Program Overview:
Initiated in July 2013, the Greek Golden Visa program offers a five-year residency visa as a reward for investing in real estate. Applicants are not required to reside in Greece to maintain or renew their investor visa, which is eligible for renewal every five years provided the real estate investment is maintained. The program allows for the inclusion of children up to the age of 21 in the family application. Although residency is not a requirement for visa renewal, obtaining citizenship requires a residency period of seven years.
Benefits:
Greece offers one of the most affordable Golden Visa programs in Europe, providing significant advantages. The primary benefit is the quick acquisition of Greek Permanent Residency, usually within a few months, after making a real estate investment of €250,000. This residency permit allows holders the option to live, work, and study in Greece, though participation in the Golden Visa program does not necessitate this. Being a part of the Schengen Zone, Greek residents have the privilege of visa-free travel across the EU Schengen Zone, with the allowance to spend up to 90 days within any 180-day period in other Schengen countries.
Main Advantages:
Permanent Residency and Citizenship in Greece:
Under Greece’s Golden Visa program, individuals are granted Permanent Residency immediately. This residency status must be renewed every five years by maintaining the property investment.
Applying for Greek citizenship is an option after seven years of continuous residency, but it requires fluency in Greek, a condition that poses a challenge for many. Investors seeking European citizenship might explore other programs, such as Portugal’s Golden Visa program, which offers a more accessible path to citizenship.
Cost of the Greek Golden Visa:
An initial investment of €250,000 in real estate is the basic requirement for obtaining the Greek Golden Visa, a process known for its simplicity and speed.
As of May 2023, the investment threshold for real estate has been raised to €500,000 in select Greek municipalities, including Athens, Thessaloniki, Glyfada, Mykonos, and Santorini.
The total fees for government, notary, and legal services related to the property purchase and visa application are approximately €15,000. Additionally, VAT is applicable on the property purchase in Greece.
Golden Visa Eligibility Criteria:
Prospective applicants must fulfill several criteria beyond the real estate investment, including: