Greece Golden Visa: how to get a residence permit 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.

How to get a Greece Golden Visa

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.

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

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 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.

Individual cost calculation for residence by investment in Greece

Get the cost calculation

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.

Examples of investment real estate in Greece

Greece, Santorini

€388,000 — €905,000

Villa in a gated complex overlooking the sea and vineyards in Santorini

109 m² — 224 m²

3—5

2—4

Greece, Santorini

€505,000 — €550,000

Mediterranean style villa next to the sea in Santorini with guaranteed rent

84 m² — 94 m²

3

1

Greece, Kissamos

€830,000 — €1,550,000

Traditional style villas on the seafront in Crete, Greece

126 m² — 157 m²

3

3

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.

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.

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.

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.

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.

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

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.