Greek Permanent Residency

The Greek Golden Visa initiative enables non-EU nationals to quickly secure a Permanent Residence (PR) permit by making an investment in the country.

Introduced under Law No. 425 on April 1, 2014, this program is recognized as the most budget-friendly route to EU permanent residency for investors, thanks to its minimal investment requirement of EUR 250,000. This is the lowest entry point compared to other EU nations that offer comparable residency through investment schemes, rendering the Greek Golden Visa exceptionally attractive within the EU.

Prospective applicants have several investment avenues to qualify for the Greek Golden Visa, including injecting capital into the Greek economy, acquiring real estate, or committing to a long-term lease agreement (applicable for hotel stays or furnished tourist homes in resorts) for at least a decade. Real estate acquisition is often favoured due to its lower starting investment of just EUR 250,000, as opposed to the EUR 500,000 needed for economic contributions like time deposits or purchasing Greek bonds.

The scheme has found significant popularity among investors from China, Russia, and Turkey, leading in application numbers across EU Golden Visa programs and outpacing those of Portugal, Cyprus, and Malta.

Effective from August 1, 2023, certain regions witnessing a surge in investor interest have had their minimum investment threshold raised from EUR 250,000 to EUR 500,000 for single property investments. This adjustment affects the North, Central, and South areas of Athens, select Thessaloniki municipalities, and the islands of Mykonos and Santorini. Meanwhile, other parts of Athens and Attica, with Piraeus in particular, maintain the original EUR 250,000 benchmark.

For those looking to bypass the need to travel to Greece for selecting and purchasing property, the option to grant a power of attorney (PoA) is available. This can be done domestically through the Greek Consulate or a foreign notary, provided the PoA receives an apostille certification or is legalized by the Greek Consulate, enabling the designated Attorney to manage the property acquisition process fully.

1. PRIMARY BENEFITS OF THE GREEK GOLDEN VISA PROGRAM

• Enjoy visa-free entry to 26 Schengen Zone countries, along with the benefits of a secure investment environment where you can safeguard your assets in a stable economy using EUR.
• This Residency by Investment (RBI) program opens up the possibility of acquiring a Greek passport within seven years. Children must reside and be educated in Greece for six consecutive years before they turn 18 to qualify for citizenship at any point afterward without a language test. Adults need to spend 183 days per year in Greece over seven years and then pass the Greek language proficiency test to achieve citizenship.
• The Greek PR permit grants permanent residency to three generations of your family, including your spouse, children, parents, and parents-in-law, with children over 21 able to extend their PR until they are 24. No minimum stay is required to keep your residency status active, allowing you to live, work, or study in Greece, and benefit from its public education system without any additional cost.
• Quick processing times, with the entire application process taking approximately 5 months (see below for further details on application timeline).
• Property ownership can be transferred to a child over 24, making them the primary applicant and their immediate family eligible dependents.
• Property owners have the freedom to rent out their property, generating additional income.
• There is no need for a criminal record check, proof of taxed funds in their home country, specific money transfer protocols, or medical examinations.
  
  

2. ELIGIBILITY
According to Greek Golden Visa Program, the family members that can be included in the same application are the following:

• Spouse/partner with whom the investor is married or has concluded a contract of cohabitation in Greece.
• Children who are under 21 years old when the residency application has been submitted. Such children are able to retain their PR permit until the age of 24.
• Parents and in-laws of the main investor.
  
  

3. GOLDEN VISA PROGRAM STEPS AND TIMELINE
Step 1: Property Selection and Payment Process Begin by selecting the appropriate property and securing it with a payment, with the assistance of a Greek law firm. The initial step involves transferring a 10% deposit to reserve your chosen property and entering into a reservation agreement. Following this, complete the remaining payment before the specified deadline (typically within a month) through a bank transfer from either the main applicant’s account or the account of their immediate or extended family members.

Step 2: Power of Attorney (PoA) Execution Execute a PoA either in Greece or at the Greek embassy/consulate in your home country. This PoA empowers the attorney to manage various tasks on your behalf, including completing tax registration, conducting the property transaction, and handling land registration in Greece. The Attorney will also assist in preparing the necessary paperwork for the PR application, scheduling appointments for application submission, fingerprinting, and monitoring the application’s progress.

Step 3: Preparing for Investor Permanent Residency Application Gather all requisite documents related to the property acquisition, such as the final contract and land registry details, with the help of your Attorney. The Attorney will guide you in assembling documentation to verify identity and obtain a kinship certificate to establish familial relationships among all applicants. The property transfer process, managed by the Attorney and notary, concludes within three months post-payment. Subsequently, the land registry completion takes about 10 business days, after which you receive the title deed, signifying the property’s transfer to your ownership permanently, as all properties in Greece are owned freehold.

Step 4: Investor Permanent Residency Application Your Attorney will arrange an appointment with the immigration office and submit your application documents on your behalf. This process allows for the application to be filed without your physical presence. Within seven days of submission, the application is typically approved, and you are issued a temporary residency card (the “Blue Paper”), signifying the Greek government’s acceptance of your application. This card remains valid for one year and serves as a D type visa, enabling travel to Greece without needing a separate Schengen visa.

Step 5: Finalizing Investor Permanent Residency Within 3-4 months of application submission, you are required to provide biometrics in Greece to finalize your Investor Permanent Residency. Having the Blue Paper allows a one-year window to complete this step as mandated by the Schengen agreement. This is the sole occasion necessitating a visit to Greece for the application process. Consequently, the entire process from payment completion to receiving your Permanent Residency card typically spans up to 5 months.

4. GOLDEN VISA PROGRAM Documents to issue Permanent Residence permit

• Property Owner:

• • Immigration processing fee: EUR 2,000.
  • Full passport photocopy.
  • Four unframed 4x6cm passport photos in both print and digital formats.
  • Valid private life insurance policy.
  • Executed purchase agreement.
  • Registration certificate of the agreement from the Land Registry.
  • Power of Attorney (PoA) or a certified solemn declaration from Greek authorities.
  • Birth certificate validated and translated by the Greek Embassy (for Thessaloniki applications, translations into English are acceptable for attorney use).
  • Accountant-provided proof of financial transactions.
  • Permanent Residency (PR) card issuance fee: EUR 16.
    
    

• Spouse of the Property Owner:

• • Immigration fee: EUR 150.
  • Complete passport photocopy.
  • Four unframed 4x6cm passport photos in print and digital forms.
  • Valid private life insurance agreement.
  • Marriage certificate officially validated and translated by the Greek Embassy (if not, it must be translated into English for attorney use in Greece).
  • At least two solemn declarations for legal document submissions to obtain PR.
  • Birth certificate, with required certifications and translations similar to the property owner’s documents.
  • PR card fee: EUR 16.
    
    

• Children of the Property Owner:

• • Per child immigration fee: EUR 150 (waived for those over 18).
  • Full passport photocopy.
  • Four 4x6cm unframed passport photos in both print and CD.
  • Private life insurance policy.
  • Birth or kinship status certificate, properly certified and translated as per the spouse’s documents.
  • Parents to sign at least two solemn declarations on behalf of minors for PR paperwork.
  • PR card fee: EUR 16.
    
    

• Parents of the Property Owner:

• • Immigration fee per parent: EUR 150.
  • Full passport photocopy.
  • Four 4x6cm unframed passport photos in print and on CD.
  • Valid private life insurance agreement.
  • Certificate showing family relation or main applicant’s birth certificate, properly certified and translated for attorney use.
  • Minimum of two solemn declarations for PR document submissions.
  • PR card fee: EUR 16.
    
    

• Parents-in-Law of the Property Owner:

• • Immigration fee per individual: EUR 150.
  • Complete passport photocopy.
  • Four unframed 4x6cm passport photos in print and digital forms.
  • Valid private life insurance policy.
  • Certificate of family status or the spouse’s birth certificate, with necessary certifications and translations.
  • At least two solemn declarations for submitting PR documents.
  • PR card fee: EUR 16.
    
    

These detailed requirements facilitate the application process for Greek Permanent Residency through investment, ensuring that applicants submit all necessary documentation accurately and completely.

5. GREEK GOLDEN VISA PROGARM QUALIFYING INVETMENT OPTIONS
The Greek Golden Visa Program offers several investment pathways to qualify, with the base requirement for a real estate investment set at EUR 250,000. Investors have a range of options:

• Real Estate Investment Choices:
  • Acquiring property valued at a minimum of EUR 250,000.
  • Engaging in a ten-year leasing contract for hotel accommodations or furnished tourist homes within designated resorts, with a total lease value of at least EUR 250,000 paid upfront.
    Types of eligible real estate include:
  • Villas
  • Apartments
  • Townhouses
  • Hotel complexes
  • Plots of land
  • Various real estate properties
  • Commercial premises
    
    Note that as of August 1, 2023, the minimum investment for specific regions, including parts of Athens and the islands of Mykonos and Santorini, has increased to EUR 500,000.
    
    

• Other Eligible Investment Options:
  • A minimum of EUR 500,000 investment in Greek government bonds, locked in for at least three years.
  • A capital investment of EUR 500,000 in securities or a Greek bank deposit.
  • Investing at least EUR 500,000 in a closed-end investment company or in a closed-end investment fund.
  • Investing at least EUR 350,000 in a mutual fund and/or Alternative Investment Fund.
  • Allocating EUR 800,000 into shares, corporate bonds, or Greek Treasury bonds listed on the Greek stock exchange, without maturity restrictions.
    
    For all investments routes listed above, they must be maintained throughout the duration of the Permanent Residency status.  They can be replaced, but first the replacement purchase must be made, followed by the disposal of the original investment.
    
    

6. GREEK GOLDEN VISA PROGRAM FEES
The service fee for facilitating the entire process of securing the Greek Golden Visa Residency is set at EUR 10,000 (VAT excluded). This comprehensive fee covers legal assistance for both the application process and property acquisition. Note that this fee does not include additional out-of-pocket expenses as analysed below:

Cost Name	Amount & Description	Payee	Time of Payment
PROPERTY PURCHASE EXPENSES (LUMP-SUM PAYMENT)
DEPOSIT	10%of the property’s price	Greek Developer	Wire transfer
PROPERTY TRANSFER FEE	Building license obtained before 2006: 3.09% transfer tax Building license obtained after 2006: 24%VAT (*see the note below)	Greek Tax Office	Before signing the final contract
NOTARY’S FEE	1.24% (approximately) Of the property price	Notary	After property purchase
LAND REGISTRY	0,75% of the property price	The Bureau of land	After property purchase
LAND REGISTRY DOCUMENT	EUR 110 (approximately)	Greek Developer for further payment	Wire transfer
PERMANENT RESIDENCY APPLICATION EXPENSES
IMMIGRATION FEE	EUR 2,000-main applicant EUR 150-other family members *Children under 18years old shall not pay any fee	Immigration Office	with PR Application
PRCARD FEE	EUR 16/person	Immigration Office	with PR Application
INSURANCE FEE	From EUR 70 to EUR 260 depending on age and health conditions	Insurance Company	with PR Application

* Note: Transfer Fees 3.09%. Suspension of 24% VAT for building permits issued after Jan 1, 2006, and up to end 2025.

7. GREEK GOLDEN VISA PROGARM FREQUENTLY ASKED QUESTIONS (FAQs)

• What types of properties qualify for a Greek Golden Visa? You can purchase any form of real estate, such as apartments, houses, villas, plots of land, or commercial spaces like shops or offices, as long as the total investment is at least EUR 250,000. This investment can cover a single property or a combination of properties meeting the minimum value requirement.
• Is it possible to rent out the purchased property? Absolutely. You are permitted to rent out your property right after its purchase, allowing you to generate rental income.
• Can owning multiple properties qualify me for a Golden Visa? Yes, you can qualify by owning multiple properties, given their cumulative value meets or exceeds EUR 250,000. This flexibility allows for diverse investment portfolios under a single Golden Visa application.
• How can I finance/pay for my property purchase? The Greek Golden Visa program accepts the following payment methods: a) Direct bank transfers from your personal account, which you either own or co-own. b) Transfers from a personal bank account of a close relative (e.g., parent, sibling, aunt, uncle). c) Opening a Greek bank account, either by visiting Greece or through a power of attorney, to facilitate the transaction.

Currently, transfers from Russian, Belarussian, and Iranian banks are restricted due to EU sanctions. Financing options also extend to close family members, with proper documentation of the relationship required.

Russians and Belarussians nationals are not permitted to apply due to sanctions, however Iranian nationals are permitted to file an application for Greek PR.

• Is property co-ownership allowed under the Golden Visa program? Yes, multiple investors can co-own property, with each investor needing to contribute at least EUR 250,000. Spouses can jointly own a property without each having to invest EUR 250,000, making a single investment sufficient for both to qualify.
• Who among my family can benefit from my Golden Visa investment? The Golden Visa benefits extend to your spouse or partner, your children under 21 (up to 24 under certain conditions), and the parents and in-laws of the main investor.
• Am I allowed to work in Europe with a Golden Visa? The Golden Visa does not grant the right to employment. However, investors can engage in business activities as shareholders, CEOs, or board members without violating the terms of their residency.
• What taxes are associated with property ownership? Owning property in Greece subjects you to ENFIA, an annual real estate tax, and income tax on any rental earnings. ENFIA rates are based on the property’s assessed value as of January 1st each year, with payment options available in lump sum or instalments. Rental income is taxed progressively, with rates starting at 15% for earnings up to EUR 12,000, and increasing for higher income brackets.

8. APPLYING FOR GREEK CITIZENSHIP
The Greek Investment Residency Program also provides the pathway to acquiring a second passport and attaining EU citizenship within seven years. For eligibility, minors must reside and pursue education in Greece consecutively for six years before their 18th birthday, after which they can seek citizenship without undergoing a language test. Adults, on the other hand, must spend at least 183 days annually in Greece over a seven-year period and subsequently pass a Greek language test administered by the government to qualify for citizenship.

The timeline for citizenship approval may vary based on individual cases, typically ranging from one to four years.

HOW WE CAN ASSIST YOU
A team of highly experienced immigration lawyers and property consultants in Greece can assist you with all aspects of preparing and filing a Golden Visa and/or permanent residency application. This includes sourcing potentially suitable properties and investments and opening Greek bank account facilities.

For further information on the Greek Golden Visa program, visit our website or contact Charles Savva at Savva & Associates by telephone +357 22516617 or by email [email protected]