Golden Visa
GOLDEN VISA
The Greek Golden Visa Program is considered one of the most affordable residence by investment programs that provides access to Europe Successful applicants and their families are able to benefit from visa free access to Europe’s Schengen Area within two months of applying.
In an increasingly globalized world, freedom of movement is becoming a strong desire, if not a necessity, for many people.
The possibility of being able to experience life in other parts of the world is a constantly appealing option. And in this category, Greece is a top contender with its internationally renowned quality of life and strategic location between the East and the West.
The Golden Visa in Greece gives non-EU citizens the unique opportunity to gain access to permanent residency in one of the most beautiful countries of the world by investing in real estate.
NEW RULES FROM SEPTEMBER 2024
Greece recently implemented significant changes to its Golden Visa program, effective from August 31, 2024. These changes mainly involve adjustments to the minimum investment thresholds and conditions under which the visa can be obtained.
- Investment Thresholds:
- For properties in high-demand areas like Attica, Thessaloniki, Mykonos, Santorini, and other islands with populations exceeding 3.100, the minimum property investment required has been increased to €800,000.
- In other regions, the minimum investment has been raised to €400,000, up from the previous €250,000.
- Special cases allow for a lower threshold of €250,000 for certain types of investments, such as industrial buildings being converted to residences or listed buildings undergoing restoration.
- Property Requirements:
- The investment must be in a single property with a minimum area of 120 square meters. You cannot combine multiple smaller properties to meet the investment threshold.
- The investment must be in a single property with a minimum area of 120 square meters. You cannot combine multiple smaller properties to meet the investment threshold.
- Usage Restrictions:
- The new rules prohibit short-term leasing or sub-leasing of the property. Additionally, these properties cannot be used as business offices or registered branches.
- The new rules prohibit short-term leasing or sub-leasing of the property. Additionally, these properties cannot be used as business offices or registered branches.
- Transitional Period:
- A transitional period allows investors who have begun the purchase process under the old rules (with a 10% deposit or other formal steps) to complete their investments by December 31, 2024. If the investment isn’t finalized by then, investors have until April 30, 2025, to complete it under the previous rules, albeit potentially with a different property.
Be Smart Invest in Greece
KEY ADVANTAGES
The advantages of Golden Visa are not solely limited to the financial benefits entailing from the admittedly low required investment capital. A Golden Visa grants to a third country national the right to reside in Greece accompanied by his/her family members.
The duration is indefinite, the sponsor can renew every 5 years as long as the investmentis maintained.
Family members are considered:
• the spouse or the partner in a civil partnership with the sponsor
• the unwed children of both spouses who are under 21* years old (*The program can extend up to the age of 24 years old should the child remain unwed.)
• the unwed children of the sponsor or of his/her spouse or partner provided that the custody is entrusted for the children of the sponsor to the latter and for the children of the other spouse or partner to the latter who are under 21 years old
• the direct relatives in ascending line of the sponsor or the spouse/partner.
The Schengen Area is an area without international borders. People can freely move from one country to another without being subjected to border checks.
This means that you and your family automatically gain unlimited visa-free access to all the Schengen countries.
The Schengen Area comprises 26 countries (as of 1.2.2020):
- 22 EU countries – All EU member states except for Bulgaria, Croatia, Cyprus, Ireland and Romania
- 4 Non-EU countries – Iceland, Norway, Switzerland and Liechtenstein
By investing in Greece, your money is safe.
You are investing in euros in a country with a stable economy and improving growth prospects.
The Greek Golden Visa scheme offers the most affordable investment options for residency in the EU, with a minimum of:
- €250,000 in real estate, with no restrictions as to the type or age of the property (commercial, residencial, a combination of more than one property, or even land).
- €400,000 in financial instruments from ECB-supervised Greek banks (time deposites, matual funds, government bonds, etc.).
The residence permit is practically for the whole family. You obtain residence permits for yourself and your:
- Spouse (spouses are taken to mean opposite-sex married couples, as well as opposite- sex and same-sex couples who have entered into a civil union in Greece).
- Parents and parents-in-law, with no conditions
- All children under 21, provided they are not married. When children will turn 21, they can apply for a 3-year independent residence permit, up until the age of 24.
The no minimum-stay residence requirement applies to all your family members.
If you hold a Greek Golden Visa, you may apply for Greek citizenship after legally residing in the country for 7 years. Your children will automatically be granted the citizenship, provided they are undre 18 and not married.
With an EU passport, you can live, work and study in Greece or any other EU country. You can also enjoy visa-free travel to over 180 countries worldwide.
Once you receive your 2nd citizenship, you can dispose of your investments in Greece, as no further visa renewals are required.
If you get a Greek Golden Visa, you do not have to move your tax residency to Greece as there is no minimum-stay requirement.
This means that you do not have to pay tax in Greece, unless you physically live in the country for more than 183 days a year. However, you will be liable to pay only taxes connected with your real estate assets in Greece, including rental income from property.
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