Golden Visa Spain vs Greece: Comparing Which Pathway Is Right for You

If you’re thinking of starting your Golden Visa journey to explore the fantastic investment options, one of the top competitors are the Spain and Greece Golden Visa programs.

In this article, we’re taking a closer look at the differences between these two Golden Visa programs and how you can make the best decision for your financial and personal future.

Comparing the Spain and Greece Golden Visa will provide everything you need to know, including:

• The various investment opportunities
• The regulations for each visa
• The application process for each country’s Golden Visa, and more

Greece vs. Spain Golden Visa Investment Options

Before you decide to invest in a Golden Visa program it’s essential to understand the various options available. Here, we will look at Greece vs. Spain Golden Visa investment options, providing you all the information you need to make the best choice for your needs.

Spain Golden Visa Investment

Real estate investment

One of the most popular options for the Spanish Golden Visa Program is to invest in real estate. The minimum investment to apply for the Golden Visa Program in Spain through real estate is €500,000. The property can be either residential or commercial, giving investors a wide range of choice when it comes to the type of property to invest in in Spain.

As of August 2024, there are some concerns regarding whether the Spain Golden Visa Program will still allow for real estate investment to qualify for the program. While the Spanish Government have made plans to monitor the situation more closely to prevent price gouging, no official regulations have been published.

Business Development

If you’re looking to start a business in Spain, then the business development option offers the ideal opportunity for investing in Spain for the Golden Visa Program. Here, there is a minimum investment of €1 million, with plans to start and run a successful business.

The aim of the business development investment option is to create employment opportunities within Spain while also contributing to and expanding various industries, including technology and science.

Capital Transfer

A capital transfer in simple terms refers to an investment into shares, stocks, and bonds in Spain to obtain the Spain Golden Visa. To make a capital transfer you must invest at least €1 million into venture capital funds, investment funds, or bank deposits into Spanish financial institutions. While expensive, capital transfers offer one of the least demanding investment options.

Spanish public debt securities

Another investment option for the Spain Golden Visa is transferring money into Spanish public debt securities. Since this is an investment option requiring little input from the investor, the price is substantially higher. However, it is one of the most secure Golden Visa investment options as the debt is backed by the Spanish Government.

The minimum investment for Spanish public debt securities is €2 million. In return, the investor and their family members are awarded the Spain Golden Visa and will have the option to apply for permanent residency if they meet the requirements.

Greece Golden Visa Investment

Real Estate Investment in Greece

To obtain the Greece Golden Visa through real estate there are a few options. The regulations have recently changed, so take note of the changes that affect your investment plans.

Purchasing property in Greece

There are two tiers, for purchasing property in Greece, you must:

• Tier one: Buy a property for €800,000 (Administrative Region of Attica, Thessaloniki, Mykonos, Santorini, and islands with populations exceeding 3,100) OR
• Tier two: Buy a property worth €400,000 (Rest of Greece). OR
• Tier three: For commercial property to be converted for residential use, the minimum investment is €250,000 regardless of the property’s size or location. OR
• Tier four: The same €250,000 threshold is in place for the restoration of listed building, with renovations needing to be complete within five years of Greek residency.

Both tier one and two real estate investment options are restricted to single properties with a minimum of 120m².

Leasing property in Greece

In order to meet requirements for leasing property in Greece for the Golden Visa, you must:

• Sign a ten-year lease or time-share agreement, equivalent to the cost of buying, for hotel accommodation or furnished tourist residences within designated tourist resorts.

Important to Note: The Greek government have imposed strict regulations for real estate investment. Properties cannot be used for short-term rentals (holidays accommodation) or as company headquarters. Violations of this rule may result in the cancellation of the residency permit and an administrative fine of €50,000.

Capital Contributions

In Greece, a capital contribution is a type of investment that can qualify for a Golden Visa. Here’s how it works:

Investment in Greek companies:

• You can invest a minimum of €400,000 in a company based in Greece (excluding portfolio and real estate investment companies). This investment can be in the form of buying shares during a capital increase or purchasing bonds that are traded on regulated markets in Greece.

Investment in real estate investment companies:

• Another option is to contribute at least €400,000 to a real estate investment company in Greece. This company must invest exclusively within Greece. The contribution would be for acquiring shares during a capital increase.

Investment in closed-end investment companies or mutual funds:

• You can also make a €400,000 investment in a closed-end investment company or mutual fund that is focused on investing in companies with a presence in Greece. This investment involves acquiring shares in these investment institutions, which are committed to investing exclusively in Greek companies.

Each of these capital contributions provides a pathway to obtaining a Golden Visa, granting residency in Greece for you and your family. This option is attractive for investors looking to support Greek businesses while gaining residency rights in the country.

Shares, corporate bonds, or government bonds

Investments in shares, corporate bonds, or government bonds in Greece can lead to obtaining a Golden Visa.

Greek government bonds

• You can qualify for a Golden Visa by purchasing Greek government bonds with a minimum value of €500,000. These bonds must have a remaining maturity of at least three years at the time of purchase. The purchase must be made through a credit institution established in Greece, which will also act as the custodian of the bonds.

Shares or corporate bonds

• Another option is to buy shares or corporate bonds with a minimum value of €800,000. These must be listed for trading on regulated markets or multilateral trading mechanisms operating in Greece. This allows you to invest directly in the Greek stock market or in Greek corporate debt.

Mutual funds

• You can also invest €350,000 in units of a mutual fund that is either incorporated in Greece or another country, as long as it intends to invest exclusively in Greek government bonds, corporate bonds, and/or shares that are traded on regulated markets or multilateral trading mechanisms in Greece.

Alternative investment funds:

• Lastly, you can invest €350,000 in units or shares of an alternative investment fund that is established in Greece or another EU country. This fund must be focused on investing exclusively in real estate within Greece.

These investment options offer a pathway to obtaining a Golden Visa in Greece, granting you and your family residency rights while also diversifying your investment portfolio.

Capital Transfer

To qualify for Greece Golden Visa programs through a term deposit, you can make the following investment:

• You can obtain a Golden Visa by placing a minimum of €500,000 in a fixed-term deposit at a domestic Greek credit institution. The deposit must be for at least one year and should have a standing order for automatic renewal.

This option is ideal for those who prefer a low-risk investment, as it involves simply depositing funds in a Greek bank. In return, you gain the benefits of Greek residency for you and your family, along with potential interest earnings from the deposit.

Comparing Greece vs Spain investment options

Both Greece and Spain offer a wide variety of investment options to get onboard the Golden Visa Programs. Whether you want to invest in property, make a direct investment in a business, or open a new business, both Greece and Spain offer options to fit any type of investor, with the possibility of seeing a real return on investment.

However, it’s important to note that both countries are taking a stricter approach to investments leading to their Golden Visa Programs which may affect how investors qualify in the future.

Greece vs. Spain Golden Visa Requirements

Both the Greece and Spain Golden Visa have the following requirements:

• Applicant must be over 18 years old.
• Must make and prove a qualifying investment.
• Must have a clean criminal record.
• Must not be listed as undesirable by the country.
• Must have valid medical insurance and a health certificate.
• Must not have been denied visas or entry into the Schengen Zone.
• Must have sufficient funds to support themselves and family in Spain.

These are the minimum requirements for obtaining a Spain or Greece Golden Visa, there may be more specific requirements based on your home country.

Greece vs. Spain Golden Visa Application Process

Greece visa application process

Here are the basics for the Greek Golden Visa program:

• Obtain Greek Tax ID (AFM): Secure your Greek tax ID, which can be done remotely.
• Open a bank account: Open a Greek bank account for the investment (not required for real estate).
• Make your investment: Complete your investment in real estate, bonds, or other qualifying options.
• Apply for the Golden Visa: After investing, submit your application. For real estate, you can apply directly in Greece without a prior visa.
• Submit biometrics: Visit Greece to provide your photo and fingerprints.
• Receive temporary residence: Get a temporary blue certificate as a residence card.
• Receive Your Golden Visa: Obtain your official 5-year Golden Visa residence card.

After 7 years of continuous legal residency in Greece, you may become eligible to apply for Greek citizenship. This would grant you a Greek passport, allowing you to enjoy full rights as a Greek and EU citizen, including the ability to live and work anywhere in the European Union.

The only downside here is that men between the ages of 19-45 are required to serve in the Armed Forced. The standard service duration is 12 months for the Army and 9 months for the Navy and Air Force. This means all naturalized Greek citizens (after 7 years) are required to serve for the same duration as those born in Greece.

Spain visa application process

Here is the process for obtaining a Spanish Golden Visa:

• Get an NIE and open a bank account: Obtain your NIE (Foreigner Identity Number) and open a Spanish bank account to handle your investment and personal needs.
• Finalize your investment: Choose and complete your investment—whether in real estate, bonds, or another option—with legal support.
• Prepare your documents: Gather and translate all necessary documents for yourself and any dependents.
• Submit your application: Apply for the Golden Visa at the Spanish Consulate, including all documents and the application fee.
• Complete biometric process: Visit Spain to provide your biometric data (photos and fingerprints).
• Receive your visa: Get your 1-year Golden Visa, allowing you to live, work, and study in Spain and travel within the Schengen Zone.
• Upgrade to a residence permit: Apply for a three-year residence permit after your initial visa. Then renew the residence permit every five years.

After being a long-term resident of Spain for ten years you can apply for citizenship, granting you the same rights as all Spanish citizens. However, unless you are a citizen of one of the Ibero American countries that Spain has a citizenship treaty with you may be required to renounce citizenship of your home country.

Spain vs Greece Golden Visa: Validity Period

Possibly the biggest difference between the Greece and Spain Golden Visa programs are the validity periods.

Spain starts with a 1-year visa and transitions to longer-term permits, while Greece provides a 5-year permit right from the start, with renewals and options for permanent residency and citizenship available at different intervals.

Greece vs Spain Golden Visa: Application Fees

Spain Golden Visa Fees

Application through the Consulate (for the 1-year Visa): The fee for the Spanish Golden Visa is €80. Different rates apply for nationals of Australia, Bangladesh, Canada, the United States, and the United Kingdom due to reciprocity agreements. The specific fee for these countries should be confirmed with the Consular Office.

UGE Application (for the 3-year Residence Permit):

• First application: €73.26 per applicant
• Renewal of the residence permit: €78.67

TIE Request:

• €16.08 for the first card
• €19.30 for card renewal

Note: These fees are subject to annual updates.

Greece Golden Visa Fees

To obtain a Greece residence permit, there is a €2,000 application fee for the main applicant and €150 per each adult family member on the application. There is also a €16 per person processing fee for the residence permit.

Benefits of the Spain and Greece Visa Investment Programs

Both Spain and Greece offer a world of benefits if applicants are approved, including:

• Visa free travel to Europe’s Schengen zone: Both golden visas offer applicants a way to travel and explore various European countries without needing a visa.
• Access to fantastic education: Spain and Greece both have high standards for educational institutions, meaning your children have access to a high-quality education.
• Tax benefits: Investors in Spain or Greece may be eligible for the various tax treaties available in both countries. Spain offers a Special Expat Regime that lasts for 6 years, while Greece provides a Flat Tax Regime valid for 15 years. Both regimes reduce exposure to local taxation on worldwide income.
• Family benefits: Both Golden Visa programs allow dependents of the main applicant to apply for the visa, including spouses and unmarried children under the age of 18 (Spain) and 21 (Greece).

How Can Global Citizen Solutions Help You?

Global Citizen Solutions is a boutique migration consultancy firm with years of experience delivering bespoke residence and citizenship by investment solutions for international families. With offices worldwide and an experienced, hands-on team, we have helped hundreds of clients worldwide acquire citizenship, residence visas, or homes while diversifying their portfolios with robust investments. 

We guide you from start to finish, taking you beyond your citizenship or residency by investment application. 

Frequently Asked Questions About Golden Visa Spain vs Greece

What are the investment options to obtain a golden visa in Spain, Portugal, and Greece?

Some of the main investment options include real estate, business investments, and investing in stocks and bonds.

How long does it take to obtain a golden visa in Spain and Greece?

The timelines vary for each country. For Greece you may wait about two or three months while Spain may take slightly longer between three to six months.

Which golden visa programs offer the possibility of citizenship?

There are various countries that offer a Golden Visa program, including Greece, Malta, Cyprus, Spain, and Portugal Golden Visa Program. Comparing golden visas between Greece and Portugal gives some fascinating insights into the opportunities available to investors across the globe.

Do Greece or Spain offer tax residents a special regime?

Yes, both countries have tailored tax regimes to attract foreign investors, high-income earners, and retirees, providing significant tax benefits compared to standard tax rates.

What are the benefits of the Spain and Greece golden visa programs?

Golden visa holders in Spain and Greece can look forward to a range of benefits. These include visa free travel to Europe’s Schengen zone, access to fantastic healthcare and education, as well as the possibility of obtaining citizenship.

Which golden visa is better Spain or Greece?

This depends on your aspirations for your golden visa. Recent changes in golden visa regulations have shaken things up. While Greece had lower minimum investments for real estate, the change is imminent, making Spain the better option in terms of lower investment rates for popular real estate areas. However, Greece offers a faster pathway to citizenship, something that must be considered when looking for the best golden visa programs.