Golden Visa Changes in Portugal, Greece, and Italy
Across Europe, residency-by-investment programs continue to evolve. Once seen as simple routes to EU residency through property purchases, these schemes have become more sophisticated as governments balance economic benefits with housing and social priorities.
In 2025, three of the most closely watched programs; in Portugal; Greece; and Italy, each illustrate a different phase of this evolution. The shift from purely property-based investment toward fund participation, innovation, and broader economic contribution marks a clear change in direction.
For international investors and globally mobile families, these updates matter. Entry thresholds, qualifying assets, and application procedures have all been refined, and new digital systems are reshaping processing timelines. Understanding these nuances is key to making informed, compliant decisions.
This overview outlines the latest developments across Portugal, Greece, and Italy and explains how the landscape is redefining opportunities for investors considering European residency in 2025.
Portugal
Reshaping the Golden Visa - What remains, what is gone, and why timing matters
Portugal’s Golden Visa, officially the Residence Permit for Investment Activity (ARI), remains one of Europe’s most discussed residency-by-investment programs. However, its structure has changed fundamentally since the government’s “Mais Habitação” law came into effect in late 2023.
The most significant reform is the removal of real estate investment as a qualifying option. Purchases of residential or commercial property, even in low-density or rehabilitation areas, no longer grants eligibility for new Golden Visa applications. The shift was designed to relieve pressure on housing supply and direct foreign capital into more productive areas of the economy.
Despite frequent speculation about the programme’s closure, the Golden Visa continues to operate in 2025, albeit with fewer routes and greater oversight. Current qualifying options now centre on:
- Investment funds
A minimum of €500,000 in regulated venture capital or private equity funds that invest primarily in Portuguese companies. These funds cannot include real-estate exposure.
- Business and job creation
Either establishing a company that creates at least 10 full-time jobs or investing a minimum of €500,000 in an existing Portuguese business and maintaining at least five permanent positions for three years.
- Research, cultural, or heritage contributions
Minimum contributions of €250,000 – €500,000 depending on the category, supporting national research or artistic projects.
Administrative reform is also underway. The newly formed Agência para a Integração, Migrações e Asilo (AIMA) has taken over from SEF and is developing a fully digital application system expected to launch in early 2026. In the meantime, backlogs remain significant, with around 45,000 to 50,000 pending applications still being processed. Delays remain common as legacy cases are transferred to the new platform.
Residency remains the first step toward citizenship after five years of legal residence, though there are ongoing discussions about potentially extending this to ten years. No formal change has yet been passed, but applicants should be aware that policy direction is trending toward longer qualifying periods and increased compliance scrutiny.
The result is a more selective, investment-led framework that prioritises active capital deployment and job creation over property speculation. For prospective applicants, success now depends on selecting the right investment vehicle, ensuring fund compliance, and understanding AIMA’s procedural transition. Those already holding Golden Visas under previous rules should confirm that renewals and family applications remain aligned with current law.
Greece
New thresholds, targeted exceptions, and improving processing
Greece’s Golden Visa remains property-linked but now operates under a tiered pricing structure that came into force through 2024 reforms and is in full effect in 2025. High-demand areas such as central Athens, Thessaloniki, and major islands now require €800,000, while most other regions require €400,000. A limited €250,000 entry point survives for specific categories, notably commercial-to-residential conversions and listed heritage buildings that must be restored. These lower-threshold options apply regardless of location when the project meets the conversion or restoration criteria.
The structure aims to steer capital away from already-pressured urban markets and into regeneration or lower-density areas. Investors considering the €250,000 route should note the technical conditions: conversions must be completed before application, and for listed buildings the full restoration is a prerequisite for the first renewal after five years. Properties cannot be sold before restoration is complete.
Processing dynamics are also shifting. Greek authorities have accelerated adjudications in 2025, producing the largest monthly decline on record in pending cases in July and cutting the backlog by about 10% in three months. Approvals have outpaced new filings since April, and several trackers report wait times compressing as regional offices clear cases.
Program fundamentals remain attractive for globally mobile families. The residency permit is typically granted for five years and is renewable while the qualifying investment is maintained. There is no minimum physical stay required to keep or renew the permit, which offers flexibility for investors who continue to live and work elsewhere. Family inclusion is available subject to standard dependency definitions and documentation.
Citizenship remains a longer-term objective rather than an automatic benefit. Under current rules, naturalisation is generally available after seven years of legal residence, along with integration requirements that include language proficiency and knowledge of Greek society. Investors planning for citizenship should factor in the practical need to establish residence that meets naturalisation tests, even though the residency permit itself does not impose a day-count for renewal.
Overall, Greece in 2025 offers a three-tier system. Investors targeting blue-chip city or island locations should budget around €800,000, while most other regions fall under the €400,000 threshold. Those seeking a lower entry cost can explore the €250,000 conversion or heritage restoration categories, recognising the added project-management, restoration, and timing considerations. Faster processing and a shrinking backlog are positive developments, but due diligence on asset choice, eligibility proofs, and renovation milestones remain essential.
Italy
Business-focused routes and a shifting tax backdrop
Italy’s residency-by-investment framework is officially the Investor Visa for Italy. It does not offer a property route. Eligibility is tied to four investment categories: €250,000 in an innovative startup, €500,000 in an Italian company, €1,000,000 philanthropic donation, or €2,000,000 in Italian government bonds.
Approvals typically follow a two-step process: a nulla osta (pre-approval) and then the residence permit on arrival. The initial permit is valid for two years, renewable for three more if the investment is maintained. Processing times are commonly around three to four months, which is competitive among EU investor visas.
Family members can usually be included, and there is no minimum physical stay requirement to keep or renew the investor residence permit. That flexibility suits globally mobile families who split time across jurisdictions.
For longer-term planning, citizenship is generally possible after ten years of legal residence, subject to integration requirements.
Tax remains a major part of the Italy proposition. The well-known new resident flat tax regime applies a lump-sum tax on foreign-sourced income for up to 15 years. Historically this was €100,000 per year, and the Italian tax agency still describes that baseline.
However, in 2024 the government doubled the amount to €200,000 for new applicants, and in October 2025 proposals were introduced to raise it further to €300,000 from January 2026, pending final approval. Investors should confirm the applicable rate at the time of planning.
Taken together, these reforms position Italy as one of the EU’s most structured and transparent investor-residency routes. The framework suits investors who prefer business, innovation, or bonds over property. With clear qualification routes, relatively brisk processing, and an internationally competitive tax regime, Italy remains an attractive option for high-income investors and entrepreneurs planning European relocation in 2025.
At-a-Glance Comparison: Portugal, Greece, and Italy (2025)
Implications for Investors and Expats
The evolution of Europe’s leading Golden Visa programs reflects a broader shift toward quality over quantity. Each jurisdiction is refining its offer to attract investors who contribute more sustainably to the domestic economy, while still appealing to families seeking flexibility and mobility.
For investors, the key implications are strategic rather than procedural:
1. The real estate era is ending
Portugal’s decision to remove property investment and Greece’s move toward higher thresholds both indicate a deliberate policy trend. The traditional “buy a flat, gain residency” model is being replaced by more sophisticated capital participation, business investment, and innovation-focused pathways. Italy’s long-standing position as a non-property program now looks prescient, and likely to shape future reforms across the EU.
2. Timing is everything
Portugal’s transition to AIMA is creating administrative bottlenecks; Greece is rewarding early movers in its new tier system; and Italy’s investor visa continues to process relatively quickly. Understanding where each country sits on its reform timeline can help investors decide whether to enter now or wait until systems stabilise.
3. Diversification is replacing speculation
With property options narrowing, investors are looking at regulated funds, corporate structures, and start-ups that satisfy visa conditions while offering potential upside. These investments carry different risks than real estate, from fund governance to business execution, which makes due diligence essential.
4. Tax regimes are driving relocation choices
The intersection between residency and taxation has become the decisive factor for many high-net-worth individuals. Italy’s flat-tax model, Portugal’s evolving successor to the Non-Habitual Resident (NHR) regime, and Greece’s low-tax option for foreign retirees all serve different strategic needs. Aligning visa selection with long-term tax and estate planning has become the cornerstone of modern residency strategy.
5. Compliance standards are rising
Across the EU, authorities are tightening anti-money-laundering checks, requiring more robust proof of fund origin and stronger documentation for renewals. Applicants must be prepared for enhanced due diligence, particularly in Portugal and Greece, where reform momentum is strongest.
6. Citizenship remains a long game
While Golden Visas open the door to residency, naturalisation timelines remain long and subject to domestic review. Investors should view citizenship as a secondary benefit rather than a short-term guarantee. Managing expectations around permanence, physical presence, and integration is critical to long-term planning.
In 2025, successful investors will treat residency as one element of a broader mobility and asset allocation strategy rather than a transactional investment. The era of fast-track property-led access is ending; what replaces it is a more structured, transparent, and ultimately stable European investment landscape.
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Niamh Aitken DipPFS |
Frequently Asked Questions
No. Since October 2023, property purchases no longer qualify under the Portugal Golden Visa. New applicants must invest through approved funds, business creation, or cultural and research contributions. Existing property-based visas remain valid under transitional rules, but new applications cannot rely on real estate.
As of 2025, Greece applies a tiered structure: €800,000 for high-demand areas such as Athens, Thessaloniki, Mykonos, and Santorini; €400,000 for mid-tier zones; and €250,000 only for commercial-to-residential conversions or heritage restoration projects. Lower thresholds require proof of completion before renewal.
No. Italy’s program does not include property as an eligible category, and there is no minimum physical-stay requirement to maintain residency. The investment must, however, remain in place for the duration of the visa, and investors must demonstrate continued compliance when renewing after two years.
Processing times vary. Italy’s investor visa is typically approved within three to four months. Greece has recently reduced its backlog, with many approvals issued within three to six months. Portugal’s digital transition to AIMA has caused delays, with cases often taking nine months or more depending on documentation and region.
- Portugal: After five years of legal residence (possible extension under review).
- Greece: After seven years of residence, plus language and integration tests.
- Italy: After ten years of residence, with evidence of integration and ongoing compliance.
All three countries require genuine residence and adherence to domestic legal standards before naturalisation can be granted.
This content is for general information purposes only and does not constitute financial, legal, or tax advice. It reflects UK legislation and publicly available European policy updates at the time of writing, which may change. Tax, residency, and pension rules vary by jurisdiction and depend on individual circumstances. Examples are for illustration only and do not guarantee specific outcomes. The value of investments can fall as well as rise, and you may not get back the amount originally invested. Eligibility for residency or double-taxation relief depends on personal circumstances and the interpretation of local authorities. You should seek regulated professional advice before making any investment, financial, or relocation decisions.
Last updated 24 October 2025
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