Comparison · 12 min read

Portugal vs Greece vs Italy: the real EU Golden Visa comparison

Three EU programs, three completely different value propositions. A direct head-to-head on cost, time, tax and exit options.

Golden Visa Insider Editorial

Updated 2026-04-21

Since Spain closed its program in April 2025, the practical EU Golden Visa shortlist has narrowed to Portugal, Greece and Italy. They look superficially similar — €250k–€500k entry, EU residency, Schengen access — but they solve different problems for different people.

Cost, side by side

	Portugal	Greece	Italy
Min investment	€250k (donation) / €500k (fund)	€250k (commercial) / €400k–€800k (residential)	€250k (startup)
Government fees	~€6k + ~€3k/dep	~€2k + ~€500/dep	~€500
Legal fees (typical)	€10k–€20k	€8k–€15k	€8k–€18k
Processing time	12–24 months (AIMA)	2–6 months	3–4 months
Citizenship timeline	5 years	7 years	10 years
Language for citizenship	Portuguese A2	Greek B1	Italian B1

Physical presence: the dealbreaker for most

Portugal requires 7 days/year. Greece requires zero. Italy is flexible (no fixed minimum but strong recommendation to enter and renew physically). All three are compatible with people who don't actually want to relocate.

Tax overlay: where the real money lives

Each country pairs its Golden Visa with a different tax-attractive regime for new residents:

Portugal IFICI (NHR 2.0): 20% flat on Portuguese-source income for qualifying activities; foreign income largely exempt for 10 years.
Greece non-dom: flat €100k/year on all foreign-source income for 15 years (requires €500k investment in Greece).
Italy new-resident: flat €200k/year on all foreign-source income for 15 years (€25k/year per family member).

For income above ~€2M/year of foreign-source money, Italy's flat tax is the cheapest in the EU. Below that, Greece's €100k beats it. For people with mostly Portuguese-source professional income (and who qualify for IFICI), Portugal can be cheapest.

What you actually own

Portugal: a fund subscription. Liquid only at fund maturity (typically 6–10 years). No tangible asset, but no concentration risk.

Greece: a property. Tangible, can be lived in or long-let. Cannot be Airbnb'd. Liquid in years rather than days.

Italy: shares in an innovative startup or company. The riskiest underlying asset, but funds aren't transferred until the visa is approved.

How to choose

If you want EU citizenship as fast as possible and can learn Portuguese: Portugal.
If you want a Mediterranean home and zero stay obligation: Greece.
If you want the best new-resident tax regime in the EU and can wait 10 years for citizenship: Italy.

Portugal sells the passport. Greece sells the lifestyle. Italy sells the tax bill.

FAQs

Which is cheapest end-to-end?+

Italy at €250k startup investment + lowest government fees. But the underlying investment carries the highest risk.

Which has the fastest citizenship?+

Portugal at 5 years. The 2024 court ruling clarified the clock starts from application date, not card issuance.

Can I hold all three?+

Yes — they're not mutually exclusive. But you can only be tax resident in one at a time.

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Fundamentals