Plan B Locations: If Not Greece, Other Countries’ Programs to Consider (and why Greece still wins)

Reading time: 15 minutes

Table of Contents

• Introduction
• Greece’s Golden Visa Program: A Brief Overview
• Alternative Golden Visa Programs
• Comparative Analysis: Greece vs. Alternatives
• Why Greece Still Comes Out on Top
• Conclusion
• FAQs

Introduction

In recent years, Golden Visa programs have gained significant traction among investors and expatriates seeking to diversify their portfolios and secure alternative residency options. While Greece’s Golden Visa program has long been a frontrunner in this arena, it’s essential to explore other potential destinations and understand why Greece continues to maintain its competitive edge. This comprehensive analysis will delve into alternative Golden Visa programs, compare them to Greece’s offering, and ultimately demonstrate why Greece remains the superior choice for many investors.

Greece’s Golden Visa Program: A Brief Overview

Before we explore alternatives, let’s recap the key features of Greece’s Golden Visa program:

• Minimum investment: €250,000 in real estate
• Residency rights: For the investor and their family
• Visa-free travel: Within the Schengen Area
• Renewal: Every 5 years, provided the investment is maintained
• Path to citizenship: Possible after 7 years of residency

These attractive features have made Greece a popular destination for investors, particularly those interested in houses for sale in athens and other prime real estate locations.

Alternative Golden Visa Programs

While Greece’s program is compelling, several other countries offer their own versions of Golden Visa schemes. Let’s examine some of the most notable alternatives:

1. Portugal’s Golden Visa

Portugal’s program has been a strong competitor to Greece’s, offering:

• Minimum investment: €280,000 – €500,000 in real estate (depending on location and property type)
• Residency rights: For the investor and their family
• Visa-free travel: Within the Schengen Area
• Renewal: Every 2 years
• Path to citizenship: Possible after 5 years

Portugal’s program has been popular due to its relatively low physical presence requirement (7 days per year on average) and the potential for faster citizenship.

2. Spain’s Golden Visa

Spain offers a Golden Visa program with the following key features:

• Minimum investment: €500,000 in real estate
• Residency rights: For the investor and their family
• Visa-free travel: Within the Schengen Area
• Renewal: Every 2 years initially, then every 5 years
• Path to citizenship: Possible after 10 years of residency

Spain’s program is attractive due to the country’s strong economy and high standard of living, but it comes with a higher investment threshold than Greece.

3. Malta’s Individual Investor Programme

Malta’s program offers a unique proposition:

• Minimum investment: €150,000 in government bonds (held for 5 years) + €350,000 in real estate or €16,000 annual rent
• Non-refundable contribution: €150,000 to the National Development and Social Fund
• Residency rights: For the investor and their family
• Visa-free travel: Within the Schengen Area
• Path to citizenship: Possible after 1 year of residency

Malta’s program stands out for its fast track to citizenship, but it comes with higher overall costs and stricter requirements.

Comparative Analysis: Greece vs. Alternatives

To truly understand why Greece’s Golden Visa program continues to outshine its competitors, we need to conduct a thorough comparative analysis. Let’s break this down across several key factors:

1. Investment Threshold

Greece maintains one of the lowest investment thresholds among European Golden Visa programs. At €250,000, it’s significantly more accessible than Spain’s €500,000 requirement or the complex, higher-cost structure of Malta’s program. While Portugal’s program can start at €280,000, this is limited to specific, often less desirable areas, with most investments falling in the €350,000 – €500,000 range.

2. Real Estate Market Potential

Greece’s real estate market has shown robust growth potential, especially in popular areas like Athens and the Greek islands. The country’s tourism sector, a key driver of real estate demand, has demonstrated resilience even in challenging times. In comparison:

• Portugal’s market has seen significant appreciation, potentially limiting future growth.
• Spain’s real estate market, while stable, has slower growth projections in many areas.
• Malta’s limited size constrains its real estate market’s growth potential.

3. Lifestyle and Culture

Greece offers a unique blend of ancient history, Mediterranean lifestyle, and modern amenities. Its climate, cuisine, and welcoming culture are often cited as key factors by investors. While Spain and Portugal offer similar Mediterranean charm, Greece’s distinct cultural heritage and island lifestyle set it apart. Malta, while beautiful, lacks the diversity of experiences that Greece can offer.

4. Economic Outlook

Greece has made significant strides in economic recovery and reform in recent years. The country’s GDP growth has outpaced many EU averages, and its strategic location as a gateway between Europe, Asia, and Africa offers unique economic opportunities. In comparison:

• Portugal’s economy, while stable, faces challenges in long-term growth and competitiveness.
• Spain’s economy, though larger, has shown vulnerabilities in recent economic crises.
• Malta’s economy, while robust, is heavily dependent on a narrow range of industries.

5. Path to Citizenship

While Greece’s path to citizenship (7 years) is longer than Portugal’s (5 years) or Malta’s (1 year), it offers a balanced approach. It allows sufficient time for genuine integration while still providing a clear route to EU citizenship. Spain’s 10-year requirement is significantly longer, potentially deterring some investors.

Why Greece Still Comes Out on Top

After careful analysis, Greece’s Golden Visa program continues to stand out for several compelling reasons:

1. Optimal Balance of Cost and Benefits

Greece offers the most favorable combination of low investment threshold and high potential returns. The €250,000 entry point provides access to a dynamic real estate market with strong growth potential, especially in prime locations like Athens.

2. Strategic Geographic Location

Greece’s position at the crossroads of Europe, Asia, and Africa offers unique advantages for business and lifestyle. This strategic location enhances both investment potential and quality of life considerations.

3. Diverse Investment Opportunities

Beyond residential real estate, Greece offers diverse investment options including commercial properties, land development, and emerging sectors like renewable energy and technology hubs.

4. Strong Tourism Sector

Greece’s robust tourism industry provides a solid foundation for real estate investments, particularly in short-term rentals and hospitality-related properties. This sector has shown remarkable resilience and adaptability.

5. Cultural Richness and Quality of Life

The combination of ancient history, stunning landscapes, and modern amenities creates an unparalleled living experience. Greece’s healthcare system, education options, and overall quality of life continue to improve, making it an attractive long-term residence option.

6. Evolving Economic Landscape

Greece’s ongoing economic reforms and increasing focus on sectors like technology and renewable energy present exciting opportunities for forward-thinking investors.

Conclusion

While alternative Golden Visa programs offer their own unique advantages, Greece’s program continues to provide the most compelling overall package for investors. The combination of a low investment threshold, strong market potential, strategic location, and unparalleled lifestyle makes Greece an undeniable frontrunner in the Golden Visa arena.

Investors seeking to diversify their portfolios, secure alternative residency options, and enjoy a high quality of life would do well to prioritize Greece in their considerations. As the global economic landscape continues to evolve, Greece’s Golden Visa program stands as a beacon of opportunity, offering a perfect blend of financial prudence and lifestyle enhancement.

Ultimately, while it’s crucial to explore all options and conduct thorough due diligence, Greece’s Golden Visa program consistently emerges as the superior choice for a wide range of investors. Its unique combination of affordability, potential returns, and quality of life considerations make it not just a Plan A, but the plan that often renders alternatives unnecessary.

FAQs

1. How does Greece’s Golden Visa program compare to other EU countries in terms of processing time?

Greece’s Golden Visa program is known for its relatively quick processing times, often taking 2-3 months from application to approval. This is faster than many other EU countries, where processing can take 6 months or more.

2. Can I invest in multiple properties to reach the €250,000 threshold in Greece?

Yes, you can combine multiple property purchases to reach the €250,000 investment threshold. This flexibility allows investors to diversify their real estate portfolio within Greece.

3. Are there any restrictions on the type of property I can purchase under Greece’s Golden Visa program?

While there are no strict restrictions on property type, the investment must be in real estate. This can include residential, commercial, or land purchases. However, the property must be purchased from a legal entity or individual who pays taxes in Greece.

4. How does Greece’s education system compare to other Golden Visa countries for families with children?

Greece offers a mix of public and private education options, including international schools in major cities. While it may not have as many international school options as some larger countries, the quality of education is generally high, and there’s a strong emphasis on preserving Greek culture and language alongside international curricula.

5. What are the tax implications for Golden Visa holders in Greece compared to other countries?

Greece offers favorable tax treatment for Golden Visa holders. Non-domiciled residents are only taxed on their Greek-source income. This can be more advantageous than some other countries that may have worldwide taxation policies. However, it’s crucial to consult with a tax professional for personalized advice based on your specific situation.

Article reviewed by Annice Schmeler, Head of Investment Properties | Commercial Real Estate Strategist | Delivering 20%+ Annual ROI for Clients, on March 27, 2025