Both Greece and Spain offer “Golden Visa” programs that grant residency to non‑EU investors, but the two schemes differ markedly in required capital, processing speed, tax treatment, and everyday costs.
Investment thresholds
Greece
- Real estate: Minimum €250 000. In high‑demand urban zones (Athens, Thessaloniki, Mykonos, Santorini) the floor rises to €500 000.
- Other options:
- 10‑year lease of a hotel/tourist establishment valued at €250 000.
- Investment fund participation of €400 000.
- Government bonds of €400 000 held for at least three years.
Spain
- Real estate: Minimum €500 000.
- Alternative routes:
- Spanish government bonds of at least €2 million.
- Shares in a Spanish company (amount not specified).
- Bank deposit of at least €1 million.
Processing time and path to permanent status
| Stage | Greece | Spain |
|---|---|---|
| Initial visa processing | ~2 months (individual); ~5 months with spouse/dependents | 2–3 months |
| First‑year visa | Valid 1 year, then renewable as a residence permit | Valid 1 year, then exchanged for a 2‑year residence permit (renewable while investment is maintained) |
| Permanent residency | After 5 years, with proof of continued investment | After 5 years of continuous residence (minimum 6 months per year) |
| Citizenship | Possible after 7 years, requiring ≥180 days per year in Greece | Standard 10 years (≥6 months per year). Reduced to 2 years for citizens of Latin American countries. |
Tax regime
Greece
- Residents taxed on worldwide income; rates range from 9 % to 44 % (employment, business profits, pensions).
- Corporate tax: 22 %.
- Property purchase: 24 % VAT + 3.09 % real‑estate transfer tax.
- Non‑residents taxed only on Greek‑source income.
- Special “high‑net‑worth” regime: flat €100 000 annual tax for qualifying individuals.
Spain
- Residents become tax residents after 183 days per year; income tax rates 19 %–45 % on worldwide income.
- Non‑residents: 24.75 % on Spanish‑source income (e.g., rentals).
- Capital gains tax: 24 % up to €50 000, 27 % above that threshold.
- Wealth tax: applies to net assets > €3 million; an additional 3.5 % surcharge for net worth > €10 million.
- “Beckham Law” expat regime: flat 24 % on Spanish‑source income up to €600 000, 45 % thereafter; other worldwide income exempt.
Cost of living
- Housing (one‑bedroom): both countries average around €650 per month for rent.
- Property prices (per sqm):
- Greece: €1 000–€4 000 in Athens/Santorini; €800–€2 000 elsewhere.
- Spain: €1 500–€5 000 in major cities.
- Utilities: roughly €110 per month for a one‑bedroom apartment in Greece; comparable figures for Spain are not detailed.
- Food: Greece ~€32 per day; Spain grocery budget €200–€300 per month.
- Public transport: Greece bus ticket €1.5; Spain not specified.
Education and healthcare
Education
- Public primary and secondary schooling is free for residents in both countries (excluding books, uniforms, supplies).
- University tuition for non‑EU students: Greece ~€1 500 per year; Spain €5 500–€18 000 per year.
- Private schooling costs (Spain): semi‑private €700–€800 per year; private €1 300 per year.
Healthcare
- Greece: universal public system; private insurance available; standard check‑up ~€40.
- Spain: public healthcare free for permanent residents; private plans €30–€50 per month for young adults, rising with age and health status.
Practical considerations
- Investment size: Spain’s real‑estate floor (€500 k) is double Greece’s baseline (€250 k), though Greece’s lower‑cost zones keep entry relatively affordable.
- Speed: Both programs process quickly; Greece may be marginally faster for solo applicants.
- Tax exposure: Spain imposes wealth tax and higher income tax brackets, while Greece offers a flat €100 k tax option for high‑net‑worth individuals.
- Residency requirements: Greece demands 180 days per year for citizenship; Spain requires only six months per year for permanent residency and ten years for citizenship (two years for certain Latin American nationals).
Choosing between the two hinges on the investor’s capital availability, tolerance for tax complexity, and long‑term residency goals. Greece may suit those seeking a lower entry threshold and a flat‑tax regime, whereas Spain offers a broader investment palette but comes with higher tax obligations and a more stringent wealth‑tax regime.
