The Greece Golden Visa program is one of the most sought-after residency-by-investment schemes in Europe, offering non-EU nationals the chance to secure residency in a stunning European country. With its relatively low investment requirements and the chance to live in one of the world’s most desirable destinations, the Golden Visa has attracted thousands of investors globally. In this comprehensive guide, we will explore everything you need to know about the Greece Golden Visa, including the latest changes in 2024, investment options, application process, and the advantages of becoming a resident of Greece.
What is the Greece Golden Visa?
The Greece Golden Visa is a residency-by-investment program that allows non-EU citizens to obtain residency in Greece by making an eligible investment. Introduced in 2013, the program offers a five-year residency permit in exchange for a minimum investment of €250,000 in Greek real estate. As an investor, you can include your family in the program, enabling them to live in Greece and travel across the Schengen Area without needing a visa. Additionally, the program allows you to explore long-term residency options and potential pathways to Greek citizenship.
Key Highlights of the Greece Golden Visa
- Minimum Investment Amount: €250,000
- Processing Time: Typically six months
- Stay Requirements: None—no minimum stay requirement
- Family Inclusion: Spouse, children under 21, and even parents and in-laws can join the program
Visa-Free Travel: Enjoy access to the entire Schengen Zone without needing an additional visa
Latest Changes to the Greece Golden Visa in 2024
As of September 2024, the Greece Golden Visa has undergone significant updates aimed at providing new investment opportunities and increased investment thresholds in certain areas. However, the core of the program remains intact, with the €250,000 real estate investment option still available. This investment threshold applies to converting commercial properties into residential units or restoring listed buildings. The adjustments make the program even more attractive for investors seeking long-term residency in Greece while also benefiting from a growing real estate market.
Advantages of the Greece Golden Visa Program
- Right to Live in Greece
With the Greece Golden Visa, you and your family gain the right to live in Greece without restrictions on your stay. There is no minimum stay requirement, allowing you to live, work, and enjoy the country’s lifestyle at your convenience. Additionally, the residency comes with access to Greece’s public healthcare and education systems, making it an excellent option for families.
- Visa-Free Travel Across the Schengen Zone
One of the most significant benefits of the Golden Visa is the ability to travel freely across the Schengen Zone, which consists of 26 European countries. This allows you to visit and do business in countries across Europe without additional visa applications, giving you unparalleled mobility. - Family Reunification
Unlike many other Golden Visa programs, the Greece Golden Visa offers a broad family reunification benefit. In addition to your spouse and children under 21, the Greek program allows you to include your parents and parents-in-law as part of the residency. This extended family inclusion makes the Greek Golden Visa an especially attractive option for families looking to relocate together. - Low Investment Threshold in a Promising Market
The Greece Golden Visa stands out among European Golden Visa programs due to its low minimum investment threshold of just €250,000. Greece’s real estate market, while impacted by the 2008 financial crisis, has shown strong signs of recovery in recent years. In 2023, the market began experiencing significant growth, making it an appealing time to invest. - The Double Taxation Treaty
Greece has established a double taxation treaty with several countries, meaning that international income may not be subject to taxation in Greece, depending on the investor’s home country and length of stay. This can provide significant tax benefits, especially for business owners and retirees. Greece also offers additional tax incentives for foreign residents, including reduced rates for pension income and digital nomads.
Investment Options for the Greece Golden Visa
- Real Estate Investment
- €250,000: Invest in a commercial property conversion to residential use or the restoration of a listed building, regardless of location or size.
- €400,000: Purchase property in less densely populated areas or rural regions of Greece.
- €800,000: Buy property in Athens, Thessaloniki, or popular islands with over 3,100 residents.
- Alternative Investment Routes
- Lease Agreement: Enter into a 10-year lease agreement for hotel accommodations or furnished tourist residences, valued at €400,000 or more, depending on the location.
- Government Bonds: Invest €500,000 or more in Greek government bonds through a Greek financial institution.
- Shares and Corporate Bonds: Purchase shares or corporate bonds in Greece worth at least €800,000, or invest in Greek investment funds with a minimum of €350,000.
Eligibility Criteria for the Greece Golden Visa
- Be a non-EU/EEA citizen
- Be at least 18 years old
- Have a clean criminal record
- Provide medical insurance for yourself and your family
- Demonstrate good character
Step-by-Step Guide to Applying for the Greece Golden Visa
The process for obtaining a Greece Golden Visa is straightforward but requires several key steps:
- Choose Your Investment: Select the type of investment that best suits your needs. The most popular option is real estate, but you can also opt for government bonds or shares.
- Legal Procedures: Obtain a Greek Non-Resident Tax number (AFM) and open a Greek bank account. If needed, execute a power of attorney to allow legal representation in Greece.
- Property Acquisition: If purchasing property, ensure due diligence is performed by a lawyer. Then, execute the purchase agreement and public deed.
- Prepare and Submit Your Application: Compile the required documents and submit your application for the Golden Visa.
- Submit Biometric Data: Visit Greece to provide biometric data for the visa application.
- Approval: Once approved, you will receive your Golden Visa Residence Card.
- Renew Your Visa: Every five years, you can apply to renew your Golden Visa, making it a pathway to permanent residency.
Conclusion
The Greece Golden Visa is an attractive option for investors seeking European residency, offering a simple process, low investment thresholds, and extensive benefits for both individuals and families. Whether you are looking to secure residency, gain access to the Schengen Area, or invest in Greece’s growing real estate market, the Golden Visa offers significant advantages. Start your journey today and explore the opportunities that await you in Greece, a country rich in culture, history, and investment potential.
FAQS
What is the Greece Golden Visa?
The Greece Golden Visa is a residency-by-investment program that allows non-EU citizens to obtain residency in Greece by making a significant investment in real estate, government bonds, or other assets in Greece. It provides a five-year residency permit, which can be renewed, and grants access to the Schengen Zone.
How much do I need to invest to qualify for the Greece Golden Visa?
The minimum investment required to qualify for the Greece Golden Visa is €250,000. This amount can be invested in real estate or other eligible investment options, such as government bonds or shares in Greek businesses.
Can my family join me with the Greece Golden Visa?
Yes, the Greece Golden Visa allows for family reunification. Your spouse, children under 21, and even your parents and in-laws can be included in the application and benefit from the residency privileges.
What types of investments qualify for the Greece Golden Visa?
Eligible investments for the Greece Golden Visa include real estate purchases, investments in Greek government bonds, shares in Greek companies, or long-term lease agreements for hotel accommodations or furnished tourist residences.
Do I need to live in Greece to keep my Golden Visa?
No, there are no minimum stay requirements to maintain the Greece Golden Visa. You are not required to live in Greece full-time, though you can choose to stay as long as you wish.
Can I work in Greece with a Golden Visa?
No, the Golden Visa does not grant the right to work in Greece unless you obtain additional work permits or Greek citizenship. However, you can live and invest in the country freely.
How long does it take to process a Greece Golden Visa application?
The processing time for a Greece Golden Visa application is typically about two to three months, though it can vary depending on the specific circumstances and the volume of applications.
Can I sell my property after receiving the Golden Visa?
Yes, you are allowed to sell your property after receiving your Golden Visa. However, in order to maintain the Golden Visa, the investment must remain in place for as long as you wish to retain your residency status.
What benefits do I get with the Greece Golden Visa?
The Greece Golden Visa provides several benefits, including residency in Greece, visa-free travel within the Schengen Zone, access to Greece’s healthcare and educational systems, and the ability to include family members in the residency application.
What are the costs involved in acquiring a Golden Visa in Greece?
In addition to the investment amount, there are additional costs, such as property transfer taxes (around 3%), legal fees, notary fees, and government fees for residency application processing. These costs can vary based on the type of investment and the location of the property.
