Greek Golden Visa for US citizens: an ultimate guide

The Greece Golden Visa is a residency-by-investment program launched by the Greek government in 2013. It offers non-EU citizens, including Americans, the opportunity to obtain a Greece residency permit in exchange for an investment of at least €250,000, or $278,000.

The Greece Golden Visa grants a 5-year residence card to the investor and their immediate family members. The residence permit can be extended for another five years if all conditions are still met and the investment is maintained. The number of renewals is unlimited.

The minimum investment threshold for a Greece Golden Visa is $275,000. This is the requirement for investing in real estate, which is the most popular option among applicants.

US citizens may also qualify by investing €350,000, or $390,000 and more in:

• purchase of shares in mutual or alternative investment funds;

• 10-year lease of tourist accommodation;

• timeshare for tourist accommodation;

• opening a fixed-term deposit;

• purchase of government bonds;

• capital investments in Greek companies;

• purchase of corporate and government bonds.

These investment options give US citizens flexibility in choosing the path that best fits their financial goals and lifestyle preferences.

1. Low investment threshold. The Greece Golden Visa program has one of the lowest investment thresholds among European residency programs, with real estate investments starting at approximately $275,000. This makes it a more accessible option compared to other countries that require higher investment amounts.

2. No requirement to live in Greece. Under the Greece Golden Visa, you are not required to live in Greece to maintain your residency status. You can maintain your permit while residing in the US or any other country.

3. Family inclusion. The Golden Visa extends to your immediate family members. This means your spouse, children under 24, and even your dependent parents can also gain residency in Greece through your investment, providing security and convenience for the entire family.

4. Access to healthcare and education. As a Greece Golden Visa holder, you and your family can access Greece’s high-quality healthcare and education systems. Greece offers both public and private healthcare services and a range of international schools, making it a family-friendly destination.

5. Rental income opportunity. For US citizens who purchase property in Greece, there is an option to rent out the property. This allows you to generate additional income from long-term vacation rentals of 3—5%, making your investment even more financially rewarding.

6. Fast processing time. The Greece Golden Visa program is known for its quick and straightforward processing. Compared to other European residency programs, the application and approval process can take as little as 4 months, allowing you to start enjoying the benefits sooner.

7. Path to Greek citizenship. After 7 years of continuous residency in Greece, you may be eligible to apply for Greek citizenship by naturalization. This grants you full EU citizenship, giving you the right to live, work, and study anywhere in the European Union, greatly expanding your opportunities.

Family application. The Greece Golden Visa extends beyond just the main investor. The following family members can also apply under the same investment:

1. Spouse or partner, including same-sex partners.

2. Unmarried children under 21.

3. Unmarried children under 24, if they are students.

4. Dependent parents of the investor and spouse.

To include partners and same-sex partners in the application, a cohabitation agreement must be signed in Greece and witnessed by a Greek Notary Public. This step is essential for the partnership to be legally recognised under Greek law.

Investment requirement. There are various investment options to choose from, each with their own minimal threshold:

• €250 000, or $278,000 — real estate purchase;

• €350,000, or $390,000 — purchase of shares in mutual or alternative investment funds;

• €400,000, or $445,000 — 10-year lease of tourist accommodation;

• €400,000, or $445,000 — timeshare for tourist accommodation;

• €400,000, or $445,000 — receiving real estate as inheritance or a gift;

• €500,000, or $556,000 — opening a fixed-term deposit;

• €500,000, or $556,000 — purchase of government bonds;

• €500,000, or $556,000 — capital investments in Greek companies;

• €800,000, or $890,000 — purchase of corporate and government bonds listed for trading.

Clean criminal record. The main applicant must have a clean criminal record both in the US and in any other countries where they have lived within the last five years. This ensures that only law-abiding individuals are granted residency.

Proof of health insurance. US citizens applying for the Greece Golden Visa must have health insurance coverage that is valid in Greece. This can be obtained either through a Greek insurance provider or an international provider that covers medical expenses while in Greece. Health insurance is mandatory for both the applicant and any dependent family members included in the application.

Greece’s real estate market has seen steady growth after the 2008—2009 crisis. In 2022, both prices and demand surged, and early 2023 confirmed this trend. Experts agree the sector has strong potential, with no signs of declining interest.

Over 2023, residential property prices increased by 10,4%, with notable growth in Piraeus at 23,2%, Corfu at 21,5%, and Thessaloniki at 21,2%.

Tourism, the golden visa program, and domestic demand drive the market, with foreign interest being the strongest. While Greece’s market is growing twice as fast as pre-pandemic, price increases lag behind the EU and are concentrated in tourist areas like Athens, Thessaloniki, Mykonos, and Santorini.

Athens, in particular, is a hotspot for investment in both residential and commercial properties, especially in the Athenian Riviera and northern suburbs, where buyers see opportunities for future resale and rental income.

The rental yield depends on the location and type of property, but on average across the country, it is around 3—4% per year.

Greece real estate examples for US investors

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

US citizens can qualify for the Greece Golden Visa through real estate ownership, either personally or via a legal entity.

Investors purchase a single property with a minimum of 120 square meters of floor space.

The minimum property value varies based on location and property type:

• €800,000+ — for properties in the Region of Attica, Thessaloniki, Mykonos, Thira, and islands with populations over 3,100;

• €400,000+ — for properties in other regions of Greece;

• €250,000+ — for properties undergoing conversion from industrial to residential use or for listed buildings that require restoration or reconstruction.

Government fee. There is a government fee for investors and their families seeking to obtain the Greece Golden Visa. For the main applicant, this fee is €2,000, or $2,200, and for each additional family member, the fee is typically €150, or $160.

Real estate-related expenses. The property transfer tax imposed on the transaction of property purchase is 3,09% of the property value.

The notary fees for preparation of the purchase agreement are usually between 1—2% of the property purchase price, depending on the specifics of the property.

For US citizens looking to deepen their connection with Europe, obtaining Greek citizenship opens doors to full EU rights, including the ability to live, work, and study in any of the EU member states.

Maintain residency for 7 years. To be eligible for Greek citizenship, you must maintain continuous residency in Greece for at least seven years. This period is counted from the date you receive your Greece Golden Visa.

During these 7 years, you need to spend a minimum of 183 days per year in Greece to qualify for citizenship by naturalization. This requirement demonstrates your long-term commitment to the country.

Learn the Greek language, history, and culture. As part of the naturalization process, Americans participate in the exams of the Knowledge Adequacy Certificate for Naturalization.

Applicants must pass the exams, which include:

• Greek language proficiency with equivalent to B1 level;

• knowledge of geography, history, culture, and political institutions of Greece.

Apply for citizenship by naturalization. This process involves submitting an application along with the required documents, which include:

• proof of continuous residence;

• a clean criminal record;

• evidence of integration into Greek society.

The application is then reviewed by Greek authorities.

Athens — the historic and economic hub. As the capital of Greece, Athens is a prime destination for US citizens. Athens blends the ancient with the contemporary, offering world-class amenities, a strong expat community, and significant investment opportunities.

The Athenian Riviera and the northern suburbs are particularly popular among investors due to their potential for real estate appreciation and rental income.

Thessaloniki — a cultural gem. Thessaloniki, Greece’s second-largest city, offers a more relaxed pace of life compared to Athens but still boasts a vibrant cultural scene. Known for its festivals, culinary delights, and dynamic waterfront, Thessaloniki is gaining popularity with US citizens seeking a blend of urban life and coastal charm.

Crete — an island living with history. The largest Greek island, Crete, is a top choice for Americans who want to experience the best of Greek island life. Crete combines beautiful beaches, historic sites like the Palace of Knossos, and a warm Mediterranean climate.

It’s a popular destination for both retirees and families looking to escape the fast pace of city life while still enjoying excellent infrastructure.

Corfu — a green paradise. US citizens are drawn to its beautiful beaches, laid-back atmosphere, and strong expat community. Corfu is also an excellent location for real estate investment, with properties ranging from traditional homes to luxury villas.

1. The Greece Golden Visa provides US citizens with a pathway to European residency, offering a range of investment options and family inclusion.

2. US citizens can qualify for residency by investing in real estate, business, or other financial institutions.

3. The most popular option is an investment in real estate, which starts at $275,000, or $278,000.

4. The Golden Visa is initially issued for five years and can be extended for another five if the applicant maintains their investment.

5. US citizens are not required to live in the country to maintain the Golden Visa, nor are they expected to pass language tests.

6. After seven years of continuous residency, US citizens may be eligible to apply for Greek and EU citizenship, unlocking even greater opportunities across Europe.