GREEK GOLDEN VISA PROGRAM – Permanent Residency by Investment

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 favored due to its lower starting investment of just EUR 250,000 instead of the EUR 500,000 needed for economic contributions like time deposits or purchasing Greek bonds.

Effective September 1, 2024, the Greek government has introduced changes to the minimum investment amounts required for real estate under the Golden Visa program. Depending on the property’s location, different investment thresholds will now apply. The new thresholds are as follows:
A. EUR 250,000 For clients seeking a more affordable residency option at just EUR 250,000, investments must meet specific regulatory requirements. Eligible options include:

• Apartments developed from converted or renovated second-hand buildings.
• Neoclassical preserved buildings, with a mandatory complete restoration per the Historical Buildings Association guidelines.

B. EUR 800,000Clients looking to purchase new or second-hand residential properties in specific prime, centrally located areas will need to invest EUR 800,000. These areas include Attica, the Prefecture of Central Macedonia (Thessaloniki), Mykonos, Paros, Santorini, and islands with a permanent population exceeding 3,100, according to the latest census (e.g., Skiathos, Skopelos, Corfu, Zante, Kefalonia, Lefkada, Mytilene, Syros, Rhodes, etc.).

The property must have a minimum living space of 120 square meters, regardless of its type (house, apartment, villa, detached, or semi-detached).

C. EUR 400,000 For clients interested in purchasing residential properties in all other areas of Greece (not listed in option B above), the minimum investment is EUR 400,000. The property must also have at least 120 square meters of main living space, regardless of type (house, apartment, villa, detached, or semi-detached).

As a general comment, for those looking to bypass the need to travel to Greece to select and purchase property, the option to grant a power of attorney (PoA) to a local lawyer or representative 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 fully manage the property acquisition process.

1. PRIMARY BENEFITS OF THE GOLDEN VISA PROGRAM

• Visa-free Travel in the Schengen Zone: Enjoy unrestricted access to 26 Schengen countries and the security of investing in a stable Euro-based economy.
• Pathway to Citizenship: The Residency by Investment program offers the option to apply for Greek citizenship after seven years. Children can gain citizenship after six years of living and studying in Greece, while adults must live in Greece for 183 days per year over seven years and pass a Greek language test.
• Residency for the Whole Family: It extends to three generations, covering spouses, children, parents, and parents-in-law. Children can maintain PR until age 24, with no minimum stay required.
• Fast Processing: The application process is quick, usually completed in five months.
• Flexible Property Transfer Options: Property ownership can be transferred to children over 24, making them the primary applicants and extending eligibility to their immediate family.
• Income from Property Rental: Property ownership allows for potential rental income.
• No Strict Documentation Requirements: There is no need for a criminal record check, proof of income, specific money transfer protocols, or medical exams.

2. ELIGIBILITY
   Under the Golden Visa Program, the following family members can be included in the same application as the leading investor:

• Spouse/partner: This includes a legally married spouse or a partner with whom the investor has entered a registered cohabitation agreement in Greece.
• Children: Children under 21 can apply for the Greek Residence Programme and extend it until they turn 24.
• Parents and in-laws: The application welcomes the leading investors and their partner’s parents.
• GOLDEN VISA PROGRAM STEPS AND TIMELINE
  • Property Selection and Payment: You can choose your property with the help of a Greek law firm and secure it with a 10% deposit through a reservation agreement. The remaining balance is usually paid within a month via bank transfer from the applicant or a family member.
  • Power of Attorney (PoA) Execution: Grant a PoA to your lawyer in Greece or at a Greek embassy. The lawyer will handle tax registration, property transactions, registration, and PR application paperwork, including scheduling appointments and monitoring the process.
  • Preparing for the PR Application: Gather the required documents with your attorney, including the property contract, land registry details, and proof of identity and family relationships. The property transfer takes about three months, and the land registry finalizes within 10 days, after which you’ll receive the title deed.
  • Submitting the PR Application: Your attorney will submit the PR application for you, and it is typically approved within seven days. You’ll receive a temporary residency card (the “Blue Paper”), valid for one year, which also acts as a D-type visa for travel.
  • Finalizing Residency: Within 3-4 months of applying, you must visit Greece to provide biometric data. You have one year to complete this, and once you have done so, your Residency card is issued, usually within five months.

4. GOLDEN VISA PROGRAM Documents to issue 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.
  • 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.
  • The marriage certificate is 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 are 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 principal 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.

5. GREEK VISA PROGRAM QUALIFYING INVESTMENT OPTIONS
   The Golden Visa Program provides various investment options to qualify for Greek residency, with a minimum real estate investment starting at EUR 250,000 (under specific conditions mentioned above). Investors can choose from the following options:Real Estate Investment Options:

• Purchase property with a minimum value of EUR 250,000 (under specific conditions).
• Sign a ten-year lease for hotel accommodations or furnished tourist homes in designated resort areas, with a total lease value of at least EUR 400,000 or EUR 800,000, depending on the location.Eligible real estate includes:

• Villas
• Apartments
• Townhouses
• Hotel complexes
• Plots of land
• Commercial properties
  

  Other eligible investment options for the Greek Golden Visa include:

  • A fixed-term deposit of at least EUR 500,000 in a Greek bank.
  • A capital contribution of EUR 500,000 or more to a public real estate investment company, closed-end investment company, mutual fund, or Greek-based company for share capital or bonds.
  • Purchase of Greek government bonds worth at least EUR 500,000 with a remaining maturity of three years through a Greek bank.
  • Purchase of shares, corporate bonds, or Greek government bonds with a minimum value of EUR 800,000, traded on regulated markets.
  • Investment of at least EUR 350,000 in a mutual fund or alternative investment fund that focuses on Greek markets.
   

  Important: Investments must be maintained throughout your residency. If you plan to replace your investment, the new one must be secured before selling the original.

6. GOLDEN VISA PROGRAM FEES
   The service fee for securing the Greek Golden Visa Residency is EUR 10,000 (excluding VAT and disbursements). This fee covers legal assistance for the application process and property acquisition but does not include additional out-of-pocket expenses.

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

7. GOLDEN VISA PROGRAM FREQUENTLY ASKED QUESTIONS (FAQs)

• Eligible Properties for Greek Golden Visa: Properties such as apartments, houses, villas, land, and commercial spaces qualify as long as the total investment meets the minimum value, either through a single or multiple properties.
• Renting Property: You can rent out the purchased property immediately, generating rental income.
• Multiple Properties: Owning various properties is allowed, provided their combined value meets or exceeds the minimum investment for the Golden Visa.
• Financing Options: Accepted payment methods include bank transfers from your account or close relatives, but transfers from Russian, Belarusian, and Iranian banks are restricted due to sanctions. Russian and Belarusian nationals cannot apply, but Iranian nationals remain eligible.
• Co-ownership: Multiple investors, including spouses, can co-own a property as long as each meets the required minimum investment, allowing joint ownership to qualify both partners.
• Eligible Family Members: The Golden Visa covers spouses, children under 21 (extendable to 24), and both sets of parents.
• Employment Restrictions: The Golden Visa does not allow employment, but you can engage in business activities like being a shareholder, CEO, or board member.
• Taxes on Property: Property owners must pay annual real estate tax (ENFIA) and income tax on rental income, with taxes calculated progressively based on earnings.

HOW WE CAN ASSIST YOU

Our team of experienced immigration lawyers and property consultants in Greece provides complete support for obtaining a Golden Visa or Greek residency. We assist with identifying property investments, handling legal matters, and opening Greek bank accounts. For more details on the Greek Visa program, visit our website or contact Charles Savva at Savva & Associates at +357 22516617.