- +34 648 88 08 96
- info@bocamgreece.com
The Golden Visa in Greece is an investment residency program that allows foreign nationals to obtain a residency permit in Greece in exchange for making an investment in real estate in the country. This program was introduced by the Greek government to attract foreign investment and stimulate the Greek real estate market.
The Golden Visa in Greece allows foreign investors to obtain residency in the country through investment in real estate. In addition to principal investors, their immediate family members can benefit. Applicants must meet financial requirements and make a minimum investment. This program is attractive to those who wish to reside in Greece and have freedom to travel within the Schengen area.
Greece offers a 5-year Permanent Residence Permit for Investment Activity to non-EU/EEA citizens and their families. The Greek residence permit for investors is valid for 5-year periods if the investment is maintained. Investors can obtain Greek citizenship after 7 years.
The Greek passport (valid for 5 years) and the Greek national identity card give the right to move and reside freely in any of the European Union States, including Iceland, Liechtenstein, Norway, Switzerland and the United Kingdom.
In addition, the Greek passport allows visa-free travel (or visa on arrival) to 183 countries.
The Greek Parliament has recently given its seal of approval to updated regulations governing the acquisition of the golden visa. These amendments to the existing law were formally announced on April 5th, 2024.
Among the key revisions are adjustments to the investment threshold, a prohibition on short-term property rentals, and the introduction of a novel stipulation regarding property size.
New Property Cost Thresholds
The Greek Golden Visa program has introduced updated requirements regarding property costs, now varying by region of acquisition:
For properties in prime areas like Attica, Thessaloniki, Mykonos, Santorini, and islands with over 3,100 residents, the minimum investment threshold is set at 800,000 euros.
In all other regions across Greece, the minimum investment threshold is reduced to 400,000 euros.
The Golden Visa in Greece allows foreign investors to obtain residency in the country through investment in real estate. In addition to principal investors, their immediate family members can benefit. Applicants must meet financial requirements and make a minimum investment. This program is attractive to those who wish to reside in Greece and have freedom to travel within the Schengen area.
Greece offers a 5-year Permanent Residence Permit for Investment Activity to non-EU/EEA citizens and their families. The Greek residence permit for investors is valid for 5-year periods if the investment is maintained. Investors can obtain Greek citizenship after 7 years.
The Greek passport (valid for 5 years) and the Greek national identity card give the right to move and reside freely in any of the European Union States, including Iceland, Liechtenstein, Norway, Switzerland and the United Kingdom.
In addition, the Greek passport allows visa-free travel (or visa on arrival) to 183 countries.
Allows investors and their families to reside legally in Greece. No minimum period of residence in Greece is required to maintain the visa, providing flexibility to investors.
Golden Visa holders can travel freely within the Schengen area.
Facilitates investment in the Greek real estate market, which can be beneficial from a financial point of view.
After meeting certain additional requirements, Golden Visa holders may be eligible for Greek citizenship.
Investors have the opportunity to pursue EU citizenship. After residing in Greece for seven years, eligible investors can apply for Greek citizenship.
The Golden Visa extends beyond the investor, covering the entire family. This includes the investor's spouse, children under 21, and parents. None of the family members are required to permanently reside in Greece.
Holders of the Greek Golden Visa enjoy visa-free travel within the Schengen Area. This allows for stays of up to 90 days within a 180-day period in other Schengen countries.
Greek tax residents can take advantage of a favorable tax regime, offering tax optimization opportunities. Under this scheme, a flat tax rate of EUR 100,000 per year is applied to worldwide income.
Golden Visa investors can generate income by renting out their investment properties for long-term leases. Furthermore, upon acquiring citizenship, investors have the option to recoup their investment by selling the property.
These advantages collectively make the Golden Visa for Greece an appealing option for investors seeking residency and investment opportunities in Europe.
The recent revisions to the law have been officially published in the Official Gazette, following approval by the Greek Parliament in early April. Similar to adjustments made a year prior regarding the investment threshold, the Greek government has implemented a transitional phase.
To qualify for a residency permit based on a real estate investment of 250,000 euros, investors need to adhere to the following steps:
In case the investor makes the initial deposit but fails to finalize the transaction by December 31, 2024, they have the option to select an alternative property with payment due by April 2025.
The candidate must fulfill the following requirements in order to be eligible for the golden residency:
The investor must make a qualifying investment in Greece. In the past it was 250,000 euros but as mentioned above, this amount has changed.
Investment can be made in various forms, including real estate, government bonds or shares of Greek companies. Each type of investment may have specific requirements and conditions.
The investor must ensure that his investment complies with all relevant laws and regulations in Greece.
Applicants are normally required to demonstrate the legal origin of the funds used for the investment. This is to prevent money laundering and ensure transparency.
Depending on the specific requirements of the program, investors may undergo a background check or provide documentation to verify their identity and financial history.
Although there is no requirement for investors to continuously reside in Greece, they must visit the country at least once every two years to maintain their residency status.
The examination and processing of applications for the Greek Golden Visa program are overseen by the Ministry of Migration Policy of the Hellenic Republic. As the designated authority, this ministry meticulously evaluates each applicant’s eligibility criteria and meticulously assesses their compliance with the program’s rigorous requirements.
Through thorough scrutiny and adherence to legal protocols, the Ministry of Migration Policy ensures the integrity and efficacy of the Golden Visa program in Greece, thereby facilitating a streamlined and transparent process for potential investors seeking residency in this captivating European destination.
To apply for a Golden Visa in Greece, applicants need to gather various documents. This includes proof of their investment in Greece, such as purchase agreements or property deeds.
They must also demonstrate the legal source of funds used for the investment, typically through bank statements or tax returns. A valid passport with sufficient validity, health insurance coverage, and any required criminal or medical certificates are also necessary.
Family applicants may need additional documents like marriage or birth certificates. Lastly, a power of attorney may be needed to authorize a representative. Applicants should stay updated on any changes to the visa program’s requirements.
The following are the top queries about this visa:
Once you've applied for the Golden Visa, your legal helpers can sort out temporary residency for you within 1-2 months using a special form called a power of attorney. You don't have to be there in person, but you do need to sign the form at the Greek Consulate. After that, you'll usually get permanent residency within 2 months after doing some biometric tests in person.
Normally, everything goes smoothly, but because of unexpected delays, buying property might take a bit longer than usual. So, from start to finish, you're looking at around 3 months to buy property if you give your legal helpers power of attorney. Then, it's another 2 months for temporary residency. Finally, after going to Greece for biometrics, it could take up to 2 more months to get permanent residence cards for you and your family.
Regardless of the quantity of properties owned, as long as their total worth reaches or exceeds the minimum amount required, you are eligible for residency rights. Moreover, there is no differentiation made between commercial and residential properties; a combination of both is acceptable under the law.
Under the Golden Visa program in Greece, while employment opportunities within the country are limited, there are specific tax considerations for foreign income:
Flat Tax Rate: For the first 10 years, there's a flat 7% tax rate applied to all foreign income. This includes income from real estate investments, pensions, and other sources outside of Greece.
Tax Exemption: If you are not considered a tax resident in Greece, meaning you spend less than 183 days in the country within a 12-month period, you won't be liable for taxes on your worldwide income. This exemption applies regardless of the source of your income.
It's essential to understand these tax implications and consult with tax advisors or legal experts to ensure compliance with Greek tax laws. Additionally, staying informed about any changes to tax regulations is crucial for managing your financial obligations effectively under the Golden Visa program.
The majority of the doubts and commonly asked questions regarding the golden greek visa have already been addressed.
If you have any questions unique to your situation or if something has not been made clear to you… Please don’t hesitate to get in touch with us; we’ll be pleased to assist you!
