Greece and Italy offer residence permits by investment, attracting investors who seek European residency. Both programs provide benefits, but they differ in investment requirements, processing times, and long-term advantages. Understanding these differences helps investors make an informed decision.
Albert Ioffe, Legal and Compliance Officer at Immigrant Invest, explains Greece Residence Permit by investment compared to Italy Golden Visa.
What Is Italy Golden Visa?
Italian Golden Visa, also called the Italy Investor Visa, to non-EU nationals who invest in government bonds, startups, or philanthropic projects. The minimum investment starts at €250,000, but the most common option is €500,000 in innovative startups or €2 million in government bonds.
Key benefits of Italy Golden Visa:
- residence permit valid for two years, renewable for another three years;
- no physical presence requirement;
- access to the Schengen Area;
- family members can be included;
- possibility to apply for permanent residency after five years and citizenship after ten years;
- Strong economy and business environment for entrepreneurs and investors.
What Is Greece Golden Visa?
Greece offers a Golden Visa to non-EU citizens who invest in real estate. The minimum investment threshold is €250,000, but in some areas, the requirement has increased to €400,000—800,000. The program provides a five-year renewable residence permit with no minimum stay requirement.
Key benefits of Greece Golden Visa:
- fast processing, usually within two to six months;
- no requirement to live in Greece;
- access to Schengen Area for up to 90 days in 180 days;
- opportunity to include family members;
- possibility of permanent residency and citizenship after seven years;
- attractive real estate market with potential for rental income and appreciation.
Greece Residence Permit
Renewable permit with no stay requirement. The Greece Golden Visa grants a five-year renewable residence permit. It does not require investors to live in Greece but allows them to stay long-term if they choose.
Tax implications. Investors who do not reside in Greece full-time are not subject to local taxes. However, tax residency is an option if they stay more than 183 days per year.
Path to citizenship. After seven years of residency, investors can apply for Greek citizenship. They must demonstrate ties to the country and meet language requirements.
Italy Residence Permit
Initial two-year permit with renewal options. Italy’s Golden Visa provides an initial two-year residence permit. Investors must maintain their investment to renew the permit for another three years.
Tax incentives for new residents. Italy offers a flat tax regime of €100,000 per year on foreign income for high-net-worth individuals who relocate.
Path to citizenship. Permanent residency is available after five years. Citizenship requires ten years of residence, with proof of integration and language skills.
How to Apply for Greek Residence by Investment
- Choose an investment. Select a property that meets the investment threshold.
- Obtain a visa. Apply for an entry visa to Greece.
- Finalise the purchase. Complete the property transaction and register it.
- Submit an application. Provide biometric data and application documents.
- Receive residence permit. The permit is issued within two to six months.
Investors should check zoning regulations and property valuation to ensure compliance with local laws. Working with a legal advisor helps avoid bureaucratic delays.
How to Apply for Italian Residence by Investment
- Choose an investment option. Select an eligible investment category.
- Apply for a Nulla Osta. Request a certificate of no impediment from Italian authorities.
- Obtain an investor visa. Apply at the Italian consulate.
- Enter Italy and submit an application. File for a residence permit within eight days of arrival.
- Receive residence permit. The initial permit is valid for two years.
Italy has strict compliance regulations for investment maintenance. Investors should ensure their business or bonds meet renewal requirements.
Which Golden Visa to Choose: Greece or Italy?
Greece suits investors seeking real estate. The Greece Golden Visa is ideal for those wanting a simple, low-cost investment with no stay requirement. It is cheaper, faster, and allows family inclusion without additional costs.
Italy suits investors looking for tax advantages. Italy’s Golden Visa is better for those interested in business investments or government bonds. The flat tax regime is a major advantage for high-net-worth individuals.
Long-term residency comparison. Greece allows citizenship after seven years, while Italy requires ten years. However, Italy’s business-friendly environment and tax incentives may outweigh the longer timeline for some investors.
Conclusion
Both programs offer European residency. Greece provides a low-cost, real estate-based option with fast processing. Italy offers more tax benefits and business-friendly investment routes. Choosing between them depends on the investor’s goals, budget, and long-term plans.
