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April 1, 2024
5 min

How to Get Greece Golden Visa

Kenley Henderson

We provide an in-depth overview of the Greek Golden Visa Program, including its benefits and eligibility criteria for applicants.

We’ll look at several financial opportunities, including real estate and government bonds, to help you maintain your Greek residency. Additionally, we’ll guide you step-by-step through the application procedure so you can quickly get your Greece golden visa.

Enrolment of family members details under the programme and tax benefits are also covered. Finally, we’ll talk about the program’s most recent modifications and how they will affect incoming candidates looking for a way into the Schengen Zone of Europe.

How to Get Greece Golden Visa

How to Get Greece Golden Visa

Understanding the Greece Golden Visa Program

The Greek Golden Visa program is a residency by investment scheme that allows non-EU/EEA nationals to acquire permanent residence permits in Greece. This attractive program offers visa-free travel to 27 European Union countries, opportunities for naturalization, and tax benefits for foreign investors.

Benefits of Obtaining a Greece Golden Visa:

  • Visa-free access. Greece Golden Visa holders enjoy visa-free travel within Europe’s Schengen Area, which includes 26 other EU countries.

  • Naturalization possibilities. After seven years of holding a Greek residency permit, investors may apply for Greek citizenship, provided they pass the necessary language proficiency test and fulfill other requirements set by the Greek government.

  • Tax benefits. Foreign income earned outside of Greece is not subject to local taxes if you are considered a non-resident taxpayer with your primary residence elsewhere. Additionally, various incentivized programs offer further tax advantages specifically designed for foreigners living in Greece as tax residents.

Overall, the Greece Golden Visa program is an excellent opportunity for investors seeking permanent residency in Europe’s Schengen Zone. With its attractive benefits and eligibility criteria, it is definitely worth considering for those looking to invest in Greece.

Differences Between Greece Golden Visa and Ordinary Types of Residence Permits

Criteria

Residence permit by investment

Other types of residence permits

Validity period

5 years

1—2 years

Mandatory stay in the country

No

183 days a year

Travel to the Schengen states without visas

Yes

Yes

Adding a spouse and minor children to the application

Yes

Yes

Adding parents and adult children under 21 years old to the application

Yes

No

Income tax benefits

Yes

No

Greece Golden Visa Statistics

Greece received 4,365 requests for golden visas in 2022, which is a record-high figure and more than twice as many as it did in 2021. The upward trend has continued into 2023, with Greece having received 1,248 additional applications by the end of February.

A few factors, including the Government’s announcement in September 2022 that it would double the minimum investment amount in real estate, have helped the investment programme gain popularity.

Changes in Investment Requirements and Impact on Future Applicants

The Greek government has recently made significant changes to the Greece Golden Visa Program, affecting investment requirements for future applicants. It is essential for prospective investors to stay informed about these changes and adapt their strategies accordingly.

Starting August 1st, 2023, the minimum value of property required for obtaining a Greek Golden Visa will increase from €250,000 to €500,000. The modifications will impact 36 municipalities in Greater Athens, Greater Thessaloniki, Mykonos, and Santorini.

To obtain a Golden Visa in Greece, an investor can presently acquire a property for €250,000 in any region of the country. This is one of the most affordable investment thresholds among Europe’s well-known residency-by-investment programs.

This higher threshold may deter some potential investors but could also lead to a more exclusive group of Golden Visa holders. Additionally, this change aims to encourage investments that have a greater positive impact on the Greek economy.

Eligibility Criteria for Applicants

To be eligible for the Greece Golden Visa program, applicants must meet specific criteria:

  • to be over the age of 18;

  • having no criminal record;

  • possessing sufficient financial means to support themselves and their dependents during their stay in Greece;

  • invest at least €250,000 into the property or take out a ten-year lease with Greek government bonds to be eligible for the program.

Other requirements include obtaining a Greek non-resident tax number and opening a Greek bank account. Applicants must also visit Greece at least once to complete the application process and obtain a temporary residence permit. The permit is valid for five years and can be renewed every five years as long as the investment is maintained.

The Greece Golden Visa Program offers a great opportunity for wealthy individuals to obtain residence in the country. Yet, before making a choice on this program, it is essential to comprehend the potential investment alternatives. Next, we will explore the various types of investments that can be made as part of obtaining a Greece Golden Visa.

Family Members' Inclusion under the Program

The Greece Golden Visa program not only provides wealthy investors with a pathway to Greek residency but also offers an opportunity for their family members to secure long-term stability. By meeting certain conditions, such as being financially dependent on the primary applicant or being a spouse, child under 21 years old, or parent of the investor, family members may qualify for inclusion in this attractive scheme.

Conditions Necessary to Include Family Members:

  • Spouse: the investor’s spouse can be included in the application process and will receive residence permits alongside the main applicant.

  • Children: unmarried children below 21 years of age are eligible for inclusion; however, they must remain unmarried and maintain their status as dependents throughout the duration of their residency permit.

  • Parents: both sets of parents can be included if they prove financial dependency on the primary applicant.

Including your relatives in the Greek Golden Visa application comes with several benefits that extend beyond visa-free travel within Europe’s Schengen Area. These advantages include:

  1. Visa-free access. As holders of golden visas, family members enjoy visa-free travel within all EU Schengen Zone countries — making it easier than ever before to explore Europe together without hassle.

  2. Residence permits. Family members included in the application will receive their residence permits, allowing them to live and work legally in Greece.

  3. Education. Children of golden visa holders have access to Greek public schools and universities, ensuring a high-quality education for your family’s future generations.

Family members' inclusion under the program is an important aspect of obtaining a Greece Golden Visa, as it provides many advantages to foreign investors and their families. Furthermore, tax benefits offered through various incentivized programs provide additional incentives for individuals looking to obtain residency in Greece.

Greece investor visa for all family members

By including your family members in the Greece Golden Visa program, you can secure not only your own financial stability but also provide a brighter future for those closest to you

Investment Options for the Greek Golden Visa

Applicants looking to acquire Greek citizenship through the Golden Visa program must invest a minimum of €250,000 in either real estate or by entering into a ten-year agreement with government bonds. Prospective investors need to determine their preferred type of investment before proceeding with the application process.

The most popular option among Greece Golden Visa holders is investing in real estate properties. This can include residential or commercial property purchases as well as land acquisitions. The minimum investment amount required is €250,000, which allows visa-free access to Europe’s Schengen Area and other benefits such as permanent residency after five years of continuous residence.

Benefits of real estate investment:

  • Rental income. Investors can generate rental income from their purchased properties without paying taxes on foreign income under certain conditions.

  • Tax advantages. Capital gains tax exemptions are available when selling the property after holding it for a specific period.

  • Potential appreciation. Real estate investments offer potential capital growth over time due to market fluctuations and increasing demand for housing within Greece.

An alternative route to obtaining a Greek Golden Visa involves entering into a ten-year lease agreement by purchasing Greek government bonds. These fixed-income securities provide regular interest payments throughout their term while offering lower risk compared to equity investments. However, this option may be less attractive than real estate due to lower returns and limited capital appreciation potential.

Benefits of bond investments:

  • Lower risk. Government bonds are considered safer investments compared to stocks or other high-risk assets, providing a stable source of income for investors.

  • Regular interest payments. Bondholders receive periodic interest payments throughout the bond’s term, offering a predictable cash flow.

The Greek Golden Visa offers a variety of investment options, ranging from real estate investments to government bond investments. With the right guidance and preparation, applicants can successfully navigate the application process and meet all necessary documentation requirements for obtaining their golden visa.

Documentation Requirements

To apply for a Greece Golden Visa, applicants must submit various essential documentation such as:

  1. Valid passports.

  2. Criminal record certificates from their home country.

  3. Medical insurance covering their stay in Europe’s Schengen Area.

  4. Evidence proving sufficient funds available for the chosen investment option.

Applicants must present proof of sufficient funds to fulfill the necessary investment amount, which may be demonstrated through bank statements, loan documents, or other financial evidence.

The application process and documentation requirements are straightforward, but the applicant must ensure that all documents are in order to avoid any delays or complications. To ensure that family members can take advantage of this opportunity, applicants must familiarize themselves with the conditions necessary for their inclusion.

Application Process

1

Select an investment option

Choose between real estate investments or government bond investments based on your preferences and financial capabilities.

2

2 months

Hire a legal representative

Engage a local lawyer familiar with the Greek Golden Visa program to assist you throughout the application process.

3

2 months

Gather necessary documents

Collect all required documentation, including proof of funds and other personal identification documents.

4

1—2 months

Submit your application

Your legal representative will submit your completed application along with supporting documents to the relevant Greek authorities for review.

5

Biometric data collection

Once approved, visit Greece to provide biometric data at a designated center as part of obtaining your residence permit card.

Conclusion

Getting a Greece Golden Visa is an excellent opportunity for wealthy individuals and their families to obtain residency in Greece. The program offers several benefits, including tax advantages and incentivized programs. Eligible applicants can choose from various investment options such as real estate investments or government bond investments.

If you are considering applying for the Greece Golden Visa Program, make sure to carefully review the eligibility criteria and prepare all necessary documents before submitting your application. Recent changes have been made to the minimum investment requirements that may impact future applicants.

Frequently Asked Questions

  • How to Get the Greece Golden Visa?

    If you’re interested in obtaining a Greece Golden Visa, there are a few steps you need to follow. First, you must choose an investment option, such as real estate or government bonds. Then, you need to prepare and submit the necessary documents along with your application to the relevant authorities. Keep in mind that the process may take several months before approval is granted.

  • Will the Greece Golden Visa Program Change in 2023?

    The Greece Golden Visa program undergoes periodic changes to adapt to market conditions and regulatory requirements. Starting August 1st, 2023, the minimum value of property required for obtaining a Greek Golden Visa will increase from €250,000 to €500,000. The modifications will impact 36 municipalities in Greater Athens, Greater Thessaloniki, Mykonos, and Santorini.

  • What is the cost of a Golden Visa in Greece?

    To obtain a Greece residence permit, the applicant must invest at least €250,000 in the country’s economy. They can buy a home, make a deposit in a Greek bank, or invest in securities.

  • What is the Success Rate of the Greece Golden Visa Program?

    The success rate of the Greece Golden Visa program varies depending on factors such as applicant eligibility and chosen investment options. However, overall, this residency-by-investment scheme has been successful in attracting foreign investors due to its attractive benefits and straightforward application process.

  • What are the Disadvantages of the Greece Golden Visa?

    While there are many benefits to obtaining a Greece Golden Visa, there are also some potential drawbacks to consider. These include high initial investments required, ongoing maintenance costs for property investments, potential fluctuations in local markets affecting returns on investment and bureaucratic processes.

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