Portugal no longer accepts property. How its fund route compares, in practice, with the property route Greece still runs.
Every few weeks, a family contacts us having priced an apartment in Cascais or the Algarve back in 2019, paused the plan and assumed they could pick it up where they left off. They cannot. Portugal removed property from its Golden Visa in October 2023, and the main route today is an investment fund.
That does not mean property routes have disappeared from Europe. Greece still runs one. So the useful comparison now is between Portugal’s Golden Visa investment fund route and the Greek property route, looked at as processes: who oversees each, how you get in, what you hold, what it asks of you and how you get out. It is not investment advice, and we will not tell you which is the better use of the money.
| A fund subscription and a property purchase lead to comparable residence permits through very different processes, and the differences matter most after you have invested. |
Can you still use property in Portugal?
No. Law 56/2023 removed real estate from Portugal’s Golden Visa in every region and at every price in October 2023. The main route today is a €500,000 subscription to an investment fund regulated by the CMVM, Portugal’s securities regulator. If your research dates from before late 2023, it is out of date.
How the Portuguese fund route works
With the fund route, you buy units in a qualifying fund rather than a building. A qualifying fund must be CMVM regulated, take a minimum €500,000, hold no direct or indirect real estate, keep at least 60 per cent of its value in Portuguese companies and have a maturity of at least five years when you invest. Our guide to CMVM regulated funds explains the framework. AIMA, the immigration agency, handles the residence application itself.
The steps run in order: a NIF, the Portuguese tax number, and a Portuguese bank account; a fund chosen with your independent financial adviser; the transfer; the manager’s declaration confirming your subscription; your personal documents; then the online filing, biometrics and card. Our guide to evaluating a fund shortlist covers the choosing.
The presence requirement is light, at seven days a year on average. The honest caveat is processing, where AIMA has been working through a backlog, with first cards taking from around a year to well beyond two. Since 19 May 2026, holders become eligible to apply for citizenship after ten years of legal residence, or seven for EU and CPLP nationals, counted from the first permit, with Portuguese at A2.
How the Greek property route works
Greece’s Golden Visa still runs through buying a home, and the minimum depends on where. Since September 2024, under Law 5100/2024, it is €800,000 in Attica, Thessaloniki and the larger islands including Mykonos and Santorini, and €400,000 elsewhere, in each case for a single property of at least 120 square metres. A €250,000 threshold applies only to converting a commercial building into a home or restoring a listed one.
The process resembles any property purchase abroad. You obtain a Greek tax number and appoint a lawyer, often through a power of attorney so you need not travel repeatedly, and the title is checked. A notary executes the deed, the money moves by traceable transfer, and the title is registered with the Hellenic Cadastre, the national land registry, before the residence application goes to the Ministry of Migration and Asylum. Biometrics and a five year card follow.
There is no minimum stay. Recent applications have commonly taken nine to twelve months, against a government aim of four to six. Greek citizenship, though, requires seven years of genuine residence and an exam in Greek, so years spent holding the permit from abroad do not count towards it.
Who oversees each
This is the biggest difference between the two. A Portuguese fund is supervised throughout its life. The CMVM authorises the manager, an independent depositary holds the assets, and reporting runs to both investors and the regulator. That supervision does not protect you against investment losses. The CMVM does not vet a strategy’s merits or promise your capital back, which is why independent financial advice belongs in the process before any money moves.
Greek property has no equivalent supervisor, because once you own it there is nothing to supervise. Protection comes at the point of purchase: your lawyer’s checks on the title and on any debts registered against it, the notary’s execution of the deed and registration with the Cadastre. After completion the property is simply yours, along with its upkeep, its insurance and its letting.
What each asks of you while you hold it
In Portugal, the investment stays in place for as long as your residence relies on it, and qualifying funds run for at least five years, often longer. Between renewals there is little to do beyond holding the units, meeting the seven days and reading what the fund sends you. The point worth checking is timing, because the fund’s term and your ten year citizenship count are set by different documents. Our piece on what happens to your fund at year five looks at how the two line up.
Greek ownership has fewer formal obligations but more practical ones. The property needs insuring, maintaining and usually managing from a distance, in a country you may visit only occasionally. Short term holiday lets are banned for Golden Visa properties bought under the current rules, with a €50,000 fine for a breach, although long term letting is allowed. And each renewal depends on the property remaining yours.
How you get out
Leaving a Portuguese fund follows the fund’s own written rules. A closed ended fund returns capital when it winds up at the end of its term, and you cannot usually exit early, though some allow a transfer of units to another investor with the manager’s consent. An open ended fund offers set redemption windows after a lock-up period, always with notice, and sometimes with gates that spread heavy demand across several windows. Either way, the exit terms are written down before you invest.
Selling Greek property follows no timetable at all. You appoint an agent, find a buyer at whatever the market then pays and go through the notary and registry process a second time. The asset is tangible and the process familiar, but the timing depends on the market, which can work for you or against you.
In both countries, exiting while your residence still depends on the investment can cost you the permit, so speak to your immigration lawyer before planning any sale or redemption.
The two routes side by side
| Portugal, fund route | Greece, property route | |
| What you invest | €500,000 in a CMVM regulated fund | €250,000 to €800,000 in property, by location |
| Oversight | CMVM supervision throughout; independent depositary | Checks at purchase only; Cadastre registration |
| Time in the country | 7 days a year on average | None |
| While you hold it | Hold the units and meet the presence requirement | Insure, maintain and manage; no short term lets |
| Getting out | Set by the fund’s written terms | A market sale, on no fixed timetable |
| Citizenship | After 10 years, while living abroad (7 for EU and CPLP) | After 7 years of genuine residence in Greece |
| First decision | Around a year to beyond two | Commonly 9 to 12 months |
Where to start
Neither table answers the personal question. A family planning to live in Europe reads the citizenship row one way, and a family wanting a back-up plan while staying at home reads it another. Both countries have rewritten major rules within the past three years, so reconfirm anything here with independent counsel before committing capital.
We coordinate the Portuguese fund route from start to finish, from gathering your documents once to passing on fund updates after you invest. Our Portugal overview sets out the full process, or you can get in touch and tell us where your plans stand. For transparency, Elite Golden Visa receives placement or introductory fees from some funds, alongside a separate client service fee.
Elite Golden Visa provides immigration consultancy services. We do not provide financial or legal advice. All legal services are delivered by independent, qualified immigration lawyers. All investment decisions should be made with independent financial advice.
This content is for informational purposes only and does not constitute financial advice or an offer to invest. Any investment carries risk, including the potential loss of capital. Past performance is not indicative of future results.
