5 real stories of Greece Golden Visa holders: how EU residency can change your life

1. Residency by real estate purchase. The Greece Golden Visa allows investors to obtain residence permits by purchasing real estate, an option that is no longer available in most other EU countries offering Golden Visas. For instance, Portugal removed its real estate option in 2023, and Spain has recently closed its Golden Visa entirely.

Due to recent changes in other countries’ Golden Visa, Greece has seen a surge in popularity among investors. In 2024, the country received a record 9,289 Golden Visa applications — a 10% increase compared to 2023 and nearly double the number recorded in 2022.

Real estate investment is the most popular route to residency in Greece due to the country’s attractive property market. Greece offers one of the most affordable real estate markets in the European Union, with only Hungary, Portugal, Czechia, and Slovakia offering lower average prices. 

Although Portuguese property is generally cheaper overall, prices in Lisbon are significantly higher than in Athens. For example, the average cost per square metre is around €3,200 in Athens, compared to €5,100 in Lisbon. In other cities, prices are even higher, for instance, approximately €5,400 in Madrid and €10,384 in Paris.

Individual cost calculation for residence by investment in Greece

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2. Profitable investment. The minimum amount for the Greece Golden Visa is €250,000, spent on real estate to be renovated and converted into residential use. This is one of the lowest thresholds in Europe, compared to €300,000 in Cyprus and €375,000 in Malta.

Property can be sold once the residence permit expires or Greek citizenship is granted. With prices rising around 5—12% annually, this often results in a solid profit. For example, a €250,000 property could be worth about €440,000 in 5 years.

Anna Semenyuk,

Citizenship by Investment Programs Advisor

Properties in need of renovation are often located in popular areas, so their value skyrockets after refurbishment. It’s a smart starting point for investment because no matter how low prices in Greece may seem, you won’t buy a villa by the sea for €250,000.

The steady influx of tourists and expats keeps demand for rental properties high across Greece. Owners can rent out their real estate to generate passive income. The average annual yield is 3.7%, with some areas reaching up to 10%.

Alternatively, instead of buying property, one can purchase fund units that offer an annual return of 4 to 6%.

3. Fast processing time. The Greece Golden Visa offers one of the fastest routes to residency in the EU. It can be granted in as little as 4 months or even sooner. By comparison, investors in Portugal typically wait around a year to receive their residence permits. In Cyprus, the process takes at least 9 months.

The process usually includes the following steps:

1. Preliminary Due Diligence — 1 day.

2. Selection of investment property — 1+ weeks.

3. Preparation of documents — 1+ weeks.

4. Obtaining a Greek tax number — up to 1 week.

5. Purchase of property — 1+ months.

6. Submission of residence permit application online — 1 day.

7. Submission of biometrics in Greece — within 6 months, but usually within 1 month after application.

8. Issuance of residence permit cards — 3+ months.

Problem. Richard and Amina are a couple from Algeria. They love Europe and frequently spend their holidays in different European countries. 

However, obtaining Schengen visas has become increasingly difficult. On several occasions, the couple’s visas were only valid for the exact days of their trips. This disrupted their plans and forced them to apply for new visas each time.

Solution. Holders of the Greece Golden Visa can travel freely throughout the Schengen Area without needing separate visas. They may stay up to 90 days within any 180-day period.

With Greece Golden Visas, Richard and Amina no longer need to apply for Schengen visas. They can enter any Schengen country at any time.

Rachid and Amina,

Holders of the Greece Golden Visa

We obtained our Greek residence permits in 2023 and have never felt freer!

With residency in Greece, we can travel visa-free across the entire Schengen Area, even for last-minute trips. There's no longer any stress about applying for visas in advance or facing the risk of rejection. We simply plan and go.

Problem. Khalid, an entrepreneur from Qatar working with Middle Eastern and European markets, often attends in-person meetings and expos.

However, his Qatari passport does not allow visa-free entry to Schengen states, making last-minute travel difficult. In November 2024, he had to decline an event due to visa delays. This led him to pursue the Golden Visa for visa-free access to Europe.

With a major forum in four months, Khalid aimed to get his residence permit before the event.

Solution. The Greece Golden Visa usually takes around 4 months to obtain, but Immigrant Invest’s lawyers found a way to expedite the process.

Khalid,

Entrepreneur from Qatar

Instead of applying at the main immigration office, where delays are common, we submitted the application to a decentralised office. This approach didn’t increase costs or change the procedure but helped us avoid lengthy delays, resulting in faster issuance of residence permit cards.

I contacted Immigrant Invest in January, and by the end of March, my family and I received our residence permits. So, in April, I was able to attend the forum I had planned to join, which was an amazing opportunity for my business that I was glad not to miss!

Problem. Emily, the owner of a consulting company based in London, has a taxable annual income of approximately €310,500. Under the UK’s tax system, this places her in the highest income tax bracket, requiring her to pay up to 45% in taxes. As a result, her total annual tax liability amounts to around €128,000.

Emly began searching for a way to legally optimise her tax burden while gaining access to the Schengen country with its travel benefits.

Solution. Greece offers a special tax regime for foreign investors, allowing them to pay a flat annual tax of €100,000 on their global income, regardless of the amount earned. This regime is available for up to 15 years.

Emily,

Holder of the Greece Golden Visa

The Greece Golden Visa has given me the chance not only to live in a beautiful, sunlit country but also to manage my finances more effectively. Thanks to the special tax regime for foreign residents, I now keep significantly more of my income than I did in the UK.

Even more appealing, when I purchased a property eligible for the Golden Visa, I was exempt from the standard 24% VAT, as new properties are not subject to it. Instead, I paid only a 3% property transfer tax. The difference is truly remarkable.

Problem. Arsen and Amina, a couple from Kazakhstan, wanted a home in Europe where they could spend a few months each year. 

However, they didn’t want to be tied to a chosen European country and required to live there continuously. They had no plans to leave Kazakhstan permanently.

Solution. The Greece Golden Visa allows investors to enter Greece at any time and stay as long as they wish. There are no residency requirements unless they choose to apply for citizenship. Investors can spend just a few weeks in Greece or even skip visiting altogether.

Arsen and Amina,

Holders of the Greece Golden Visa

We bought a villa on the island of Crete for €327,000 and obtained Greek residence permits.

The house became our little Mediterranean getaway, and we spend a few months there every autumn and winter. It has three bedrooms, a garden, and a cosy balcony that looks out over the sea. The Aegean Sea is just a five-minute walk away, so morning and evening beach walks have become part of our routine.

We’re based in Kazakhstan, so we rent it out the rest of the year, and it brings in around 3%. Thanks to the high demand for holiday homes on the islands, it’s hardly ever empty.

Problem. Umar and Ifeoma, a couple from Nigeria, had wanted to move to Europe for years. 

The couple initially considered Austria and Switzerland for their high living standards and safety. However, obtaining residence permits in these countries proved difficult. For example, Austrian residency for financially independent persons required passive income. Switzerland demanded a high lump-sum tax. Both requirements were unattainable for the couple.

Solution. The Greece Golden Visa process is straightforward, requiring only a real estate investment. With a minimum threshold of €250,000, it remains one of the most affordable options in Europe.

Golden Visa holders can live in Greece without restrictions. After 7 years, they may apply for Greek citizenship, which grants the right to live freely anywhere in the EU, including Austria.

Umar,

Holder of the Greece Golden Visa

With Golden Visas, we were able to move to Greece and settle in Athens, in our own apartment. My wife and children are happy here. Personally, I benefit from the business opportunities that come with holding a residence permit in an EU country.

Greece is a wonderful place to live. It offers an affordable living, high quality of life, and easy access to the Schengen Area. We also enjoy its pleasant climate, rich historical sites, and stunning natural beauty.

Our plan is to continue living in Greece and eventually obtain citizenship. This will allow us to enjoy all the benefits of being EU citizens to the fullest.

Portugal vs. Greece. Both Portugal and Greece have a minimum investment threshold of €250,000. However, how the funds are used differs significantly.

In Portugal, the €250,000 must be contributed to the arts or the preservation of national heritage. This amount is non-refundable. In contrast, Greece allows investors to use the same amount to purchase real estate. The property can be rented out for income, and under certain conditions, it may be sold later.

To maintain the residence permit, Portugal requires investors to spend at least 7 days per year in the country. Greece, on the other hand, imposes no minimum stay requirement.

Citizenship pathways also differ. In Portugal, investors become eligible for citizenship after 5 years, provided they have spent at least 7 days per year in the country. Greece requires 7 years of residency, with a minimum stay of 183 days per year for eligibility.

Hungary vs. Greece. Under the Hungary Golden Visa, the minimum investment starts at €250,000, similar to Greece. However, Hungary offers only two options:

• purchase of units in real estate investment funds;

• non-refundable donation to a Hungarian university or research institution.

Direct purchase of real estate is not allowed.

Hungary issues a residence permit valid for 10 years, which may be extended once, providing up to 20 years of residency in total. In contrast, Greece grants a 5-year residence permit, which can be renewed indefinitely, as long as the investment is maintained.

For citizenship, Hungary requires 11 years of residency with a physical presence of at least 183 days per year. Greece is more accessible, offering a path to citizenship in 7 years, also requiring at least 183 days of stay per year.

Cyprus vs. Greece. Both Cyprus and Greece offer residency in exchange for purchasing real estate. However, Cyprus requires a minimum property value of €300,000, while Greece’s threshold starts at €250,000. In both countries, investors may rent out their property and, under certain conditions, sell it.

The key difference lies in the validity of residency. Greece issues a residence permit valid for 5 years, renewable if the property is retained. Cyprus grants permanent residency, valid indefinitely.

To maintain status in Cyprus, investors must visit the country at least once every two years. They must also show proof of stable income. Greece places no such requirements on physical presence or income.

Cyprus offers citizenship after 8 years, with a minimum stay of 183 days per year. Greece has the same stay requirement but a shorter path to citizenship — 7 years.

Comparison of EU Golden Visas

Criteria

Minimum investment

Greece

€250,000

Portugal

€250,000

Hungary

€250,000

Cyprus

€300,000

Criteria

Real estate purchase option

Greece

Yes

Portugal

No

Hungary

No

Cyprus

Yes

Criteria

Return on investment

Greece

Up to 10% per year

Portugal

2—20% per year

Hungary

5% per year

Cyprus

4% per year

Criteria

Initial RP validity

Greece

5 years

Portugal

2 years

Hungary

10 years

Cyprus

Indefinite

Criteria

Physical presence to maintain residency

Greece

Not required

Portugal

7+ days per year

Hungary

Not required

Cyprus

One visit every 2 years

Criteria

Time to citizenship

Greece

7 years

Portugal

5 years

Hungary

11 years

Cyprus

8 years

Criteria

Greece

Portugal

Hungary

Cyprus

Minimum investment

€250,000

€250,000

€250,000

€300,000

Real estate purchase option

Yes

No

No

Yes

Return on investment

Up to 10% per year

2—20% per year

5% per year

4% per year

Initial RP validity

5 years

2 years

10 years

Indefinite

Physical presence to maintain residency

Not required

7+ days per year

Not required

One visit every 2 years

Time to citizenship

7 years

5 years

11 years

8 years

1. The Greece Golden Visa attracts investors with a range of benefits. These include visa-free travel across the Schengen Area and the opportunity to relocate to Europe.

2. To obtain the Golden Visa, foreigners can purchase real estate worth €250,000+. This option is especially attractive due to the affordability and steady growth of the Greek property market.

3. In addition to real estate, Greece offers eight other investment options. These include the purchase of securities, capital contributions to Greek businesses, or a deposit in a Greek bank.

4. The entire process of obtaining the Greece Golden Visa can take as little as 2 months.

5. Other European countries that offer residency by investment include Hungary, Portugal, and Cyprus. However, Greece remains one of the most popular and accessible options.