Golden Visa programs in Europe have become popular among high-net-worth individuals seeking residency in Mediterranean countries. Spain and Greece offer two of the most attractive programs, allowing investors to gain residency by investing in real estate or other approved assets. These programs not only offer residency but also create a path to citizenship over time.
Albert Ioffe, Legal and Compliance Officer at Immigrant Invest, explains the details of Cyprus and Spain residence permit to help you decide which one aligns better with your goals.
What are European Golden Visa Programs?
European Golden Visa programs grant non-EU citizens the right to live in a country in exchange for a qualifying financial investment. These investments typically include:
- real estate;
- government bonds;
- capital transfers.
Holders of golden visas can travel freely within the Schengen Zone, which consists of 29 European countries that allow border-free movement.
After fulfilling residency requirements, applicants may apply for permanent residency or citizenship, giving them access to even more benefits, such as the right to work, vote, and establish a business.
Unlike other immigration pathways, Golden Visa programs have minimal requirements for physical presence in the country. This makes them ideal for investors who wish to maintain their primary residence in another country while still enjoying the benefits of European residency.
Spain and Greece are two leading destinations for these visas due to their Mediterranean lifestyle and favourable terms, such as the ability to include family members in the visa application.
Spain Golden Visa Program
Spain offers residency for real estate investors. The Spain Golden Visa program is a popular choice for those looking to reside in a Mediterranean country. Applicants can qualify by investing a minimum of €500,000 in Spanish real estate.
The property market in Spain is diverse, offering everything from luxurious seaside villas to modern city apartments. Additional investment options include capital investments or business ventures, though real estate remains the most common route.
Spain’s program allows investors to include family members such as spouses, children, and even dependent parents, enabling them to reside in Spain as well.
The visa is valid for two years and renewable indefinitely as long as the investment is maintained. After five years, investors can apply for permanent residency, and after ten years, they can apply for Spanish citizenship.
One key advantage of Spain’s Golden Visa is that it does not require applicants to live in Spain full-time. This flexibility means that investors can maintain their business interests and lifestyle in other countries while still benefiting from Spanish residency.
Greece Golden Visa Program
Greece’s program has a lower investment threshold and is considered one of the most affordable in Europe. The minimum investment amount is €250,000, half the amount required in Spain.
Investors typically qualify by purchasing real estate, though other investment options may be available, such as investing in tourism or infrastructure projects. The real estate market in Greece offers numerous opportunities, including properties on popular islands like Mykonos and Santorini.
Like Spain, Greece offers residency to investors and their families. Greece’s program provides a five-year residency permit, renewable as long as the investment is retained. This visa also allows freedom of movement within the Schengen Zone, giving investors access to the whole of Europe for business and leisure purposes.
Similar to Spain, Greece does not require Golden Visa holders to live in the country. The visa can be renewed without the need for continuous physical presence in Greece, making it an attractive option for investors who want Mediterranean residency without relocation.
Comparing the Spain and Greece Golden Visa Programs
Investment size and options differ between the programs. Spain requires a higher minimum investment of €500,000 compared to Greece’s €250,000.
In both cases, real estate is the primary investment option, though Spain offers more diverse investment paths, including capital and business ventures.
For those with smaller budgets, Greece offers an affordable entry point to European residency, while Spain’s program might appeal more to investors looking for long-term growth and stability in their investments.
Processing time and efficiency vary. Spain’s Golden Visa processing can take five and more months, while Greece’s program is known for quicker approval, often within four months.
Investors seeking fast processing might prefer the Greek option. However, Spain’s program is known for being highly reliable and smooth, providing peace of mind to investors who want to avoid bureaucratic delays.
Tax considerations can influence the choice. Spain’s tax system is more complex for Golden Visa holders, especially if they decide to spend more than six months a year in the country, potentially becoming tax residents.
In contrast, Greece offers more tax incentives for foreigners, including an attractive non-domicile regime that provides a flat tax rate for high-net-worth individuals. These differences in tax obligations could significantly impact your decision, depending on your long-term residency and financial plans.
Residency and citizenship pathways are similar. Both countries allow visa holders to apply for permanent residency after five years.
Residency and Citizenship Pathways
Spain offers a straightforward residency path. Investors can apply for permanent residency after five years. Citizenship is available after ten years, though applicants need to demonstrate integration, such as language proficiency. Spain also offers one of the most stable and welcoming environments for expats, making it a solid choice for long-term residency and citizenship.
Greece’s pathway includes residence conditions for citizenship. While residency is straightforward, obtaining Greek citizenship requires living in the country for at least seven years.
For those interested in simply holding European residency without the goal of citizenship, the Greek program remains one of the most competitive options.
Both Spain and Greece offer valuable residency options through their Golden Visa programs. Spain’s program suits investors with larger budgets who are seeking a more diversified set of investment options and a long-term path to European citizenship. On the other hand, Greece appeals to those looking for a lower investment threshold and faster processing times, with the added benefit of favourable tax treatments. For more information about Travel and how to travel smarter, check out my Independent Travel Agent post.
