Economic recovery, geostrategic location, affordable real estate... Greece has become, in just a few years, an excellent playground for investors worldwide. And the implementation of the Golden Visa in Greece is a boon for some of them. Since its inception in 2014, the Greek Golden Visa has enabled over 30,000 non-EU nationals to obtain residency.
But how do you obtain this precious document? What are its benefits? Here's everything you need to know about the Golden Visa.
What are the eligible real estate investments for the Golden Visa in 2024?
Until now, the primary requirement was to make one or more real estate investments with a minimum value of €250,000 (€500,000 for Athens and Thessaloniki).
Starting from August 31, 2024, the Greek Golden Visa program will undergo significant changes regarding eligibility conditions and investment options. Here's a summary of the main modifications:
Increase in the minimum investment amount
The minimum required real estate investment amount to obtain the Golden Visa is now:
- €800,000 in prime areas like Athens, Thessaloniki, Mykonos, Santorini, and islands with over 3,100 inhabitants.
- €400,000 in other regions.
Increase in minimum property size:
The purchased real estate must have a minimum area of 120 square meters.
Removal of the multiple investment option
Investors can no longer obtain the Golden Visa by investing in multiple properties below the minimum thresholds. They must now invest in a single real estate property that meets the amount and size requirements.
Retention of other investment options
The other investment options for the Greek Golden Visa remain unchanged. This includes:
- Investment of €250,000 in establishing a business in Greece generating at least 5 jobs.
- Deposit of €400,000 in a Greek bank for at least 5 years.
- Purchase of Greek state bonds with a minimum value of €250,000.
Exceptions to investment requirements
There are some exceptions to the new minimum investment requirements, including:
- Rural or island areas: The government lowers the minimum investment threshold to €500,000 for investments in designated rural or island areas.
- Renovation of listed buildings or urban revitalization zones: The government reduces the minimum investment threshold to €250,000 for investments in listed building renovation projects or properties located in urban revitalization zones.
- Conversion of commercial property to residential: In an effort to address the housing crisis, the government lowers the investment threshold to €250,000 for any investment involving the conversion of commercial property to residential.
What are the other conditions to obtain a Golden Visa in Greece?
Maintaining and caring for the property for 5 years
To retain this residency permit, the investor must commit to maintaining and keeping the property for a minimum of 5 years. It can obviously be a rental investment or a second home.
Being a non-European citizen
The Golden Visa is exclusively for third-country nationals.
Therefore, the non-European citizen wishing to invest must have a valid visa at the time of application (Schengen visa). This visa allows them to stay in the country for a period of 90 days.
Subscribing to health insurance in Greece
Applicants and dependents must hold health insurance from a Greek insurer when applying. Once the candidate obtains residency, medical care must be carried out in Greece.
Other required criteria
When applying and to be eligible, the candidate must:
- Present a clean criminal record;
- Provide proof of sufficient financial resources;
- Take an aptitude test.
To be accepted, the documents must be certified by the competent authority and translated into Greek by an accredited translator.
Becoming a resident through investment: What's the procedure?
The processing time for obtaining the Golden Visa is approximately 6 months. The processing time is fast, and the procedure is fairly simple. Once you've found your property, here's an overview, step by step, of the procedure:
- Obtain an entry visa (Schengen Visa) from your country of origin.
- Enter Greece and finalize your investment.
- Complete all administrative procedures related to your property.
- Gather the required documents for your Golden Visa application.
- Application form
- Valid passport
- Residence permit (if applicable)
- Proof of real estate investment
- Proof of health insurance
- Clean criminal record
- Proof of sufficient financial resources
- Aptitude test certificate
5. Submit your application to immigration (response within 3 months)
6. Submit your biometric data
The application deposit results in the issuance of a temporary residence permit valid for one year.
Finally, the residence permit can be renewed every 5 years, provided you do not sell your property in the meantime.
What are the advantages of the Greek "Golden Visa"?
The right to live in Greece
Of course, the main advantage for the holder of a residence permit is the opportunity to enjoy Mediterranean life whenever they want and without restrictions.
This is by no means an obligation, unlike holders of a Golden Visa in Portugal; no minimum stay duration is imposed.
Family reunification
By extension, family members of the Golden Visa holder can also obtain residence. This includes:
- The spouse;
- Dependent children of the main applicant (up to 21 years old);
- Parents (first-degree ascendants) of the applicant or their spouse.
The ability to travel visa-free in the Schengen Area
The Golden Visa allows you to move freely within the Schengen Area for 90 days per semester. The Schengen Area consists of 26 European countries that have abolished border controls. Some territories are attached to member countries but do not apply Schengen treaty conventions; specific visas may be required for these countries. This is the case for Guyana, Réunion, or Martinique, for example.
Double taxation convention
To avoid double taxation, tax treaties have been signed with many countries. Therefore, depending on the applicant's country of residence, it's likely that their international income will not be taxed in Greece. This is the case, for example, for Canada, which signed a convention with the Hellenic Republic in 2009.
Good to know: Greece also offers many tax advantages to foreigners residing in the country. For example, foreign retirees wishing to transfer their tax domicile can benefit from a special regime reducing the tax on income earned outside of Greece to 7%.
Obtaining Greek citizenship
Citizenship becomes possible after 7 years of residence in the country. Residence involves paying taxes and living in the country permanently.
Furthermore, a good command of the language (B1 level) is required.
Greece allows dual citizenship. Therefore, the applicant does not need to renounce their current nationality. It is entirely possible to obtain a second passport.
What is the cost of a Golden Visa in Greece?
The application fee for the Golden Visa in Greece is €300. For its renewal, the fee is €500.
Additionally, there are costs related to your real estate investment: administrative fees, translation fees, legal fees, as well as tax expenses.
The additional costs for the buyer range between 8 and 10% of the property value.
Are you looking to invest in Greece and take advantage of the Golden Visa benefits? Your English and French-speaking real estate agency, Mobilia, is ready to accompany you and discuss your project.