The 60 second verdict
If you want an EU passport at the end of the road and a Mediterranean property as your asset, Greece. If you want EU permanent residency fast and cheap with extended family included, Malta.
- — Your goal is an EU passport on the fastest live track among major programs (7 years).
- — You want real estate as the central asset and you can deploy EUR 250,000 (conversion) to EUR 800,000 (Zone A).
- — You are willing to learn B1 Greek and pass a history exam.
- — You can accept the short-term rental ban on Golden Visa qualifying property.
- — You want Mediterranean lifestyle and you would buy the property anyway, regardless of the visa.
- — You want EU permanent residency at the lowest legitimate entry in Europe (~EUR 169,000 over 5 years on the rental route).
- — You do not need a passport on a defined timeline. Malta MEIN citizenship is a separate, expensive program under direct EU regulatory pressure.
- — You have a wider family unit to bring in (including grandparents).
- — You meet the asset test (EUR 500,000 with EUR 150,000 financial, or EUR 650,000 with EUR 75,000 financial).
- — You want speed: 4 to 6 months for the certificate, with optional 1 year temporary permit upfront.
Greece sells you optionality on an EU passport with a real Mediterranean asset attached. Malta sells you EU permanent residency, full stop, with the broadest family eligibility in the EU. Most buyers should pick on the basis of whether they actually want the passport. If yes, Greece. If no, Malta.
Headline numbers
Side by side
| Metric | 🇬🇷 Greece Golden Visa | 🇲🇹 Malta MPRP |
|---|---|---|
| Minimum investment | EUR 250,000 conversion or restoration, EUR 400,000 Zone B, EUR 800,000 Zone A | Government-side EUR 99,000 + property (rent EUR 14,000/year x 5 = EUR 70,000, OR purchase EUR 375,000) |
| Total 5 year cost (lowest route) | Approximately EUR 290,000 to 320,000 all-in (conversion route, family of 4, including property) | Approximately EUR 200,000 to 220,000 (rental route, all-in including legal) |
| Real estate route | Yes, primary route. Property is the qualifying asset | Optional: rent (EUR 14,000/year) or buy (EUR 375,000). Not the central qualifying investment |
| Status granted | 5 year residence permit, renewable | Permanent residency from issuance |
| Path to citizenship | 7 years of legal and actual residence + B1 Greek + history/culture exam | 5 years residency + tax residency + integration. Separate MEIN program faces direct EU pressure |
| Tax overlay for new residents | Non-Dom: EUR 100,000/year flat on foreign income (+ EUR 20,000 per family member). Requires EUR 500,000 secondary investment within 3 years | Remittance basis for non-domiciled residents: foreign income taxed only when remitted. EUR 5,000 minimum tax |
| Processing time | 3 to 6 months, longer in Attica | 4 to 6 months for permanent residency certificate, optional 1 year temporary permit upfront |
| Physical presence to maintain | None for the visa. Tax residency triggers at 183 days | None for status. Tax residency triggers at 183 days |
| Family included | Spouse, children <21 (extendable to 24 dependent students), parents both spouses no age threshold | Spouse, dependent children, dependent parents and grandparents both sides |
| Asset requirement (separate) | None | EUR 500,000 with EUR 150,000 financial, OR EUR 650,000 with EUR 75,000 financial |
| Language requirement | B1 Greek for citizenship, none for residency | None. English is an official language |
True 5 year cost
Family of four. Greece on the conversion route. Malta on the rental route.
- Property purchase (conversion to residential)EUR 250,000
- Property transfer tax (3.09%)EUR 7,725
- Notary, registration, legalEUR 7,000 to 15,000
- Tax representative, ENFIA, maintenance, 5 yearsEUR 15,000 to 30,000
- Application fees (family)EUR 2,000 to 4,000
- Health insuranceEUR 8,000 to 15,000 over 5 years for family
- Total 5 year all-in (conversion route)approximately EUR 290,000 to 320,000
- Government administrative feeEUR 60,000 (staged: EUR 15k + EUR 45k)
- Government contribution (unified)EUR 37,000
- NGO donationEUR 2,000
- Qualifying rent over 5 yearsEUR 70,000
- Health insurance, family of 4EUR 10,000 to 20,000
- Licensed agent fees (mandatory)EUR 15,000 to 30,000
- Residence card feesEUR 600 to 1,200
- Total 5 year all-in (rental route)approximately EUR 200,000 to 220,000
Headline numbers are misleading. Greek conversion route at EUR 290,000 to 320,000 includes a property worth EUR 250,000 that you own. Malta rental route at EUR 200,000 to 220,000 includes EUR 99,000 of non-refundable government-side fees and EUR 70,000 of rent that buys you nothing afterwards.
If you compare non-refundable spend: Greece is roughly EUR 40,000 to 70,000 in fees and taxes; Malta is roughly EUR 130,000 to 150,000. Greece is cheaper on a recoverable-capital basis. Malta is cheaper on initial cash outlay.
Compare like for like at the purchase route: Malta purchase route at EUR 474,000+ versus Greek Zone B at EUR 400,000+. The numbers converge.
Path to permanent status and citizenship
- Y0Investment, biometrics, application
- Y0.25 to 0.5First 5 year Golden Visa card issued
- Y5First renewal. Investment must still be held
- Y7Eligible for citizenship if 7 years of legal and actual residence are documented, plus B1 Greek and history/culture exam passed
- Y8 to 10Naturalisation typically completed. Greek and EU passport issued
Holding the Golden Visa from abroad does not advance the citizenship clock. The 7 year naturalisation track requires real residence in Greece and tax residency.
- Y0Application via licensed agent, EUR 15,000 admin fee submitted
- Y0.1Optional 1 year Temporary Residence Permit issued, allowing immediate move
- Y0.4 to 0.5Permanent residency certificate issued, residence cards distributed
- Y5Property/rent commitment minimum complete. Status remains indefinite while program rules are met
- Y5+Eligible for naturalisation by ordinary residency only with actual tax residence and integration
MEIN citizenship is a separate program offering passports in 12 to 36 months at much higher cost. ECJ ruled against Malta's CBI scheme in 2025; the program faces ongoing EU pressure.
Tax: Greek Non-Dom versus Malta remittance basis
Both jurisdictions offer attractive overlays for the right profile. The structures are very different.
Greek Non-Dom: EUR 100,000 per year flat tax on all foreign source income, plus EUR 20,000 per family member. Maximum 15 years.
Eligibility: not Greek tax resident in 7 of prior 8 years; invest at least EUR 500,000 in Greek real estate, businesses or securities within 3 years (the Golden Visa property at higher tiers can satisfy this).
Standard rates outside Non-Dom: 9% to 44% progressive. Capital gains 15%. Inheritance tax exists but with significant family exemptions.
Remittance-based system for non-domiciled residents. Foreign source income and capital gains taxed only when remitted to Malta.
Standard rates: progressive up to 35% on Maltese-source and remitted income. EUR 5,000 minimum tax for non-domiciled residents with significant foreign income.
Specialised regimes (Highly Qualified Persons rules) cap income tax at 15% on Malta-source professional income for qualifying senior roles in financial services, gaming, aviation.
Pillar Two 15% global minimum tax applies to in-scope multinationals from 2024.
Greek Non-Dom is a flat-fee deal: predictable, family-friendly (low add-on for family members), but requires the EUR 500,000 secondary investment commitment.
Malta remittance basis is more flexible if your foreign income can be managed offshore (kept outside Maltese accounts). EUR 5,000 minimum tax is trivial against meaningful foreign income.
For income above roughly EUR 350,000 per year, Greek Non-Dom often wins outright. For income that genuinely stays foreign and you can manage cleanly, Malta remittance is more efficient. Most buyers should run the actual numbers on their specific income mix.
Family rules
Both are generous on family. Malta is wider on grandparents. Greece has no age threshold for parents.
| Family member | 🇬🇷 Greece | 🇲🇹 Malta MPRP |
|---|---|---|
| Spouse (incl same-sex) | Yes since February 2024 | Yes, no separate fee since 2025 |
| Minor children | Yes, under 21 | Yes, no separate fee since 2025 |
| Adult dependent children | Up to 24 if dependent and studying | Yes if economically dependent. EUR 7,500 fee per adult dependent |
| Parents | Both sets, no age threshold | Both sets of dependent parents |
| Grandparents | Not included | Both sets if dependent |
| Asset requirement | None | EUR 500,000 with EUR 150,000 financial, OR EUR 650,000 with EUR 75,000 financial |
Physical presence
Both are zero-presence for the visa itself.
No minimum stay to maintain the Golden Visa. Hold while qualifying investment is held.
For citizenship at year 7, actual residence in Greece is required, plus tax residency and integration evidence. Holding the visa from abroad does not advance the clock.
No minimum stay to maintain MPRP.
For naturalisation by ordinary residency, 5 years of actual residence and tax residency.
Capital and political risk
- marketmedium
Property in Zone A (Athens, Mykonos, Santorini) has run hard. Cyclical risk at the EUR 800,000 minimum.
- rentalhigh
Short-term rental ban on Golden Visa qualifying properties. EUR 50,000 fine plus permit cancellation. Plan for long-term rental yields of 3% to 5% only.
- liquiditymedium-high
Greek property sales typically take 6 to 18 months. Sale before 5 years forfeits the permit.
- programmedium
Greece reformed in 2024. Further tightening is possible.
- programlow-medium
MPRP reformed in 2025 in investor-friendly direction (unified contribution, temp permit, dependent fee reduction).
- MEIN-overhanghigh
If you are buying MPRP partly thinking it eases MEIN access, that calculus is much weaker after the 2025 ECJ ruling. MPRP itself (residency) is not directly affected.
- capitallow
Government-side fees are non-refundable but bounded. Property is a real asset.
- due-diligencemedium
Roughly 10% rejection rate. Source of funds is the main point of failure.
Which one for you
Family of four
Family of four, Indian/South African/Brazilian passport, want EU passport on the fastest live track, willing to relocate and learn Greek.
Couple
Couple, 40s, want EU permanent residency for mobility and Plan B, do not need a passport on a defined timeline, family includes elderly parents.
Wealthy investor in 50s
Wealthy investor in 50s, wants to bring elderly parents and grandparents into EU framework, three-generation family.
Couple wanting a Mediterranean property they would buy anyway
Couple wanting a Mediterranean property they would buy anyway, EU rights as a bonus, no specific passport timeline.
HNW investor with EUR 500
HNW investor with EUR 500,000+ per year of foreign income, wants flat-fee tax overlay plus EU residency.
FAQ
Which is cheaper to enter?
Malta on the rental route. Approximately EUR 169,000 over 5 years (EUR 99,000 government-side + EUR 70,000 rent). Greece's conversion route at EUR 250,000 in property is more capital but the property is your asset. On a non-refundable basis, Greece is cheaper because Malta's EUR 99,000 government-side is gone forever.
Which gives the faster passport?
Greece on a 7 year live track. Malta does not offer a defined passport track via MPRP; ordinary naturalisation is technically 5 years but requires actual tax residence and integration. The Maltese MEIN citizenship program is faster but expensive and under EU regulatory pressure.
Can I rent out my Greek Golden Visa property?
Long-term rentals (over one year) yes. Short-term rentals are banned with a EUR 50,000 fine and permit cancellation. Long-term rental yields run 3% to 5% gross in Athens, lower in island Zone A.
Does Malta cover grandparents?
Yes, both sets if dependent. This is the most generous extended family eligibility in the EU programs. Greece covers parents both sides with no age threshold but does not extend to grandparents.
Can I hold both?
Yes. Some UHNW families hold MPRP for the broader family unit and the Greek Golden Visa as an investment plus passport play for the principal. Cost stacks; tax residency goes to one country per person. For most buyers, picking one is cleaner.
What is the asset test in Malta exactly?
The applicant must demonstrate either EUR 500,000 in total assets including EUR 150,000 in liquid financial assets, OR EUR 650,000 in total assets including EUR 75,000 in liquid financial assets. Monitored annually for the first 5 years through Form MPRP5.
Sources
- — Greece: Law 5100/2024 (zone-based Golden Visa pricing, effective 31 August 2024).
- — Greece: Income Tax Code Article 5A (Non-Dom regime).
- — Greece: Greek Citizenship Code (Law 3284/2004) as amended.
- — Malta: Subsidiary Legislation 217.26 (Malta Permanent Residence Programme regulations).
- — Malta: Legal Notice 146 of 2025 (MPRP fee restructuring, dependent fee changes, temporary residence permit).
- — Malta: Income Tax Act, remittance basis for non-domiciled residents.
- — Malta: Citizenship Act and amendments. ECJ judgment on Malta MEIN, 2025.