Greece Golden Visa

Greece Golden Visa Program

Overview:

The Greece Golden Visa program, launched in 2013, is one of the most popular residency-by-investment programs in Europe. It provides non-EU citizens with the opportunity to obtain a five-year residency permit in Greece in exchange for a real estate investment. This permit is renewable as long as the investment is maintained, and it offers visa-free access to the Schengen Area. The program is particularly attractive due to Greece's strategic location, rich cultural heritage, and relatively low investment threshold compared to other European countries.

Investment Options and Updated Pricing:

The Greece Golden Visa program offers several investment options, catering to different investor profiles. The most common investment route is through real estate, but other options are also available. Below are the current options with updated pricing:

1. Real Estate Investment:

- Minimum Investment: €500,000.

- Details: Applicants must purchase real estate property or properties with a total value of at least €500,000. This investment can be in residential, commercial, or land properties. Multiple properties can be combined to reach the minimum investment threshold. The properties can be rented out to generate income, and the investment must be maintained for the duration of the residency permit.

- Recent Update: As of August 2023, the minimum investment threshold was raised from €250,000 to €500,000 in certain popular regions, including Athens, Thessaloniki, Mykonos, and Santorini. The €250,000 threshold still applies in other parts of Greece.

2. Real Estate Leasing or Timeshare:

- Minimum Investment: €400,000.

- Details: Applicants can also invest in a 10-year lease agreement or timeshare in a hotel or furnished tourist residence. The total value of the lease or timeshare agreement must be at least €400,000.

3. Capital Investment in a Greek Company:

- Minimum Investment: €500,000.

- Details: Applicants can invest in the share capital of a Greek company, whether listed or not on the Greek stock exchange. This investment can be in a newly established or existing company.

4. Investment in Government Bonds:

- Minimum Investment: €500,000.

- Details: Applicants can purchase Greek government bonds with a minimum value of €500,000. The bonds must have a maturity of at least three years.

5. Investment in Corporate Bonds or Shares:

- Minimum Investment: €800,000.

- Details: Applicants can invest in corporate bonds or shares of companies based in Greece, including companies listed on the Greek stock exchange.

6. Bank Deposit:

- Minimum Deposit: €500,000.

- Details: Applicants can deposit at least €500,000 in a Greek bank for a fixed term of at least 12 months, with the option of renewal.

7. Investment in Mutual Funds or Alternative Investment Funds:

- Minimum Investment: €350,000.

- Details: Applicants can invest in shares of a mutual fund or an alternative investment fund established in Greece or another EU country, provided the fund's focus is on real estate or other business activities in Greece.

Eligibility and Documentation Requirements:

To qualify for the Greece Golden Visa, applicants must meet the following criteria:

1. Eligibility:

- Applicants must be non-EU citizens.

- The principal applicant must be at least 18 years old.

- The applicant’s spouse, children under 21, and parents of both the applicant and spouse can be included in the application.

2. Documentation Requirements:

- Valid passport and visa.

- Proof of health insurance for all applicants.

- Proof of investment, such as a property purchase agreement or financial statements.

- Certificate of marital status and birth certificates for dependents.

- Criminal record certificate (no older than three months).

- Financial statements proving the source of funds.

- Proof of payment of the applicable taxes and fees.

Benefits of the Greece Golden Visa:

1. Residency in Greece:

- The Golden Visa grants the right to reside in Greece for five years, with the possibility of renewal every five years, provided the investment is maintained.

2. Visa-Free Travel:

- Golden Visa holders have visa-free access to the Schengen Area, which includes 26 European countries.

3. Pathway to Citizenship:

- After seven years of continuous residency in Greece, Golden Visa holders may apply for Greek citizenship, subject to fulfilling certain residency, language, and cultural knowledge requirements.

4. Family Inclusion:

- The Golden Visa program allows the inclusion of immediate family members (spouse, children under 21, and parents) in the application, providing them with the same residency rights.

5. No Residency Requirement:

- There is no minimum stay requirement in Greece, meaning investors are not obligated to reside in the country. However, staying in Greece may be beneficial for those considering applying for citizenship in the future.

Application Process:

1. Selection of Investment:

- The first step is choosing the preferred investment option and completing the necessary transactions, such as purchasing real estate or making a financial investment.

2. Submission of Application:

- After the investment is made, the application is submitted to the local authorities in Greece. This includes all required documents, proof of investment, and payment of application fees.

3. Processing and Approval:

- The processing time for the Golden Visa application is typically around 2-3 months. Once approved, the applicant receives a five-year residency permit.

4. Renewal:

- The residency permit can be renewed every five years, as long as the investment is maintained.

Conclusion:

The Greece Golden Visa program is an attractive option for investors seeking a European residency with relatively low investment thresholds, especially when compared to other EU countries. The program offers a straightforward application process, the possibility of citizenship, and the flexibility to include family members. The recent increase in the minimum investment amount in certain regions reflects the program's growing popularity and the government's efforts to manage demand. However, the lower threshold in less populated areas still provides a cost-effective entry into the program, making it accessible to a wide range of investors.