Greece Golden Visa 2024 – Your Comprehensive Expert Guide
Table of Contents
The Greece Golden Visa Program
Also known as the Greece Investment Visa, this program is an ideal option for those seeking EU residency and expanded global access. With benefits ranging from a flourishing real estate market to visa-free travel in the Schengen Area and advantageous tax policies, the program offers substantial incentives for international investors.
What is the Greece Golden Visa Program?
Introduced by the Greek government in 2014, the Greece Golden Visa is a residency-by-investment program allowing non-EU/EEA nationals and their families to obtain permanent residency in Greece. With a minimum investment of €250,000 in real estate, applicants can enjoy residency benefits and work towards European citizenship.
To qualify, applicants must have a clean criminal history and meet the minimum investment requirements. Recent changes include a new €800,000 threshold for certain high-demand regions like Athens, Thessaloniki, Mykonos, and Santorini, while other regions maintain a €400,000 minimum.
Investment Tiers and Updates for 2024
The new tiered investment structure as of August 2024 is as follows:
- Tier One: €800,000 for regions like Attica, Thessaloniki, and islands with high demand.
- Tier Two: €400,000 for other regions in Greece.
- Tier Three: €250,000 for commercial properties converted to residential use.
- Tier Four: €250,000 for the restoration of listed buildings with specific renovation requirements.
Golden Visa Greece – September 2024 Update
In September 2024, a new investment option was announced, allowing applicants to obtain a five-year residence permit by investing a minimum of €250,000 in Greek startups. Further details on this initiative are pending.
Steps to Obtain the Greece Golden Visa
- Ensure a clean criminal record.
- Invest in real estate or another eligible asset in Greece.
- Submit your application through a licensed agent.
- Complete biometric requirements once approved.
Pathway to Greek Citizenship
A Golden Visa holder can apply for Greek citizenship after seven years of residency, provided they spend at least 183 days in Greece annually and demonstrate proficiency in the Greek language.
Program Benefits
- Permanent residency for the investor and family members.
- Visa-free travel within the Schengen Zone.
- Access to high-quality healthcare and education.
- Potential pathway to EU citizenship.
Greece Golden Visa Benefits
Family Inclusion
Extend residency benefits to your entire family, including children under 21 and dependent parents.
Access to Healthcare
Enjoy top-rated healthcare services in Greece, offering coverage through public and private sectors.
Quality Education
Benefit from Greece’s respected education system, accessible to both residents and citizens alike.
Visa-Free Travel
Travel effortlessly across the Schengen Zone, with visa-free access to multiple European destinations.
Tax Advantages
Reduce tax obligations with Greece’s Non-Dom tax regime, suitable for investors and new residents.
High Returns
Earn income from renting properties or receiving dividends from company shares in Greece.
Additional Benefits of the Greece Golden Visa
Residency extends to the entire family, including dependents under 21 and parents. The healthcare system in Greece offers top-tier services, accessible through both public and private providers. Educational opportunities for children include access to respected schools and universities.
Travel across the Schengen Zone is simplified, with Greek residence permit holders enjoying unrestricted movement within the EU. Additionally, Greece's unique Non-Dom tax regime provides a path for minimizing tax on foreign income through a lump-sum annual payment.
Investment in Greece can offer significant financial returns, from property rentals to company dividends, ensuring steady income while preserving the value of your investments.
Greece Golden Visa Statistics
Total Investment: €2.6 billion
Residence permits granted per year:
Top Nationalities Applying
- China: 6,405 applicants
- Turkey: 618 applicants
- Russia: 596 applicants
- Lebanon: 304 applicants
- Egypt: 250 applicants
- Iran: 194 applicants
- Iraq: 135 applicants
- Ukraine: 112 applicants
- USA: 103 applicants
- Jordan: 86 applicants
Note: The Greece Golden Visa continues to be one of the most attractive programs in Europe, providing significant economic benefits through foreign investments.
Greek Golden Visa Eligibility Criteria
To qualify for the Greek Golden Visa program, you must fulfill the following requirements:
- Be over the age of 18 at the time of application
- Be non-EU citizens
- Have no criminal record
- Make a significant investment as stipulated by the Greek government and provide proof of the respective financial investment
- Have Greek private health insurance which covers all health and safety risks
It’s important to note that you no longer need to visit Greece to start the Golden Visa application process.
Map of Greece
Investment Options for the Greek Golden Visa Program
The Greece Golden Visa program offers flexible investment tiers as of 2024, providing several paths for investors. Here’s an overview of the main investment options:
Tier 1 Investment
Minimum investment: €800,000
- Eligible areas include high-demand locations such as Attica (Athens), Thessaloniki, Mykonos, and Santorini.
- Requires a single property with a minimum size of 120 square meters.
- Offers access to prime real estate in Greece's most sought-after destinations.
Tier 2 Investment
Minimum investment: €400,000
- Targets all other regions throughout Greece.
- Encourages investment in emerging or less densely populated areas.
- The property must still meet a minimum size requirement of 120 square meters.
Tier 3 Investment
Minimum investment: €250,000
- Applies to properties converted from commercial to residential use.
- No limitations on location or size, as long as the conversion is completed before applying.
Tier 4 Investment
Minimum investment: €250,000
- Focuses on properties of historical or cultural significance that require restoration.
- Supports the preservation of Greece’s cultural heritage while providing residency benefits.
Eligible Investment Regions in Attica
Regions highlighted in gold are eligible for the €800,000 investment tier.
Investors must meet specific conditions before purchasing a property, such as having complete ownership of company shares if the purchase is made via a legal entity and proving ownership of the property.
Leasing Property in Greece for the Golden Visa
To be eligible for the Greek Golden Visa through property leasing, investors must enter into a ten-year lease or timeshare agreement. The total lease value must be equivalent to the purchase price for hospitality accommodations, including hotel suites or furnished tourist residences within designated resorts.
For those leasing hospitality properties, the lease contract must extend for at least ten years, with a minimum rental amount of €250,000. The total lease payment should be made upfront as a lump sum, covering the entire duration.
Eligible investors can maintain their permanent residency status by retaining their investment and renewing the residence permit every five years. In high-demand areas such as Athens, Thessaloniki, Mykonos, and Santorini, the total lease amount must be at least €500,000, paid in full prior to applying for the permanent residence permit.
Important: Greek law imposes strict regulations on real estate investments for the Golden Visa. Leased properties cannot be used for short-term rentals (e.g., vacation rentals) or serve as company headquarters. Violations can result in fines of up to €50,000 and the cancellation of the residency permit.
Alternative Investment Options for the Greek Golden Visa
Beyond property leasing, the Greek Investor Visa offers various other investment routes, including:
1. Capital Contribution
- Invest a minimum of €500,000 in a company registered in Greece (excluding portfolio and real estate investment firms). Funds can be used for acquiring shares or bonds listed on Greek markets.
- Contribute at least €500,000 to a Greek real estate investment company to acquire shares.
- Invest €500,000 in a closed-end investment company or mutual fund focusing on businesses established in Greece.
2. Shares, Corporate Bonds, or Government Bonds
- Invest at least €800,000 in shares or corporate bonds listed on Greek markets.
- Purchase Greek government bonds worth €500,000 or more, with a maturity of at least three years. The bonds should be bought through a local credit institution.
- Acquire €350,000 in units of a mutual fund that invests in Greek shares, corporate bonds, or government bonds.
- Invest €350,000 in an alternative investment fund, targeting real estate within Greece.
3. Capital Transfer
- Make a fixed-term deposit of at least €500,000 in a Greek bank for a minimum of one year, with automatic renewal.
Golden Visa Greece: Application Processing Timeline
Week 1
Select your preferred investment route.
Week 2
Open a bank account. Optionally, assign an attorney to assist you.
Week 3
Acquire the property or make the respective investment.
Week 4
Pre-submit your application with the help of a lawyer. Gather all necessary documentation.
Week 5
Visit Greece to submit your biometric data.
Weeks 6-8
Your Golden Visa is approved.
Year 5
Renew your Golden Visa residence card every five years.
Year 7
Apply for Greek citizenship.
How to Get the Greek Golden Visa: Step-by-Step
The process for obtaining a Greek Golden Visa is straightforward, involving several key steps. Whether you plan to invest in real estate, government bonds, or another approved investment route, follow these steps to secure your residency:
1. Get a Greek Tax Identification Number
Obtain an AFM (Arithmos Forologikou Mitroou) remotely or through the Consulate. This number is essential for any financial transactions in Greece.
2. Open a Bank Account
Open a Greek bank account to facilitate investment payments. This can be done remotely or in person. Note: It’s not mandatory for real estate investments.
3. Gather All Documentation
Collect the required documents for yourself and any dependents. Ensure all paperwork is accurate and complete for a smooth application.
4. Make the Investment
Invest in real estate, bonds, or other qualifying assets. If opting for real estate, no additional visa is needed to enter Greece.
5. Submit the Visa Application
Apply for the Golden Visa for yourself and your dependents. For non-real estate investments, you’ll need a Category D visa to enter Greece.
6. Receive Your Golden Visa
Visit Greece to submit your biometrics. After approval, you’ll receive a residence permit valid for five years, initially through a temporary residence card.
Documents Required for the Greek Golden Visa Program
To qualify for the Greek Golden Visa, applicants must provide several documents as part of the legal requirements. These documents must be certified with an apostille or authenticated by a Greek Embassy or Consulate, and all documents must be translated into Greek. Certified translations can be done by the Ministry of Foreign Affairs' Translation Service or a member of the Greek Bar Association.
Required Documents for the Greek Golden Visa Application
- Application Form: Submit two completed copies of the Greek Golden Visa application.
- Passport: Provide a certified copy of all passport pages. The passport must be valid for at least six months and contain two blank pages.
- Passport Photos: Include four recent passport-sized photos that meet Schengen Visa requirements.
- Proof of Investment: Submit a notarized real estate purchase agreement or other investment-related documents.
- Proof of Funds: Provide documentation showing the source of investment funds, such as bank statements.
- Health Insurance: Submit a certified health insurance policy that covers medical expenses for you and your family while in Greece.
- Criminal Record: Provide a certificate of good conduct issued within the last six months.
- Medical Certificate: Include a certificate confirming you are free from contagious diseases.
- Proof of Payment: Provide evidence that the application fee has been paid.
- Occupational Information: If required, submit a CV or proof of occupation depending on the type of investment.
- Family Documentation: If applicable, include certified copies of marriage and birth certificates for any dependent family members.
Note: Ensure all documents are up-to-date and have the necessary certifications before submission to avoid delays in processing. Properly translated and authenticated documents are crucial for a successful application.
Greece Golden Visa Program Fees
In addition to the investment amount, several fees must be considered, including legal, translation, and administrative fees. For those investing in real estate, the total additional costs typically range between 11% and 12% of the property's value.
Estimated Fees for Real Estate Investments
- Application Fee (Main Applicant): €2,000
- Application Fee (Each Family Member): €150 (children under 18 are exempt)
- Residence Permit Processing Fee (Per Person): €16
- Legal and Notary Fees: Generally range from 8% to 10% of the total investment
Real Estate Purchase-Related Fees
- Property Transfer Tax: Approximately 3.09% of the property's value
- Notary Public Fees: Typically between 1% and 1.5% of the property's value
- Land Registry Fee: Around 0.6% to 0.8% of the property's value
Note: The fees listed above are estimates and may vary depending on specific circumstances. Consult with a legal expert to confirm the costs and ensure a smooth application process.
Greece Golden Visa Renewal Process
The Greek Golden Visa grants a five-year residence permit, which must be renewed every five years while maintaining the investment. To renew your Greek residence permit, certain documents and conditions must be met:
Documents Needed for Renewal
- Application Form: Completed renewal application form
- Passport Photos: Four recent color passport-sized photos
- Certified Passport Copy: Copy of all pages of a valid passport
- Previous Residence Permit: Certified copy of the prior residence permit
- Health Insurance: Certified proof of active Greek health insurance
Additional documents may be required by the authorities based on individual circumstances.
Renewal Conditions
- Maintain full ownership of the purchased property or keep the investment active
- Ensure all related contracts, such as leases, remain valid and comply with government regulations
Greece Golden Visa Dependents
The Greek Golden Visa program also extends residency benefits to family members, following these guidelines:
Eligible Dependents
- Spouse or Partner: Legally recognized spouse or registered partner
- Children Under 21: Unmarried children of the applicant or spouse
- Partner’s Children: Unmarried children of the partner under 21, with legal custody
- Parents: Parents of the applicant and their spouse, regardless of age
Important Notes: Unmarried partners are not recognized as eligible dependents. Children can remain dependents until the age of 21, after which they may apply for their own residence permit. Parents are granted residency through family reunification but cannot work in Greece.
Greek Taxes and Deductions for Golden Visa Holders
Since December 2019, Greece has offered an attractive non-domicile tax regime, which provides tax exemptions for foreign income in exchange for a fixed annual tax of €100,000. This option is open to those who were not tax residents in Greece for seven of the last eight years and invest a minimum of €500,000 in real estate or other eligible sectors.
The program extends tax exemptions to relatives for an additional €20,000 annually per person. Additionally, Greece has signed double taxation treaties with 57 countries to help Golden Visa holders avoid paying taxes twice.
Countries with a Double Taxation Treaty with Greece
| Country | Country | Country |
|---|---|---|
| Albania | Armenia | Austria |
| Azerbaijan | Belgium | Bosnia and Herzegovina |
| Bulgaria | Canada | China |
| Croatia | Cyprus | Czech Republic |
| Denmark | Egypt | Estonia |
| Finland | France | Georgia |
| Germany | Hungary | Iceland |
| India | Ireland | Israel |
| Italy | South Korea | Kuwait |
| Latvia | Lithuania | Luxembourg |
| Morocco | Mexico | Malta |
| Moldova | Netherlands | Norway |
| Poland | Portugal | Qatar |
| Romania | Russia | Saudi Arabia |
| San Marino | Serbia | Slovakia |
| Slovenia | South Africa | Sweden |
| Spain | Switzerland | Turkey |
| Tunisia | Ukraine | United Arab Emirates |
| United Kingdom | United States | Uzbekistan |
Note: While tax benefits for part-time residents are attractive, longer stays increase eligibility for citizenship. Golden Visa holders must comply with Greek tax laws, which include income tax on foreign income brought into the country at a flat rate of 7% for the first 10 years.
How to Get Greek Citizenship Through the Golden Visa Program
Although Greece does not grant citizenship directly through investment, Golden Visa holders can pursue citizenship via naturalization. To be eligible, applicants must have lived in Greece for a minimum of seven years, with at least 183 days spent in the country each year. This path to citizenship requires not just residence but also integration into Greek society.
Applicants must meet specific criteria, including passing a Greek language exam at the B1 level, as defined by the Common European Framework of Reference for Languages (CEFR). Known as the Greek citizenship test, this exam assesses language proficiency and is a key requirement for naturalization.
How Can Global Citizen Solutions Assist You?
Global Citizen Solutions is a specialized migration consultancy with extensive experience in providing tailored residence and citizenship by investment solutions. With a global presence and a dedicated team, we have helped numerous clients achieve their goals of acquiring citizenship, residency visas, or securing properties while optimizing their investment portfolios.
Our Services Include:
- End-to-end guidance throughout the entire application process, from initial consultation to final approval.
- Customized strategies to meet individual needs, ensuring a smooth transition to permanent residency and eventual citizenship.
- Legal support, documentation assistance, and preparation for language and cultural integration requirements.
We are committed to providing personalized services, ensuring your journey toward citizenship or residency is seamless and successful. Let us guide you through each step, offering expert advice and handling the complexities of the application process.
Frequently Asked Questions about the Greece Golden Visa
What is the Golden Visa scheme in Greece?
The Golden Visa in Greece is a residency-by-investment program for non-EU/EEA citizens. In return for a qualifying investment, such as real estate, company shares, or government bonds, individuals receive the right to legally reside in Greece.
What benefits does the Greece Golden Visa offer?
Applying for the Golden Visa program comes with several advantages, including:
- Indefinite residency in Greece, renewable every five years.
- Visa-free travel across the European Union and the Schengen Zone.
- Opportunities for real estate investment with rental income potential.
- Tax incentives through Greece's non-dom regime and various double tax treaties.
Can I obtain Greek citizenship through investment?
Direct citizenship by investment is not available in Greece. However, you can apply for citizenship through naturalization after seven years of residing in Greece, with at least 183 days spent in the country each year. Applicants must pass a Greek language proficiency test and demonstrate a connection to the country.
Are there restrictions on purchasing real estate in Greece?
Currently, there are no restrictions on buying real estate. The minimum investment is €400,000 for most regions, while investments in high-demand areas like Athens, Thessaloniki, Mykonos, and Santorini require €800,000. Properties converted from commercial to residential use or restored cultural sites may qualify with a minimum investment of €250,000.
How long does it take to get the Greece Golden Visa?
Processing times typically range from three to five months. Once your application is approved, the residence permit may take an additional two months to be issued.
Do I need to visit Greece during the application process?
You are not required to visit Greece during the application process, but you must travel to the country to submit your biometric data after your application is approved.
Can I include family members in the Golden Visa application?
Yes, you can include your spouse, unmarried children under 21, and parents or grandparents of both the applicant and spouse. Children over 21 can apply for their own residence permits under certain conditions.
Is it possible to work in Greece with a Golden Visa?
The Golden Visa does not grant work rights by default. If you wish to work in Greece, you will need to obtain a separate work permit.
Can Golden Visa holders travel freely in Europe?
Yes, the Greek residence permit allows visa-free travel across the Schengen Zone and other EU countries.
Can Americans apply for the Greece Golden Visa?
Yes, U.S. citizens are eligible to apply for the Greece Golden Visa program.
Is the Greece Golden Visa worth it?
The Greece Golden Visa is considered one of Europe's top residency programs, offering multiple benefits such as investment opportunities, EU residency, and a pathway to citizenship. However, it is important to consider the required investment and associated costs.
Note: The above answers provide a general overview. For specific guidance tailored to your individual situation, consider consulting with an immigration expert or legal professional.