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The Greek Golden Visa provides you with residency in Greece, which also grants you the right to travel freely within the Schengen Area.

Unlike some other programs, there’s no need to spend a specific amount of time in Greece to maintain your residency.

Your family members can also obtain residency under the same application.

As a resident, you’ll have access to Greece’s public services, including healthcare and education.

The Golden Visa is a European program run by several EU countries. Non-EU citizens are granted legal residence permit by investing in the nation. The investment usually comes in the form of real estate, shares of a Greek company, or an investment in bonds.
By applying for Golden Visa program in Greece you and your family can live in Greece through a residence permit eligible for renewal every five years provided that you are still the owner of the investment (property, shares or bonds).

To qualify for the Greek Golden Visa, you must: 
• Be over the age of 18 at the time of application
• Have no criminal record
• Make a significant investment as stipulated by the Greek government and provide proof of the respective financial investment
• Have a Greek private health insurance which shall cover all health and safety risks

Key benefits include the chance to live in Greece, a political and economically stable country, with unparalleled natural beauty and sunny 300 days a year. You have the opportunity to relocate your entire family to Greece and own real estate property with the option to rent it out and gain back returns.

The country also has numerous double tax treaties, and Golden Visa holders have the option to acquire non-dom status, allowing them to avoid Greece’s progressive tax rates by paying an annual lump-sum tax.

In addition, by obtaining the permanent residence permit for investors in Greece, a third-country national has Visa-free access to the European Union.

The cost depends on the type of investment and the location. The most popular types of investments are:

Real Estate Investment (Residence permit “type B.5”)
As from April, 2024 the minimum investment on real estate at the time of acquisition is €800,000 for the Region of Attica, the Regional Units of Thessaloniki, Mykonos, and Santorini, and the islands with a population of more than 3,100 inhabitants. For all other regions of the country, the minimum value of real estate at the time of acquisition is set at €400,000. The investment must be carried out in a single property with a minimum surface area of 120 square meters.

For buildings that have commercial / industrial use and are converted into homes, the limit is set at €250,000, regardless of the location of the property. The conversion must be completed before submitting the golden visa application.

In case invested property is listed buildings (i.e. buildings with historic interest under special protection) the minimum threshold remains €250,000, regardless of the location and the size of the property, provided that property will be fully restored or reconstructed by the Investor before the first renewal of the golden visa after five (5) years.
The property cannot be sold until restoration is complete. Failure to restore will result in a revoked residence permit and a €150,000 administrative fine.

With regard to the transitional period, investors may apply under the current €250,000 minimum threshold, provided that they pay a 10% deposit by August 31, 2024, and finalize the investment by December 31, 2024. In case the purchase of the property is not completed on time, the investor is allowed to complete their investment in another property no later than April 30, 2025.

Investment through the establishment and operation of a business (Residence permit “type B.2”)
Third-country nationals may be granted a residence permit in Greece to establish and operate a business based in Greece for an investment of a minimum amount of €500,000 that will have positive effects on national development and economy. If the investment is made by a foreign legal entity and depending on the amount of the investment, a residence permit may be granted in Greece up to three (3) third-country nationals, who are either members of the Board of Directors or participate in the capital of the domestic legal entity with at least thirty-three percent (33%), or are its managers or are its legal representatives, without compensation.

Financial Investment (Residence permit “type B.4”)
A residence permit may be granted in Greece to third-country nationals who have invested in capital contribution of at least €500,000 to several options (a company having its registered office or establishment in Greece, a Real Estate Investment Company S.A., a Venture Capital Company, Greek Bonds etc.)

According to the country’s law, family members of foreign investors entering Greece are:

• Spouses,
  The direct descendants of the spouses, who are under the age of 21.
• Descendants older than 21 and up to 24 years of age are eligible to be granted with an independent residence permit (3 years permit) pursuant to Article 76, Law 4251/2014.
• The direct relatives of the spouses in the ascending line (parents of both spouses).

Greece Golden Visas for family members does not extend to unmarried partners or cohabiting couples, except if they enter into a cohabitation agreement in Greece or their origin country, depending on their nationality. This option needs to be analyzed case by case.

All family members may apply together. The only limitation is that the dependent family members cannot apply before the main applicant. It is also possible for other family members to apply later; however, their residence permit is valid for as long as the main applicant’s own permit is.

The authorized legal representative can act on behalf of the investor during the Golden Visa procedure and handle the application process, documentation, and communication with the relevant authorities.
However, in any case, the applicant has the obligation to visit on appointment the Decentralized Authority, for the purpose of biometric data collection (digital facial images, two digital fingerprints and signature).

We will assist the applicant through the whole procedure. The procedure that we have to follow, if you have already purchased or you intend to purchase a property in Greece, is the following:

Obtain a Greek Tax Identification Number

The applicant will obtain a Greek tax identification number. In Greek it is called AFM. Your legal representative will assist you with the procedure without you needing to visit Greece. All necessary actions can be handled visiting the Consulate in your country. 

Open a bank account in Greece

After obtaining the Greek Tax Identification Number, a bank account in Greece can be opened. This can also be done through your legal representatives. It will be through this account that payment of your investment will be made. Although, for real estate investment, money transfer can be performed from a foreign bank to the seller of the property, a bank account in a Greek bank is mandatory in order to proceed with tax payments, utilities payments etc.

Collect the required documentation for the main applicant and dependents.

The required documentation is described in next question. These documents will be included in the application.

Move on with the investment.

After completing the process of opening a bank account in Greece, you can start the process of investing. This investment can be of financial or real estate nature. To invest in real estate, the investor chooses the property he/ she would like to buy, due diligence is performed by the lawyers and the contract is signed. It is advisable at this stage, the supporting information in relation to the source of funds to be provided so that they are communicated to the bank that will receive the wiring transfer.

Apply for residence permit in Greece (Golden Visa)

Once you have completed the investment, the application process for the residence permit for the main applicant and dependents can be commenced. In order to submit your biometrics (photograph and fingerprints) to the relevant authorities your presence in Greece is required.

Receive your residence permit

The residence permit will be valid for five years and is subject to renewal.

To apply for a “permanent residence permit for investors”, the following documents are required:

• Two copies of the application form;
• Four (4) recent color photographs, of the same technical requirements as passport photographs, in JPEG200 file format on a compact disk. In particular, the photograph and digital image should be a) in color, b) taken within the last month so as to reflect your current appearance, c) sized 4X6cm (without frame), d) printed on high quality photograph white paper, no watermarked or embossed, e) of high resolution not raster or pixel images and not printed on inkjet or laser printers;
• A fee of €16 concerning the printing of the separate document (electronic residence permit).
• A fee in the form of an electronic fee in accordance with provisions of Article 132 of Law 4251/2014 and of Article 38 of Law 4546/2018 (101 A), where appropriate. 
•  Private health insurance policy according to required coverage either concluded in the applicant’s country of origin to provide coverage for the whole length of stay in Greece, or is concluded in Greece for coverage as defined with Joint Ministerial Decision 53821/2014;

The agreed price or rent is paid in full in the following ways:

1. by two-line bank check to the beneficiary’s account held at a credit institution operating in Greece, 
2. by credit transfer, according to section 24 of the article 4 of Law 4537/2018 and 
3. through a POS installed by a payment service provider, which operates in Greece, by charging the buyer’s bank credit or debit card, to the beneficiary’s payment account held at a payment service provider, according to paragraph 11 of article 4 of Law 4537/2018, which operates in Greece. 

The above payment can also be made by the buyer’s spouse or relatives by blood or by marriage up to the second degree. All the above provisions also cover the payments that have taken place with the above payment methods from 1.1.2017 until today.

• Check If You Need a Visa to Visit Greece: To check whether you need to apply for a visa, on the basis of your country of origin, in order to travel to Greece or not, you should consult the relevant list at the Greek Ministry of Foreign Affairs. In this respect, please check:  https://www.mfa.gr/en/visas/visas-for-foreigners-traveling-to-greece/countries-requiring-or-not-requiring-visa.html. In case you are a national of a third country exempted from the visa obligation, by virtue of Regulation (EC) 539/2001, you can enter Greece with an “entry stamp” on your passport, by the competent border control authority.

• Understand the Visa Type You Need:
• If your trip is for up to 90 days and involves tourism, visiting friends and family, or business purposes, apply for a short-stay visa (C-type), commonly known as a Greece Schengen visa.
• For longer stays or other purposes, such as studying or working, you’ll need a long-stay visa (D-type), also called a Greece national visa.
• Determine Where to Lodge Your Visa Application: The submission location depends on your place of residence. You may need to submit your application directly to the Greek Embassy/Consulate or through authorized visa application centers.

• Complete the Greece Application Form: Fill out the visa application form accurately and completely.

• Schedule an Appointment: After completing the application form, schedule an appointment to submit your visa application.

• Collect the Required Documents: Gather all necessary documents, including passport, travel itinerary, proof of accommodation, financial statements, and travel insurance. Visa requirements either of type C, or of national visa type D, can be found at the website of the Greek Ministry of Foreign Affairs, https://www.mfa.gr/en/visas/ .

• Attend Your Visa Appointment: Present your documents during the appointment at the Greek Consulate or Visa Application Center (VAC).

• Wait for the Visa to Process: After submission, wait for the visa processing time.

• Collect Your Passport: Once approved, collect your passport with the visa stamped in it.

If a third-country national has acquired the 5-year permanent residence permit for investors, they may wonder about their rights, including the ability to sell property while maintaining their residence permit. The investor is able to sell the property. However, in order to maintain the residence permit and prior to selling this one, he/she should have purchased another property fulfilling the same requirements. Please note that oversight from a lawyer and other measures may be imposed in this circumstance.

The resale of the real estate during the validity of the residence permit to another citizen of a third country, gives the right to grant a residence permit to the new buyer with the simultaneous revocation of the seller’s residence permit.

Third-country nationals who have obtained Greek Golden Visas by purchasing real estate are legally permitted to rent out their property to third parties while maintaining their visa status. 

However, the properties acquired in full ownership by citizens of third countries for the initial granting or renewal of an investor’s residence permit, are prohibited from being rented out short term in the context of the sharing economy, and also to be subleased/sub-rented.

In addition, the properties acquired by full ownership by citizens of third countries for the initial granting or renewal of an investor’s permanent residence permit under the conditions of point (c) of paragraph 2 are not allowed to be used as a company headquarters or branch.

The average processing time for a Greece Golden Visa is three to five months. Once your application has been approved, it usually takes about 2 months to receive your residence permit.

When a third-country national obtains the Golden Visa in Greece, it grants them residence in the country. In this respect, it’s important to note that the Golden Visa does not automatically provide the right to work, since the program is primarily designed for residence purposes, not employment. Therefore, the holder of a Golden Visa cannot access the work market either as an employee or freelancer. However, the holders of Golden Visa have the right to establish a company in Greece and exercise control as shareholders or non-executive BOD members. Still, they will need to employ someone to appoint the company’s director.

Citizenship by investment is not a division of the Greek Golden Visa program. You can only acquire permanent residency in Greece through private or commercial property investment or engaging in the country’s economy with a substantial contribution.

You cannot directly pursue Greece citizenship by investment; however, you may apply for citizenship by naturalization after seven years of lawfully residing in Greece and fulfilling residency and Greek language requirements. The Greece Golden Visa allows one to reside in the country for the necessary duration to become eligible for naturalization.

Below are the requirements to apply for Greek citizenship:

• Live in Greece for a minimum of seven years
• Be a tax resident in Greece during this period
• Enter and pass a Greek Language test
• Have a genuine interest or connection to Greece and the Greek culture

The residency permit granted through the Golden Visa allows you to legally reside in Greece. It also allows for visa-free travel in Europe’s Schengen Zone.

The visa is an indirect route for Greek citizenship and passport, which allows holders to legally live anywhere in the European Union.