The Ultimate Guide To Greece Golden Visa

Greek Golden Visa Law changed on 23.12.2020: You can now apply for the program completely remotely. You or your dependents do not have to enter Greece during or prior to the application process.

What you will find in this article:

• What the Greek Golden Visa program is
• The program’s benefits
• Number of people that applied, when they applied, and their nationalities
• Eligibility for the Golden Visa in Greece
• Different Investment Options
• Step by Step Process and Required Documents

What Is Greece Golden Visa?

Launched in 2013, the Greek Golden Visa Program grants a five-year residence permit in exchange for as low as a 250,000 Euro real estate investment in Greece. You can include your family in the residency program.  The Greek Golden Visa allows you to live in Greece and travel across the Schengen region, without a visa.

At Get Golden Visa, we’ve helped hundreds of families find the right property in Greece and get their Golden Visa, providing us with an expertise in the market. Take the first few steps of your journey by finding out just what the Greece Golden Visa program is, who is eligible to apply, what are the investment requirements, and all the other details before you make a decision. Let’s get the ball rolling.

Golden Visa Greece Benefits

Right To Live In Greece

The Greek Golden Visa allows you and your family to live in Greece.  There is no limitation to how long you can stay.  As a matter of fact, there is no minimum stay requirement either. The right to live in Greece comes with public healthcare and education benefits as well.

Visa-Free Travel

The Golden Visa gives you the freedom to travel across the Schengen zone without the need for an additional visa.

The Schengen zone consists of 26 European countries that have officially abolished visas and border control at their mutual borders.

Family Reunification

Can your family join you? They sure can.  The residence scheme allows you to include your spouse and children under the age of 21 in the program.  This means that all these family members can also receive and enjoy all the benefits of a Golden Visa card.

In addition to the other Golden Visa programs, the Greek program provides an Extended Family benefit. This means that the principal applicant’s parents and parents-in-law can also receive cards without any further requirements.

Low Investment Threshold In A Promising Real Estate Market

Among the Golden Visa programs in Europe, Greece has the lowest investment threshold. You can invest as low as 250,000 Euros in Greek real estate in order to qualify for the program.

The Greek property market took a big hit in the 2008 financial crisis and suffered for more than a decade.  As of 2021, the Greek real estate market is expected to adjust in an upward trend.

The Double Taxation Treaty

Depending on your country of residence and the amount of time you spend in Greece, it is likely that your international income may not be subject to taxation in Greece.  In that case, you may maintain your business activities outside of Greece and enjoy some tax benefits.

As of 2021, Greece also provides tax benefits to foreigners living in the country as tax residents.  There are different incentive programs for retirees, digital nomads, and other particular expat segments.

Make sure and check with your certified financial advisor to see if you can benefit from any of these incentives.

Greece Golden Visa Statistics

Between 2014 and 2021, a total of 8,011 main applicants and 15,774 dependents received their Golden Visa in Greece.  So, as of 2021, a total of 23,785 Greek Golden Visa permits were granted to their owners.

These applications directed in excess of 2 billion Euros of global funds into Greece.

Nationalities

The highest number of applicants came from:

• China: 5,927 applicants
• Turkey: 524 applicants
• Russia: 322 applicants
• Lebanon: 178 applicants
• Egypt: 166 applicants
• Iran: 136 applicants
• Iraq: 94 applicants
• Jordan: 66 applicants
• Ukraine: 56 applicants
• Syria: 56 applicants

Source: Ministry οf Migration and Asylum / General Secretariat for Immigration Policy (05.01.2021)

Eligibility Criteria For The Greece Golden Visa Program

In order to qualify for a Golden Visa in Greece, you must meet the following requirements:

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

As of 2021, you no longer need to visit Greece in person in order to apply for your Golden Visa.  Learn more about how to apply remotely here.

Investment Options Of Greece Golden Visa

There are several investment types that qualify you for a Greece Golden Visa. These include:

• A minimum of 250,000 Euros purchase of a real estate property in Greece
• 10 years of a lease agreement, whether signed for hotel accommodations or furnished tourist residences in integrated tourist resorts
• A minimum of 400,000 Euros investment in
  • Greek government bonds
  • Bonds or shares of real estate investment companies in Greece
  • Shares and bonds of venture fund and private equity which have headquarters in Greece

Conditions

If you chose to proceed with the purchase of a property;

• The real estate property must be owned by and still in possession of you
• If the owner has acquired the property through a legal entity, the applicant must own 100% of the company shares

In the case of an applicant who has signed a lease of a hospitality accommodation:

• The contract must cover a minimum duration of 10 years and 250,000 Euros in rental amount
• The contract must require a single payment of the rent for the equivalent of the ten-year leasing of the property

You may renew your Golden Visa residence permit every five years. You must fulfill the above conditions to be able to renew at the end of each five years.

Required Documents

A successful Golden Visa Program application requires the following documents: 

• Two copies of the application document
• Four recent color passport-type photos
• Certified copy of a valid passport or travel documents recognized by Greece
• A fee paid and obtained through the “e-Paravolo” platform
  • Roughly amounts to €500 for residence permits of up to a five-year duration
• A processing fee paid and obtained through the “e-Paravolo” platform
  • Roughly amounts to €16, concerning the printing of the separate document (electronic residence permit)
• Certification by an insurance agency for the cost of hospitalization and medical care;
  • Insurance contracts that are signed outside of Greece, provided that they explicitly mention that they cover the interested party for the duration of their stay in Greece
  • Insurance contracts that have been signed in Greece.

In some cases, the authorities may request additional documentation.

Submitting The Application

You may submit your application yourself or through a Greek lawyer.

Greece Golden Visa Renewal Process

The Greek government issues the Greece Golden Visa cards valid for a period of five years at a time.  Every five years, you are required to renew your residence permit. In order to renew the permit, you must meet the following conditions:

• The real estate property must remain in the full ownership of yourself, the main applicant
• The relevant leases/contracts still be valid and satisfactory of the requirements

You will need the below documents in order to renew your Greek Golden Visa residency permit: 

• A filled-in application
• Four recent color passport photos
• A true copy of a valid passport or travel documents recognized by Greece
• A certified copy of the previous permanent residency card
• Certification by an insurance agency for the cost of hospitalization and medical care;
  • Insurance contracts that have been signed outside of Greece, provided that they explicitly mention that they cover the interested party for the duration of their stay in Greece
  • Insurance contracts which have been signed-in Greece

In some cases, the authorities may require additional documents to renew the permit.

Greek Taxes

As of 2021, the Greek Government introduced many tax incentive programs for non-residents in Greece.

As a non-Greek tax resident, you should appoint a tax representative and file tax returns with the Non- Greek Resident Tax Office, provided that you earn actual Greek source income.

Obtaining A Greek Citizenship

The Greece Golden Visa program is not a citizenship by investment program.  However, you may be eligible to apply for naturalization in Greece at the end of seven years, provided that you meet a set of criteria.

Below are the requirements to apply for Greek citizenship: 

You need to:

• Live in Greece for a minimum of 7 years
• Be a tax resident in Greece during this period
• Enter and pass a Greek Language test
• Have a real interest or connection to Greece and the Greek culture

For further information on the Golden Visa Greece read the article below: