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Golden Visa Greece

Residence by Investment

Minimum Investment

€250,000

Citizenship after 7 years

Free visa travel in EU/Schengen

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Golden Visa Greece is a residency by investment type of visa granted to non-EU citizens who wish to make a significant contribution to the Greek economy.

Greece offers multiple investment options, the most common being the purchase of real estate for a value no less than 250,000 euros.

Greece is a very safe country enjoying a low cost of living. The country has long since been a destination favored by europeans who turn to Greece for its year round warm and sunny weather.

It is both a developed and democratic country with an advanced economy, and a high quality of life.

New rules from March 31st 2024

Starting from March 31, 2024, new conditions apply for granting a 5-year residence permit (Golden Visa):

  • In specific regions like Attica, Thessaloniki, Mykonos, Santorini, and islands with over 3,100 inhabitants, the required real estate value increases to €800,000, while in the rest of the country it is €400,000. The property must be a single unit of at least 120 sq.m.
  • Buildings converted into residences require a minimum investment of €250,000, with the conversion completed before applying for the permit.
  • The same €250,000 limit applies to investment in listed buildings for restoration.
  • Residence permits can be renewed for another five years as long as the property remains owned by the investor. Additional conditions apply for listed building investments.
  • Investors can rent out acquired buildings but not for short-term rentals, and using them as business headquarters is prohibited. Violation leads to permit revocation and a €50,000 fine.
  • Applicants can also obtain permits by signing long-term contracts for complex tourist accommodation or timeshare contracts, meeting corresponding value criteria.

IMPORTANT: A transitional period is provided until September 30, 2024. Golden visa applicants who make full payment, a 10% advance payment, or sign a preliminary or private purchase agreement, providing relevant documentation by September 30, 2024, can opt for completing their investment in another property if the initial purchase is not finalized, adhering to previous conditions.

Contact our team to receive assistance with your application for the Greek Golden Visa Program.

Requirements

The eligibility criteria for Greece’s golden visa program is as follows:

  • Being at least 18 years of age at the moment of investing
  • Having no criminal record of any kind, applicable to any and all countries you have lived in
  • A minimum investment of €250,ooo EUR in Greece in real state, capital funding, government bonds or other options.
  • Purchase of a medical insurance policy under a Greek operated agency

Need help? Talk to one of our Greek Golden Visa Advisors ➤

 

Qualification for a Greek passport by investment is subject to the following:

  • Purchase of real estate property with a minimum value of €250,000 EUR
  • Signing of a leasing contract with a hotel or tourist establishment (Time Share) for at least 5 years
  • A capital investment of at least €400,000 EUR in a company registered in Greece
  • An investment of €400 thousand EUR in Greek government bonds
  • A €400 thousand EUR deposit to a Greek bank
  • Acquisition of €800 thousand EUR in either corporate or government bonds

Greece’s golden visa program is among the most popular in the EU, largely because of the following benefits:

  • The investment options are relatively less expensive than in the majority of EU countries with similar programs
  • Your visa can be extended to include family members (spouse, children under 21, and dependent parents). If your child is over 21, but under 24, and a student, he can be added to the application
  • All family members are allowed free transit throughout the Schengen Zone
  • No minimum stay required for residency renewals
  • You can lease all purchased properties immediately
  • After seven years as resident, you may apply for citizenship
  • Possibility to live, work, and invest in Greece
  • Full access to the Greek education and health systems

Before you can begin your application process for Greece’s investment visa you must apply for an entry visa in one of the Greek consulates or embassies abroad. This visa requires a different set of documents:

  • Traveler’s medical insurance policy with a minimum coverage of 30 thousand euros for Greece and the Schengen Zone
  • Cover letter stating the purpose of your visit to Greece and itinerary
  • Proof of lodging in country for the duration of your stay
  • Flight itinerary with dates and flight numbers specifying entrance and exit from the country
  • Proof of sufficient funds to cover your stay

The application process is done by the Department of Foreigns and Immigration of the Decentralized Authority of Greece.

The documents required to apply for Greece’s golden visa program are:

  • Application form
  • Recent passport size photos (follow the specifications for Greek visa photographs)
  • Valid passport and a copy. The passport must include the entry visa, if required by the country
  • Pay receipts for all applying government fees
  • Medical insurance policy or contract for you and your relatives
  • Proof of funds (statements). You should have a non-Greek resident number, and open a Greek bank account

Additional documentation may change depending on the type of investment you make, some options are:

Purchase of Real Estate in Greece

  • A purchase contract showing no conditions or exceptions in the sale, establishing a total transaction price of at least 250 thousand euros; as well as method of payment. (It must be a single payment through a credit held in a Greek financial institution or by a credit transfer)
  • Proof of contract assignment by the corresponding Property Registry
  • A Property Registry issued certificate crediting there was no impediment on the sale

Leasing a hotel or tourist establishment (Time Share)

  • Signed time share contract for a period of at least five years indicating prices per year
  • Proof of transfer request issued by the qualified Property Registry
  • A certificate issued by the Hellenic Tourism Organization (EOT) holding the report on the particular time share contract

Investment in an established or to be constituted company

You will need documents describing the receiving company’s details, whether constituted or to be constituted (they must include company name, type of legal person, and shareholders) with a value of no less than 400 thousand euros.

  • Document detailing the investment project
  • Location of the investment project
  • Financing and budget structure for the investment
  • Timeline detailing the implementation of the investment
  • Outcome predictions for the first five years (viability study and cash flow predictions)
  • Document describing the number of working positions to be created
  • Professional resume
  • Job title you will hold in the investment
  • Any other document requested by the proper authorities

In short, the application process for Greece’s investment visa is as follows:

  • Apply for a Greek national visa at an embassy, or a Schengen visa
  • Enter the country and make your investment
  • Obtain a non-Greek resident tax number and open a Greek bank account. The choice is yours when it comes to hiring professional legal counsel on this step, but we highly recommend it since it will help the process significantly
  • Collect the necessary documents for the golden visa
  • Wait for the document to be processed. In general you should receive a notification regarding the decision within 3 months
  • If the outcome is favorable, you will have to travel back in order to submit your biometric data
  • You will receive a Greek residency by investment permit, valid for five years

In order to prepare your residency application, you will have to gather important documents such as birth, marriage or divorce certificates, as well as a clear criminal record letter that must be presented when you apply.

Each and every document you send will have to be translated into Greek by the Ministry of Foreign Relations Translation Service in Athens, Greece, or by an attorney belonging to a Greek college of advocates. Certification through apostille is also required on all documents (that is if your country belongs to the Hague Apostille Convention), or via the Greek Embassy or Consulate closest to you (for countries not under the Hague Apostille Convention). This step shouldn’t take more than 2 weeks once you have all your documents together.

Greek authorities will issue an application receipt that may be used as a temporary permit before the official residency document is granted. In the meantime, your application will be under review and put through different certification processes. This step takes approximately 2 months.

Finally, your Greek permanent residency by investment (golden visa) is issued after the successful review of the application documents you submitted to the government.

Unlike most other countries giving out golden visas, you are not required to stay in country to renew Greece’s passport by investment.

You may continue to renew every five years, as long as you keep your investment up.

Renewal of your residency permit depends on you providing evidence that the real estate you purchased still belongs to you, or a solemn statement from the appropriate representatives proving that the investment is still ongoing.

Yes. It is possible to become a Greek resident by investing in Greece and getting the Golden Visa. However, unlike the residency program, you cannot apply for the Greek citizenship if you don’t actually live in the country and pay taxes.

You must reside in Greece for at least seven years before applying for citizenship. Likewise, you have to prove a bond with the nation, and knowledge of both language and culture, if only on a basic level.

Starting from March 31, 2024, new conditions apply for granting a 5-year residence permit (Golden Visa):

  • In specific regions like Attica, Thessaloniki, Mykonos, Santorini, and islands with over 3,100 inhabitants, the required real estate value increases to €800,000, while in the rest of the country it is €400,000. The property must be a single unit of at least 120 sq.m.
  • Buildings converted into residences require a minimum investment of €250,000, with the conversion completed before applying for the permit.
  • The same €250,000 limit applies to investment in listed buildings for restoration.
  • Residence permits can be renewed for another five years as long as the property remains owned by the investor. Additional conditions apply for listed building investments.
  • Investors can rent out acquired buildings but not for short-term rentals, and using them as business headquarters is prohibited. Violation leads to permit revocation and a €50,000 fine.
  • Applicants can also obtain permits by signing long-term contracts for complex tourist accommodation or timeshare contracts, meeting corresponding value criteria.

IMPORTANT: A transitional period is provided until September 30, 2024. Golden visa applicants who make full payment, a 10% advance payment, or sign a preliminary or private purchase agreement, providing relevant documentation by September 30, 2024, can opt for completing their investment in another property if the initial purchase is not finalized, adhering to previous conditions.

Contact our team to receive assistance with your application for the Greek Golden Visa Program.

 

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