Golden Visa Spain vs Greece: Which One to Choose?

Well-known for their laid-back lifestyle, rich cultural heritage, stunning landscapes, and pleasant weather, Greece and Spain are excellent places to live in Europe. 

Additionally, both countries have their own Golden Visa scheme, attracting hundreds of investors yearly.

Golden Visas are programs designed to offer legal residency by investment in their respective nations. If all program requirements are met, non-EEA, non-Swiss, and non-EU nationals can acquire permanent residency and citizenship in their country of choice, with full access to the European Union (EU).

While Spain and Greece offer Golden Visa programs, their requirements, eligibility criteria, and prices differ. 

In this Golden Visa Spain vs Greece guide, we compare the two country programs so you can decide which residency by investment program suits you the best.

Here’s what we’ll cover below:

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

Spain Golden Visa vs. Greece Golden Visa: The Benefits

Greece vs. Spain Golden Visa Investment Options

Greece and Spain offer various investment options for the Golden Visa Program. Whether you want to invest in property, make a direct investment in a business, or open a new business, 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.

Below is a break down of the Greece vs. Spain Golden Visa investment options.

Spain Golden Visa investment options

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 choices regarding 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 has 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 business development investment option aims to create employment opportunities within Spain while also contributing to and expanding various industries, including technology and science.

Capital Transfer

In simple terms, a capital transfer 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 in 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 option requires 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 can apply for permanent residency if they meet the requirements.

Greece Golden Visa investment options

Real Estate Investment in Greece

There are a few options for obtaining the Greece Golden Visa through real estate. The regulations have recently changed, so take note of the Greece Golden Visa new rules that might affect your investment plans.

For purchasing property in Greece, there are the following tiers:

• 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 a listed building, with renovations needing to be completed 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.

To meet the 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.

Note: The Greek government has imposed strict regulations for real estate investment. Properties cannot be used for short-term rentals (holiday 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 an investment that can qualify for a Golden Visa. Here’s how it works:

Investment in Greek companies:

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

Investment in real estate investment companies:

• Another option is contributing at least €400,000 to a real estate investment company in Greece. This company must invest exclusively within Greece. The contribution would be used to acquire 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 focused on investing in companies with a presence in Greece. This investment involves acquiring shares in these investment institutions committed to investing exclusively in Greek companies.

Each of these capital contributions provides a pathway to obtaining a Golden Visa, granting you and your family residency in Greece. 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 lets you invest directly in the Greek stock market or corporate debt.

Mutual funds

• You can also invest €350,000 in units of a mutual fund incorporated in Greece or another country as long as the fund intends to invest exclusively in Greek government bonds, corporate bonds, and/or shares 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 established in Greece or another EU country. This fund must be focused exclusively on real estate within Greece.

These investment options offer a pathway to obtaining a Golden Visa in Greece. This visa grants 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 have a standing order for automatic renewal.

This option is ideal for those who prefer a low-risk investment, as it involves 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.

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 Golden 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. You can apply directly in Greece without a prior visa for real estate.
• 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 is that men between the ages of 19 and 45 are required to serve in the Armed Forces. 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) must serve for the same duration as those born in Greece.

Spain Golden 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: With legal support, you can choose and complete your investment—whether in real estate, bonds, or another option.
• Prepare your documents: Gather and translate all necessary documents for yourself and your 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: You will receive your one-year Golden Visa, which allows you to live, work, and study in Spain and travel within the Schengen Zone.
• Upgrade to a residence permit: After your initial visa, apply for a three-year residence permit. Then, renew the residence permit every five years.

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

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, the main applicant must pay a €2,000 application fee and €150 for each adult family member. The residence permit also requires a €16 processing fee per person.

Spain vs Greece Golden Visa Processing Times

After you submit the required documentation for the Spain Golden Visa, you’ll typically have to wait between 20 days to three months for the approval. The Greece Golden Visa processing time is slightly longer, and it usually takes two to three months for Greek authorities to review an application.

Spain vs Greece Golden Visa Validity Period

Possibly the most significant difference between the Greece and Spain Golden Visa programs is 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: Pathways to Residency and Citizenship

Greek residency and citizenship through Greek Golden Visa

Greek Golden Visa holders have access to residency in Greece. The residency permit is initially granted for five years and it can be renewed indefinitely, as long as the investment is maintained. There’s no minimum mandatory stay requirement in Greece to maintain residency status.

On the other hand, investors can apply for Greek citizenship after residing in Greece for seven years for at least 183 days each year. Greek citizenship applications need to pass a Greek citizenship test at a minimum level of B1.

Spanish residency and citizenship through Spain Golden Visa

Once Spain Golden Visa applicants obtain the visa, they have the right to reside in Spain. Initially, this is valid for one year and investors who want to maintain their residency need to apply for a residence permit for investors. The application process varies depending on whether you’re applying in Spain or your home country. The application can be online or in-person. For permanent residence, the applicant needs to live legally in Spain for five years, maintain the investment, and have no criminal records.

Spanish citizenship is available after 10 years of residence in Spain. Besides that, the applicants need to pass the A2 DELE language test (citizens from countries where Spanish is the official language are exempted), and CCSE cultural test.

Bottom Line: Which One to Choose – Golden Visa Spain or Greece?

Choosing between Spain and Greece’s Golden Visas depends on your priorities:

• Investment: Greece has a lower minimum investment (€250,000), while Spain starts at €500,000.
• Pathway to Citizenship: Spain offers citizenship after ten years, whereas Greece requires residency without an automatic pathway to citizenship.
• Timeline and Processing: Greece’s processing is often quicker, with residency granted in about two months, compared to 2–3 months in Spain.

If cost and speed are priorities, Greece is preferable. Spain may be more suitable for a longer-term path to citizenship.

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 main differences between the Golden Visa in Spain and Greece?

The main difference between the Golden Visa in Spain and Greece is the minimum investment amount and flexibility in residency. Spain requires an investment of €500,000 in real estate and offers free travel in the Schengen area without minimum stay requirements. Greece requires only €250,000 but mandates minimum stays to maintain the visa.

Is the investment threshold higher for Spain's Golden Visa or Greece's Golden Visa?

The investment thresholds for Greece and Spain Golden Visa depend on your investment of choice.

For example, the threshold investment for real estate in Spain is €500,000 while Greece offers different tiers, starting at €250,000. On the other hand, bank deposits and funds thresholds in Spain are at one million while they range from €350,000 to €500,000 in 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.