Portugal
Spain
Italy
Greece
Grenada Citizenship by Investment
Executive Summary
Golden visa processing times vary dramatically from what governments promise — in some cases taking 12 times longer than legally mandated. Our analysis of four major European programs reveals which countries deliver on their commitments and which leave investors waiting years.
This research combines official government sources, immigration industry data, and processing times from 127 MovingTo client applications to provide the most accurate picture of what applicants should actually expect.
The Data: Official Claims vs Reality
| Country | Official Claim | Legal Source | Actual Processing | Gap | Verdict |
|---|---|---|---|---|---|
 Portugal |
90 days | Lei 23/2007 | 2-3+ years | 12x longer | Broken |
 Greece |
Not published | — | 10-14 months | N/A | Opaque |
 Spain |
20 days | Law 14/2013, Art. 76 | 2-4 months | 3-4x longer | Delayed |
 Italy |
30 days | MISE Investor Visa | 60-90 days | Minimal | Delivers |
MovingTo Client Data (January 2023 – February 2026)
Based on 127 golden visa applications processed through MovingTo, here are the actual processing times our clients experienced. This dataset is updated monthly as new applications complete.
| Country | Average Processing | Fastest | Slowest |
|---|---|---|---|
| Portugal | 34 months | 18 months | 52 months (ongoing) |
| Greece | 11 months | 6 months | 16 months |
| Spain | 3.2 months | 5 weeks | 5 months |
| Italy | 68 days | 45 days | 94 days |
Portugal: The Worst Offender
Official Requirement
Portuguese law (Lei 23/2007, Regulatory Decree 84/2007) requires AIMA to process golden visa applications within 90 days of receiving a complete file. This is a legal obligation, not a guideline.
The Reality
As of early 2026, applicants are waiting 2-3 years or longer for initial approval. The situation has become so severe that:
- Over 55,000 applications remain in the backlog (including initial applications, renewals, and family members)
- More than 20,000 investors were still awaiting appointments in early 2026, some having applied in 2021
- The Portuguese government allocated €5.97 million to clear the backlog by June 2025 — a target that was not met
Government Admission
In October 2025, Portuguese Minister António Leitão Amaro made a remarkable admission. He stated publicly that golden visa holders were deliberately processed last due to what he called "social equity" concerns:
"Next year we will resolve the outstanding issues that, for reasons of social equity, we left until the end, which are those that pay the most, the 'golden visas.'"
Immigration lawyers responded sharply to this admission. André Miranda of Fieldfisher Portugal called the minister's statements "very offensive and shameless." Madalena Monteiro of Liberty Legal noted that "applicants find it hard to believe in any promises after years of delays and unmet commitments."
What This Means for Applicants
If you're considering the Portugal Golden Visa, plan for a 3-year timeline minimum before receiving your initial residence permit. This affects your path to citizenship (which requires 5 years of residency), meaning the total timeline from application to citizenship is now approximately 8 years — not the 5 years often advertised.
Portugal fund investors — now the primary route following the 2023 real estate restrictions — should factor these delays into their investment fund selection and liquidity planning.
Italy: The Exception That Proves the Rule
Official Requirement
Italy's Investor Visa program, administered by the Ministry of Economic Development (MISE), promises a decision on the Nulla Osta (certificate of no impediment) within 30 days.
The Reality
Italy actually delivers. Based on our client data and industry reports, total processing time from application to residence permit approval is typically 60-90 days. Some straightforward applications are approved in as little as 45 days.
Why does Italy succeed where others fail?
- Dedicated investor visa unit within MISE
- Clear documentation requirements with minimal ambiguity
- Digital application system that actually works
- Lower application volume compared to Portugal
What This Means for Applicants
Italy offers predictability. If you need residency within a defined timeframe — for business, tax planning, or personal reasons — Italy delivers on its commitments. The minimum investment is higher (€250,000 for government bonds, €500,000 for company investment), but the certainty may be worth the premium. See our full Italy Golden Visa guide for details.
Greece: No Promises, No Accountability
Official Requirement
The Greek government does not publish an official processing time for golden visa applications. The Migration Ministry website (migration.gov.gr) lists requirements but makes no commitment on timing.
The Reality
According to La Vida Golden Visas' 2025 client data, Greece processing now averages approximately 12 months — up from the 3-6 months commonly advertised before 2023. IMI Daily reported in late 2024 that at popular processing offices like Piraeus, appointment wait times alone could exceed 14 months.
The lack of an official timeline means there's no accountability when processing drags. Applicants have no legal recourse or standard to point to.
Root Causes
- Surge in applications during 2023-2024 following Portugal's real estate restrictions (Greece became the default alternative)
- Understaffed Decentralized Authorities handling both golden visas and asylum claims simultaneously
- No dedicated investor processing unit — unlike Italy's MISE structure
For current Greece processing estimates, see our Greece Golden Visa guide.
Spain: Manageable Delays
Official Requirement
Spain's UGE (Large Business and Strategic Collectives Unit) is supposed to process investor visa applications within 20 days under Law 14/2013 (Ley de Apoyo a los Emprendedores), Article 76.
The Reality
Actual processing runs 2-4 months — delayed but not catastrophically so. Spain sits in the middle ground: not meeting its stated timeline, but not creating multi-year backlogs either.
Methodology
This analysis draws from three source categories:
Government Sources
- Portuguese Lei 23/2007 and Regulatory Decree 84/2007
- Italian MISE Investor Visa Operating Manual (July 2021)
- Spanish Law 14/2013 (Ley de Apoyo a los Emprendedores), Article 76
- Greek Migration Ministry publications (migration.gov.gr)
Industry Data
- IMI Daily reporting (2024-2026)
- Schengen News visa processing reports
- La Vida Golden Visas client data reports
- Immigration law firm publications (Fieldfisher, Liberty Legal)
MovingTo Client Data
- 127 golden visa applications tracked from January 2023 to February 2026
- Processing times measured from initial submission to residence permit issuance
- Data anonymized and aggregated by country
- Dataset updated monthly as new applications complete
Why do processing times differ so much from official claims?
Several factors contribute: understaffing at immigration agencies, surge in applications following program changes elsewhere, deliberate policy choices to deprioritize investor visas, and legacy bureaucratic systems not designed for current volumes. Portugal's minister explicitly admitted to deprioritizing golden visas for "social equity" reasons.
Should I avoid Portugal entirely?
Not necessarily. Portugal still offers a path to EU citizenship with minimal physical presence requirements (7 days per year). If your timeline is flexible and you're comfortable waiting 3+ years, the program remains valuable. However, if you need residency quickly for tax planning, business, or personal reasons, consider Italy or Spain instead.
How do I know if processing times have improved?
Check industry publications like IMI Daily for current reporting. Better yet, ask your immigration advisor for recent client data. Marketing materials often lag reality by 12-18 months. We update this page monthly based on our ongoing client experiences.
Can I sue if processing takes longer than legally required?
In Portugal, investors have begun challenging delays at the Constitutional Court. However, legal action is slow and outcomes uncertain. In practice, most applicants simply wait. Countries without published timelines (like Greece) offer no legal standard to enforce.
Does using an immigration lawyer speed up processing?
A good lawyer ensures your application is complete and compliant, avoiding delays from document requests or rejections. However, they cannot accelerate the queue itself. The wait times in this study assume properly prepared applications.
Sources
- Portuguese Lei 23/2007 (Aliens Act) and Regulatory Decree 84/2007
- AIMA (Portuguese Agency for Integration, Migration and Asylum) public statements
- Italian Ministry of Economic Development, Investor Visa Portal (investorvisa.mise.gov.it)
- Spanish Law 14/2013 (boe.es/buscar/act.php?id=BOE-A-2013-10074)
- Greek Migration Ministry (migration.gov.gr)
- IMI Daily: "Golden Visa Investors Challenge Portugal's Citizenship Law at Constitutional Court" (October 2025)
- IMI Daily: "Portugal Revamps AIMA Procedures to Tackle More Than 55,000 Golden Visa-Related Applications" (2025)
- IMI Daily: "Portugal Vows 2026 Golden Visa Backlog Resolution as Lawyers Denounce 'Shameless' Timing" (October 2025)
- IMI Daily: "Inefficient Bureaucrats Costing Greece Billions in Lost Golden Visa Revenue" (2024)
- Schengen News: "Portugal's AIMA Introduces New Measures to Address Golden Visa Delays" (January 2025)
- Global Citizen Solutions: Italy Golden Visa processing reports (2026)
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Our team tracks real processing times across all major golden visa programs. Get current data based on recent client experiences — not outdated marketing claims.
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