What you will find in this article:
- What is Greece Golden Visa
- Golden Visa Greece Benefits
- Greece Golden Visa Statistics
- Eligibility Criteria for the Greece Golden Visa Program
- Investment Options of Greece Golden Visa
- Golden Visa Greece Program Steps and Timeline
- Get Golden Visa: Who We Are and What We Do
What Is Greece Golden Visa?Launched in 2013, the Greek Golden Visa Program grants a five-year residence permit in exchange for as low as a €250,000 real estate investment in Greece. You can include your family in the residency program. The Greek Golden Visa allows you to live in Greece and travel across the Schengen region, without a visa. At Get Golden Visa, we’ve helped hundreds of families find the right property in Greece and get their Golden Visa, providing us with expertise in the market. Take the first few steps of your journey by finding out just what the Greece Golden Visa program is, who is eligible to apply, what are the investment requirements, and all the other details before you make a decision. Let’s get the ball rolling.
Golden Visa Greece Benefits
Right To Live in GreeceThe Greek Golden Visa allows you and your family to live in Greece. There is no limitation to how long you can stay. As a matter of fact, there is no minimum stay requirement either. The right to live in Greece comes with public healthcare and education benefits as well.
Visa-Free Travel With Greece Residence PermitThe Golden Visa gives you the freedom to travel across the Schengen zone without the need for an additional visa. The Schengen zone consists of 26 European countries that have officially abolished visas and border control at their mutual borders.
Family ReunificationCan your family join you? They sure can. The residence scheme allows you to include your spouse and children under the age of 21 in the program. This means that all these family members can also receive and enjoy all the benefits of a Golden Visa card. In addition to the other Golden Visa programs, the Greek program provides an Extended Family benefit. This means that the principal applicant’s parents and parents-in-law can also receive cards without any further requirements.
Low Investment Threshold in a Promising Real Estate MarketAmong the Golden Visa programs in Europe, Greece has the lowest investment threshold. You can invest as low as €250,000 in Greek real estate in order to qualify for the program. The Greek property market took a big hit in the 2008 financial crisis and suffered for more than a decade. As of 2021, the Greek real estate market is expected to adjust in an upward trend.
The Double Taxation TreatyDepending on your country of residence and the amount of time you spend in Greece, it is likely that your international income may not be subject to taxation in Greece. In that case, you may maintain your business activities outside of Greece and enjoy some tax benefits. As of 2021, Greece also provides tax benefits to foreigners living in the country as tax residents. There are different incentive programs for retirees, digital nomads, and other particular expat segments. Make sure and check with your certified financial advisor to see if you can benefit from any of these incentives.
Greece Golden Visa Statistics
NationalitiesThe highest number of applicants came from:
- China: 6,367 applicants
- Turkey: 605 applicants
- Russia: 576 applicants
- Lebanon: 288 applicants
- Egypt: 247 applicants
- Iran: 185 applicants
- Iraq: 134 applicants
- Ukraine: 105 applicants
- USA: 95 applicants
- Jordan: 85 applicants
- Other nationalities: 786
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Eligibility Criteria for the Greece Golden Visa ProgramIn order to qualify for a Golden Visa in Greece, you must meet the following requirements:
- Be a non-EU/EEA country citizen
- Be at least 18 years of age
- Have a clean criminal record
- Have medical insurance for yourself and your family
- Be of good character
Investment Options of Greece Golden VisaThere are several investment types that qualify you for a Greece Golden Visa. These include:
- A minimum of €250,000 purchase of a real estate property in Greece
- 10 years of a lease agreement, whether signed for hotel accommodations or furnished tourist residences in integrated tourist resorts
- A minimum of €400,000 investment in
- Greek government bonds
- Bonds or shares of real estate investment companies in Greece
- Shares and bonds of venture fund and private equity which have headquarters in Greece
ConditionsIf you chose to proceed with the purchase of a property:
- The real estate property must be owned by and still in possession of you;
- If you’ve acquired the property through a legal entity, you must own 100% of the company shares.
- The contract must cover a minimum duration of 10 years and €250,000 in rental amount;
- The contract must require a single payment of the rent for the equivalent of the ten-year leasing of the property.
Golden Visa Greece Program Steps and TimelineThe Greek Golden Visa application process has a fairly straightforward order.
Step 1: Selection of the Investment Route and PropertyTo complete this step, you’ll need to determine the investment criteria and select the property you’d like to invest in. You can choose various features to invest in. So long as the added value thereof is equal to or above €250,000.
Step 2: Legal StepsThis step can be completed by obtaining a Greek Non-Resident Tax number and opening a Greek bank account. And as an optional step, you can have the execution of power of attorney.
Step 3: Acquisition of the PropertyThis step consists of executing the ‘Legal Due Diligence’ of the property by a lawyer on your behalf. Afterwhich, you’ll need to acquire the promissory sale and purchase agreement and the execution of a public deed.
Step 4: Pre-SubmissionTo get through this step, you’ll need to prepare all the required documents regarding the Golden Visa application. Usually, hiring a lawyer is a smart idea because this might be overwhelming.
Step 5: Visit GreeceHere you’ll need to submit all the biometric data to the relevant authorities in Greece.
Step 6: Greece Golden Visa ApprovalThe authorities do this step, your Golden visa application will be approved, and then you’ll be issued a Golden Visa Residence Card.
Step 7: Renewal of Golden Visa in GreeceEvery five years, you can apply to renew your Golden Visa residence card, making it easy to access the permanent residence.
Step 8: Applying For CitizenshipLiving there for seven years and paying taxes would make you eligible to apply for citizenship and a Greek passport. Since the program only started seven years ago and takes seven years to get citizenship, this is a relatively new opportunity with not much information on it.
Get Golden Visa: Who We Are and What We DoGet Golden Visa is a full-service investment immigration agency and investment advisory company. We provide end-to-end solutions on residence and citizenship by investment programs in numerous countries worldwide. We have a local office in Athens, Greece with legal professionals and chartered real estate professionals in our team. We work with clients from all around the world, interested in obtaining Greece Golden Visas or in making real estate investments in Greece. Contact us and talk to one of our experienced team members to help you with any and all your questions.
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Required Documents for Greece Residency by InvestmentA successful Golden Visa Program application requires the following documents:
- Two copies of the application document
- Four recent color passport-type photos
- Certified copy of a valid passport or travel documents recognized by Greece
- A fee paid and obtained through the “e-Paravolo” platform
- Roughly amounts to €500 for residence permits of up to a five-year duration
- A processing fee paid and obtained through the “e-Paravolo” platform
- Roughly amounts to €16, concerning the printing of the separate document (electronic residence permit)
- Certification by an insurance agency for the cost of hospitalization and medical care;
- Insurance contracts that are signed outside of Greece, provided that they explicitly mention that they cover the interested party for the duration of their stay in Greece
- Insurance contracts that have been signed in Greece.
Submitting the ApplicationYou may submit your application yourself or through a Greek lawyer.
Greece Golden Visa Renewal ProcessThe Greek government issues the Greece Golden Visa cards valid for a period of five years at a time. Every five years, you are required to renew your residence permit. In order to renew the permit, you must meet the following conditions:
- The real estate property must remain in the full ownership of yourself, the main applicant
- The relevant leases/contracts still be valid and satisfactory of the requirements
- A filled-in application
- Four recent color passport photos
- A true copy of a valid passport or travel documents recognized by Greece
- A certified copy of the previous permanent residency card
- Certification by an insurance agency for the cost of hospitalization and medical care;
- Insurance contracts that have been signed outside of Greece, provided that they explicitly mention that they cover the interested party for the duration of their stay in Greece
- Insurance contracts which have been signed-in Greece
Greek TaxesAs of 2021, the Greek Government introduced many tax incentive programs for non-residents in Greece. As a non-Greek tax resident, you should appoint a tax representative and file tax returns with the Non- Greek Resident Tax Office, provided that you earn actual Greek source income.
Obtaining Greek Citizenship by InvestmentThe Greece Golden Visa program is not a citizenship by investment program. However, you may be eligible to apply for naturalization in Greece at the end of seven years, provided that you meet a set of criteria. Below are the requirements to apply for Greek citizenship: You need to:
- Live in Greece for a minimum of seven years
- Be a tax resident in Greece during this period
- Enter and pass a Greek Language test
- Have a real interest or connection to Greece and the Greek culture
Frequently Asked Questions
Is it necessary to hire a lawyer to collect the documentation?It’s not legally required, but it’s always a good idea to consult a professional.
Who is considered a family member?According to the country’s law, family members of foreign investors entering Greece are:
- The direct descendants of the spouses, who are under the age of 21,
- The direct relatives of the spouses in the ascending line.