Latvia Golden Visa vs Greece: Real estate route compared for investors

A recent report from an immigration consultancy positions Latvia's Golden Visa real estate route as a stronger option than Greece's program. The claim is worth examining, especially for foreigners weighing EU residency options in 2024 and beyond.

Latvia's program requires a minimum real estate investment of €250,000, with a lower entry point than Greece's €250,000 threshold for most areas (which rose to €400,000 in popular regions like Athens, Thessaloniki, and the islands). Latvia also offers a faster processing time, reportedly around 90 days, compared to Greece's typical 4-6 months. For investors who prioritize speed and a lower capital outlay, Latvia may appear attractive.

However, several factors make Greece a more practical choice for most foreigners. First, Greece's Golden Visa grants immediate residency for the investor and their family (spouse, children under 21, and parents). Latvia's program, by contrast, grants a temporary residence permit that must be renewed annually for five years before permanent residency is possible. Second, Greece does not require physical presence to maintain the visa; Latvia requires the investor to spend at least 183 days per year in the country after the first year. Third, Greece's real estate market offers more liquidity and a wider range of properties, from urban apartments to island villas, making it easier to find an investment that suits both lifestyle and financial goals.

Another key difference is the path to citizenship. Greece's Golden Visa does not directly lead to citizenship, but after seven years of residency, investors can apply for naturalization. Latvia's program offers a path to permanent residency after five years, with citizenship possible after ten years. For many investors, the shorter timeline to permanent residency in Latvia is a draw, but the annual presence requirement is a significant hurdle for those who cannot relocate.

We also note that Latvia's program has stricter due diligence requirements. Investors must prove the source of funds and undergo a more rigorous background check. Greece's process, while thorough, is generally more straightforward for compliant investors. For those who already hold an AFM (Greek Tax Number) and a Greek Bank Account, the application is even smoother.

Industry observers point out that Latvia's program has historically been less popular than Greece's, with fewer applications per year. This could mean less competition for property, but also a smaller expat community and fewer support services for foreigners. Greece's Golden Visa, by contrast, has a large and active community of foreign investors, with lawyers, accountants, and real estate agents experienced in serving international clients.

For investors who value a lower minimum investment and faster processing, Latvia may be worth a closer look. But for those seeking a family-friendly, low-hassle path to EU residency with a vibrant lifestyle, Greece remains the stronger choice. The key is to align the program with your personal circumstances, including your ability to spend time in the country, your long-term plans, and your budget.

At FastGreece, our lawyer network handles the full range of services for foreigners pursuing Greek residency, from Power of Attorney (POA) to bank account opening and AFM registration. If you are comparing programs, we can help you understand the practical steps involved in the Greek Golden Visa. You can start with us by booking a Legal Consultation or applying online.