Greece Golden Visa Programme

The Greece Golden Visa Programme was established to enable foreigners with a desire to reside in Greece to obtain residency. In fact, Greece may be called a perfect destination for those who want to enjoy the Mediterranean coast and sunny days all year round. Fundamentally, tourism is the key pillar of Greek economy. Consequently, the government offers non-EU nationals Golden Visa program, which allows having residency in Greece.

Essentially, investors can purchase real estate property in Greece and receive permanent residency in the country. Once the Golden Visa is obtained, one has visa-free access to Schengen and the right to reside in Greece permanently. Subsequently, it is possible to apply for Greek citizenship after seven years of living in Greece.

• Key Benefits of the Greece Golden Visa Programme
• Mobility
• Main Requirements
• Investment Options
• Timeframe

Key benefits of the Greece Golden Visa Programme

• Global mobility with visa-free travel to 27 Schengen countries.
• Spouse, children up to the age of 21, parents of both spouses can be included in the application on a single investment. 
• Right to live in Greece and possibly to own a company.
• Double Taxation Treaties.
• Permanent Residency is valid for life, as long as the investment is maintained.
• Investment properties can be rented out.
• If residing in Greece with a permanent residency more than 183 days a year, one can apply for Greek passport after seven years (subject to conditions).
  
  

Mobility

Visa-free travel to 27 Schengen countries.

Main requirements for the Greece Golden Visa Programme:

•    Firstly, the main applicant must be at least 18 years of age
•    Secondly, applicants should be non-EU/EEA
•    Thirdly, have a clean criminal record 
•    Additionally, hold a health insurance
•    Moreover, invest in real estate in Greece or other permitted options
•    Lastly, meet any additional requirements as specified by the government of Greece

Investment options

Currently:

Here are some of the investment in real estate options that are available under the Greece Golden Visa Programme:

•    Firstly, €250,000 for such areas in Attica as Piraeus, Western & Eastern Sector of Athens, Rafina, Lavrio, Peristeri.
•    Secondly, €500,000 in the North, South and Central sectors of Athens, in Thessaloniki, Mykonos and Santorini.
•    Thirdly, once permanent residency is secured, investors can rent out or sell the property.

Other qualifying investment options include:
•    Lease Agreements with Hotels or Tourist Establishments. 
•    Alternatively, investment in Greek Government Bonds. 
•    Conversely, deposits in Greek Banks. 

Changes Announced in March 2024:

Greece has revised its Golden Visa programme, increasing the investment €400,000 / €800,000 for select regions to mitigate the housing crisis. 

Pending official approval, the new system will categorize investments into two tiers based on location, adjusting the minimum investment required:

•    €800,000 real estate investments in Attica, Thessaloniki, Mykonos, Santorini, and other islands with population exceeding 3,100 people.
•    €400,000 the rest of Greece. 
•    €250,000 investment shall remain for historic buildings and industrial buildings converted into residential accommodation.

The updated criteria also specifies a 120 square meters minimum property size. 

Existing and Future Applicants

Applications already submitted for the Golden Visa in Greece remain unaffected by these updates. The programme's changes will not be retroactive, ensuring that investments under old rules will continue as before, safeguarding the interests and investments of existing applicants.

Investors can still qualify under the €250,000 minimum investment under the old rules if a 10% deposit is paid by September 30, 2024, completing the final investment by December 31, 2024, and finalizing property transactions by April 30, 2025.

Timeframe

• If purchasing in Crete and applying to Crete immigration authorities -  processing may take up to 90 days.
• If purchasing in mainland Greece submitting the application to the immigration authority in Athens - processing may take up to 60 days.