Greece - Residence by Investment
As a member state of the EU, Greece offers its residents and citizens a number of reassuring benefits including high levels of safety and security, excellent education opportunities, robust healthcare options, and a dependable rule of law.
What is the Golden Visa for Greece?
To attract foreign direct investment to its local economy, Greece has launched the Golden Visa for Greece program, aimed at non-EU/EEA foreign nationals. The Golden Visa program allows foreign investors to receive a renewable five-year residence permit in Greece, in exchange for a significant contribution to one of the available investment options.
The Golden Visa program for Greece has been designed as a quick and flexible solution for foreign nationals to obtain residency while strengthening economic sectors such as infrastructure, manufacturing, energy, tourism, agriculture, and others. Residence permits can be issued to individuals and their dependents, as well as to business leaders involved in investment projects.
Residence permits are issued for stays of up to five (5) years and are renewable for subsequent periods of the same duration. The minimum investment threshold is €250,000 for a property and €400,000 for securities or a bank deposit. Investors are not required to reside in Greece and can retain their residency as long as they retain their original investment.
The Golden Visa program for Greece has many benefits for investors and their dependents. It allows all its holders to live in a superb Mediterranean destination while benefiting from its social services and health system. Investors and their dependents can also travel to all member states of the Schengen area for stays of up to 90 days within a 180-day period. The Golden Visa can also be used as a pathway to obtain Greek citizenship. Although investors must go through the usual naturalization process, holding a Golden Visa allows them to reside in the country for the seven (7) years required to be eligible for citizenship.
Golden Visa residence permits are issued under the authorization of the Ministry of Migration and Asylum, according to the provisions of the European Union. The legal basis for the Golden Visa program is found in Article 16 of Law 4251/2014, as amended and supplemented by Article 8 (para. 21) of Law 4332/2015 and Article 84 (paras. 1 to 6) of Law 4399/2016.
Eligibility criteria
To be eligible for a Golden Visa for Greece, applicants must meet the following criteria:
Be a non-EU/EEA foreign national interested in investing in Greece OR a non-EU/EEA business manager involved in the implementation and/or operation of an investment project.
Prove that they are at least 18 years old.
Be in Greece legally in one of the following categories:
Hold a national visa (type D) issued for investment purposes (valid for up to one year).
Legally reside in Greece with a permanent residence permit or visa.
Legally reside in Greece with a residence permit granted by another EU member state.
Legally reside in Greece with a long-term residence permit (2003/109/EC) issued by another EU Member State.
Be in good financial health and have the minimum amount of investment required.
Successfully complete the due diligence process and be of good moral character.
Have a clean criminal and professional record.
Be able to support themselves and all their dependents for the duration of their residency.
Be able to maintain the investment amount for the duration of their residency.
Prove that the money from the investment was acquired legally.
Be able to obtain all the documents required for the application for a Golden Visa.
Have valid insurance certified by the national insurance agency.
Investors may include dependents in their application, as long as they fall into one of the following categories:
Spouse.
Partner with whom the applicant has entered into a registered partnership in Greece or before the competent Greek consular authority.
Unmarried children under 21 years of age.
Unmarried children of the dependant or his/her spouse or partner under the age of 21, provided that custody has been legally granted to the applicant and his/her spouse or partner for their own children.
Direct first-degree ascendants of spouses or partners. They obtain residency status within the framework of family reunification and are not allowed to work in Greece.
Investment Options
The Golden Visa program for Greece offers several investment options. These include the construction of new facilities, business acquisitions, expansion of ongoing projects, and real estate investment, provided that it contributes to the growth of the national economy.
The official options for investors in the Golden Visa program are as follows:
- Invest in real estate worth at least €250,000 (or €500,000 in 36 selected Greek municipalities).
- Sign a rental agreement with a hotel establishment (hotel, restaurant, spa, etc.) worth at least €250,000. The rental contract must be valid for a period of at least 10 years.
- Invest at least €400,000 in an alternative investment fund based in Greece or another EU member state that invests in permanent real estate in Greece.
- Invest at least €400,000 in Greek government bonds through a Greece-based credit institution. The bonds must have a maturity of at least three (3) years from the date of purchase.
- Invest at least €400,000 in the acquisition of capital increase shares or marketable bonds on regulated markets or multilateral trading mechanisms based in Greece.
- Invest at least €400,000 in a mutual fund set up in Greece or another country. This investment must be for Greek corporate bonds, equities or government bonds.
- Invest at least €800,000 in government bonds of companies that can be legally traded or that are traded on regulated markets or multilateral trading mechanisms based in Greece.
Each investment option has unique advantages for the investor. Real estate purchases can generate additional income through rental contracts and the appreciation of the property, should the investor decide to sell afterwards. Rental contracts with hotel establishments can be very lucrative in a country as touristic as Greece. Investments in government or corporate bonds can generate high returns on the initial investment, with minimal interference from the investor. Apart from the minimum investment, investors will pay the administrative fees of the Golden Visa program. First, they must pay the national entry visa fee, which amounts to €180. A fee of €2,000 also applies for the processing of the five-year residence permit. At the time of renewal, investors and company directors will pay an additional fee of €2,000, as well as an additional €150 for their dependents. This fee does not apply to dependents under the age of 18. Finally, a fee of €16 will apply for the issuance of the electronic residence permit.
Benefits of The GreeK Golden Visa
Greece offer one of the most cost-effective Golden Visa programmes in Europe. Applicants are granted Greek Permanent Residency within just a few months, after a real estate investment of €250,000. A Greek residency permit enables you to live, work, and study in Greece, if you wish. Though this is not a requirement of the programme. As Greece is part of the Schengen Zone, Greek residents can to travel visa-free to the rest of the EU Schengen Zone. As a result, you can spend up to 90 days every 180 days in other Schengen states.
Key Benefits:
- Fast processing of residency permit
- Low government fees
- Low renewal fees
- Own Greek real estate – diversify your assets
- Visa-free travel throughout the EU Schengen zone
How Much Does a Greece Golden Visa Cost?
As of September 1st, 2024, the Greece golden visa costs have been revised. The new minimum investment requirements are:- €800,000 Investment Zone: This higher threshold applies to sought-after areas such as the entire Region of Attica (including Athens), Thessaloniki, the islands of Mykonos and Santorini, and 32 other islands, which include: Crete, Euboea (Evia), Rhodes, Corfu, Lesbos, Chios, Zante (Zakynthos), Salamis (Salamina), Kos, Kefalonia, Samos, Lefkada, Syros, Naxos, Kalymnos, Lemnos, Paros, Thassos, Aegina, Tinos, Ikaria, Andros, Leros, Karpathos, Skiathos, Milos, Skopelos, Spetses, Kythera, Patmos, Poros, and Alonissos.
- €400,000 Investment Zone: For properties located outside these prime areas, the minimum investment is set at €400,000.
- €250,000 Special Investment Category: Despite the new thresholds, certain types of investments like commercial-to-residential conversions and restoration of listed buildings can still qualify for the €250,000 threshold, provided the restoration is completed to renew the Golden Visa after five years. These projects are extremely limited and those interested should act fast. Register your interest here.
Greece Golden Visa Requirements
In addition to making the necessary real estate investment, you must meet several requirements:- A clean criminal record
- Sufficient funds and healthcare to cover their stay
- No previous Schengen visa refusals
- Applicants will need to be non–EU residents.
How to Apply For Greece’s Golden Visa
Book your free consultation with Golden Global Pass’s team of experts to discuss and decide which programme and investment route is best suited to you and your family. Our experienced consultants will advise you on all applicable fees and guide you through the entire process in detail.
You can choose your real estate investment remotely through our trusted advisors, or you can visit Greece to select your investment and appoint a lawyer to take care of the conveyancing on your behalf. Through Power of Attorney the property purchase can be completed at the notary in your absence.
Once the real estate investment is complete, usually within 30 days, you can then apply. Clients will need to attend an application appointment to submit their biometric data, or it can be submitted within six months following the appointment.
Once your golden visa application has been approved you will be issued with a five-year Greek Permanent Residency permit. You can renew this every five years, provided the real estate investment is maintained.