What is the Golden Visa?

The Greek Golden Visa is a residency by investment program launched in 2013 to attract foreign investment to the country. It allows nationals of non-European Union countries to obtain a residence permit, valid for five years and renewable, by investing in Greek real estate. In addition to granting residency in Greece, this visa allows recipients to travel freely within the Schengen area.

The advantages of the Golden Visa in Greece

• The minimum price of an investment to obtain the Visa is €250,000, which is one of the lowest investment thresholds in Europe! Be careful, however, that this price is not applied everywhere: some tense areas have a higher threshold.
• The visa is usually granted in less than 6 months.
• It is not necessary to speak Greek to obtain the visa.
• The visa gives access to the health system and free schooling for children.
• Access to the Schengen Area: Golden Visa holders can travel freely to the 27 countries of the Schengen Area without a visa for 90 days within a 180-day period.
• Possibility of residence for the whole family: the program allows for the inclusion of family members, including spouse, children up to 21 years of age, as well as the parents of the applicant and their spouse.
• No residency requirement: Unlike some other countries, Greece does not require Golden Visa holders to reside in Greece for a minimum period of time each year.
• Path to citizenship: Although the Golden Visa does not lead directly to citizenship, after seven years of continuous residency, investors can apply for Greek citizenship, subject to certain conditions.
• A safe and profitable investment: Greek real estate is currently one of the most attractive in Europe, with interesting growth potential, which makes this investment particularly advantageous.
• There are no wealth taxes and a low property tax rate.

Eligibility requirements and real estate investment criteria

To be eligible for the Golden Visa in Greece, investors must meet certain criteria, mainly related to real estate investment:

• Minimum investment of €250,000 if: some text
  • you convert commercial premises into residential use;
  • or you are restoring listed buildings of historical or cultural importance,
  • knowing that the property cannot be rented out seasonally.
• Minimum investment of €800,000 in a property located throughout the administrative region of Attica (including Piraeus and most of the capital region), the regional units of Thessaloniki, Mykonos, Santorini and islands with more than 3,100 inhabitants
• Minimum investment of €400,000 in a property located in other areas, for a single property with a minimum surface area of 120 m², which cannot be put up for seasonal rental either.

The process of obtaining the Golden Visa

1. Finding an eligible property and carrying out the purchase procedures.
2. Due Diligence and Legal Verification: It is advisable to work with a Greek real estate lawyer to verify that the property is compliant and that the documents are in order.
3. Signing the deed of purchase: Once the purchase has been validated, the investor signs the deed of sale in front of a notary.
4. Submission of Golden Visa application: After purchase, the Golden Visa application can be submitted to the relevant Greek authorities. You will need to provide the necessary documents, including the title deed, a valid passport, passport photos, and a health insurance certificate.
5. Fingerprinting: You will need to travel to Greece for fingerprinting, which is a mandatory step.
6. Receiving the Golden Visa: After checking and approving your file, you will receive your residence permit for a period of 5 years.

Renewal and extension conditions

The Greek Golden Visa is initially granted for a period of 5 years and can be renewed every 5 years provided that the investor retains ownership of his property. Family members included in the initial visa can also renew their residency under the same conditions.

The associated costs and taxes

In addition to the real estate investment, it is important to take into account the additional costs related to the Golden Visa, such as:

• Notary fees: Generally around 1.5% to 2% of the purchase price of the property.
• Property Transfer Tax: Currently set at 3.09% of the sale price for real estate.
• Lawyer and real estate agent fees: Count about 1% to 2% extra for the services of a lawyer and real estate agent.
• Visa application fee: A cost of €2000 per adult is required for the Golden Visa application, while minor children are exempt from this tax.

Advice for Foreign Investors

• Call on a professional: Hire a lawyer specializing in Greek real estate to guide you through the legal and administrative procedures.
• Study strategic locations: The regions of Athens, Greek islands such as Mykonos, Santorini, or Crete, as well as coastal cities offer attractive investment opportunities and high rental yields.
• Plan for resale or rental: Real estate in Greece is booming, and seasonal or long-term rentals can be a great source of income.

Conclusion

The Greek Golden Visa is one of the most attractive residency-by-investment programs in Europe, due to its affordable investment threshold, the exceptional quality of life that Greece offers, and the possibility of accessing the Schengen area. Whether you are looking for a second home, a profitable real estate investment, or a gateway to Europe, the Greek Golden Visa represents a unique opportunity.

With a growing economy, beautiful landscapes, and unparalleled cultural richness, Greece offers an idyllic living environment for foreign investors. Before you jump in, don’t forget to consult with legal and financial experts to ensure that your investment is optimized and compliant with local legislation.