Greece Golden Visa: The Ultimate Guide

In a world that’s as uncertain as it is today, it pays not to leave things to chance, especially if you are planning a move abroad or looking to diversify your investments.

For example, have you always wanted to have access to Europe to enjoy its lifestyle and investment opportunities, but the price tag of getting a second passport by investment there was just too big? We’ve got the solution.

As a high-net-worth individual or family, you should take advantage of the Greek residence by investment (RBI) program.

For a mere €250,000 investment – one of the lowest required investments in Europe – the Greek Golden Visa allows you to become a resident of the Schengen area.

You and your entire family members can then travel visa-free to any of the 27 European countries as soon as your permit is issued. And, trust us, you will likely want to.

Greece’s Balkan peninsula mainland and the many thousands of picturesque islands are some of the world’s top holiday destinations .

So, it’s little wonder that the balmy Mediterranean climate, fresh food, turquoise waters and exceptional hospitality have attracted high-net-worth individuals from all over the world to Greece.

Greece is a country that’s safe, accessible, under a dependable rule of law and has a relatively low cost of living.

And while you can keep on renewing your residence in Greece for as long as you keep your investment, there is no requirement to physically reside in the country, giving you the best of both worlds.

The world has pounced on the Greek Golden Visa; Greece grants more investor visas than any other country in the world. Residence by investment is one of the best ways to build your future on your terms.

So, let’s look at what the Greek Golden Visa entails and how you could become a permanent resident of Europe in just a couple of months.

The Economy of Greece

Even though it’s a developed country that offers a high standard of living, it’s not all a bed of roses when it comes to the economy of Greece.

You can probably remember the stand-off between the leaders of the EU and Greece when the Greek Debt Crisis hit back in 2008.

It wasn’t just the longest recession of any modern capitalist economy in the world. It also led to a small-scale humanitarian crisis, with people unable to get money from ATMs and many losing their livelihoods.

Since then, the country has worked hard to rebuild its economy.

Sweeping reforms were implemented, such as radical cuts in taxes on both individuals and businesses. On top of that, lots of red tape was cut out, and a lump-sum tax program was introduced to attract high-net-worth individuals from all over the world.

As a result, the country has fully regained the trust of many investors, as illustrated by the ever-growing number of people applying for the Greece Golden Visa program. It’s worked so well that Greek property developers now have projects in Athens covering an area the size of Gibraltar.

So, don’t forget that an RBI program isn’t just about the residence benefits that it can bring you and your family members. It’s about the investment side of things, too.

As an investor, there’s never been a better time than now to buy real estate property in Greece for highly attractive prices.

What is a Golden Visa?

Before we get to the details of how you can obtain your Greece investor permanent residence permit, let’s get on the same page regarding what a residence-by-investment program is.

Numerous countries, including several European ones, offer legal residency to people who invest in their country. In Europe, these programs are often referred to as ‘ Golden Visas ’, due to the ‘golden’ opportunity they present .

A Golden Visa brings numerous benefits, including the right to travel, live and do business in Europe’s Schengen Area .

Most countries that offer RBI programs will allow permanent residents to apply for citizenship after a predetermined number of years have passed. In other words, you could become a naturalised citizen if you maintain your residence by investment long enough and meet the other requirements for citizenship.

Last but not least, don’t forget about the investment part either.

If you’re an avid investor, a residence-by-investment program can open up many doors and provide you with numerous opportunities to grow your net worth.

Those with families will also be happy to know that all these Golden Visa benefits usually also apply to the family of the main investor.

The Greek Golden Visa Program

The Greek Golden Visa was born in 2013 and has quickly garnered approval and foreign interest for two reasons:

1. It had one of the lowest investment requirement in Europe, at just €250,000.
2. The flexibility of the real estate property investment itself (and the fact that you will have full ownership of your property and a title deed).

To put that into perspective, if you want to obtain Italian residency, one must either buy government bonds worth €2 million (over $2.15 million), invest €500,000 (more than $539,000) in the country’s shares‌ or donate at least €1 million (almost $1.079 million) to public interest projects in the country.

And if you thought that was already too much, wait till you hear what happens after you are approved. You are then required to buy or rent property in Italy for your entire residency, even if you intend to live there or not.

As far as Golden Visa programs go, the Greek Golden Visa program is a much better option. It has been a real success story – already raising over US$5 billion, despite changes in recent years to increase investment requirements.

Greek residency is given for a period of five years, and it can easily be renewed if you continue to hold the minimum needed investment.

Plus, you aren’t required to live in Greece before or during the time when your application is being processed.

You also won’t have to live in Greece once you become a resident but will need to consider it if you wish to apply for Greek citizenship in seven years’ time.

Alternatives to the Greece Golden Visa Program

The Greek Golden Visa program isn’t the only one out there. If it doesn’t feel right or you have doubts, there are a handful of others you could consider:

• Portugal Golden Visa: Invest €250,000 in Portugal to obtain a residency. Keep in mind that there is a residency requirement if you opt for Portugal.
• Latvia Golden Visa: This Eastern European country isn’t on many people’s radars, which is why you can find some great deals on properties. Invest €250,000 (plus 5% state fees) to become a resident of Latvia and make the entire European Schengen Area your travel playground. Learn more about Latvia’s Golden Visa program .

Another option is to wait until Greece launches its citizenship by investment program that’s in the works to get your EU passport.

This would give you the added benefit of being able to live and work in the Schengen area, not just travelling within its borders.

How to Obtain the Greece Golden Visa

Until a few years ago, your only choice was to purchase Greek property if you wanted to become a resident of Greece.

Seeing how foreign investors often prefer to invest in financial instruments rather than property investments, Greece introduced seven more investment options at the end of 2019.

These are especially convenient since Greece has no physical residence requirement, and a hands-off approach appeals to a number of investors.

Aside from investing in real estate (which we’ll cover soon), here are the six new ways you can invest in Greece to get its residence:

1. Put €500,000 into a real estate investment company that buys exclusively Greek properties (or buys its shares through a share-capital scheme)
2. Invest €500,000 in a capital equity company or an equity mutual fund (mutual fund must be based in Greece)
3. Buy €500,000 worth of Greek state bonds (maturity of three years)
4. Hold a deposit of €500,000 at a credit institution (minimum 12 months)
5. Buy shares, corporate or state bonds worth €800,000
6. Buy €500,000 worth of shares in an Alternative Investment Organisation in Greece or another EU member-state that buys Greek real estate.

Needless to say, not many people have been able to take advantage of these options purely because they are so new, and financial organisations haven’t been able to adapt their offerings to foreign investors.

However, we anticipate that in the years to come, more and more investors will opt for these alternative methods, and their popularity will grow.

Invest in Greek Real Estate

We’ve left the oldest and most popular Greek investment options for last: direct real estate investment worth at least €250,000.

One of the benefits of this option is that you can buy as many properties as you’d like, as long as you hit the minimum required investment. You are also free to mix and match between residential or commercial.

Furthermore, the real estate can be located on the mainland or on any of the Greek islands.

Another one of the benefits of Greece residency is that you can co-invest with other people. For example, you could potentially buy a million-euro villa with three friends, and you would all qualify for a Greek Golden Visa.

On top of all this good new, if you’re not using your real estate you can rent it out. The average rental yields in Greece hover around the 3 to 6% mark.

Hopefully, now you’re able to see just how flexible the Greek Golden Visa is when it comes to its real estate investments.

Few other countries let you have free reign over what property gives you eligibility for their RBI program. So, if this is something that’s important to you, then you can’t go wrong choosing the Greece Golden Visa.

The Step-by-Step Golden Visa Application Guide

Before you initiate the application process, it would be smart to check that you’re eligible. As far as requirements go, they are pretty basic. To qualify, you must meet the following:

• Be a non-EU citizen
• Be at least 18 years of age
• Have a clean criminal record
• Have medical insurance for yourself and your family
• Are of good character

Your application will be processed in approximately two months, so the total timeframe for obtaining a Greek residency from start to finish is about three months.

Don’t forget that you can add your dependent children (up to the age of 18; 18+ can be added if they are studying and are dependent on the main applicant) as well as parents and parents-in- law to the residence applicant.

Finally, a word about the fees. Even though the minimum investment is €250,000, you can tack on an extra few thousand Euros for lawyer fees and paperwork.

Plus, you can add approximately 6% for real estate registration fees. Additionally, if you purchase a new property, you will be liable to pay the VAT of 24%.

All in all, budget for at least €25,000 in addition to the main investment when you apply for your Greek residency.

Golden Visa Application

With all that in mind, let’s walk through the typical application process.

1. Pick the investment route and go to Greece

The golden visa application process in Greece requires that you make the investment before submitting your residence application, so visiting Greece is inevitable.

If you are from a country that requires a visa for travel, you must obtain one in your country of residence before travelling to Greece.

It would also be ideal to already have some real estate properties lined up for you to visit when you arrive.

In addition, you should definitely open a bank account and get a tax identification number issued.

Another purpose of your visit is to give power of attorney to a legal representative in Greece to take care of the rest of the paperwork for you. Unless you want to be chained to a desk and fill out paperwork, that is.

Notable, none of your family members need to travel to Greece for this first visit, only the main applicant.

If you choose to go with another investment route and not real estate, you will still need to go to Greece to give power of attorney to a representative and open a bank account.

2. Prepare Your Application

This is the paperwork-heavy bit. You have to put together documents, including birth certificates, marriage or divorce certificates, police clearance reports and passport copies.

All of the documentation must be certified and officially translated into Greek.

3. Application review

Once you’ve submitted your application, the Greek authorities have two months to review it and conduct due diligence checks.

You will be issued with proof of receipt of your application that you can then use as a temporary residence permit. This document will be valid for a year, allowing you to live in Greece and to travel freely in the Schengen area.

You should also take any legal actions that are needed to finalise your investment in Greece.

4. Your golden visa is issued

If the authorities approve your application, you will be issued a residence permit that’s valid for five years. At this point you will have to pay the permit fee which is €2,000.

You can renew it for another period of five years – indefinitely – for as long as you maintain your investment.

5. Apply for citizenship

This one is for ‌people who have a vested interest in becoming citizens of Greece.

If you physically reside in Greece and are a taxpayer there, you will be eligible to apply for Greek citizenship after seven years.

From our experience, Greece certainly won’t make it easy for people who don’t have familial or ethnic ties with Greece to obtain citizenship.

So, while they can advertise that you’ll be able to apply for citizenship in seven years, it doesn’t mean that they will grant it to you.

The Pros of the Greece Golden Visa Program

There are numerous benefits to the program, but here are the main ones:

• Visa-free travel to 27 European Union countries: If you’re a legal resident of Greece, you will be able to travel anywhere in the Schengen area without needing a visa. This provision also includes visa-free travel to Switzerland, Liechtenstein, Norway and Iceland.
• It’s cheap: Greece’s Golden Visa program is one of the cheapest in Europe. Enough said.
• Bring your family: Your entire family can become Greek residents. If you fulfil the investment requirements, your spouse, all children under the age of 21 and parents can be added. Also, parents-in-law can be added to the application.
• A permanent Greece residency permit card: The Greece residency permit given to you by the Greek government isn’t limited in any way. You’re given a Greece residency permit for five years. You can renew it for as long as you maintain your minimum investment.
• No residency requirement: Living in Greece before or during the golden visa residence application is not an obligation. Or even living after the Greece residence permit has been granted.
• It’s not a donation you’re making: You won’t be asked to simply donate money to a cash-strapped government. This means you’ll be retaining all of the rights to the investment you’ve made.
• Top-notch standard of living: Greece has a high standard of living, comparable to that of the United States. It’s got a solid education system, dependable medical facilities, and some of the lowest crime rates in Europe.
• You won’t have to pay Greek tax: You can be a resident of Greece and not pay its tax if you don’t physically live there for at least 183 days a year. You will, however, be liable to pay tax for income derived in Greece, and the rate for rental income from property is 11%-33%.
• Getting residence permits is fast: Even though Greece is known for its incredibly complex bureaucratic apparatus and relative inefficiency, getting a residence permit will take three months of your time – max.
• Apply for naturalisation: If you have lived in Greece for seven years and are a tax resident, you will be eligible to apply for Greek citizenship. This will bring the added benefits of being able to not just travel but also live and work anywhere in the European Union.
• Anyone can apply: There are no nationality restrictions for participating in the Greece Golden Visa. Every non-EU national can apply under the same terms.

The Cons of the Greece Golden Visa Program

Even though there are many benefits to the Greece golden visa, there are also some drawbacks that you should consider before you apply.

• Property tax in Greece is relatively high: When compared to other RBI programs currently operating, property tax in Greece is high. Property tax in Greece was raised by some 700% during the economic crisis, and no one can be sure it won’t do it again.
• You won’t be able to work in Greece: Newly approved residents cannot work in Greece, but they are free to register and set up their businesses in the country.
• Greek taxes are like Pandora’s box: Theoretically, if you don’t live there, you will not be liable, but tax planning is still required. And, if you want to apply for citizenship, you will need to pay Greek taxes for seven years. Luckily, a lump-sum tax system was implemented in Greece for high-net-worth individuals.
• You won’t be able to legally work in the EU: The residence permit allows the applicant to live in Greece but not to work. However, the residence permits applicants to set up a business in Greece.
• Poor track record of naturalising people: Greece provides the opportunity for its Golden Visa residents to apply for naturalisation, but it doesn’t need to give it to you. They don’t really like naturalising people who are not of Greek origin. And if you do have Greek ancestry, you might as well get a passport based on descent, not investment.

Greece Golden Visa: FAQs

Is the Greece Golden Visa for You?

Do you not have access to the European Union but think it would be a great Plan B for yourself and your family? Or do you want to spend more time in Europe than your Schengen visa lets you?

You might be thinking that you need a second passport to reach your personal and business goals, but that’s not always true.

The Greece Golden Visa has the lowest investment amount of any European residency scheme, and it’s very flexible when it comes to your actual investment.

And even though Greece doesn’t yet have a track record of naturalising its permanent residents and has relatively high property taxes, it might still be an attractive option for some investors seeking to go where they’re treated best.

As always, you should consult a professional before you choose which investment is the right one for you, as well as choosing where to obtain your residency.

Whether that’s Greece or some other golden visa country, we can help you unravel it all. Let’s talk .