Greek Golden Visa Program – Your Ticket to EU Residency
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KEY POINTS
Residency and Citizenship Benefits
The Greece Golden Visa Program offers residency and a pathway to citizenship, providing access to healthcare, education, business opportunities, and visa-free travel to over 170 countries.
Investment Requirements
Recent changes to the program include higher investment thresholds and restrictions on property usage, reflecting Greece's focus on revitalizing specific areas and preserving cultural heritage.
What is the Greece Golden Visa Program?
The program was initiated in 2013 and drew inspiration from the Portuguese Golden Visa program introduced in 2012. Both are popular residency-by-investment programs that offer EU residency and a pathway toward permanent residency and citizenship.
The Greek program is only available to non-EU/EEA citizens. Upon making an approved investment (see below) and being accepted to the program, you will receive a 5-year residency permit with the possibility of renewal for additional 5-year increments.
The amalgamation of Greek governance, economic dynamics, and commercial elements, alongside the notably thriving visa program, spurred the government to enact more restrictive revisions to the golden visa program in both 2023 and 2024.
What are the primary benefits of the program?
The most popular benefits include:
Family
Residency in Greece for the applicant and their spouse or significant other, unmarried children under 21 years old, and parents of the applicant and spouse (limitations and restrictions apply)
Mobility
Ability to live, start a business, and study in Greece (you cannot be a freelancer, employee, or company director)
Visa-free travel to the Schengen Area
Visa-free travel to more than 170 countries
Ability to purchase an automobile with Greek license plates
Healthcare and Education
Access to high-quality healthcare
Enrollment of children in Greek schools and universities
Business / Investment Opportunities
Opportunity to establish and operate a business
Potential rental income and capital gains from investment in real estate
Citizenship and Legal
Unlimited renewals
Eligibility to apply for Greek citizenship after a certain period
Ability to purchase property in Greece
Lifestyle & Culture
Participate in Greece’s vibrant cultural and social life
Enjoy the Mediterranean climate and natural beauty
Do not need to pass a language proficiency test
Bonus Benefit
The Greece Golden Visa Program does not impose any minimum stay obligations.
Greek Golden Visa Program investment requirements?
On March 21, 2024, the Finance Ministry announced changes to the Greek Golden Visa Program. The key objectives include converting buildings into homes, protecting historic buildings, and prohibiting participating properties from being used for short-term rentals.
On April 3, 2024, the Greek parliament voted in the new legislation. We summarize the old and new requirements as follows:
Investment Minimums - Old
€500,000 qualifying real estate investment in Athens, Thessaloniki, Mykonos, Santorini
€250,000 qualifying real estate investment in all other areas
Transitional provisions allow individuals to meet these minimums provided they make a 10% deposit before August 31, 2024, and complete the investment transaction by December 31, 2024.
If the purchase of property is not complete by December 31, 2024, the individual may complete their investment in another property by April 30, 2025 and still be subject to the minimums above.
Investment Minimums - New*
The investment must be in a single property that meets or exceeds the € minimums below with a minimum area of 120m².
€800,000 qualifying real estate investment in Attica, Thessaloniki, Mykonos, Santorini, and islands with a population over 3,100 (over 30 islands)
€400,000 qualifying real estate investment in all other regions in Greece
€250,000 for commercial properties converted to residential in any region
€250,000 for restoration of historical or culturally important buildings in any region
*Limitations and restrictions apply. Significant financial penalties can be imposed for non-compliance.
How to apply to the Golden Visa Program?
Individuals may elect to not physically visit Greece and instead engage a proxy (lawyer appointed as power of attorney) to submit the residency application. However, the individual will be required to visit Greece within 12 months from the application’s confirmation receipt date to submit biometric data.
The individual will need to adhere to the requirements including, but not limited to:
Non-EU/EEA citizen
Age 18 or older
Certified copy of passport
Proof of no criminal record
Proof of medical insurance
Provide passport type photographs
Payment of applicable fees
Biometric submission (fingerprints and digital signature)
All documents must be submitted in Greek, accept for documents issued by foreign authorities that need to be certified but not translated.
The individual will receive a receipt confirming submission of the application. The receipt is valid for one year during which the individual can reside in Greece.
A 5-year residency permit will be issued once the Ministry of Immigration and Asylum verifies that the application is complete and fulfills all the necessary conditions.
Did we forget to mention obtaining professional advice?
You can obtain a lot of background information related to Greece’s Golden Visa Platform from reading articles like this one. However, do not let this persuade you to go it alone through this process.
This endeavor will become an integral part of your estate planning process. You will need to incorporate intricate components concerning investment, finance, budgeting, taxation, legal matters, immigration, education, healthcare, and other relevant aspects.
We highly recommend you engage professional advisors to ensure you develop an integrated risk minimization strategy.
Do you need travel insurance?
The Golden Visa Program requires you to obtain medical insurance that covers you while you are in Greece. This type of insurance does not provide the same coverage as travel insurance, although some overlaps may exist.
Travel insurance can provide coverage for emergency medical expenses and your non-refundable trip costs. Coverage can include pre-existing medical conditions, illnesses, injuries, medical evacuations, repatriation, trip cancellations, interruptions, delays, and lost luggage.
Many travel insurance companies also include 24/7 multilingual services for issues related to medical, travel, concierge, and identity theft.
Access to a multilingual agent during a crisis while abroad can be an invaluable lifeline that ensures you gain access to the medical services you need as soon as possible while saving you time, money, and reducing your stress.
What about citizenship?
The Golden Visa Program in Greece serves as a gateway for investors aiming to secure citizenship through strategic investment in the country's economy. Participants can apply for Greek permanent residency after five years and citizenship after the mandatory seven years of continuous residency.
Citizenship comes with full rights within the European Union.
FINAL THOUGHTS
The Greek Golden Visa Program can be an attractive way to obtain EU residency and eventual EU citizenship. The program has undergone substantial changes in the past two years, and it faces it’s share of critics within Greece and across the EU.
We recommend you consult with a lawyer that specializes in this area at the very beginning of the process to ensure your goals and dreams are realized as envisioned.
Safe travels!
