Everything you need to know about the Golden Visa in Greece
by HousesInGreece on January 15, 2024
Since introducing the Golden Visa scheme in 2013, Greece has established itself as a destination of choice for non-EU citizens. This unique legal programme, officially known as the 'Residence by Investment Permit', offers foreign investors the opportunity to acquire property or make financial investments in return for a permanent residence permit in the country.
The term "Golden Visa" refers to a specific category of residence permit granted by certain countries to non-EU nationals in return for investments in property or financial products. Like other EU countries, Greece offers this type of residence permit.
Who is the "Golden Visa" for?
The Golden Visa is intended for people wishing to invest in property or financial products in Greece. In exchange, they receive a residence permit, giving them the right of permanent residence in Greece and free movement within the Schengen area. This scheme is aimed at a wide range of applicants, including:
- Investors looking to diversify their property portfolio and obtain a residence permit in Greece for themselves and their families.
- Retirees or future retirees wishing to enjoy a relaxed Mediterranean lifestyle.
- Families and individuals seeking to move to Europe without visa restrictions.
- People wishing to acquire a residence permit within the Schengen area, without having to stay for a minimum period.
The Golden Visa in Greece
The Greek Golden Visa programme was introduced in July 2013. This residency programme offers two investment options:
- Property investment: a minimum investment of €250,000 in Greek property (or €500,000 in certain regions). The investment can also be made through a 10-year rental contract for a hotel or tourist residence or a 10-year timeshare contract for a hotel residence.
- Financial investment: allocating a minimum of €400,000 to various financial products.
Both options offer a range of advantages, making Greece an attractive destination:
- Permanent residence: investors whose applications are successful are granted permanent residence in Greece.
- No minimum stay: Golden Visa holders are not required to stay in Greece for a minimum period.
- Visa-free travel: the holders of a Golden Visa enjoy visa-free access to the 27 European countries in the Schengen area.
- Residence permit valid for three generations: the provisions of the Golden Visa extend to the investor's parents and parents-in-law, as well as the investor's spouse and their children up to the age of 21.
- Possibility of renting out the property acquired: the property acquired can be rented out by the visa holder, both long-term and short-term (seasonal rental).
- Lifetime renewal: as long as the initial investment is maintained, residence permits can be renewed indefinitely.
- Possibility of applying for Greek citizenship: under certain conditions and after seven years of residence in the country, Golden Visa holders can apply for citizenship.
What are the Golden Visa requirements under Greek law?
Applicants must meet specific eligibility criteria to qualify for the Greek Golden Visa.
Investment requirements
Golden Visa applicants must make a significant investment in Greece. The minimum investment amount may vary depending on the type of investment chosen.
For example, applicants can invest in real estate, which requires a minimum investment of €250,000, or €500,000 in Mykonos, Santorini, Thessaloniki and most municipalities in Athens and Attica. They can also invest in government bonds or shares in Greek companies, which requires a minimum investment of €400,000.
Good to know: Golden Visa applicants can acquire several properties to meet the minimum investment requirement.
Applicants must be over 18 and have a clean criminal record. An extract from the criminal record or any other document attesting to good character must be attached to the visa application. Applicants must also provide proof of membership in a health insurance plan with valid coverage in Greece.
While the eligibility criteria are relatively flexible, the procedure for buying a property or making a financial investment is highly regulated and involves many different parties. It is strongly recommended that you consult an estate agent and a lawyer before applying.
The application process for a Golden Visa in Greece
There are several critical stages to obtaining a Golden Visa in Greece:
- Investment selection: choose the type of investment you wish to make (real estate or financial), ensuring that it meets the minimum thresholds required (€250,000 or €500,000 for real estate and €400,000 for financial products).
- Document preparation: with the help of your lawyer, prepare all the documents you need to make your investment. In particular, you need to obtain a Greek tax number and open a bank account in Greece if your bank does not have a representative in the country.
- Finalisation of the investment: your lawyer carries out the due diligence, examines and negotiates the contracts if necessary, coordinates the signatures and submits the final documents to the relevant authorities.
- Application: your lawyer submits your Golden Visa application and the supporting documents to the Greek authorities.
- Provision of biometric data: the fingerprints of all applicants and a signature sample for those over 12 must be provided in person to the Greek immigration authorities.
- Issuance of residence permit: once your application has been approved, you will receive a temporary residence permit, which allows you and your family to reside in Greece until you obtain your permanent residence permit. By law, the final visa is issued within two months of the biometric data being provided.
- Renewal: the initial residence permit is valid for five years and can be renewed as long as the property investment is maintained.
It is possible to complete the entire procedure remotely by authorising your lawyer to represent you, except for providing biometric data, which requires the applicant's presence in Greece.
How long is a Golden Visa valid for?
The Golden Visa in Greece initially grants a residence permit valid for five years. This means the investor and their family members can reside in Greece for five years without restrictions. During this period, they can enjoy all the benefits and rights associated with the residence permit, such as working or studying in Greece.
After the initial five-year period, the Golden Visa can be renewed for a further five years. This renewal procedure requires the investor to maintain their investment in Greece and prove that they continue to meet the programme's requirements.
Are you looking for a property to buy as part of the Golden Visa scheme?
Contact our real estate agency to discuss your project!