Introduction: Portugal Fades—Greece and Italy Step Forward

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For over a decade, Portugal’s golden visa was the gold standard in Europe—offering investors minimal physical presence, real estate options, and a clear route to EU citizenship. But recent reforms have changed the playing field. With real estate no longer qualifying, and 2025 bringing stricter scrutiny around residency ties, many investors are asking: Is Greece or Italy the new Portugal?

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Both countries have stepped into the spotlight with investor residency programs that are not only more accessible than ever, but now increasingly competitive with what Portugal once offered. This post unpacks the 2025 versions of the Greek and Italian golden visas—covering eligibility, investment options, stay requirements, and long-term benefits for globally mobile families and investors.

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Greece: Europe’s Easiest Real Estate-Based Residency

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Greece’s golden visa remains one of the most accessible in Europe. And in 2025, it’s stronger than ever—particularly for investors seeking simplicity, flexibility, and property ownership.

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Investment Thresholds

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• €250,000 real estate purchase in most of the country
  
• €500,000 minimum for high-demand zones such as central Athens, Thessaloniki, Mykonos, and Santorini
  
  

These are direct real estate purchases—not donations or pooled funds. Investors maintain full title and control of their assets.

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Residency Obligations

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• No physical presence requirement
  
• Visa holders may reside anywhere globally while retaining Greek residency
  
• Renewable every five years as long as the property is held
  
  

This makes it ideal for investors who want a base in the EU without full relocation.

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Citizenship Pathway

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After 7 years of legal residence, investors may apply for Greek citizenship, but they must demonstrate integration—language proficiency, cultural ties, and continuous residence.

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Bottom Line: Greece offers perhaps the most “hands-off” golden visa in Europe today. For real estate-focused investors who want a stable, Schengen-connected foothold, it’s a compelling alternative to what Portugal once offered.

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Italy: Lifestyle-Driven Residency with Structured Flexibility

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Italy’s Investor Visa for Italy (IVI) doesn’t get the same headlines—but that’s changing. As of 2025, it’s gaining traction with entrepreneurs, family offices, and second-home seekers looking for more than just a residency card.

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Investment Routes

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• €250,000 in an innovative startup
  
• €500,000 in an Italian limited company
  
• €2 million in government bonds
  
• €1 million philanthropic donation to a public interest project
  
  

Investors can enter on a two-year visa (renewable for three more), with most opting for business or bond routes that offer potentially recoverable capital.

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Residency Requirements

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• No minimum stay for visa renewal, but some presence is recommended
  
• To apply for permanent residency or citizenship, physical presence is required
  
• Italy offers national health coverage and public school access from day one
  
  

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Citizenship Pathway

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• Requires 10 years of legal, physical residence
  
• Strong ties and integration (language, tax residency, continuity) are evaluated
  
• For families looking to relocate, Italy offers one of the strongest cultural and lifestyle packages in the EU
  
  

Bottom Line: Italy’s golden visa is best suited for investors who want lifestyle integration, optional business involvement, and a clear but longer path to EU citizenship.

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Portugal in 2025: Still Valuable, But More Demanding

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Portugal hasn’t shut down its golden visa—but it’s no longer the hands-off real estate program it used to be.

As of 2025:

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• Only fund investments, R&D contributions, and cultural support qualify
  
• €500,000 minimum for most fund options
  
• Stricter enforcement of “effective residency” is now in place—7 days/year is not enough in practice
  
• Applicants must increasingly demonstrate ties (bank accounts, leases, language progress) to secure citizenship after five years
  
  

Portugal is still excellent for fund investors—but it’s no longer ideal for those seeking the least friction or lowest involvement.

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To learn more, see our Portugal Golden Visa Guide or explore alternative programs in our Golden Visa Comparison.

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Comparing Greece, Italy, and Portugal at a Glance

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