Greece’s Golden Visa Program is one of the most attractive residency-by-investment schemes in Europe. Launched in 2013, this program allows non-EU citizens to obtain a 5-year renewable residency permit by investing in real estate or other qualifying assets in Greece. The program has gained immense popularity due to its relatively low investment threshold, simplicity, and the added benefit of visa-free travel within the Schengen Area.
If you’re considering applying for Greece’s Golden Visa, here’s everything you need to know about the program, including eligibility criteria, investment options, and the application process.
1. What is the Golden Visa Program?
The Golden Visa Program is a residency-by-investment initiative designed to attract foreign investors to Greece. In exchange for making a qualifying investment, applicants and their families are granted a 5-year renewable residency permit , which can eventually lead to permanent residency or even citizenship after meeting specific requirements.
Key Benefits of the Golden Visa:
- Residency in Greece: Live, work, or study in Greece without restrictions.
- Schengen Zone Access: Travel freely within the Schengen Area (26 European countries) without a visa.
- Family Inclusion: Spouses, children under 21, and dependent parents can also qualify for residency.
- No Physical Residency Requirement: You don’t need to live in Greece full-time to maintain your residency status.
- Pathway to Citizenship: After 7 years of legal residency, you may apply for Greek citizenship (subject to language and integration requirements).
2. Investment Options to Qualify for the Golden Visa
To qualify for the Golden Visa, you must make an eligible investment in Greece. The most common option is purchasing real estate, but there are other avenues as well. Below are the primary investment categories:
A. Real Estate Investment
- Minimum Investment: €250,000 (including VAT).
- Details: Purchase residential or commercial property, land, or multiple properties totaling at least €250,000.
- Popular Locations: Athens, Thessaloniki, Crete, Mykonos, Santorini, and other tourist hotspots.
- Note: Properties purchased before December 31, 2024, qualify for the €250,000 threshold. Starting January 1, 2025, the minimum investment will increase to €400,000 in certain areas.
B. Investment in Hotel Accommodations or Tourist Facilities
- Minimum Investment: €400,000.
- Details: Invest in hotel units, furnished tourist residences, or similar hospitality-related properties.
C. Capital Transfer
- Minimum Investment: €400,000.
- Details: Deposit funds into a Greek bank account or purchase government bonds, corporate bonds, or shares in Greek companies.
D. Creation of a Business
- Minimum Investment: €400,000.
- Details: Establish or invest in a business that creates at least 10 new jobs.
E. Investment in Real Estate Funds
- Minimum Investment: €400,000.
- Details: Invest in regulated real estate investment funds or real estate companies.
3. Eligibility Requirements
To qualify for the Golden Visa, you must meet the following criteria:
Basic Eligibility:
- Be a non-EU/EEA/Swiss citizen .
- Make a qualifying investment (as outlined above).
- Provide proof of clean criminal records from your home country and any other countries where you’ve resided for more than six months in the past five years.
- Have valid health insurance covering your stay in Greece.
Family Members Who Can Apply:
- Spouse or registered partner.
- Children under 21 (including adopted children).
- Dependent parents of the main applicant or spouse.
4. Step-by-Step Application Process
The Golden Visa application process is straightforward but requires careful planning and documentation. Here’s how to proceed:
Step 1: Choose Your Investment Option
- Decide whether you’ll invest in real estate, capital transfer, or another qualifying category.
- Work with a local real estate agent, lawyer, or financial advisor to identify suitable opportunities.
Step 2: Complete the Investment
- Finalize the purchase of property or make the required investment.
- Obtain all relevant documents, such as the property title deed, payment receipts, and contracts.
Step 3: Gather Required Documents
Prepare the following documents for your application:
- Valid passport.
- Proof of investment (e.g., property deed, bank statements).
- Clean criminal record certificate.
- Health insurance policy valid in Greece.
- Completed application form (available at the Greek Migration and Asylum Department).
- Four recent passport-sized photos.
- Payment of application fees (approximately €2,000 per applicant).
Step 4: Submit Your Application
- File your application at the local Migration and Asylum Department in Greece or through a legal representative.
- Processing times typically range from 1–3 months , depending on the region.
Step 5: Receive Your Residency Permit
- Once approved, you’ll receive a 5-year renewable residency permit .
- No physical residency requirement means you can maintain your residency status even if you don’t live in Greece full-time.
5. Costs Associated with the Golden Visa
While the minimum investment is €250,000 (for real estate), additional costs include:
| Expense | Cost (Approx.) |
|---|---|
| Property Purchase Tax (3%) | €7,500 |
| Legal Fees | €2,000–€5,000 |
| Notary Fees | €1,000–€2,000 |
| Golden Visa Application Fee | €2,000 per person |
| Health Insurance | €500–€1,000/year |
Total Estimated Cost: €260,000–€270,000 (excluding property maintenance and taxes).
6. Renewal and Permanent Residency
Renewal:
- The Golden Visa is valid for 5 years and can be renewed indefinitely as long as the qualifying investment remains intact.
- There’s no need to live in Greece to renew your permit.
Permanent Residency:
- After 7 years of continuous legal residency , you may apply for permanent residency.
- This requires demonstrating ties to Greece, such as owning property or paying taxes.
Citizenship:
- After 7 years of legal residency , you may apply for Greek citizenship.
- Requirements include passing a Greek language test and proving integration into Greek society.
7. Why Choose Greece’s Golden Visa?
Advantages Over Other Programs:
- Low Investment Threshold: Compared to Portugal’s €500,000 or Spain’s €500,000, Greece’s €250,000 entry point is highly competitive.
- No Residency Requirement: Unlike some programs that mandate physical presence, Greece offers flexibility.
- Family-Friendly: Includes dependents and offers access to Greece’s excellent education and healthcare systems.
- Strategic Location: Greece’s position in southeastern Europe makes it a gateway to both Europe and the Middle East.
Potential Drawbacks:
- Property Market Risks: Real estate values may fluctuate, affecting your investment.
- Upcoming Changes: The minimum investment threshold is set to increase in certain areas starting January 1, 2025.
8. Tips for a Successful Application
- Work with Professionals: Hire a reputable real estate agent, lawyer, or immigration consultant familiar with the Golden Visa process.
- Plan Ahead: Start early to avoid delays caused by document preparation or property searches.
- Verify Property Titles: Ensure the property you purchase has clear titles and no outstanding debts.
- Stay Updated: Immigration policies can change, so regularly check official sources like the Greek Ministry of Migration and Asylum.
9. Frequently Asked Questions (FAQs)
Q: Can I rent out my property while holding a Golden Visa?
- A: Yes, you can rent out your property to generate income.
Q: Do I need to speak Greek to qualify?
- A: No, knowledge of the Greek language is not required for the Golden Visa.
Q: Can I sell my property after obtaining the Golden Visa?
- A: Selling your property may affect your residency status unless you reinvest in another qualifying asset.
Q: Is the Golden Visa transferable to another person?
- A: No, the visa is tied to the original investor and cannot be transferred.
