Greece Golden Visa
Greece Golden Visa is a residency-by-investment program that allows non-EU citizens and their families to obtain a renewable, 5-year Greek residency by making a qualifying investment of at least EUR 250,000, in the country. This program was established in 2013 and has since become one of the most sought-after Golden Visa programs in Europe.
There is no minimum residency requirement or language requirements to obtain a Greek Golden Visa. Processing time is much faster compared to other European programs. Greece Golden Visa grants Applicants with the right to apply for Permanent residency or Citizenship of Greece, provided they meet the necessary requirements.
Located in southeastern Europe, Greece is known for its stunning landscapes, and Mediterranean charm. Renowned for its rich history, Greece is seen as the cradle of Western civilization, where ancient philosophers, artists, and scholars laid the foundations of democracy, mathematics, and literature.
Today, Greece is a parliamentary republic with a unique blend of ancient traditions and modern influences. The country operates under a constitution adopted in 1975.
Greece is a member of the European Union (EU), actively participates in EU decision-making processes. It is also a member of the NATO.
Greece’s blend of history, culture, and natural beauty creates a unique and inviting lifestyle, attracting visitors and expatriates from around the world.
Eligibility Requirements for Greek Golden Visa
To be eligible for the Greece Golden Visa, you must meet the following criteria:
- Be a non-EU citizen.
- Possess a valid passport.
- Be at least 18 years old.
- Have a clean criminal record.
- Additionally, the family members of the main applicant can be included in the same application, including
- Spouse or Partner of the Main applicant
- Minor Children or Dependent Children under the age of 21
- Parents and Parents-in-law
Greece Golden Visa Application Process
Step-by-step application guide for Greece Golden Visa:
- Understand the program requirements: Before making an investment decision, understand what the Greece Golden Visa program offers, and the documentary requirements to apply. We, at My Golden Pass, provide one Free Consultation to help you understand the program requirements and renewal conditions.
- Complete KYC and Background checks: Before we agree to work with you, we require you to complete our KYC, and detailed background check. This way, you will know, if any adverse records or information shows up on your background, even before you get to the investment stage.
- Choose your investment option: We will provide you with several investment options based on your requirements. Finalize the option that aligns with your objectives.
- Complete the investment after necessary due diligence: Our lawyers (or the lawyers appointed by you) will complete legal diligence on the property. Upon DD completion, you will complete the investment by paying the Developer or the Seller, directly from your bank account.
- Application submission: Prepare the required documents and submit to the Greek immigration authorities for approval.
- Visa Approval: Receive Greece Golden Visa in 3 to 4 months.
Remote application process for Greece Golden Visa
Investors are able to complete the property investment, and Golden visa application visa process, remotely, by appointing a proxy via a registered Power of Attorney.
The investor, and family members must travel to Greece within 12-month period to submit their biometrics required for the Golden Visa. Applicants are granted 1-year, multiple entry visa for Greece, to enable them to travel to Greece and complete the biometrics procedure.
Greece Golden Visa Investment Options
Real Estate Investment:
The primary avenue for obtaining Greek Golden Visa is through Real Estate investments. Investors have the option to acquire both residential and commercial properties in Greece in order to qualify for this visa program. It is permissible to invest in either a single property or multiple properties, provided that the combined investment surpasses the minimum requirement of EUR 250,000.
Starting from August 2023, the investment threshold for specific regions of Greece, including designated areas in Athens, has been increased to EUR 500,000. Nevertheless, outside of these designated zones, it is still possible to meet the Golden Visa criteria with an investment of EUR 250,000. As part of our Real Estate Acquisition Assistance services, we assist investors in identifying properties in areas of particular interest that are in close proximity to prime locations and yet fall within the EUR 250,000 threshold.
Furthermore, it is important to note that the property can be owned jointly with the spouse. This makes it an attractive proposition for tax residents of countries that impose restrictions on remittances. For example, Indians applying for Greece Golden Visa, can jointly invest in the property with the Spouse. This approach ensures that the individual remittance will be under the LRS limits of USD 250,000, as prescribed by the RBI.
The property purchased for Golden Visa application can be freely rented out to third parties, on long term basis or short-term through Airbnb or similar platforms. This allows the investors to earn attractive yields on property while enjoying the benefits of the Golden Visa.
Other Investment Options:
A minimum investment of EUR 400,000 in
- Greek Government Bonds
- Alternative Investment Funds that invest in Greek properties
- Term deposit with a Greek financial institution.
Benefits of Greece Golden Visa
Greece Golden Visa offers the following advantages
- Cheapest Golden Visa in Europe, for a Schengen Country – At EUR 250,000 the investment amount remains the lowest for a Schengen Country.
- Return on Investment: As the properties can be rented out, investors can earn healthy annual return and capital appreciation from the investment.
- 5-year residency: Greece Golden Visa is a 5-year residency card that can be renewed for lifetime, provided the Applicant continues to hold the investment properties. Holders are not required to learn the language or pass any exam.
- Visa-free travel: Greece Golden Visa allows the holder to travel visa-free across the Schengen region, for up to 90 days in every 180-day period.
- Permanent Residency and Citizenship: Golden Visa holders living in Greece for at least 5 years, can apply for Permanent Residency (PR). 2 years from obtaining PR, they can apply for Citizenship. Investors can sell the investment properties after obtaining PR.
- Right to travel and live in Greece, but no obligation: The Greece Golden Visa permits its holder to travel to Greece at their discretion and provides the right to reside in Greece for any period during the visa’s validity. Importantly, there is no mandatory minimum stay requirement to maintain the visa’s validity or for its renewal. This is contrast to Portugal or Spain, where minimum residency is required for renewal of the visa.
- Access to public healthcare and Education: Residency right of Greece is also accompanied with access to public healthcare as well as other education benefits offered by the country.
Greece Golden Visa FAQs
- Does Greece restrict any specific country nationals from applying for the Greek Golden Visa?
Since March 2022, Russian nationals are not permitted to apply for the Greece Golden Visa. All other non-EU nationals may apply.
- Has Greece Golden Visa investment doubled to EUR 500,000?
Minimum investment required to apply for Greece Golden Visa continues to be EUR 250,000. Although for properties located in certain key areas of the country, the investment threshold is doubled to EUR 500,000 from August 2023.
- Have all European countries scrapped the Golden Visa?
Greece continues to offer its Golden Visa to investors at a starting investment of EUR 250,000. While Portugal has passed a law to annul real estate from eligible Golden Visa investments, investors can make alternative investments to obtain its Golden Visa.
- Is Greece Golden Visa really worth it?
Greece Golden Visa is a great investment for those seeking unrestricted mobility throughout the Schengen region, for work or leisure, and simultaneously earn a great return on their investment.
- How can one apply for Greek citizenship?
To apply for Greek citizenship, one needs to live in Greece for at least 7 years, and pass the mandatory exam. There is no mandatory residency requirement or exam to maintain or renew the Golden Visa.
Book a Free Consultation to commence your European residency with Greece Golden Visa!