Portugal Golden Visa vs Greece in 2025–2026: why Portugal still leads for fund investors

1. Industry survey: Portugal still on top, Greece gaining

A recent executive survey of the investment migration industry asked firms which Golden Visa programmes their clients preferred in 2025. Despite well-known delays and backlogs, Portugal’s programme still captured a significant share of global demand, confirming its status as a reference point for residency by investment in Europe.

Greece, meanwhile, featured clearly as a rising alternative, thanks primarily to its real estate-based thresholds and lifestyle appeal. Other destinations such as Italy and New Zealand also saw increased interest, but in the European Golden Visa space, the main comparison for most families remains Portugal vs Greece.

The survey also suggests that Portugal is expected to remain one of the best-selling programmes in 2026, while emphasising that the final outcome will depend on how nationality law changes are implemented and interpreted.

2. Portugal nationality law debate: what Golden Visa investors need to know

In 2025, Portugal’s government put forward proposals that would extend the required residence period before citizenship, triggering concern among Golden Visa investors who entered the programme under different expectations. A group of investors has taken legal action, arguing that rules should not be applied retroactively without fair transitional arrangements.

At the same time, the system is dealing with a substantial backlog of applications and appointments at the Agency for Integration, Migration and Asylum. As a result, the government has paused the proposed changes while they undergo constitutional review – an important reminder that migration frameworks evolve over time.

For new investors, the message is not to panic, but to plan with conservative assumptions, work with experienced legal teams and understand that citizenship timelines are not guaranteed. The underlying question remains: does a Portugal allocation make sense for your capital and your family – even if the citizenship horizon shifts?

3. Portugal vs Greece Golden Visa basics: investment and stay rules

While details evolve, the core positioning of each programme is distinct:

For investors who think in terms of fund allocations and private equity rather than purely real estate, Portugal’s structure is often more natural – particularly when combined with the Explorer Investments private equity & Golden Visa framework.

4. Cost of living: Portugal and Greece vs the United States

For many investors, Golden Visa decisions are ultimately about where they want to spend part of their lives, not just where their capital is invested. On that front, both Portugal and Greece compare favourably with major US cities:

• The monthly cost of living excluding rent for a single person is typically much lower in both countries than in the US.
• Rents in Portugal can be 40–50% below levels in many American urban centres; Greece also offers meaningful savings compared with Western Europe.
• Everyday items – such as coffee, local food and domestic services – are usually more affordable than in North America.

Numerous indices now rank both Portugal and Greece as top retirement and lifestyle destinations. In some global rankings Greece even occupies the number-one position for retirees, with Portugal close behind. For investors, the key point is that both jurisdictions offer a significant lifestyle upgrade per euro spent – with Portugal often perceived as more stable and predictable institutionally.

5. Why fund investors still put Portugal first

“For institutional-style investors, Portugal is not competing with Greece as a real estate trade – it is competing with global allocations as a credible private equity and fund jurisdiction.”

For families used to allocating capital into funds, mandates and private equity vehicles, Portugal’s Golden Visa framework sits naturally on top of an already mature regulated funds ecosystem. The €500k route allows them to:

• Subscribe to CMVM-regulated funds investing in real assets and companies;
• Benefit from professional governance and reporting;
• Align fund lifecycles with residency planning and, if appropriate, potential citizenship horizons;
• Treat the Golden Visa as a structured bonus on top of a serious allocation, rather than the sole objective.

Our Era of Global Golden Visas comparison shows how Portugal’s fund route sits alongside options in the US, UAE and other jurisdictions – and why, for many investors, Portugal remains the core European building block.

6. When Greece can make sense as a complementary option

None of this means Greece should be ignored. For investors comfortable with direct property exposure, Greece offers:

• Attractive island and coastal markets at lower ticket sizes than some Western European hotspots;
• A no-minimum-stay approach historically associated with the Golden Visa;
• Strong tourism dynamics and a Mediterranean lifestyle similar in many ways to Portugal’s.

For some families, a Portugal-first strategy using the fund route and private equity allocation, complemented by selective exposure to Greek property, can be a sensible way to diversify across two lifestyle destinations – while keeping Portugal as the institutional anchor.

7. Turning this comparison into a practical plan

Comparing programmes on paper is only the first step. The real work is to map your family’s objectives and decide whether a Portugal Golden Visa fund allocation is the right tool – with or without a complementary position in Greece.

To move from theory to practice, combine this article with our other resources:

• Portugal Golden Visa Fund Route Application Checklist (2026)
• Portugal Private Equity & Golden Visa – Explorer Investments Guide 2026
• Why Portugal was named Economy of the Year 2025 – and what it means for Golden Visa funds

With that framework in place, you can sit down with your legal, tax and investment advisers and decide whether your next decade should include a Portugal fund allocation with Explorer Investments, a complementary strategy in Greece, or both.

Whether you are exploring the Portugal Golden Visa for EU residency or you simply want to allocate capital to private equity funds in Portugal, our Investor Relations team can help. We will walk you through CMVM-regulated fund options, clarify how they work for residency and for pure investment, and coordinate with trusted immigration and tax advisers. Schedule your confidential, no-obligation strategy call today.

André Bandeira

ab@explorerinvestments.com

Maria Campos Silva

mcs@explorerinvestments.com

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