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

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

Cost is only one axis. For most applicants, how much time they must spend in-country matters just as much.

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.

Presence requirements decide whether you can relocate at all; tax treatment decides whether it's worth it.

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 €300k/year on all foreign-source income for 15 years (€50k/year per family member) for anyone transferring civil residence from 1 January 2026 under Law 199/2025. Those who transferred before that date are grandfathered at €200k/€25k (or €100k if earlier).

For income above ~€3M/year of foreign-source money, Italy's €300k 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.

Tax treatment is only half the picture - the other half is what your money is actually invested in.

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.

Put cost, tax and asset type together, and the choice usually comes down to one of three priorities.

How to choose

1. If you want the fastest live EU passport track of the three: Greece at 7 years - Portugal is now 10 years for most third-country nationals (7 for CPLP nationals; EU citizens share the 7-year rule but are not ARI-eligible) under Lei Orgânica n.º 1/2026, in force 19 May 2026.
2. If you want a Mediterranean home and zero stay obligation: Greece.
3. 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