Is Greece the new Portugal? Why South Africans are turning to the Greek Golden visa

For more than a decade, South Africans seeking greater global mobility have looked to Portugal as the gold standard for residency-by-investment. But tides shift, and in 2025 a new frontrunner has emerged. Greece — once overshadowed by its Iberian neighbour and perhaps its reputation for needing an EU bailout — has rapidly become the most attractive European residency destination for globally minded families. “With property prices still relatively accessible, a booming tourism sector, and one of the world’s most flexible investment-migration frameworks, Greece is increasingly being called the new Portugal,” according to Nadia Read Thaele, Founder of LIO Global, a specialist residency and citizenship by investment company.

South Africans Are Taking Notice

The Greek Golden Visa, introduced in 2013, grants non-EU nationals the right to reside in Greece and travel freely within the Schengen Area in exchange for an eligible investment. Traditionally, this required a minimum real estate purchase of €250 000, although in key urban and tourism zones, the minimum starts at €400 000 or €800 000.

At the €250 000 entry point, the programme remains one of Europe’s most accessible. A single property purchase can secure a five-year renewable residence permit for the investor, their spouse, children under 21, and even dependent parents. There is no minimum stay requirement to maintain residency — an attractive feature for South Africans who want optionality without uprooting their lives.

Read Thaele also adds, “A Greek Golden Visa not only offers freedom of movement in the Schengen zone countries but also a gateway to long-term strategic benefits, including access to education opportunities.” 

Why Greece Is Surging Ahead

1. Strong Value Compared to Western Europe

While real estate in Portugal, Spain, and Italy has surged, Greece still offers compelling value. A modern apartment in central Athens can cost a fraction of what a similar property in Lisbon or Barcelona commands, making capital appreciation prospects strong.

Tourism — one of Greece’s economic engines — continues to outperform the rest of the EU, driving both rental demand and long-term investment confidence.

     2.      A Lifestyle That Sells Itself

Ask any South African who has visited Greece and they’ll describe the same sensory memories: the sweep of the Aegean, cobbled villages, the beautiful beaches, and a culture built around food, family, and community. It’s this lifestyle — warm, safe, slow, and deeply human — that resonates powerfully with families feeling the pressure of uncertainty at home.

Living in Greece offers a modern European standard combined with the richness of ancient heritage. For many families, international education opportunities for their children have become a priority, and Greece offers access to many international English universities.

   3.    Schengen Freedom Without Relocation Pressure

For business owners and frequent travellers, the ability to move across 27 European countries without visas is invaluable. Unlike many global mobility programmes, Greece does not require residency to maintain the visa — ideal for South Africans wishing to diversify but not yet relocate.

An Evolving Programme – and Its Opportunities

Recent reforms introduced higher investment thresholds in prime municipalities such as Athens Riviera, Mykonos, and Santorini — a move similar to Portugal’s tightening in prior years. But rather than dull interest, it has spurred investors to act faster, particularly in emerging districts and on islands where thresholds remain accessible.

Alternative investment options, such as €400 000 into Greek bonds or shares, offer pathways for those not wishing to manage property. 

South Africans Driving the Demand

Local interest in Greece has surged over the past 24 months, fuelled by political fatigue, safety concerns, and the desire for a global backup plan. 

For those who once viewed Portugal as the only viable option, Greece has become an appealing alternative: simpler, more cost-effective, and offering a lifestyle that feels both exotic and familiar.

A New Chapter in Investment Migration

Greece may not replace Portugal entirely — the Iberian nation still has its own strengths — but it is undeniably occupying centre stage. For South Africans looking to secure a foothold in Europe, diversify their assets, or provide their children with future global options, the Greek Golden Visa stands out as one of the strongest, most strategically valuable programmes available today.

The message is clear: Greece isn’t just the new Portugal — it may be even better.

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