If you’re researching citizenship by investment, you’ve almost certainly looked at Turkey, Greece, and Portugal. These three programs dominate search results — but the differences between them are significant. This is an honest comparison based on 2026 data.
The Fundamental Difference
Greece and Portugal grant residency through their golden visa programs — citizenship is a separate, longer path. Turkey grants citizenship directly, with no prior residency requirement. This single distinction drives most of the strategic calculation.
Cost Comparison (2026)
| Program | Minimum Investment | What You Get | Hold Period |
|---|---|---|---|
| Turkey (real estate) | $400,000 USD | Full citizenship + passport | 3 years |
| Greece Golden Visa | €250,000–€800,000 (zone-dependent) | Residency permit | Ongoing (no sale) |
| Portugal Golden Visa | €250,000+ (fund investment, not real estate) | Residency permit | 5 years minimum |
Note: Greece raised its minimum to €800,000 in Attica, Thessaloniki, and major islands in 2023. Portugal ended the real estate pathway in 2023 — only fund investments remain.
Passport Strength (2026 Henley Index)
| Passport | Visa-Free Countries | Key Markets |
|---|---|---|
| Turkey | ~110 countries | Japan, South Korea, Singapore (limited EU access) |
| Greece | ~185 countries | Full EU, Schengen, USA, UK, Canada |
| Portugal | ~190 countries | Full EU, Schengen, USA, UK, Canada |
Greece and Portugal offer significantly stronger passport mobility — particularly EU Schengen access and visa-free entry to USA, UK, and Canada, which Turkey does not provide. This is the most important distinction for investors whose primary goal is maximum travel freedom.
Time to Citizenship
| Program | Time to Citizenship | Residency Requirement |
|---|---|---|
| Turkey | 6–14 months from purchase | None — no days in Turkey required |
| Greece | 7+ years (5 years residency + 2 year naturalization wait) | Must maintain residency, some physical presence |
| Portugal | 5–7 years (5 years residency + processing) | 7 days/year minimum physical presence |
Turkey is dramatically faster for actual citizenship — 6–14 months versus 5–7+ years. For investors who need a second passport quickly, Turkey is the strongest available option.
Tax Implications
Portugal’s Non-Habitual Resident (NHR) tax regime was modified in 2024 and is less attractive than it was. Greece offers a flat-tax regime for new residents. Turkey has no special tax regime for citizenship holders who don’t reside there — but Turkey also has no tax on non-Turkish income for non-residents.
Investment Return on Exit
Turkey: Property can be sold after 3 years — capital recovery is a core feature of the program. Istanbul real estate has historically appreciated in USD terms in prime areas, though this is market-dependent.
Greece: Property must be maintained to keep residency — resale is possible but exits the program.
Portugal: Fund investments after 5 years — recovery depends on fund performance.
Which Program Fits Which Investor?
Choose Turkey if: You need a second citizenship quickly (under 2 years), capital recovery after 3 years matters to you, you don’t need EU Schengen access specifically, or your primary goal is the passport rather than relocation.
Choose Greece if: You want EU residency with a path to citizenship, you plan to actually live in Greece, or you specifically need Schengen/EU market access for business.
Choose Portugal if: You want EU residency with minimal physical presence requirements and are comfortable with a fund investment rather than real estate.
IDEX’s Position
IDEX specializes in Turkish citizenship by investment — we don’t offer Greek or Portuguese programs. This comparison exists because we believe you should understand your full options. If Turkey is the right fit, we’ll help you execute it properly. If another program serves your goals better, we’ll say so.
Related Articles
- Turkish Citizenship for Your Family: Spouse, Children, and Minors
- Alternatives to Property for Turkish Citizenship
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