Patricia Casaburi The Italy and Greece Golden Visa programs remain two of the most attractive options for foreign investors looking to gain residency in Europe through investment. Both programs offer permanent residency, visa-free travel within the Schengen Area, and a pathway to citizenship. However, they differ significantly regarding investment requirements, processing times, taxation, and overall benefits.
What This Article Will Cover:
Main Differences Between the Italy and Greece Golden Visa Programs
Understanding the Italy and Greece Golden Visa Programs
- Italy Golden Visa Program: This program requires investments in government bonds, businesses, startups, or philanthropic donations. It has a higher entry threshold but flexible investment options. After ten years, it provides a pathway to Italian citizenship.
- Greece Golden Visa Program: Focuses primarily on real estate investment, offering one of the fastest and most affordable routes to residency in Europe. Recent updates have adjusted the minimum investment threshold in key locations.
Investment Requirements
- Italy Golden Visa Program: Requires a minimum investment of €250,000 in innovative startups or €500,000 in Italian companies. Other options include government bonds, philanthropy, or venture capital funds.
- Greece Golden Visa Program: Previously required €250,000 in real estate, but recent updates have raised the minimum to €400,000 in prime locations like Athens and Santorini, while some regions still allow the lower threshold.
Real Estate Purchase vs. Other Investment Options
- Italy does not require a real estate purchase for Golden Visa eligibility. Instead, investors can choose from multiple investment routes, making it more flexible but with a higher entry cost.
- Greece primarily relies on real estate investment, making it more straightforward and accessible for those looking to own property while securing residency.
Comparing Investment Costs – Which Golden Visa Is More Affordable?
Criteria | Italy Golden Visa | Greece Golden Visa |
Real Estate Investment Threshold | Not required for Golden Visa. Investors can purchase property, but it does not count toward eligibility. | €400,000 – €800,000+ (varies by location) |
Other Investment Options | €250,000+ (Startups, government bonds, business shares, public interest projects) | €400,000 – €500,000+ (Government bonds, bank deposits, company shares) |
Government Fees | €116+ for visa application and processing | €2,000+ for residence permit issuance |
Legal & Administrative Fees | €10,000 – €20,000+ (depends on investment type) | €5,000 – €15,000+ (depends on property and legal costs) |
Property Taxes | 9% – 10% (purchase tax + registration fees) | 3% – 24% (depends on location and property type) |
Annual Cost of Living (for a family of 4) | €30,000 – €50,000+ (higher in Milan, Rome, Florence) | €20,000 – €35,000+ (Athens, Thessaloniki are pricier) |
Residency Permit Renewal Fees | €116+ every 2 years | €500+ every 5 years |
Residency and Citizenship – Which Country Offers a Faster Path?
Residency Permit Duration and Renewals
Criteria | Italy Golden Visa | Greece Golden Visa |
Initial Residency Permit Duration | 2 years | 5 years |
Renewal Process | Renewed for 5 years, there is a path to apply for permanent residency | Renewed every 5 years as long as the investment is maintained |
Physical Stay Requirement | No stay requirement unless you want to apply for permanent residency | No stay requirement for residency permit renewal |
Path to Permanent Residency | After 5 years of continuous residence | After 5 years, if investment is maintained |
Citizenship Timeline: Italy vs. Greece
Criteria | Italy Golden Visa | Greece Golden Visa |
Time to Citizenship | 10 years of continuous residency | 7 years of legal residency |
Residency Requirement for Citizenship | Full-time residence required (183+ days per year) | Some residence requirements but more flexible than Italy |
Naturalization Process | Must pass a language and culture test | Must pass a Greek language and integration test |
Passport Strength and Global Mobility
Criteria | Italy Passport | Greece Passport |
Global Passport Ranking | 3rd in the world (Visa-free access to 194 countries) | to 194 countries) 7th in the world (Visa-free access to 190 countries) |
Visa-Free Travel Benefits | Access to the Schengen Area, USA ESTA waiver, and Japan, Canada, UK | Access to the Schengen Area, Japan, Canada, UK, and limited access to the USA |
EU Citizenship Benefits | Right to live, work, and study anywhere in the EU | Same EU benefits as Italy |
Taxation for Golden Visa Holders – Italy vs. Greece
Italy
- Italy Flat tax is €200,000 on global income for 15 years, extendable to family (€25,000 per member).
- No tax on foreign income for non-domiciled residents.
- Requires 183+ days of residency per year to maintain tax status.
Greece
- Greece flat tax is 7% on worldwide income for foreign retirees (up to 15 years).
- €100,000 flat tax for investors, similar to Italy.
- 50% tax break for highly skilled professionals relocating to Greece.
Which Country Is More Tax-Friendly for Expats?
- Italy’s tax incentives are ideal for high-net-worth individuals who want to cap their worldwide tax liability.
- Greece’s tax regime is better suited for retirees and professionals looking for low-income tax rates.
- Neither country imposes a wealth tax, but both have real estate taxes and capital gains taxes on local investments.
Real Estate Investment in Italy vs. Greece – Market Trends & ROI
Best Locations to Buy Property for a Golden Visa
Italy:
Milan – A top financial hub with strong appreciation potential and rental demand.- Rome – Popular with tourists and long-term renters, offering stable returns.
- Florence – A cultural hotspot with high short-term rental demand.
- Lake Como – Luxury real estate destination with premium property values.
- Sicily & Puglia – Emerging markets offering lower entry costs and high appreciation potential.
Milan – A top financial hub with strong appreciation potential and rental demand.Greece:
Athens – The best-performing market, with high rental demand and strong appreciation.- Thessaloniki – Greece’s second-largest city, with lower property prices and growing interest.
- Santorini & Mykonos – Luxury tourism-driven markets with excellent short-term rental income.
- Crete – A developing market with affordable property and long-term growth potential.
- Peloponnese – A rising investment hotspot for both residential and tourism properties.
Athens – The best-performing market, with high rental demand and strong appreciation.Rental Yields and Appreciation Potential
- Italy: Rental yields range from 3% to 6%, with luxury markets like Milan and Rome offering long-term appreciation. Short-term rentals in tourist-heavy locations can provide higher returns, but regulations may vary.
- Greece: Rental yields are higher, averaging 4% to 8%, particularly in Athens and major islands. The market has seen strong price appreciation, making it a top investment destination.
Which Golden Visa Is Better for Americans and Non-EU Citizens?
Tax Considerations
- Italy: Offers a €200,000 flat tax for high earners and a U.S.-Italy tax treaty to prevent double taxation.
- Greece: Has a 7% flat tax for retirees, making it ideal for pensioners.
Visa-Free Travel in Schengen
- Both visas allow Schengen Zone travel.
- Citizenship timeline: Italy (10 years), Greece (7 years) for an EU passport.
Family Inclusion
- Italy: Covers spouses, children under 18, adult children with disabilities, and dependent parents.
- Greece: Covers spouses, children under 21, and dependent parents, making it more flexible.
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.
About Italy and Greece Golden Visa
What is the minimum investment required for the Italy Golden Visa vs. Greece Golden Visa?
- Italy Golden Visa: Starts at €250,000 (innovative startups or €500,000 (Italian companies); real estate is not a required option.
- Greece Golden Visa: Starts at €400,000 (€800,000 in popular locations) for real estate purchases.
How long does it take to obtain a Golden Visa in Italy compared to Greece?
- Italy Golden Visa: Typically, 4 months due to additional vetting processes.
- Greece Golden Visa: Issued within 2–3 months, one of the fastest in Europe.
Do Italy and Greece offer a path to citizenship through the Golden Visa?
- Italy: Eligible for residency after 10 years.
- Greece: Requires 7 years of residency for citizenship by investment, making it a faster option.
Can I work in Italy or Greece with a Golden Visa?
- Italy Golden Visa holders can work, start a business, or invest.
- Greece Golden Visa holders cannot work as employees but can own businesses or work remotely.
How does the healthcare system compare for Italy and Greece Golden Visa holders?
- Italy has a top-ranked healthcare system with public and private options.
- Greece offers free public healthcare, but private care is preferred by expats.
Can Golden Visa holders access public education in Italy and Greece?
Yes, Golden Visa holders in both countries can enroll in public schools and universities, with Italy offering more English-language programs.
Which Golden Visa is better suited for retirees, Italy or Greece?
- Greece is better for retirees, offering a 7% flat tax on pensions and a lower cost of living.
- Italy is ideal for retirees seeking access to high-quality healthcare and a stronger passport for global mobility.
