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What is the Greek Golden Visa program?

The Greek Golden Visa program is a residency-by-investment scheme introduced by the Greek government in 2013. It allows non-EU/EEA nationals and their family members to obtain permanent residence permits in Greece by making a significant investment in the country. The primary qualifying investment is typically in real estate, with a minimum value of €250,000, although this amount can be higher in certain regions or for specific types of investments. The program offers numerous benefits, including visa-free travel within the Schengen Area, no minimum stay requirements, and the possibility of applying for Greek citizenship after seven years of continuous residence.

How can I obtain Greek residency through property investment?

To obtain Greek residency through property investment, you can follow these steps:

Qualifying Investment: Make a qualifying investment in real estate. The minimum investment required is €250,000 for properties in most areas. This threshold will increase to €800,000 in popular areas such as Athens, Thessaloniki, Mykonos, and Santorini, and to €400,000 in other regions starting from August 31, 2024. The minimum investment remains at €250,000 if the investment involves the purchase of a commercial property that is converted into a residential property.
Property Purchase: Purchase the property or properties that meet the minimum investment requirement. You can buy multiple properties to reach the investment threshold, and the properties can include villas, apartments, hotel complexes, or land plots.
Application Submission: Submit your application for the Golden Visa. This includes providing necessary documents such as a valid passport, proof of property purchase, and other required documentation.
Processing Time: The processing time for the Greek Golden Visa is typically three to four months from the submission of the application to approval.
Additional Costs: Be aware of additional costs such as a one-time property transfer tax (3.09% of the property's value), annual property tax, and potential municipal taxes included in electricity bills. If you rent out your property, you will also need to pay rental income tax, which is progressive based on the income amount.
Family Members: Your family members, including your spouse, children under 21, and parents of both the main applicant and spouse, can also obtain residency permits through your investment.
Residency Permit: Once approved, you will receive a residency permit that allows you to live in Greece and travel visa-free within the Schengen Area. The permit can be renewed every five years as long as you maintain the investment.
Citizenship: After seven years of continuous residence in Greece, you may be eligible to apply for Greek citizenship.

By following these steps and meeting the investment and documentation requirements, you can obtain Greek residency through property investment

What is the minimum investment required for the Greek Golden Visa?

The minimum investment required for the Greek Golden Visa varies based on the type and location of the property:

€250,000: This is the minimum investment amount for real estate in most regions of Greece. This threshold applies to properties outside of high-demand areas such as Athens, Thessaloniki, Mykonos, and Santorini.
€500,000: For properties located in certain high-demand areas, including specific municipalities in Athens, Thessaloniki, Mykonos, and Santorini, the minimum investment threshold is €500,000. This amount will increase to €800,000 starting from August 31, 2024, in these high-demand areas.
Caveat:
€250,000: The minimum investment remains at €250,000 if the investment involves the purchase of a commercial property that is converted into a residential property. This exception applies regardless of the property's location or size, provided the conversion is completed before applying for the Golden Visa.

These thresholds ensure that the investment contributes significantly to the local economy and aligns with the real estate market conditions in different regions.

Are there any additional fees associated with the Greek Golden Visa application?

Yes, there are several additional fees associated with the Greek Golden Visa application beyond the minimum investment in real estate. These include:

Application Fees: The application fee for the residence permit varies by the number of applicants.
Property Transfer Tax: This is typically 3.09% of the property’s value.
Land Registry Fee: This fee is approximately 0.575% of the property’s value.
Notary Fee: This is around 1.5% of the property’s value, plus 24% VAT.
Health Insurance: Health insurance is required for all applicants and can vary in cost depending on the provider and coverage.
Legal and Administrative Costs: These can include fees for legal services, translation, and notarization of documents, and other administrative expenses.
Broker and other Fees: For a 250,000€ property, property transfer tax and other taxes plus fees can add approximately 40,000€ for a total cost of 290,000€.

How long does the Greek Golden Visa application process take?

The Greek Golden Visa application process typically takes about 3 to 4 months from the time of submission to approval. However, the total time from when you start considering the investment to receiving your residence permit can vary. Here's a breakdown of the timeline:

Property Search and Purchase: 1-3 months
- This phase involves finding a suitable property and completing the purchase process.
Document Preparation: 2-4 weeks
- Gathering and preparing all necessary documents for the application.
Application Submission: 1 day
- Submitting the application and supporting documents to the relevant authorities.
Application Processing: 2-3 months
- The Greek authorities review the application and conduct necessary checks.
Biometrics Appointment: Usually within 1 month of approval
- After approval, you'll need to provide biometric data for your residence permit card.
Residence Permit Issuance: 1-2 weeks after biometrics
- The physical residence permit card is issued and delivered.

It's important to note that these timeframes are approximate and can vary based on individual circumstances, the complexity of the application, and the current workload of the Greek immigration authorities. Some factors that can affect the timeline include:

The completeness and accuracy of your application and supporting documents
The time of year (holiday seasons may cause delays)
Any changes in Greek immigration policies or procedures

To ensure a smooth process, it's advisable to work with experienced legal professionals who specialize in Greek Golden Visa applications. They can help you navigate the process efficiently and avoid potential delays.

What are the benefits of obtaining a Greek Golden visa?

Obtaining Greek residency through property investment, commonly known as the Greek Golden Visa, offers a wide range of benefits. These advantages make the program attractive to various demographics, including investors, retirees, and families. Here are some of the key benefits:

Residency and Travel Benefits

Visa-Free Travel: Golden Visa holders can travel visa-free within the Schengen Area, which includes 26 European countries.
No Minimum Stay Requirement: There is no requirement to reside in Greece to maintain the residency permit, offering flexibility to investors.
Permanent Residency: The residency permit is valid for five years and can be renewed indefinitely as long as the investment is maintained.
Path to Citizenship: After seven years of continuous residence in Greece, Golden Visa holders can apply for Greek citizenship, provided they meet certain conditions, such as passing an exam on the Greek language and culture.

Family Benefits

Inclusion of Family Members: The residency permit extends to the investor's spouse, children under 21, and parents of both the investor and the spouse.
Access to Education: Residents and their children can access Greece's education system, including schools and universities.
Healthcare Access: Golden Visa holders can benefit from Greece's healthcare system, which includes both public and private sector services.

Investment and Financial Benefits

High Returns on Investment: Greece's real estate market offers high returns on investment, making it a lucrative option for investors.
Rental Income: Investors can rent out their property for additional passive income. Rental prices in popular areas like Athens can range from €650 to €1,300 per month for a three-bedroom apartment.

Tax Benefits

Non-Domicile Tax Regime: Greece offers a favorable tax regime for Golden Visa holders who transfer their tax residence to Greece. Under this scheme, foreign income is exempt from Greek taxation if a lump-sum annual tax of €100,000 is paid. This regime is available for up to 15 years and is particularly beneficial for wealthy individuals and retirees.
Low Capital Gains Tax: Individuals are taxed at a fixed rate of 15% on capital gains from sold property in Greece, which is relatively low compared to other countries.
No Wealth Tax: Greece does not impose a wealth tax, making it an attractive destination for high-net-worth individuals.

Quality of Life

Excellent Climate: Greece is known for its pleasant Mediterranean climate, with mild winters and hot summers, making it an ideal place for year-round living.
Rich Cultural Heritage: Greece offers a rich cultural heritage, with numerous historical sites, museums, and cultural events.
Delicious Cuisine: Greek cuisine is renowned for its delicious and healthy dishes, contributing to a high quality of life.

Additional Benefits

Ease of Process: The application process for the Greek Golden Visa is relatively straightforward and fast, often taking about 3 to 4 months from submission to approval.
Competitive Investment Threshold: The minimum investment required is relatively low compared to other European Golden Visa programs, starting at €250,000 for most regions, although higher thresholds apply in certain high-demand areas.

These benefits collectively make the Greek Golden Visa an attractive option for individuals seeking residency in Europe, whether for investment, retirement, or family relocation purposes.

Why is the Greek Golden Visa program better than those of Spain, Portugal, or any other EU country?

The Greek Golden Visa program offers several advantages that make it stand out compared to similar programs in Spain, Portugal, and other EU countries. Here are some of the key benefits that make the Greek Golden Visa program particularly attractive:

1. Lower Investment Threshold

Greece: The minimum investment required is €250,000 for most regions, which is one of the lowest thresholds in Europe. Even in high-demand areas like Athens, Thessaloniki, Mykonos, and Santorini, the investment threshold is €500,000, increasing to €800,000 from August 31, 2024.
Spain: The minimum investment required is €500,000.
Portugal: The minimum investment required is €280,000 for low-density areas, but typically €500,000 for most real estate investments.

2. No Minimum Stay Requirement

Greece: There is no minimum stay requirement to maintain the residency permit, offering maximum flexibility for investors who may not wish to reside in Greece full-time.
Spain and Portugal: Both countries require a minimum stay of seven days per year to maintain the residency permit.

3. Fast Processing Time

Greece: The processing time for the Golden Visa is typically three to four months from the submission of the application to approval.
Spain and Portugal: The processing times can be longer, often taking up to six months or more.

4. Family Inclusion

Greece: The Greek Golden Visa program allows for the inclusion of the investor's spouse, children under 21, and parents of both the investor and the spouse. This extended family benefit is more inclusive compared to other programs.
Spain and Portugal: Both programs allow for the inclusion of the investor's spouse and dependent children, but the inclusion of parents is subject to additional conditions.

5. Tax Benefits

Greece: The Greek Golden Visa program offers attractive tax benefits, including the non-domicile tax regime. This regime allows foreign nationals who transfer their tax residence to Greece to avoid paying tax on foreign income by paying a lump-sum annual tax of €100,000. Greece also has a Double Taxation Treaty, which can provide additional tax benefits depending on the investor's country of residence.
Spain and Portugal: Both countries offer favorable tax regimes, but the specific benefits and conditions vary, and they may not be as advantageous as Greece's non-domicile scheme.

6. Real Estate Market Potential

Greece: The Greek real estate market is currently experiencing an upward trend, offering high returns on investment. The market is considered promising due to the recovery from the financial crisis and increasing demand for properties in popular tourist areas.
Spain and Portugal: Both countries have mature real estate markets, but the potential for high returns may not be as significant as in Greece, where the market is still developing and offers more growth opportunities.

7. Path to Citizenship

Greece: Golden Visa holders can apply for Greek citizenship after seven years of continuous residence, provided they meet certain conditions, such as passing an exam on the Greek language and culture.
Spain and Portugal: Both countries also offer a path to citizenship, but the residency requirements and conditions may be more stringent.

8. Quality of Life

Greece: Known for its excellent climate, rich cultural heritage, and high quality of life, Greece offers a desirable living environment. The country provides access to high-quality healthcare and education, making it an attractive destination for families and retirees.
Spain and Portugal: Both countries offer a high quality of life, but Greece's unique cultural and historical appeal, combined with its favorable climate, makes it particularly attractive.

In summary, the Greek Golden Visa program's lower investment threshold, lack of minimum stay requirement, fast processing time, inclusive family benefits, attractive tax regime, promising real estate market, and high quality of life make it a compelling choice compared to similar programs in Spain, Portugal, and other EU countries.

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