The 2026 Golden Visa Comparison: Portugal vs. Spain vs. Greece
Start here if you are a high-net-worth individual, investor, or entrepreneur from outside the EU. You are looking for a “Plan B”—a strategic investment that secures you and your family a “foothold” in Europe, offering freedom of travel, a high quality of life, and an eventual path to a powerful EU passport.
This is your ultimate 2026 pillar guide to the “Golden Visa,” Europe’s most popular “residency by investment” programs. We will do a deep, comparative dive into the “Big 3” Mediterranean programs: Portugal, Spain, and Greece.
The “Golden Visa” is a simple transaction: you make a significant financial investment (in real estate, funds, or capital), and the country gives you a residence permit. This permit allows you and your family to live, work (in some cases), and travel freely within the 29-country **Schengen Area**. This is not just an article; it’s a strategic analysis for investors.
This comprehensive guide will be your single source of truth. We will cover:
- The 2024/2025 “Big Bang” Changes: How Portugal and Greece *dramatically* changed their programs, ending the “cheap” real estate options.
- Investment Options: A head-to-head breakdown of the *exact* investment requirements for each country (Real Estate vs. Investment Funds vs. Capital Transfer).
- The Path to Citizenship: The most critical factor. We’ll compare the timelines (5, 7, or 10 years) and language requirements to get a coveted EU passport.
- “Stay” Requirements: How many days per year you *actually* have to be in the country (Portugal’s 7-day rule vs. Spain’s “no-show” rule).
- The Final Verdict: A 2026 scorecard to help you choose the best program for your specific goals (Fastest Citizenship? Cheapest Investment? Best Lifestyle?).
By the end of this guide, you will be able to make an informed, strategic decision about which Golden Visa program is the right one for your family and your future.
The 2024/2025 “Big Bang”: How the Golden Visa Landscape Changed Forever
Before we compare, you must understand that the “Golden Age” of cheap real estate Golden Visas is over. Under pressure from the EU and facing housing crises, both Portugal and Greece fundamentally changed their laws.
1. Portugal’s 2023 “Mais Habitação” Law
This was the biggest shock. Portugal **COMPLETELY REMOVED** all real estate investment options from its Golden Visa program. You can no longer buy a €500k villa or a €280k renovation project to get the visa.
The new focus? Investment funds.
2. Greece’s 2024/2025 Tiered System
Greece didn’t *end* its real estate option; it just made it much more expensive in high-demand areas.
- The “cheap” €250,000 option still exists, but only for *specific, non-tourist* regions of the country.
- For “Tier 1” zones (Athens, Thessaloniki, Mykonos, Santorini, etc.), the minimum investment was doubled to €500,000.
- A *new* “Tier 1+” zone (most of Athens, including the coast) was created with a minimum of €800,000.
Spain: The “Last Man Standing” (For Now)
As of 2026, Spain is the last of the “Big 3” to offer a simple, nationwide €500,000 real estate investment. You can buy a €500k apartment in Barcelona, Madrid, or Marbella, and it qualifies. However, Spain has also announced it is in the process of “reviewing” and “ending” this program. This means 2026 may be the *absolute last chance* to use this pathway.
Head-to-Head Comparison: The “Big 3” Golden Visas in 2026
This is the core of our analysis. Here are the hard numbers and facts for each program.
| Feature | PORTUGAL 🇵🇹 | SPAIN 🇪🇸 | GREECE 🇬🇷 |
|---|---|---|---|
| Main Investment Option(s) |
– €500,000 in an eligible Investment/Venture Capital Fund. – |
– €500,000 in Real Estate (anywhere). – €1,000,000 in a Bank Deposit or Company Shares. |
– €250,000 in Real Estate (non-tourist zones). – €500,000 in Real Estate (Tier 1 zones, e.g., Mykonos). – €800,000 in Real Estate (Tier 1+ zones, e.g., Athens coast). |
| Family Inclusion | Spouse, dependent children, AND dependent parents (of any age). (Very generous). | Spouse, dependent children, AND dependent parents. | Spouse, dependent children, AND dependent parents. |
| Minimum Stay Requirement | The easiest: 7 days per year (or 14 days every 2 years). | Effectively zero. You only need to visit once per year to renew the permit. You are not a “tax resident.” | Effectively zero. No stay requirement at all. |
| Right to Work? | Yes. Full right to live and work in Portugal. | Yes. Full right to live and work in Spain. | No. You are a resident with no right to employment (you can be a shareholder/CEO). |
| Initial Permit / Renewal | 2 years, then 2 years… | 3 years, then 5 years… | 5 years, then 5 years… |
| PATH TO EU PASSPORT | The Best: 5 Years total. | The Slowest: 10 Years total. | Standard: 7 Years total. |
| Language for Citizenship | A2 Level Portuguese (Basic). | A2 Level Spanish (Basic). | B1 Level Greek (Intermediate). |
Deep Dive: The 3 Main Investment Options
Your “path” is defined by your investment. The real estate changes have made this a critical choice.
1. Real Estate (Spain & Greece)
This is the “classic” Golden Visa. You buy a property, you get a permit. It’s an asset you can use, rent out, and (eventually) sell.
- Spain (€500k): The most straightforward. You can buy one €500k villa in Marbella or two €250k apartments in Valencia. The investment can be “mortgaged” *above* the €500k (you must put €500k down in cash). This is the last, simplest RE program, but it is expected to end soon.
- Greece (€250k – €800k): This is now a “strategic” choice. If you just want the *cheapest* visa, you can buy a €250k property in a less-popular area like Crete (outside Heraklion) or parts of the mainland. If you want a prime asset in Athens, you must be prepared to spend €800,000 on a *single* property.
2. Investment Funds (The “New Portugal”)
This is the new “default” for Portugal. You must invest €500,000 into a “Portuguese Investment Fund” (Fundo de Investimento). These are *not* publicly traded funds (like on the stock market). They are private equity or venture capital funds, regulated by the Portuguese government (CMVM).
- The Pros: It’s a “hands-off” investment. There are no property taxes, no maintenance, no utility bills. The fund managers handle everything. Many funds are focused on high-growth sectors like tech or renewable energy.
- The Cons: It’s illiquid. Your €500k is typically “locked in” for 6-10 years. You cannot sell it easily. You are trusting a fund manager with your capital. This is a pure financial play, not a lifestyle one.
3. Capital Transfer / Bank Deposit (Spain)
This is the simplest, but least productive, option. Spain allows you to get the visa by depositing €1,000,000 in a Spanish bank account. The money just sits there. It is not earning interest and is losing value to inflation. This is a “parking” option for ultra-high-net-worth individuals who value simplicity above all else and do not want the risk of real estate or funds.
The Final Goal: The Path to an EU Passport
For 90% of investors, the “residency” is just a 5-10 year waiting period. The *real* prize is the EU Passport (citizenship). This allows you to live, work, and retire in *any* of the 27 EU countries (plus Switzerland, Norway, etc.).
This is where the programs differ most dramatically.
🥇 1st Place: Portugal (5 Years)
Portugal is the clear winner. You can apply for citizenship after just 5 years of holding your Golden Visa residence permit. And because the “stay” requirement is only 7 days/year, you *do not* have to live in Portugal to qualify. You just visit for your 1-week vacation, and after 5 years, you can apply.
- Timeline: 5 Years
- Language Test: A2 Portuguese (“CIPLE” exam). This is a basic, “upper-beginner” level. It is very achievable.
- The Catch: Portuguese bureaucracy is *very* slow. While you can *apply* at 5 years, the citizenship application itself can take 1-2 years to be processed.
🥈 2nd Place: Greece (7 Years)
Greece is the “standard” path. You can apply for citizenship after 7 years of continuous residency.
- Timeline: 7 Years
- Language Test: B1 Greek. This is a *significant* hurdle. B1 is an “intermediate” level. The Greek language is difficult to learn, and this test is a serious barrier that many Golden Visa holders never pass.
- Physical Stay: You must also prove a “genuine tie” to the country, meaning you should be spending significant time there (not just a 1-week vacation) in the years leading up to your application.
🥉 3rd Place: Spain (10 Years)
Spain has the slowest path. You must hold your residence permit for 10 years before you can apply for citizenship.
- Timeline: 10 Years
- Language Test: A2 Spanish. This is basic and easy to pass, much like the Portuguese requirement.
- Physical Stay: You must prove continuous residency (183+ days per year) for all 10 years *and* that Spain is your “center of life.” This means the Spanish Golden Visa is **NOT a non-resident path to citizenship**. It is a path for people who *genuinely* want to move to and live in Spain full-time.
*Special Exception:* If you are a citizen of a former Spanish colony (e.g., most of Latin America, the Philippines), the timeline is reduced from 10 years to just 2 years.
The 2026 Verdict: Which Golden Visa is Best *for You*?
There is no “best” visa, only the best visa for your specific goals.
Choose PORTUGAL if…
Your #1 goal is the *fastest, easiest, non-resident path to an EU passport*.
You are a pure investor. You don’t want to buy property, you don’t want to live in the country, and you are willing to learn basic Portuguese. You invest €500k in a fund, visit for 7 days a year, and apply for your passport in 5 years. This is the most efficient “Passport by Investment” strategy left in the EU.
Choose GREECE if…
Your #1 goal is the *cheapest possible real estate* investment for Schengen access.
You are not focused on the passport (because the 7-year/B1 language test is too hard). You just want a “Plan B” residency, and you want to *own* a physical asset. You are happy to buy a €250,000 vacation home in a quieter part of Crete, and in exchange, you get 5-year renewable residency and Schengen travel for your whole family.
Choose SPAIN if…
Your #1 goal is to *actually move to and live in* a prime European location *right now*.
You want to buy a €500k apartment in Madrid or Barcelona, move your family, enroll your kids in school, and *actually work and live* in Spain. The 10-year path to citizenship is just a slow, long-term bonus. This is the “Last Call” for the classic “Real Estate + Residency” program. (This is also the best option by far if you are from Latin America, due to the 2-year citizenship rule).
Conclusion: Your Next Step
The Golden Visa landscape has been fractured by new laws, but it is far from dead. The options have simply become more specialized.
Your choice is no longer “which beach house do I buy?” Your choice is now a strategic one:
- Do you want the **”Passport Fund”** (Portugal)?
- Do you want the **”Lifestyle Real Estate”** (Spain, but act fast)?
- Do you want the **”Cheapest RE/Schengen Access”** (Greece)?
Your journey starts with a lawyer. Do not *ever* attempt this process alone. This is a high-stakes legal and financial transaction. Your first step is to hire a reputable, independent immigration lawyer in your target country (Portugal, Spain, or Greece). They will be your guide, protect you from bad investments, and manage the entire, complex application from start to finish.