Spain’s Golden Visa program has been completely terminated and is no longer available to new applicants. With its closure, Greece has become the main option for investors seeking residency through property. Greece’s investment requirement, ranging from €250,000 to €500,000 depending on the location, is higher than before but remains one of the most attractive and affordable choices. The program provides Schengen travel, family inclusion, and a clear path to residency and citizenship.
Both countries are known for their relaxed lifestyle, stunning landscapes, rich cultural heritage, and mild climate. While both Golden Visa programs offer a path to legal residency through investment, their requirements, investment thresholds, investment options, and long-term benefits differ.
This guide compares the Spanish vs Greek Golden Visas to help you choose the best fit for your needs.
Here’s what we’ll cover below:
- Spain Golden Visa vs. Greece Golden Visa: The Benefits
- Greece vs. Spain Golden Visa Investment Options
- Greece vs. Spain Golden Visa Requirements
- Greece vs. Spain Golden Visa Application Process
- Greece vs Spain Golden Visa Application Fees
- Spain vs Greece Golden Visa Processing Times
- Spain vs Greece Golden Visa Validity Period
Protection for Existing and Pending Applications
Investors and family members who submitted applications before the April deadline will remain unaffected. They will retain all benefits and renewal rights under the program’s current rules. Existing Golden Visa holders will also maintain their rights.
Alternative Residency Options
The Portugal, Italy, Greece, and Malta Golden Visas are great alternatives for investors looking for a European residency permit without a stay requirement.
For those seeking to live in Spain, the Non-Lucrative Visa and the Digital Nomad Visa are excellent options.
Spain Golden Visa vs. Greece Golden Visa: The Benefits
Since ending its Golden Visa program, Spain remains a top destination for investors and expats. It ranks first in Global Citizen Solutions’ Digital Nomad Visa Index, while Greece takes the top spot in their latest Global Residency and Citizenship by Investment Report
| Benefit | Greece Golden Visa | Spain Golden Visa |
| Visa-free travel to the Schengen area | Yes | Yes |
| Right to live, work, and study in the country | Yes | Yes |
| Family reunification | Yes (spouse, children, parents, and parents-in law) | Yes (spouses, children, and parents) |
| Access to healthcare and education | Yes | Yes |
| Tax benefits | Favorable flat tax regime | No tax obligations unless you’re living 183 days a year or more in Spain |
| Investment options | Real estate, businesses investment, shares, bonds, mutual funds, and deposits | Real estate, public debt securities, public and private stocks and shares, funds, venture capital funds, business investment, and |
| Minimum stay requirement | None | None |
| Citizenship | Reside in Greece for seven years and pass the Greek citizenship test | Reside in Spain for 10 years and pass A2 Level Spanish Test and constitutional and culture test |
Greece vs. Spain Golden Visa Investment Options
Greece and Spain both 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. Below is a breakdown of the Greece vs. Spain Golden Visa investment options.
| Investment Type | Spain | Greece |
| Real Estate Investment | Minimum €500,000 | €250,000 – €800,000 |
| Business Development | Minimum €1 million | Not available |
| Capital Transfer | Minimum €1 million | Not available |
| Lease Agreement | Not available | Minimum €250,000 |
| *Other Investments | Not available | Minimum €400,000 |
Spain Golden Visa investment options
- Real Estate Investment: Before it ended on April 3, 2025, one of the most popular routes for the Spanish Golden Visa was real estate. A minimum investment of €500,000 in residential or commercial property qualified applicants for the program. Those who applied before the deadline are still eligible.
- Business Development: To qualify through business development, investors needed to invest at least €1 million in starting or expanding a business in Spain. This option focused on creating jobs and supporting industries like technology and science.
- Capital Transfer: A capital transfer involved investing at least €1 million in venture capital funds, investment funds, or Spanish bank deposits. Though costly, this was one of the simpler investment paths.
- Spanish Public Debt: Investing €2 million in Spanish public debt securities was another option. Backed by the government, this route offered high security with minimal involvement from the investor.
Greece Golden Visa investment options
Real Estate investment in Greece:
There are a few options for obtaining the Greek Golden Visa through real estate. The regulations have recently changed, so take note of the new Greece Golden Visa 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.
Leasing agreement for Greece Golden Visa
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 for hotel accommodation or furnished tourist residences within designated tourist resorts, equivalent to the cost of buying.
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.
Other investments include a minimum of €400,000 in Greek company shares or bonds, real estate investment companies, or business-focused mutual funds. You can also invest €500,000 in Greek government bonds or term deposits, or €350,000–€800,000 in mutual funds, corporate bonds, or EU-based funds that focus on Greek real estate.
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
| Step | Greece Golden Visa | Spain Golden Visa |
| 1. Tax ID / Identity Number | Obtain Greek Tax ID (AFM), can be done remotely | Obtain NIE (Foreigner Identity Number) from a Spanish consulate or in Spain |
| 2. Open Bank Account | Open a Greek bank account (optional for real estate investment) | Open a Spanish bank account to manage your investment |
| 3. Make Investment | Invest in real estate, bonds, or other eligible options | Complete your qualifying investment in real estate, bonds, or other assets |
| 4. Prepare Documents | Prepare supporting documents (business or real estate contracts, passport, etc.) | Gather and translate all required documents for yourself and dependents |
| 5. Submit Application | Submit Golden Visa application in Greece (no prior visa needed for real estate investors) | Submit application at a Spanish Consulate or online (with lawyer) if applying from within Spain |
| 6. Biometrics Appointment | Visit Greece to provide photo and fingerprints | Travel to Spain to submit biometric data (photos and fingerprints) |
| 7. Temporary Residence | Receive a blue certificate (temporary proof of residence while visa is processed) | Receive a 1-year Golden Visa allowing residence, work, and study in Spain |
| 8. Golden Visa Issued | Receive a 5-year Golden Visa residence card | Apply for a 3-year residence permit after the 1-year visa, renewable for another 5 years |
| 9. Path to Citizenship | Eligible after 7 years of legal residence (naturalized citizens may have to serve in the military) | Eligible after 10 years of legal residence (2 years for Latin America, Philippines, Andorra, Equatorial Guinea) |
Greece vs Spain Golden Visa Application Fees
Fees for both Spain and Greece Golden Visas are subject to change and may vary by nationality, so it’s important to check the most up-to-date information before applying.
| Fee Type | Spain | Greece |
| Initial Visa Application | €90 (via Consulate; varies by nationality) | €2,000 (main applicant) |
| Additional Family Members | Varies (based on nationality and consular rules) | €150 per adult family member |
| Residence Permit – First Issue | €73.26 per applicant | Included in above fee |
| Residence Permit – Renewal | €78.67 per applicant | €2,000 again if renewing after 5 years |
| TIE Card (Spain ID for foreigners) | €16.08 (first card), €19.30 (renewal) | €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 have to wait between 20 days and three months for the approval. The Greece Golden Visa processing time is slightly longer, and it usually takes three to six 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. If the application is submitted in Spain, the residence permit is valid for three years. 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: Taxes
Greece is more flexible for taxes if you don’t become a tax resident, with no wealth tax and a good non-dom program. Spain has higher taxes but offers a special expat tax rule called the Beckham Law, though it’s more limited. In both countries, you can avoid becoming a tax resident by staying less than 183 days a year.
| Category | Greece Golden Visa | Spain Golden Visa |
| Tax Residency Requirement | 183+ days per year or center of vital interests in Greece | 183+ days per year or primary economic interest in Spain |
| Personal Income Tax Rate | 9% to 44% (progressive) | 19% to 47% (progressive) |
| Capital Gains Tax | 15% | 19%–26% |
| Real Estate Property Tax | Annual property tax (ENFIA) based on value and location; usually low to moderate | Annual property tax (IBI), approx. 0.4%–1.1% of cadastral value |
| Wealth Tax | No wealth tax | Yes, progressive from 0.2% to 3.5% on net assets above thresholds |
| Inheritance/Gift Tax | Varies by relationship and region, generally moderate | Varies by region, can be high without planning |
| Non-Dom or Special Tax Regime | Yes: Flat tax regime for foreign income (€100,000 per year for 15 years) | Yes: “Beckham Law” – flat 24% tax on Spanish income for 6 years (excludes foreign income) |
| Double Taxation Treaties | Yes, with many countries including the US, UK, and EU members | Yes, with over 90 countries |
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.
