The Golden Visa programs in Spain and Greece are among the most popular in Europe. Both offer significant benefits, including the opportunity to live in a European Union country and the possibility of gaining citizenship in the future. But which one is better?
Albert Ioffe, Legal and Compliance Officer at Immigrant Invest, compares the Spanish Golden Visa to Greece, highlighting the key factors you need to consider before making your choice.
European Golden Visa Overview
The Golden Visa is a residency-by-investment program that allows non-EU nationals to gain legal residency in a European country. Each country offers its own set of options for obtaining a Golden Visa, but all require a financial investment in exchange for residency rights.
These programs are especially attractive to investors, entrepreneurs, and families seeking more mobility within the EU, access to better healthcare and education, and long-term stability.
Spain and Greek Golden Visa programs are two of the most sought-after destinations for Golden Visa holders. Both offer residency in EU member states, but they differ in investment options, processing times, and additional benefits. Let’s take a closer look at the details of each program.
Spain Golden Visa Options
Spain’s Golden Visa offers several investment options to qualify for residency. These include:
- purchase real estate worth at least €500,000;
- invest at least €1 million in Spanish companies;
- invest at least €1 million in fund units purchase;
- deposit €1 million in a Spanish bank;
- invest €2 million in Spanish government bonds;
- Business investment without minimum threshold required.
Once approved, Spain’s Golden Visa grants you residency and the right to live, work, and study in Spain.
After five years of residency, you can apply for permanent residency, and after ten years, you may be eligible for Spanish citizenship, provided you meet the legal requirements, including language proficiency.
Greece Golden Visa Options
Greece offers one of the most affordable Golden Visa programs in Europe. The primary investment option is real estate investment — €400,000.
This is lower than Spain’s €500,000 threshold and makes Greece a popular choice for investors looking for a more cost-effective way to gain EU residency.
Greece’s Golden Visa program offers residency for the investor and their immediate family members, including children up to 21 years old.
The visa allows freedom of movement within the Schengen Area, making it an attractive option for those who value travel flexibility. After seven years of residency, you can apply for citizenship, although language proficiency and other requirements apply.
Spain vs. Greece Golden Visa: Comparing Spain and Greece Residency Programs
When comparing the Golden Visa programs of Spain and Greece, there are several factors to consider:
- Investment threshold. Greece has a clear advantage in terms of affordability. The €400,000 minimum investment in Greek real estate makes Greece more accessible to investors on a budget.
- Property market. Spain’s property market is more developed and offers a wider range of options, particularly in major cities like Madrid, Barcelona, and Valencia. Greece, while offering attractive opportunities, has a smaller real estate market, although it is growing rapidly, especially in cities like Athens and Thessaloniki and on popular islands.
- Processing time. Greece’s Golden Visa program tends to have a faster processing time, often taking as little as 4 months. Spain’s processing time can be longer, typically taking 4 months.
- Citizenship and residency requirements. Spain offers the potential for citizenship after ten years of continuous residency.
Greece offers citizenship after seven years, but applicants must pass a Greek language test and meet other criteria. This can make Spain a more attractive option for those who are not ready for full integration into Greek society.
- Flexibility and benefits. Both Spain and Greece provide residency in an EU country, but Spain’s Golden Visa program offers a greater number of investment options. Spain also has a larger and more diverse economy, providing more opportunities for business and employment. Greece, however, offers more affordable living costs and a high quality of life, especially for those who value a slower pace of life in a more picturesque setting.
How to Apply for a Golden Visa
Applying for a Golden Visa in both Spain and Greece follows a similar process, although there are slight differences in the requirements.
- Choose an investment option. Decide which investment option is best suited to your goals—whether it’s real estate, business, or capital investment.
- Prepare the required documents. You must provide personal documentation, proof of investment funds, a clean criminal record, and health insurance.
- Submit application. Submit your application to the relevant authorities. This will typically include submitting documents, paying fees, and undergoing background checks.
- Approval and residency. Once approved, you and your family members will receive residency permits. In both countries, the visa can be renewed as long as the investment is maintained.
- Long-term residency and citizenship. After several years of legal residency, you may apply for permanent residency or citizenship, depending on the country’s requirements.
Both Spain and Greece offer attractive Golden Visa programs with their unique benefits. Spain’s program is ideal for those who want more investment options and the possibility of a larger market for business and property. Conversely, Greece is a more affordable option, with lower investment thresholds and a quicker path to residency.
