Residence permit
21 June, 2024
Reading Time: 8 min

Greece Golden Visa: how to get a residence permit by investment

The Greece Golden Visa is a residence permit by investment obtained under the Greek state program. The investor and their family get residency in exchange for investing in real estate, public securities, Greek business, or opening a bank deposit.

The Golden Visa holders do not have to live in Greece or pass a Greek language proficiency test.

Julia Loko

Author •Julia Loko

Explained who can get a Greece golden visa and how to apply for it

Greece Golden Visa Programme

Greece Golden Visa: how to get a residence permit by investment

What is Greece residency by investment?

A residence permit by investment is called a “golden visa”. The government-supported Greece Golden Visa Program regulates the rules under which investors get residence permits.

The Greece Golden Visa Program has been operating since 2014.

Greece is the only country that issues a five-year Golden Visa for first-time applicants. For example, in Portugal and Spain, the first residence permit by investment card is valid for two years; the holder prepares documents and pays state duties to extend the residence permit.

The applicant must contribute at least €250,000 to the country’s economy to obtain a Greece investment residence permit. They can buy a home, make a deposit in a Greek bank, or invest in securities. Most investors purchase real estate to rent it out and earn passive income.

The investor and their family members can receive residence permit cards in 4+ months.

Differences between Greece’s Golden Visa and other residence permits

Criteria

Golden Visa

Other residence permit

Validity period

5 years

1—2 years

Mandatory stay in the country per year

No

183 days a year

Visa-free entry to the Schengen Area

Yes

Yes

Accounts in European banks

Yes

Yes

Adding a spouse and minor children to the application

Yes

Yes

Adding parents and adult children under 24 to the application

Yes

No

Income tax benefits

Yes

No

Employment or business in Greece

No

Depends on the permit type

7 benefits of the Greece investment residence permit

1. Visa-free travelling. Investors with a Greece residence permit visit other Schengen countries without a visa and spend up to 90 days out of 180 there.

2. Living in Greece. The investors and their families can arrive in the country even if the borders are closed. You can come to Greece for a holiday at any time. In addition, it’s possible to organise a “safe haven” and go to Greece in case of emergency.

3. Residence permit for family members. Investors can include their spouse, children, and parents in the residency application, allowing close relatives to enjoy the same rights regarding residence, education, and travel.

4. Tax optimisation. Greek tax residents are offered preferential tax rates. The investor pays a flat tax of €100,000 per annum on their global income. The investor’s relatives can also take advantage of the preferential rates and pay €20,000 annually.

5. Using the services of Greek banks. An investor can open accounts and deposits in Greece and use all banking services.

6. Access to high-quality healthcare. Residence permit holders have access to public healthcare in Greece. It means they can benefit from healthcare services under the same conditions as Greek citizens.

7. Getting EU citizenship. The investor can apply for citizenship after 7 years of living in Greece. To qualify, foreigners prove proficiency in Greek and pass an exam in the country’s history, culture, and government structure.

Greece allows its citizens to hold multiple citizenships at once. Investors do not have to renounce their first citizenship if their original country does not require this.

Discover the advantages, terms, and details of the Greece residence-by-investment program

Who can get Greece residence permit by investment

Any person over 18 who has no criminal record is eligible to apply for a Greece Golden Visa.

Investor’s family member who can be included in the application:

  • a spouse or partner with a signed Cohabitation Agreement, registered in Greece;

  • unmarried children under 24;

  • spouse or partner’s unmarried children under 21, provided that the applicant has legal parental rights over them;

  • spouses’ parents.

Applicants need to prepare and submit the required documents and pass the state’s Due Diligence check.

Greece Golden Visa by buying a property: current rules and last changes

Greece has set a new investment threshold of €800,000 for real estate in the regions of Attica and Thessaloniki, as well as in Mykonos, Santorini, and other islands with more than 3,100 residents. The minimum investment has been set at €400,000 for properties in less renowned regions.

The exceptional minimum of €250,000 will be maintained for two categories of properties:

  • architectural monuments for restoration, with the restoration needing to be completed within 5 years;

  • converting a property into a residential one, with construction work completed before submitting a Golden Visa application.

The investment threshold for such properties remains €250,000 regardless of the region, and they are not subject to the minimum area requirement.

To qualify for purchasing new real estate for €250,000 instead of €400,000—800,000, one must:

  1. Deposit 10% by August 31st, 2024.

  2. Complete the transaction by December 31st, 2024.

  3. Apply for a residence permit.

Number of properties and their area. Besides the increase in the minimum investment threshold, another condition stipulates that an investor can buy only one new property, and its area must be at least 120 m². Consequently, foreigners can no longer obtain a residence permit by purchasing studio apartments or small houses.

Purchasing rules. An investor can buy real estate in any area of ​​Greece as an individual or through a legal entity. When purchasing through a legal entity, the following conditions apply:

  1. The head office of the company must be located in the EU.

  2. The investor must own the 100% of company shares.

Spouses can purchase real estate in joint ownership. In this case, each spouse’s share must equal or exceed the minimum investment amount. Suppose a couple wants to buy an apartment in the centre of Athens, where the investment threshold is €800,000. Therefore, the property cost must be at least €1,600,000.

Leasing rules. Golden Visa holders are prohibited from renting out properties for short-term rent, such as through the Airbnb platform. If the investor does not comply with this condition, the residence permit will be cancelled, and they will be fined an administrative fee of €50,000.

However, investors can still lease properties under long-term agreements, earning 3—5% of yearly yields.

Renting tourist property. Instead of buying real estate, the investor can choose to rent accommodation in a hotel or a furnished apartment in a tourist complex. The rental or timeshare agreement is concluded for 10 years.

Inheritance and gifts. A Greece Golden Visa can also be obtained by someone who has inherited real estate worth over €250,000 or accepted it as a gift. They must pass Due Diligence and submit the documents stipulated in the residence permit application.

Greece residency by buying securities

The Greece Golden Visa Program offers the opportunity of investing in securities. The investment amount depends on the type chosen and the number of family members in the application.

The following options are available:

  1. Purchase of shares in mutual or alternative investment funds — €350,000.

  2. Purchase of government bonds — €500,000.

  3. Capital investments in Greek companies — €500,000.

For an investment of €800,000, the buyer can independently collect a portfolio of stocks, corporate or government bonds, which are traded on the Greek stock exchanges. In this case, there are no restrictions on the maturity of the bonds.

Greece residency by opening a deposit account in a Greek bank

Depositing a significant amount to a bank account is another way under the Greece Golden Visa Program.

The investor deposits €500,000 in a fixed-term deposit account with automatic renewal. The initial term of the deposit is one year.

Only two EU countries with investment residency programs offer Golden Visas in exchange for a bank deposit: Spain and Greece. The Spanish program requires a deposit of €1,000,000.

Greece Golden Visa requirements

Documents for application. For successful participation in the Greece Golden Visa Program, it is necessary to fulfil the requirements for documents from both the investor and their family members.

The main applicant provides:

  • a valid international passport;

  • a national passport;

  • a residence permit, if any;

  • a Golden Visa application;

  • health insurance;

  • confirmation of sources of funds, for example, bank statements and an employment contract.

To add family members to the application, the investor must present a marriage or partnership certificate, which must be registered in Greece. Birth certificates are required for children and parents.

Additional documents depend on the chosen investment option. For example, if purchasing real estate, a sale and purchase agreement is provided, alongside registration with the Land Registry and a certificate that there was no impediment related to the transaction.

Investment ownership period and return. Investors must hold their assets in real estate or securities for the entire duration of the residence permit to maintain their residency.

An investor can only sell real estate or securities and withdraw their deposit after obtaining citizenship. Becoming a citizen becomes available after 7 years of continuous living in Greece with a residence permit.

The fee for applying for a residence permit is €2,000 for the main applicant and €150 for each adult family member included in the application. There is no fee for children under 18.

Step-by-step procedure for obtaining a Greece Golden Visa

The obtaining process usually takes 4+ months and consists of a few mandatory steps.

1

1 day

Preliminary Due Diligence

At this stage, an investor undergoes a preliminary check against international legal and business information databases and is also checked for harmful or compromising information materials on the Internet.

Preliminary Due Diligence performed by Immigrant Invest’s Compliance Department helps reduce the rejection risk to 1%.

2

1 week

Collect the necessary documents

A form with personal data is filled out for each family member. When filling out the forms, all documents, according to the list, must be available for reliable paper completion and further submission.

3

1 week

Get a tax number in Greece

In Greece, obtaining a tax number is crucial for major transactions, including purchasing property.

A lawyer will file the necessary application and documents to register for a tax number. Generally, the number is issued within three to seven working days.

4

1—3 months

Fulfil an investment requirement

The investor buys a property or securities, rents tourist accommodation, or opens a bank account. The lawyers accompany the transaction.

In the case of a property purchase, Immigrant Invest real estate experts can provide a list of suitable real estate from reliable developers.

5

1 day

Apply for a residence permit

Applications for Golden Visas are accepted online. Upon submission, the investor receives a 1-year certificate allowing them to stay in Greece until a residence permit is issued.

6

1 day

Submit biometric data

Biometric appointments are available 1—2 weeks post-residency application submission. Travel may necessitate a tourist visa for property investors or a national D visa for other investments.

Biometrics must be completed within six months of applying and before one year expires.

7

1—2 months

Receive a residence permit card

Investors may collect their permit cards personally or through a lawyer. The investor presents their international passport and retrieves the residence permit application certificate upon collection.

8

Every 5 years

Renew a residence permit

Residence permits, valid for five years, can be renewed by submitting applications and necessary documents within two months of the current permit’s expiry. Continued ownership of the property or investment assets is required.

Golden visa and taxes

The investor can become a tax resident of Greece and pay a fixed annual income tax of €100,000 for 15 years. The investor’s close relatives can also take advantage of the preferential rates and pay €20,000 per annum.

Global income tax is levied on a progressive scale without these exemptions and can be as high as 45%.

Tax residency can be changed if the investor resides at least 183 days a year. To obtain an official status of a tax resident, he must apply to the Greece tax authorities.

How to obtain Greece citizenship

Investors don’t need to live in the country permanently to maintain a residence permit. However, they need to have lived in Greece for at least seven years to obtain citizenship.

First, the investor receives a Greece Golden Visa for five years and moves to the country. After five years, they extend the residence permit card. After another two years, the investor applies for a Greek passport.

The citizenship application fee is €700.

The applicant needs to pass a Greek language proficiency test and a history exam to obtain Greece citizenship. They also take an oath of allegiance and confirm that they do not pose a threat to Greek citizens' life or health, have a stable income, and will not apply for unemployment benefits.

The main applicant’s minor children automatically receive Greece citizenship, provided that they permanently reside in the country.

A foreigner can get Greece permanent residence and citizenship faster by marrying a Greek citizen. In this case, an application for permanent residence can be submitted after three years of living in the country and citizenship after five years.

Greek citizenship — visa-free countries

With a Greek passport, you can visit 171 countries without visas

Key points about the Greece Golden Visa

  1. The Greece Golden Visa is a residency-by-investment program that allows investors and their families to obtain residence permits in Greece by making significant financial contributions to the country’s economy.

  2. The primary route is purchasing real estate valued at a minimum of €250,000, though options exist for securities investments and bank deposits.

  3. The Greece Golden Visa stands out for its longer initial validity of 5 years compared to other European countries.

  4. Greece residency offers several benefits, such as tax optimisation opportunities, visa-free travel, and access to public healthcare.

  5. After 7 years of living in Greece, the investor may become eligible for citizenship, which includes the ability to hold dual citizenship.

Immigrant Invest is a licensed agent for citizenship and residence by investment programs in the EU, the Caribbean, Asia, and the Middle East. Take advantage of our global 15-year expertise — schedule a meeting with our investment programs experts.

Frequently asked questions

  • How does a Greece Golden Visa work?

    Greece’s Golden Visa is a residence permit that allows investors to live in the country, travel within the Schengen Area freely, study in Europe, and get medical treatment in the best clinics.

  • How much does it cost to get a Greece Golden Visa?

    An investor can buy real estate for €250,000+. Alternatively, they could rent a room in a hotel or an apartment in a tourist complex.

    Investors can also buy securities: stocks, bonds, government bonds, or shares in a venture fund. They also have the option of opening a time deposit account in a Greek bank. In these cases, the minimum investment differs from €350,000 to €800,000.

  • Can I get residency in Greece if I buy a house?

  • When obtaining a Greece golden visa, which taxes are paid for a real estate purchase?

    When buying real estate, a transfer tax of 3% of its value and municipal tax of 0,9% must be paid.

    You must pay two taxes for owning real estate: on the property and municipal taxation. The rates depend on the area, cadastral value, date of construction, and property location. If the property’s value is more than €300,000, an additional tax ranging from 0,1 to 1% must be paid per annum.

    Buyers of land plots need to pay a tax ranging from €0.003 to €9 per square metre.

    Rental income earned on real estate owned by individuals is taxed at 15 to 45%, and rental income on properties owned by legal entities is taxed at 24%.

  • How long does it take to get a Greece Golden Visa?

    It will take about 4+ months.

  • How to get permanent residence in Greece?

    An application for permanent residence by investment in Greece can be submitted after five years of living there.

    Applicants who acquire a residence permit in Greece by marriage to a Greek citizen can apply for permanent residency after three years.

  • How to get Greece citizenship?

    An application for Greece citizenship can be submitted after seven years of living in the country based on a residence permit or permanent residence. Applicants also pass a Greek language proficiency test and history and culture exam.

    Foreigners who marry a Greek citizen can apply for citizenship after five years.

  • Is it possible to obtain a Greece residence permit as a financially independent person?

    Yes, but the terms for obtaining such a residence permit differ from the conditions for getting a residence permit by investment. Financially independent persons must spend more than 183 days a year in Greece and have a local bank account. Their residence permit cards are valid for two years.

  • Are there any drawbacks for Greece Golden Visa holders?

    The investor and their family members who receive a residence permit by investment are not allowed to work in the country.

    An investor has the right to apply for Greece citizenship only if they live in the country permanently. After seven years, the investor will get Greece citizenship. For the relatives, the term is twelve years.

  • Is it easy to get a residency in Greece?

    For successful participation in the Greece Golden Visa Program, it is necessary to fulfil the requirements for documents from both the investor and their family members.

  • Can I live in Europe with a Greek Golden Visa?

    While the Greek Golden Visa allows significant travel flexibility within the Schengen Area, it primarily allows you to reside in Greece.

    Living, working, or obtaining benefits in other EU countries would require additional steps and adherence to other nations' immigration laws. If your goal is to eventually reside elsewhere in the EU, you might consider the pathways towards long-term EU residency or Greek citizenship as potential options.