9 benefits of the Greece Golden Visa for cosmopolitans

Golden Visa holders and other residents of Greece can travel visa-free to all Schengen countries and some EU countries that are not part of the agreement. This applies only to short visits of up to 90 days in any 180-day period.

The number of days sums up for all states within the Schengen Area. For example, within half a year, one can travel to Spain for 45 days, then to Italy for 15 days, and then to Austria for 30 days.

How to get a Greece Golden Visa

Aside from that, residents of Greece can travel visa-free to Cyprus, and Romania. It’s possible to stay in each of these countries for 90 days every 180 days.

Being able to travel across Europe visa-free is one of the major benefits of Greek residency that makes investors consider applying for the Golden Visa program.

The preferential tax system for 15 years is available to new tax residents of Greece. Instead of paying up to 45% tax on global income, they can pay a flat tax of €100,000 per year. The fixed payment does not depend on the amount of income the investor receives from outside Greece.

For each family member that also decides to become a tax resident of Greece, the investor adds an extra €20,000 to their annual tax payment.

To become a tax resident, investors have to spend more than 183 days a year within the country.

This benefit of Greece residency makes the Golden Visa attractive to IT specialists and other professionals who work remotely for foreign companies.

Along with the investor, the residency is available to their close family members. The list of people who are allowed to get the residence permit under the same investment includes:

• their spouse or registered partner, if the partnership was registered in Greece;

• unmarried investor’s children under 24;

• children of the spouse if they are under the investor’s custody and unmarried;

• the investor’s parents of any age.

The application process is fast and takes 4 months or more.

Greece permanent residency allows Golden Visa investors to settle in the country for the long term. To be eligible to apply for a PR card, they are required to maintain the investment they made and physically reside in Greece for at least 5 years.

During these 5 years, investors shouldn’t leave the country for more than six months at a time and ten months overall.

Golden Visa holders have the opportunity to obtain Greece citizenship by naturalisation. To apply for citizenship, they need to pay the €700 application fee and meet the following requirements:

1. Continuously reside in Greece for at least 7 years.
   The Golden Visa investor gets a residence permit valid for 5 years. It means they will need to renew their permit only once to obtain citizenship.

2. Establish close ties with the country and integrate into the Greek community. To do this, investors need to pass an exam on the Greek language, culture, history, geography, and government structure. The exam consists of 40 questions, an essay, and a speaking part.

Some benefits of Greece citizenship include visa-free travel to 171 countries, the right to vote, access to the local welfare system, and the ability to pass on citizenship by inheritance.

It is allowed to rent out the real estate purchased as an investment, but only for the long term. The investor can start renting their property immediately after the acquisition for additional passive income. The average rental yield in Greece is 4,82%.

Rental prices in Athens range from €700 to €1,700 per month for a three-bedroom apartment.

Another source of passive income for a Golden Visa resident is a percentage from owning shares in local companies. While investors can buy shares and dividends in Greece, they cannot work for local employers.

Residents of Greece and their children can take advantage of the schools, universities and other state educational facilities in Greek cities.

Services of local hospitals and clinics and also available to them.

Having the residency in Greece, the investor has the right to move to Greece or keep the option as a "safe haven." No matter the reasons for leaving their country of origin, the investor will always have a second home in Greece.

With all close family members eligible for a Greek residency permit, they have the option to put down roots in the country of heavenly islands and feta cheese.

Cost of living. Compared to other EU countries, Greece is an affordable place to live. The average annual wage here is €19,713, which makes €1,643 monthly. A single person can live comfortably in Greece, spending €810 or more per month excluding rent payments.

Dinner for two in an inexpensive restaurant typically costs around €50, while a cup of cappuccino is priced at €3.33. Taxi fares start at €4 for a short ride.

Prices in cities popular among tourists will be higher than in more remote locations.

Climate. Greece is known for its mild Mediterranean climate. Summers here are consistently sunny and hot, while winters are rainy and relatively warm.

The average temperature in July is +33°C, and in January, it’s +13°C. Spring starts early, with warm and sunny weather beginning in April, and the first half of autumn is usually summerlike. This leaves only 5 months of non-t-shirt weather.

Nature and cultural heritage. Greece attracts an enormous number of tourists: in 2019, more than 34.2 million people arrived here. Even during the pandemic in 2020, over 7 million tourists travelled to Greece — and for a good reason. Its historical monuments, like the Acropolis of Athens and Ancient Delphi, are known and admired worldwide. Aside from that, Greece boasts scenic natural attractions with its mountainous islands and sandy beaches.

It’s hard to say which European Golden Visa Program is the best, as each investor has their own goals.

On the other hand, many of our clients are looking to obtain residency in an EU state with the most affordable investment options. From that perspective, the Greece Golden Visa is one of the best in the EU. It requires a minimal investment in real estate among other European states. But that’s not the only benefit of the program.

Relatively low investment threshold. The minimum investment for the Greece Golden Visa is €250,000. This amount covers the cost of a single property purchased for renovation or conversion into residential space.

If an investor buys a new property, its value must be at least €400,000 in most regions. The minimum investment for popular regions such as Attica, Thessaloniki, Mykonos, or Santorini is €800,000.

The Greek Golden Visa is more affordable compared to similar programs in the European Union. For instance, the minimum property investment required to obtain a Golden Visa in Spain or Hungary is €500,000. Portugal abolished real estate options in 2023.

Examples of properties in Greece

Greece, Athens

€741,000 — €1,423,000

Apartments in a closed residential complex near the sea, Alimos, Athens

86 m² — 153 m²

1—3

2—3

Greece, Athens

€600,000 — €629,000

Apartments after renovation with yield, Athens, Greece

162 m²

2

2

Greece, Athens

€550,000+

Apartments in a new residential project near the sea

70 m²

2

1

No requirement to reside in Greece. After obtaining a Golden Visa, the investor gets a residence permit valid for 5 years. To keep the permit and renew it upon expiration, they are not obliged to reside in Greece for any time.

Investors can spend all five years outside of Greece without visiting it once, and they will still have the right to renew the permit and take advantage of visa-free travel to Europe.

Infrequent renewal of the resident permit. The residence permit the investor obtains is valid for five years. After the five years pass, it has to be renewed. Compared to other similar programs in the EU, this is an infrequent requirement. In Portugal, for example, the residence permit has to be renewed every two years; in Italy — every three years after the first renewal.

Opportunity to rent out the investment property. The investor can earn passive income by renting out the real estate they purchased as an investment. The updated rules of the Greece Golden Visa only allow the property to be rented out for long-term leases.

1. The main Greek Golden Visa advantages for investors are visa-free travel across the EU, the opportunity to move to Greece with close relatives for at least 5 years, and tax optimisation, and access to local healthcare and education.

2. After 7 years of residing in Greece, investors can apply for citizenship. They need to pass written exams and demonstrate the absence of a criminal record or deportations.

3. The minimum investment for the Greece Golden Visa is €250,000. A property purchased for renovation or conversion into residential space requires a value of €250,000 or more, while new real estate needs to be at least €400,000.

4. Golden Visa holders can rent out the investment property immediately after acquisition. However, only long-term leases are allowed.

5. Greece is an affordable place to live compared to other EU states. To live comfortably in the country, a single person needs €810 or more per month, excluding rent.