Golden Visa Services
Offering knowledgeable Greek Visa Services
* * * 2024 April Update * * *
April 11th 2024 update
As of April 5th, the Greek Golden Visa Program has a new chapter. With the recent amendments now set in stone, the landscape for investors has shifted significantly. Here is a snapshot of the pivotal changes and their implications for your investment journey in Greece. In Attica, Thessaloniki, Mykonos, Santorini, and islands with a population of over 3,100, the property value requirement rises to €800,000. For those looking elsewhere in Greece, the investment threshold is a more accessible €400,000.
Each investment must be in a single property. -If the property is a building it should have a minimum area of 120 sqm. Investors choosing to purchase land have no cap on the square meters they can develop. The €250,000 limit remains for investments in heritage buildings, provided they are restored. Investments in new properties acquired will not qualify for short-term rentals, including Airbnb.
Bypassing the New Investment Threshold
Now, let’s talk about a little workaround within the new legislation. For those with an eye for opportunity and a penchant for transformation, properties changing use to residential purposes offer a unique advantage. Despite the increased thresholds elsewhere, these converted dwellings hold steady at the previous investment requirement of €250,000. It’s a niche but a golden one for those ready to transform spaces and benefit from the previous, lower investment entry point.
Adjustment Period Details for Applicants
Third-country nationals who fulfill payment or pay a 10% deposit, sign a preliminary contract, or a private purchase agreement, showing the related credits by August 31, 2024, can complete their investment by December 31, 2024, under the current conditions. In these cases, if the property purchase is not finalized, the investor may complete their investment in another property under the existing terms, but not after April 30, 2025.
These legislative updates signal a maturing of the Greek Golden Visa Program, refining its structure to reflect the evolving real estate market and the economic landscape. Whether you’re an investor navigating these new waters or just considering dipping your toes in, understanding these changes is paramount. While some doors have closed, new windows of opportunity crack open, painting a complex but rewarding investment horizon in Greece. For a tailored navigation of these legislative intricacies, professional advice can be your compass.
Choosing what is right for you
The Golden Visa for Greece is one of the most popular investment visa programs in the EU. It is a residence-by-investment visa, issued to non-EU citizens who make a significant contribution to the Greek economy. There are several investment options, but the most common route is through purchasing real estate worth at least a quarter of a million.
Golden Visas issued by the EU Member States such as Greece are especially coveted, as they may eventually lead to citizenship and thus access to the EU.
The Greece Golden Visa offers immediate five-year residency to the investor as well as their immediate family members, as well as free travel.
Below you will find some basic questions that can be answered.
If you have read through the questions below and have additional inquiries you would like to make, you can contact us directly with the link provided at the bottom of the page. We would be more than happy to be of assistance to you regarding any questions you may have.
Greek Citizenship
by Investment ?
Yes, you can become a Greek citizen by making an investment in Greece and obtaining the Golden Visa. However, unlike residency, you cannot apply for Greek citizenship without actually living there and paying taxes. You must live in Greece for at least seven years before being eligible to apply for citizenship.
In addition, you must also be able to prove you have ties to the country and knowledge of the Greek language and culture, at least on a basic level.
Eligibility
Requirements
You must be over the age of 18.
You must not have any history of criminal records, in any country in which you have lived.
You must make a significant investment in Greece (see the investment options below).
You must have obtained health insurance from a company operating in Greece.
Investment
Options
Purchase a real estate property worth at least €250,000
Sign a lease agreement with a hotel or tourist establishment for at least 10 years
Make a capital investment of at least €400,000 in a company registered in Greece
Make a €400,000 investment in Greek government bonds.
Make a €400,000 investment in bonds or shares of real estate investment companies.
Make a €400,000 deposit in a Greek bank.
Make an €800,000 investment in corporate or government bonds.
Greek Golden
Visa Benefits
A Greek Golden Visa is one of the most competitive Golden Visas in the EU and is accompanied with the following benefits:
• The threshold investment options are relatively lower than in most other EU countries with Golden Visa routes.
• You can extend the visa to include your family members, like your spouse, (unmarried) children under 21 years of age, and dependent parents of either yourself or your spouse. If your child is over the age of 21, but no older than 24, and they are a student, they may also be included in the Golden Visa application.
• You and your family members will enjoy visa-free travel.
• There are no requirements to live in Greece for any duration in order to renew the residence permit.
• You can choose to rent out your property after purchase.
• You can apply for Greek citizenship after seven years of residence. Greece is an EU Member State, so you would have access to the EU free market and visa-free travel to more than a hundred countries.
• You can live, work, and invest in Greece.
• You have access to Greek education and healthcare.
Golden Visa
Duration
The Golden Visa for Greece is issued for five years and can be renewed indefinitely as long as you maintain the investment.
If you ultimately choose to live in Greece, then after seven years of continuous residence, you can also apply for Greek citizenship.
How to Apply
You have to apply for a Greek Golden Visa at the Alien and Immigration Department at the Decentralized Authority in Greece. Before that, you must apply for an entry visa at one of the Greek Embassies or Consulates abroad. An outline of the Golden Visa application process is:
• Apply for a Greek national visa at an Embassy or Consulate.
• Enter Greece and finalize your investment. It is your choice whether you decide to hire professional legal help through this step.
• Collect the required documents for the Greek Golden Visa.
• Submit the documents to the local Alien and Immigration Department.
• Wait for the visa to be processed. You will usually hear back about a decision within 3 months.
• If the decision is positive, you have to travel back to Greece and submit your biometric information.
• You will receive a Golden Visa residence permit, which will be valid for five years.
Required Documents
The required documents when applying for a Greece Golden Visa are:
• Application form.
• Recent, passport-size pictures of yourself. Make sure they follow Greek visa photo requirements.
• Your valid passport along with a copy. The passport must include the entry visa as required.
• Proof of having paid the relevant government fees.
• Proof of having obtained health insurance in Greece for yourself and any family members.
• Proof of your funds.
• Additional documents according to the type of investment you make, such as:
• For purchasing real estate:
– A contract of purchase which attests to the fact that there are no conditions or exemptions in the purchase, states the total price of the purchase, and the method of payment (it must be in full, via credit held in an institution operating in Greece or via a credit transfer.
– Proof of transfer of the contract by the accountable Land Registry
– Certificate issued by the Land Registry proving there has been no impediment related to the purchase.
• For renting a hotel or tourist establishment:
1.) Timeshare contract for a minimum period of five years which should state the
corresponding price per year;
2.) Proof of transfer registration issued by the competent Land Registry;
3.) A certificate issued by the National Tourism Organisation (EOT) that it has been informed of the conclusion of the particular timeshare contract.
• For investment in a company:
– Documents with details of the company receiving the investment, whether it is established or to be established (must include name, type of legal entity, and share-holders)
– A document detailing the investment project
– The location of the investment project
– The budget and financing structure for the investment
– A timeline detailing the implementation of the investment
– Predictions for the results on the first five years of investment (feasibility study and cash flow forecast)
– A document detailing the number of jobs that will be created by the investment
– A short CV
– Your position in the investment project
• Any other documents requested by the relevant authorities.