About the Golden Visa in Greece

 

Investors participating in the Greece Golden Visa Programme have a choice of six investment options, with the most common being the purchase of residential or commercial property. Starting from August 1, 2023, the minimum investment thresholds for real estate are:

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• €250,000 for properties located in Piraeus, as well as the Western and Eastern sectors of Athens, and in the province.

• €500,000 for properties in the Northern, Central, and Southern sectors of Athens, as well as in Thessaloniki, Mykonos, and Santorini.

 

Residing in Greece is not a prerequisite for maintaining residency status; investors are only required to own a property, which can be leased out. Additionally, the investor's family members, including their spouse, children under 21, and the parents of both the investor and their spouse, are eligible to receive residence permits under this program.

 

Requirements for Residence Permit Applicants

 

To be eligible for a residence permit in Greece, applicants must meet the following criteria:

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• Age Requirement: Applicants must be at least 18 years old.

• Income Verification: Applicants need to demonstrate income from legal sources.

• Legal Status: A clean criminal record is essential, along with no history of visa denials and no pending debts in Greece.

 

Family members of the applicant also qualify under certain conditions:

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• Spouse or Partner: Eligibility extends to a spouse or a partner with whom a domestic partnership agreement has been registered and signed in Greece.

• Children Under 21: Eligibility is for those who are unmarried and financially dependent on the investors.

• Parents: Eligible without any age restrictions.

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Applicant’s Expenses

 

An investor can purchase residential or commercial property in Greece with a minimum investment of €250,000. The property can be registered either in the name of the investor or in the name of a company, provided the company is registered in the EU and the investor holds 100% of its shares.

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If the investor includes a partner who is not legally married to them, the minimum investment requirement may increase. In such scenarios, each partner must invest a minimum of €250,000, bringing the total minimum investment to €500,000. However, this increase can be circumvented if the partners enter into a domestic partnership agreement in Greece.

 

The overall expenses are influenced by the property's value and the number of additional applicants included in the application. Other associated costs, such as banking fees, document delivery, and various services, vary based on the investor's residence location and the tariffs of the bank used.

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Option 1: Purchasing real estate.

• Real Estate Acquisition: €250,000+.

• Associated Costs: Approximately €25,000+, which is about 10% of the property value. This includes fees, taxes, document translation, and the services of a lawyer and a notary for the property purchase.

• Government Fee: €2,000 for the primary applicant, with an additional fee of €150 for each family member.

• Health Insurance: €300 for the main applicant and an additional €300 for each family member.

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Option 2: Lease a hotel or touristic residence for a minimum period of 10 years, with an investment starting at €250,000.

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Option 3: Invest in a land plot designated for construction or agricultural use, with a minimum investment of €250,000.

 

Option 4: Engage in a timeshare agreement for 10 years, requiring an investment of €250,000 or more. This contract grants the investor the right to use the property during predetermined periods, such as annually from August 1st to 30th, over a decade.

 

Option 5: Acquire property through inheritance or as a gift, with a value of €250,000 or above.

 

Option 6: Invest in securities or make a bank deposit, with a minimum amount of €400,000. This option involves financial investments rather than property-based ones.

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Timeframe for Processing

 

The average processing time for a Greek golden visa typically exceeds 6 months, dependent on how quickly the necessary documents are submitted and the government's processing ability at the time the application is submitted.

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Step-by-Step Procedure for Obtaining a Greece Golden Visa​

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1. Preliminary Check: A Certified Anti Money Laundering Officer conducts a confidential review of the investor's documents, focusing on assessing potential risks. This evaluation requires only a photocopy of the investor's passport. Implementing this preliminary Due Diligence check significantly decreases the risk of application rejection to as low as 1%.

2. Purchasing real estate: Our specialists assist investors in selecting a property and facilitate the completion of the deal. In Greece, an attorney represents the investor, handling tasks such as registering a tax number and verifying the legal integrity of the transaction. Either the investor or the attorney is authorized to sign the sale and purchase agreement. Following this, the attorney registers the agreement with the Land Register and obtains a registration certificate. The buyer is then provided with a comprehensive set of documents, including officially certified translations, ensuring they have all the necessary paperwork in order.

3. Document preparation and submission: Document preparation occurs concurrently with the process of selecting and purchasing real estate. The investor secures medical insurance and provides lawyers with necessary documents and photographs. Our legal team handles government form completion, document translation, notarization of copies, and assists in fee payment. The application is then submitted to a designated department within the Ministry of Immigration and Asylum. The investor, their spouse, an adult family member, or a trusted attorney can make the application. The applicant receives a certificate which permits a one-year stay in the country. Biometric data is collected on the day of application. If the investor is unable to travel to Greece and an attorney applies on their behalf, the collection of biometrics is arranged for a later date. It's important to note that a residence permit cannot be issued without biometric data. For entry into Greece, a tourist visa is sufficient for investors who have purchased property. However, if the investor opts for another program option, a national D visa is required.

4. Obtaining residence permit cards: The processing of an application for a Greek residence permit typically takes between 1 to 2 months. Upon approval, the investor has the option to personally collect their residence permit card or authorize an attorney to do so on their behalf. To collect the residence permits, the investor is required to present their international passport and return the certificate they were issued at the time of application. This process ensures a smooth transition from application to the acquisition of the residence permit.

5. Residence permit renewal: The Greek residence permit has a validity period of five years. To renew it, the investor must submit a renewal application and the required documents within two months prior to its expiration. To remain eligible for renewal, investors must retain ownership of their investment property. After holding the initial residence permit for five years, the investor becomes eligible to apply for permanent residency. To qualify, the applicant must have resided in Greece for a cumulative period of five years. During this period, the applicant is not permitted to spend more than six consecutive months or a total of ten months outside Greece. This ensures continuous residency in the country, a key criterion for obtaining permanent residency.

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Dual Citizenship in Greece

 

Greece allows dual citizenship. This means individuals can hold Greek citizenship concurrently with citizenship from another country without having to renounce their original nationality. However, it's important for individuals to check the laws of their other country of citizenship, as some countries may have restrictions or do not permit dual citizenship.