Greece’s passport has been ranked among the world’s most powerful and accessible, according to the latest analysis by global investment migration firm Astons.
Greek passport holders can travel to 176 countries visa-free or with a visa-on-arrival, placing Greece ahead of both the UK (172) and the US (171) in global mobility rankings.
Spain still leads the way in Europe with a passport that gives access to 177 countries, 133 of which require no visa at all. But, with Spain’s decision to end its Golden Visa program, Greece has become the most attractive option for investors seeking European residency and, eventually, citizenship.
The end of Spain’s Golden Visa program “will leave investors and expats looking for alternative destinations that can provide an equally influential residency status,” Aston’s study says.
Greece offers a powerful passport
The next most attractive alternative and the second most powerful and accessible passport on the list is Greece’s.
Along with France, Germany, Finland, Italy, the Netherlands, Belgium, Luxembourg, Denmark, Portugal, Switzerland, Austria, Norway and Ireland, the Greek passport provides access to 176 countries either visa-free or with a simple visa-on-arrival process.
With the imminent closing of the Spanish Golden Visa scheme, the Greek Golden Visa has become the most in-demand residence-by-investing program, Astons says.
Despite strong opposition by EU leaders to the citizenship-by-investment (CBI) and residence-by-investment (RBI) schemes, Greece still offers a five-year family residency to expats for a minimum investment of $840,000 (€800,000) in areas where housing is in high demand, like Athens and Santorini, and $420,000 (€400,000) elsewhere.
Greece has one of the fastest golden visa processes
Astons notes that Greece has one of the fastest golden visa processes, granting residency within 60 days, unlimited residency with no mandatory stay requirements, visa-free travel within the Schengen area and eligibility for citizenship after seven years, as well as convenient geographical access to markets in the Middle East.
Amid rumors of an end to visa-by-investment and recent changes in the program by the Greek government, which like Spain and Portugal wants to shift its focus to company investors – especially startups — the interest in the Greek Golden Visa has ramped up recently, it adds.
The potential closing of the scheme, according to Astons real estate investment expert Alena Lesina, means that “interested investors probably have less than a year left to secure Greek residency and access to the opportunities it offers.”
Portugal offers an attractive investment program with a Golden Visa through fund investment, starting at €500,000. However, the waiting time for a Portuguese residence card exceeds 18 months, while it takes only three to five months in Greece.
According to data from the Hellenic Property and Investment Authority, total property deals in Greece in 2023-2024 reached about 41.2 billion euros ($43 billion), with at least 4.4 billion euros ($4.6 billion) attributed to Golden Visa applicants -that’s over ten percent of all real estate transactions.
In 2023, 8,477 people applied for a Golden Visa. That number rose to 9,289 in 2024, with many investors pouring into the Greek economy much more than the 250,000 euro ($261,200) minimum to obtain a golden visa through real estate investment.