Cost of freedom: Greece Golden Visas for visa-free travel within the EU

During an individual consultation, Rachid and Amina learned that purchasing the property from their British acquaintances would not lead to obtaining residence permits. The issue was that the owners intended to receive payment into a British account.

Julia Loko,

Investment programs expert

A foreigner must conduct transactions in euros to obtain a Greek residence permit by investment, and the funds must be deposited into a Greek account.

Had Rachid and Amina bought the villa in pounds, they would have needed to purchase another property and transfer the money to Greece to obtain residency.

Rachid and Amina obtained their residence permits at the end of 2023. At that time, Greece had not yet raised the investment threshold to €800,000 in the country’s most popular regions. Lawyers from Immigrant Invest helped them find a villa on the island of Crete for €400,000.

In total, Rachid and Amina invested €420,360 in Greek real estate. This amount included:

• a property transfer tax of 3,09%;

• notary fees of 2%.

Starting April 1st, 2024, the requirements for the property cost depends on the region where investors purchase real estate:

• €800,000+ for properties in Attica, Thessaloniki, Mykonos, Santorini, and islands with a population of more than 3,100 residents;

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

There are exceptions to the new rules where the threshold remains at €250,000. For example, this applies to the purchase of architectural monuments for restoration and the conversion of properties into residential units.

However, the Greek government has provided a transition period. To obtain residency by property investment for €250,000, applicants need to:

1. Make a 10% deposit by August 31st, 2024.

2. Pay the remaining amount by December 31st, 2024.

3. Submit the residency application after fulfilling the investment requirement.

If the investor makes the deposit but does not complete the transaction by December 31st, 2024, they have the right to choose another property. In this case, they must meet the investment requirement by April 2025.

Examples of available properties for investors 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

Rachid and Amina provided the lawyers with the following set of documents:

• a completed Golden Visa application form;

• valid passports;

• a receipt for the payment of government fees;

• health insurance;

• a marriage certificate;

• a sale and purchase agreement;

• a certificate of registration with the Land Registry.

The documents were translated into Greek. Additionally, the lawyers assisted in getting them apostilled.

The Greek residence permits obtained by investment are valid for 5 years. During this time, the couple plans to travel extensively, visiting countries such as Hungary, Austria, and Germany.

Rachid does not intend to sell the property, allowing the couple to renew their permits every 5 years.

The couple does not need to live in Greece permanently to maintain residency, which is beneficial since Rachid needs to return to Algeria for his exams.

Rachid,

Residence permit holder in Greece

Life has become much easier. We hesitated for a long time, wondering if our desire to travel was worth such an investment. 

In the end, the investment paid off completely; we no longer worry about visas, and the bot for tracking visa centre appointment slots now appears only in our nightmares. Indeed, freedom is the best investment.