Golden Visa Greece: a comprehensive guide

If you are dreaming of starting a new life in beautiful sunny Greece, look no further. Take the plunge and apply for the highly competitive Greek Golden Visa Program. Become one with the locals by investing and acquire permanent residency for you as well as your family.

First and foremost, the Program was launched in 2013 to provide the incentive to non-EU citizens to invest in the country’s real estate market. It provides a 5-year residency, which may be renewed indefinitely, in exchange of an investment of 250.000€ or more.

Investment options include both property acquisition, which is the most common, and general investment plans in various lucrative fields of the Greek market.

In this article we will be focusing on the property acquisition scheme, discussing all the recent changes in the Program, its benefits and statistics, the eligibility criteria and all the steps you must undertake during your application process, in their respective order.

The application for the Greek Golden Visa Program has now become easier than ever. As of 23/12/2020 you can apply for the program fully remotely, without even entering Greece prior to your application.

You may choose between investing in residential or commercial real estate and buying your property individually, jointly or as a legal entity. Residential real estate includes apartments, maisonettes, detached houses, or even whole apartment buildings, while commercial properties encompass shops, offices, and hotels.

Those eligible for applying are all non-European citizens over 18, with a total investment capital of 250.000€ or above.

There are several investment types that qualify you for a Greece Golden Visa.

• A minimum of €250,000 purchase of a real estate property in Greece or
• 10 years of a lease agreement, whether signed for hotel accommodations or furnished tourist residences in integrated tourist resorts ( paid in advance upon signing the agreement)
• A minimum of €400,000 investment in:
• Greek government bonds or
• Bonds or shares of real estate investment companies in Greece or
• Shares and bonds of venture fund and private equity which have headquarters in Greece

This low investment threshold is what classifies the Greek Golden Visa Program as one of the most competitive schemes in Europe. The residence scheme also allows family members to benefit from it. Any children under the age of 21, parents, in-laws, partner under a co-habitation agreement signed in Greece, or spouse of the main investor, is eligible for a permanent residency, without any further requirements needed. In addition, a clean criminal record and health insurance are mandatory.

Your residence permit is not tied to any time limitations since you are not obliged to spend a specific amount of time in the country to maintain it. Furthermore, you and your family may travel freely between all 26 countries of the Shengen Zone.

One more benefit to bear in mind is the Double Taxation Treaty. In case you wish to maintain a business abroad, your international income may likely not be subject to taxation in Greece.

The order of the application process is rather straightforward. Initially you would have to determine in what type of property you would like to invest in. What then follows is the legal steps, which include obtaining a Greek Non – Resident Tax Number and a Greek bank account. Afterwards, you may proceed with the possession of the property by acquiring the promissory sale and purchase agreement and the execution of a public deed. Because the next step can get a little overwhelming, you may consider hiring a lawyer, as you should prepare all the required paperwork and documents needed for your application. After this step is completed successfully you must visit Greece in order to submit all the necessary biometric data to Greek authorities. Next, your visa is approved by the authorities, and you are responsible with renewing it every 5 years.

The Greek Golden Visa Program consistently ranks in the top 10 among European countries. Between 2014 and 2021, 9.610 were issued and as of 2022 a total of 28,767 permits were granted to main applicants as well as their dependents. Indicatively, most applicants come from China, Turkey, Russia, Lebanon, UK and Egypt.