² of main space, a rule that does not apply to the €250,000 conversions and listed buildings. The price must be paid in full before you apply, and the home may not be let short term (under 60 days): the penalty is losing the permit and a €50,000 fine. Long term letting is allowed.

In Portugal you can still buy a home, it just does not count toward the permit, and the qualifying fund itself must be non real estate. In Italy, property does not even count as proof that you have the minimum funds, according to the 2021 official guide.

Time you must spend there, if you mostly live elsewhere

Greece asks for nothing, Italy asks for nothing continuous in the first five years, and Portugal asks for seven days in the first year and fourteen days in each later two year period.

Portugal's days can be consecutive or not, and AIMA says it may ask for proof where there is well founded doubt. Greek law says periods of absence do not prevent renewal. Italian law exempts investor permit holders, for five years from the first permit, from the integration agreement and from the residence continuity rules.

Keeping the permit and building toward citizenship are different things: the days that keep a Portuguese permit alive come nowhere near what a citizenship application expects (see below). Our shelf on holding the option covers renewals and minimum stay, keeping the permit while living elsewhere and visits and Schengen time.

Family: who can come with you

All three let a spouse and minor children come with you. Portugal and Greece are the most generous with parents, and Portugal also covers dependent adult children who are studying.

Greece includes children up to 21 and the parents of both spouses, and a child who turns 21 can move to an independent three year permit. Portugal includes dependent parents of you or your spouse and dependent, unmarried adult children in education; family members of an investor permit holder do not have to wait the usual two years before reunification, and their request can be filed together with yours. Each family member in Portugal pays a grant fee of €8,418.90 at standard rates. Italy follows ordinary family reunification, with income and housing tests: a spouse and minor children, adult children only if fully disabled, and dependent parents only in narrow cases.

Permit length and renewals

Greece issues the longest permit, five years renewed for five. Italy gives two years and then renews for three at a time, and Portugal gives two years renewed for two, each only while the investment stays in place.

A Portuguese renewal costs €4,210.30 per person at standard rates (€3,157.80 reduced), plus €842.80 (or €632.10) to receive and review the application. A Greek renewal costs €2,000. In Portugal, after five years of temporary residence and with basic Portuguese, an investor can move to a permanent investment permit.

Tax, if you do move

None of the three permits makes you tax resident by itself; each country's own tests decide that. If you do move, Greece and Italy offer flat taxes on foreign income for wealthy new residents, while Portugal's incentive is aimed at qualifying work income, not investors.

The tests: in Portugal, more than 183 days in any twelve month period, or a home that suggests you mean to live there. In Greece, a permanent home, habitual abode or center of vital interests in Greece, or 183 days in any twelve months. In Italy, for 2026, residence, domicile or simple physical presence for the greater part of the tax year, counting fractions of a day; from 2027 the rule moves into Italy's new consolidated income tax code, and. See tax residency traps.

The regimes: Greece's alternative tax is €100,000 a year on foreign income, plus €20,000 for each relative included, for up to 15 years, for people who were not Greek tax resident in seven of the previous eight years. Italy's flat tax is €300,000 a year (€50,000 per family member) for people moving their residence from 2026, needs a ruling from the tax agency, lasts up to 15 years and carries into the new code from 1 January 2027 with the same amounts. Portugal's IFICI is a 20% rate on qualifying employment and self employment income for ten years; passive investors do not qualify.

Path to citizenship: residency by investment is not citizenship by investment

Greece is the shortest on paper at seven years, against ten in Portugal and Italy for most nationalities. All three expect genuine residence, and none of them sells citizenship.

Portugal's change to ten years took effect on 19 May 2026, and many websites have not caught up: seven years for nationals of Portuguese speaking countries and EU citizens, ten for others, counted within a twelve year window, with a test of Portuguese language and culture. Applications already pending on that date keep the old rule. Greece asks for seven years of lawful and permanent residence, with Greece as the center of your life, tax assessments filed as a Greek resident and an exam. Italy asks for ten years of legal residence and Italian at B1. Citizenship by descent is a different route, outside this comparison.

Greece vs Portugal golden visa: which is better, and for whom

Greece vs Portugal residency by investment comes down to a home against a fund. Greece suits someone who wants a place they will use and the lightest rules; Portugal suits someone who would rather not own property and can spare a week or two every couple of years.

Greece gives you five years per permit, no minimum stay, lower state fees and a home you can use or let long term, but no right to work and no short term letting. Greece is three years shorter to citizenship on paper, but only if you really live there.

Italy vs Greece golden visa

Italy vs Greece is capital against property. Both ask almost nothing of your time; they differ on what you own and whether you can work.

Italy suits someone who wants to back or build an Italian business, or hold Italian government bonds, and wants the same rights as a self employment permit. Greece suits someone who wants a house and no involvement in a company. Italy's permit cycle is two years then three, Greece's five and five. If you might move later, Italy's €300,000 flat tax and Greece's €100,000 one are aimed at different levels of foreign income.

Portugal vs Italy golden visa (and Italy vs Portugal)

Portugal vs Italy is a passive fund against an active choice. Both start at €500,000 for the mainstream route and neither counts property, but Italy offers more routes and asks for no continuous stay in the first five years.

Portugal suits someone who wants a manager to run the investment and can meet the day counts. Italy suits someone who wants to choose the company, startup or venture capital fund, can show €1,000,000 of funds, and values three year renewals. Citizenship is ten years in both for most nationalities. If you move, Italy's flat tax is for large foreign incomes; Portugal's IFICI is for qualifying work.

Which one fits which kind of person

If you want a home you will actually use, look at Greece; if you want the lightest footprint in an EU country you may retire to later, look at Portugal's fund route; if you want to build or back a business, look at Italy.

That is our honest starting point, not a recommendation for you. Your nationality, tax position and family change the answer; see golden visas by passport. The quiz below asks the questions that move it.

Portugal, Italy or Greece

Which golden visa fits you?

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How it works

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Country guides and Italy's routes

Each country page explains every row of the table, with its sources and the date we checked them.

• Portugal golden visa: the €500,000 fund route, stay rules, fees and the ten year citizenship rule.
• Italy golden visa: the Investor Visa, by route: startup, company or venture capital fund, government bonds and donation.
• Greece golden visa: the property tiers, the short term letting ban and the citizenship path.
• Three-country guide: this comparison to keep, with sources.

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Tell us what you are weighing. If it helps, we introduce you to a vetted visa or fund partner who handles the application. We do not file applications, and we are paid when we introduce you.

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Not ready yet? Get rule-change alerts for Portugal, Italy and Greece: when a rule, fee or threshold changes, we tell you what changed and link the official source.

Questions we hear most

Greece vs Portugal golden visa: which is better?

Neither is better in general. Greece suits people who want a home they will use, with a five year permit and no minimum stay. Portugal suits people who would rather hold €500,000 of fund units than property, and can spend seven days in the country in the first year and fourteen in each later two year period. Your nationality, tax position and family change the answer.

Is Greece or Portugal cheaper for residency by investment?

On the legal minimum, Greece: €250,000 for a converted or listed building, or €400,000 for a home outside the high demand areas, against €500,000 for the Portuguese fund. State fees are also lower in Greece (€2,000 plus €16 for the card) than in Portugal (€9,261.70 per main applicant for the first permit at standard rates). What you pay to buy, run or exit the investment is a separate question.

Italy vs Greece golden visa: which asks less of my time?

Both ask very little. Greek law says periods of absence do not prevent renewal. Italian law exempts investor permit holders from the residence continuity rules for the first five years from the first permit.

Portugal vs Italy golden visa: which suits a business owner?

Italy is built for it: €500,000 in an Italian company or €250,000 in a registered innovative startup, with the same rights as a self employment permit. Portugal's main passive route is a fund you do not manage, and its work rights under the investor permit are something we are still confirming.

Italy vs Portugal golden visa: which is faster to citizenship?

For most nationalities they are the same on paper: ten years of legal residence in each. Portugal needs seven for nationals of Portuguese speaking countries and EU citizens, and Italy asks for Italian at B1. Both mean living there, not holding a permit from abroad.

Can I buy property for a golden visa in Portugal, Italy or Greece?

Only in Greece, and only one property, at least 120 m² if built. Portugal stopped counting property on 7 October 2023, and property was never one of Italy's investor visa routes.

Do I have to move to keep a golden visa?

No, in all three, as long as the investment stays in place and you meet the stay rules: none in Greece, none continuous in Italy for the first five years, and seven then fourteen days per two year period in Portugal. Keeping the permit is not the same as building toward citizenship, which needs real residence.

Sources

1. 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.
2. Lei n.º 56/2023 (Mais Habitação), Articles 42, 53 and 55, Procuradoria-Geral Distrital de Lisboa. Official source. Last checked 28 October 2026.
3. 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.
4. Perguntas frequentes: Autorização de Residência para Investimento (ARI), AIMA. Official source. Last checked 28 October 2026.
5. Autorização de Residência para Investimento (Art. 90.º-A), AIMA, Agência para a Integração, Migrações e Asilo. Official source. Last checked 28 October 2026.
6. Tabela de taxas e demais encargos a cobrar pelos procedimentos administrativos (fee table, updated 26 February 2026), AIMA. Official source. Last checked 28 October 2026.
7. Lei n.º 61/2025 (amendments to the Foreigners Act, including family reunification), Procuradoria-Geral Distrital de Lisboa. Official source. Last checked 28 October 2026.
8. Lei n.º 37/81 (Nationality Law), consolidated text, Articles 6 and 15, Procuradoria-Geral Distrital de Lisboa. Official source. Last checked 28 October 2026.
9. Lei Orgânica n.º 1/2026 (amendment to the Nationality Law), Articles 5, 7 and 8, Procuradoria-Geral Distrital de Lisboa. Official source. Last checked 28 October 2026.
10. Código do IRS, Article 16 (tax residence), Portal das Finanças, Autoridade Tributária e Aduaneira. Official source. Last checked 28 October 2026.
11. Estatuto dos Benefícios Fiscais, Article 58-A (IFICI incentive), Portal das Finanças, Autoridade Tributária e Aduaneira. Official source. Last checked 28 October 2026.
12. 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.
13. Circular 9 of 24 September 2024 on investor residence permits (golden visa), Ministry of Migration and Asylum. Official source. Last checked 28 October 2026.
14. Golden Visa (information page), Ministry of Migration and Asylum. Official source. Last checked 28 October 2026.
15. Naturalization of foreign nationals (procedure record), MITOS, National Register of Administrative Procedures, Hellenic Republic. Official source. Last checked 28 October 2026.
16. Greek Income Tax Code (Law 4172/2013), Article 4 (tax residence), as reproduced, taxheaven.gr. Secondary source. Last checked 28 October 2026.
17. Greek Income Tax Code (Law 4172/2013), Article 5A (alternative taxation for new residents), as reproduced, taxheaven.gr. Secondary source. Last checked 28 October 2026.
18. 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.
19. Legge 193/2024, Article 35 (venture capital funds added to the investor visa), Normattiva. Official source. Last checked 28 October 2026.
20. Decreto Legislativo 286/1998, Article 29 (family reunification), Normattiva. Official source. Last checked 28 October 2026.
21. 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.
22. Consular fee table (extract), October to December 2026, Consulate General of Italy in Los Angeles. Official source. Last checked 28 October 2026.
23. TUIR (DPR 917/1986), Article 24-bis (flat tax for new residents), text in force on 28 October 2026, Normattiva. Official source. Last checked 28 October 2026.
24. Decreto Legislativo 117/2026, Article 246 (flat tax for new residents from 1 January 2027), Normattiva. Official source. Last checked 28 October 2026.
25. TUIR (DPR 917/1986), Article 2 (who is tax resident), text in force from 29 December 2023 to 31 December 2026, Normattiva. Official source. Last checked 30 October 2026.
26. Legislative Decree 19 June 2026, no. 117, Consolidated text on income taxes (GU no. 152 of 3 July 2026, in force 4 July 2026); repeals TUIR Article 2 from 1 January 2027, Normattiva. Official source. Last checked 30 October 2026.
27. 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.