Greece Golden Visa

Greece, renowned for its rich history, stunning landscapes, and vibrant culture, is a top destination for global investors. The country offers a high quality of life with its Mediterranean climate, exquisite cuisine, and excellent healthcare and education systems. Through the Golden Visa program, non-EU citizens can invest and gain residency in Greece. This blog explores the investment options, requirements, application process, and benefits of obtaining residency in this beautiful country.

What is the Greece Golden Visa 

The Greece Golden Visa is a residency-by-investment program launched in 2013 to attract foreign investment and boost the Greek economy. With a low investment requirement and a five-year renewable residency permit, it offers resident visas to non-EU citizens who make significant investments in Greece. People from all over the world are drawn to this program since it permits them to travel inside the Schengen Area.

Types of Investments

When considering the Greek Golden Visa, it's important to explore the various investment options available. Greece offers several pathways to secure residency, including real estate purchases, business investments, and financial contributions. Each investment type provides unique opportunities, allowing you to choose the option that best aligns with your financial goals and interests.

Real Estate Investments

The Greek Golden Visa program offers a popular route to residency through real estate investments, requiring investors to purchase property worth at least €250,000 in Greece, or a minimum of €500,000 in Mykonos, Santorini, Thessaloniki, and most municipalities in Athens. 

The diverse real estate market provides options ranging from contemporary apartments in major areas to luxurious mansions, making it a wise financial decision because it not only permits residency but also has the potential for long-term capital appreciation and rental income. Additionally, investors can opt for a 10-year lease agreement for hotel accommodation or furnished tourist residences in tourist accommodation complexes. Visit our comprehensive guide on this page to learn more about the leading real estate developers in Greece and to look into possible investment possibilities.

RELATED: Top 15 Real Estate Developers in Greece in 2024

Other Investments

Beyond real estate, the Greek Golden Visa program offers a variety of investment opportunities. These include buying Greek government bonds or mutual fund shares, leasing a hotel for ten years, and investing €400,000 in a Greek firm to encourage local entrepreneurship. With the freedom these alternatives offer, investors can select assets that suit their tastes and financial objectives.

Greece Golden Visa Requirements & Eligibility Criteria

To obtain the Greek Golden Visa, applicants must meet specific requirements and eligibility criteria. This section outlines the necessary investments, documentation, and other key factors needed to successfully apply for residency in Greece. The details are shown in the table below.

How to Apply for the Greece Golden Visa Program

The process of applying for the Greece Golden Visa involves several clear steps, from choosing the right investment to submitting your application. Here’s a step-by-step guide to help you navigate the process:

Step 1: Select Your Investment

Choose the type of investment that aligns with your financial goals. Options include:

• Real Estate: Purchase property in Greece worth at least €250,000.

• Business Investment: Invest a minimum of €400,000 in a Greek company.

• Financial Instruments: Purchase Greek government bonds or shares in mutual funds with a minimum investment of €400,000.

• Long-Term Lease: Enter into a lease agreement for hotel accommodations or furnished tourist residences for at least ten years.

Step 2: Gather Required Documentation

Collect all necessary documents, which include:

• Proof of Investment: Documentation confirming the purchase or lease agreement, or evidence of financial investment.

• Passport: Valid passport for the applicant and family members (if applicable).

• Health Insurance: Proof of health insurance coverage valid in Greece.

• Clean Record: Certificate from the applicant's country of origin or current residence.

• Proof of Funds: Evidence demonstrating sufficient financial resources to support yourself and your dependents.

Step 3: Submit Your Application

To submit your documentation for the Greece Golden Visa, you must do so either through a Greek consulate in your home country or directly in Greece. The submission can be done in person or online through a legal representative. The documents need to be certified with an apostille stamp or by the nearest Greek Embassy or consulate, and must be translated into Greek before submission.

Step 4: Pay the Fees

The application processing fees for property purchase and visa application in Greece are approximately €15,000. These fees include government, notary, and legal fees, as well as a 15% VAT.

Step 5: Visit Greece for Biometrics

After submitting your application, you will need to visit Greece to provide biometric data (fingerprints and photographs). This is typically done at the Migration Department or the local Aliens and Immigration Department.

Step 6: Await Approval

The Greek authorities will review your application. This process can take Three–four months from submission of the application to be approved. During this time, they may request additional information or documentation.

Step 7: Receive Your Golden Visa

Once approved, you will receive your Golden Visa, granting you and your family members the right to reside in Greece. The visa is initially valid for five years.

Step 8: Maintain Your Investment

To keep your Golden Visa valid, you must maintain your investment. Regularly ensure that your investment meets the program requirements.

Step 9: Renewal Process

The Golden Visa can be renewed indefinitely as long as the investment is maintained and all program requirements continue to be met. Renewal involves re-submitting certain documents and paying the renewal fee.

Obtaining Greek Citizenship by Investment

Citizenship by investment isn't available under the Greece Golden Visa program. On the other hand, if certain requirements are met, you can be qualified to submit an application for Greek citizenship after seven years. One must first spend at least seven years living in Greece. Throughout this time, be a tax resident in Greece, they have to participate in and pass a test on Greek language and bond with Greece and its culture.

Benefits of Obtaining Greek Golden Visa

The Greek Golden Visa provides notable advantages, such as visa-free travel within the Schengen Area, a high quality of life, and access to top-notch healthcare. Let’s explore why this program is an excellent choice for those seeking European residency.

Access to the Schengen Area for Visa-Free Travel

One of the most significant benefits of the Greek Golden Visa is the ability to travel visa-free within the Schengen Area. This includes 26 European countries, allowing for easy and unrestricted travel across much of Europe. This benefit is especially appealing to business travelers and families who enjoy exploring different cultures and destinations.

High Quality of Life, Healthcare, and Education in Greece

Greece offers a high quality of life, characterized by its beautiful landscapes, rich culture, and excellent cuisine. The country also has a well-developed healthcare system and a range of educational opportunities, including international schools and prestigious universities. This is what makes Greece an attractive destination for families looking for a safe, healthy, and enriching environment.

Potential for Citizenship After a Certain Period

After maintaining their investment and residency status for a specific period, investors may be eligible to apply for Greek citizenship. This provides long-term stability and the full benefits of being an EU citizen. Citizenship opens up even more opportunities for travel, work, and education within the European Union.

Do you pay taxes in Greece if you have a Golden Visa?

Yes you pay taxes since you are bound by Greek tax rules while in Greece if you have a Golden Visa. The tax residency regulations specify if money earned outside of Greece must be taxed as well as income earned within the country. In Greece, you will also have to pay income taxes and property taxes if you are an income earner or property owner.

Greece Golden Visa Changes 2024

In 2024, the Greece Golden Visa program saw a significant change with the minimum property investment amount increased to €800,000 for specific areas, including Athens, Thessaloniki, Mykonos, and Santorini. This increase aims to manage the demand from foreign investors and maintain housing affordability for locals. The previous threshold of €250,000 still applies to other regions, offering a variety of investment options for potential investors.

When will this change take effect?

It is anticipated that the Greek Golden Visa scheme will undergo changes beginning on August 31, 2024. Investors may submit an application with a 10% deposit by September 30, 2024, a complete investment by December 31, 2024, and the construction of an alternative property by April 30, 2025, all below the €250,000 minimum criteria.

Nationalities that Obtained the Golden Visa in 2023

The table below outlines the diverse range of nationalities participating in the Greek Golden Visa program, with a significant number of investors coming from China, Turkey, and Russia, among others.

This table is based on data sourced from the Ministry of Digital Governance for the year 2023.

FAQ about Greece Golden Visa Program

Here you'll find some of the most common questions and answers about the Greece Golden Visa Program, including details on investment requirements, residency benefits, and more.

How Long is the Golden Visa Valid For?

The Golden Visa is initially valid for five years from the date of issuance. After the initial five-year period, the visa can be renewed indefinitely as long as the qualifying investment is maintained, making it a long-term solution for those looking to live or travel within the European Union.

Can Family Members Be Included in the Visa?

Yes, the primary applicant can include their spouse, children up to 21, and dependent family members. The Greek Golden Visa program offers a comprehensive solution for families seeking to relocate with their loved ones. This inclusive policy ensures families stay together and enjoy residency benefits in Greece, including access to Greece's education system, healthcare, and quality of life.

Is It Possible to Renew the Visa?

Yes, it can be renewed indefinitely, provided the initial investment remains intact and all program requirements are met. The renewal process is straightforward, requiring proof of the investment, health insurance, and a clean record. This renewability ensures long-term security and stability for investors and their families, making it an attractive option for international investors.

Going Forward

The Greek Golden Visa program provides an exceptional opportunity for non-EU investors to secure European residency. With a variety of investment options—including real estate, business ventures, and financial instruments—the program offers flexibility to suit diverse financial goals. Key benefits include visa-free travel across the Schengen Area, high-quality healthcare and education, and the potential for obtaining citizenship.

Investing in Greece not only contributes to local economic growth but also offers a secure pathway to European residency. Whether you're interested in purchasing luxury real estate or exploring other investment avenues, the Golden Visa program is designed to help you achieve your objectives.

At Kredium, we are committed to making your investment journey seamless. Our expertise in international real estate and investment, combined with our ability to assist you in securing a mortgage, ensures that you receive comprehensive support tailored to your needs. To learn more and start your application, register on our site. Let us help you turn your dream of living and investing in Greece into a reality.

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