Greece or Malta:a renewable permit or permanent residence at once

Greece or Malta: what the money buys

Greece's golden visa is a single property of at least 120 m2, at €250,000 for a conversion or listed restoration, €400,000 in most regions and €800,000 in Attica, Thessaloniki, Mykonos, Santorini and the larger islands; Malta's is a property bought for at least €375,000 or rented for at least €14,000 a year, plus a €37,000 contribution, a €60,000 administration fee and a €2,000 donation.[1][2] In Greece the whole outlay is the asset; in Malta €99,000 of it is a fee.

Greece or Malta: the cheapest way in

Greece's lowest entry is €250,000 and requires a conversion or restoration project; Malta's lowest entry is the rental option, about €169,000 over 5 years including the contributions, and requires no purchase at all.[1][2] Malta is cheaper to enter and dearer to hold, because the rent is consumed; Greece is dearer to enter and the property remains yours.

Greece or Malta: the status you receive

Greece issues a 5-year investor permit that renews while the property is held and states no permanent-residence step; Malta issues a permanent residence certificate at the first approval, with a card renewed every 5 years, and the property must still be held for 5 years.[1][2] Neither asks for a day of presence. Neither leads to a passport through the permit: Greek naturalisation needs 7 years of actual residence and Greek, and Maltese naturalisation is discretionary after long residence.

Greece or Malta: family and the asset test

Greece admits a spouse, children under 21 and the parents of both spouses; Malta admits a spouse, dependent children, and dependent parents and grandparents, and it also requires the main applicant to show assets of €500,000 (€150,000 financial) or €650,000 (€75,000 financial) and to apply through a licensed agent.[1][2] Malta's family definition is the wider of the two; Malta's entry conditions are also the more demanding.

The trade-off

Choose Greece if you want the property to be the whole cost, want to buy in a large market with three price tiers, and are content to renew a permit every 5 years for as long as you own the home. Choose Malta if you want permanent status from the first approval and are willing to pay €99,000 in fees for it, can pass the asset test, and would rather rent than buy. Neither will make you a citizen, so the choice is between a permit that is cheaper and temporary and a status that is dearer and permanent.