Permanent Residency in Greece by Investment

Are you dreaming of obtaining permanent residency in Greece? We’ve got you covered! With Greece’s laidback lifestyle, stunning landscapes, and rich culture, it’s no wonder you’re interested in permanent residency here. 

One pathway you follow for permanent residency in Greece is through investment. Today, we will dive into everything you need to know about permanent residency through investment with the Greek Golden Visa. So, get ready to explore everything you need to know, from investment options to eligibility criteria. Let’s dive in!

Can I get Permanent Residency in Greece by Investment?

The short answer is yes! Of course, eligibility criteria and application processes are involved, but don’t worry. Today, we will cover everything you need to know! 

The Greek Golden Visa is a program that allows non-EU citizens to obtain Greek residency through investments in Greek assets such as real estate. This program allows applicants to obtain a 5-year residency permit for investing as little as €250,000 into Greek real estate. The Greek Golden Visa allows you to travel freely across the Schengen region, opening you up to many opportunities.

Benefits of the Greek Golden Visa

The Greek Golden Visa comes with many benefits for successful applicants. Let’s take a look at some of them below.

Enjoy the Right to Live in Greece

Thanks to the Golden Visa, you and your family can enjoy the freedom of living in Greece. This comes with no limit on the length of time you stay in Greece and no minimum stay requirements. What’s more? Enjoy the benefits of public healthcare and education for your family during your stay.

Visa-Free Travel

Once you have obtained your Greek residency permit via the Golden Visa, you can then travel freely throughout the entire Schengen region. The Schengen region consists of 29 European countries that have come to an agreement whereby inhabitants no longer require visas to move within the region.

Double Taxation Treaty

Depending on your country of residence, your international income may not be subject to Greek taxes. This allows you to continue business outside Greece while enjoying some tax benefits.

Investment Options for the Greek Golden Visa Program

As we have already mentioned, there are multiple investment options to qualify you for the Greek Golden Visa program. Let’s take a look at your options in more detail below

Real Estate Investment

Investing in real estate is the most common way non-EU residents qualify for the program. The amount you need to invest may vary depending on the area or type of real estate you are investing in.

• In areas excluding Athens, Thessaloniki, Santorini, and Mykonos, you must invest a minimum of €250,000 in one property or across multiple properties;
• In the areas mentioned (Athens, Thessaloniki, Santorini, and Mykonos), you must invest a minimum of €500,000 in one single property;
• Another option is to sign a 10-year lease agreement for either hotel accommodations or hotel residences within an integrated tourist resort.

Other Investment Options

If you’re looking for investment options outside of real estate, it’s worth looking into investing at least €400,000 into one of the following:

• Greek government bonds
• Shares and bonds from venture funds and private equity that are headquartered in Greece
• Bonds or shares of real estate investment companies in Greece

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Real Estate Investment: A Popular Choice for Greek Golden Visa

Real estate investment is the most popular option for non-EU residents seeking the Greek Golden Visa. Whether it’s the accessible costs associated with the visa or the current strength of the Greek property market, individuals are excited by this option. Let’s explore some of the main reasons real estate investment is a popular avenue for the Greek Golden Visa.

Cheap Investment Requirements

In relation to other European Golden Visa programs, Greece has the lowest threshold for residency by investment. You can invest as little as €250,000 in Greek real estate to be eligible for the Golden Visa in Greece.

High Return Potential

The Greek real estate market has seen significant growth, driven by increasing tourism and foreign interest. Investing in real estate offers the chance to benefit from the increase in property value over time and earn income on rental properties.

Simple and Transparent Process

Investing in real estate in Greece for the Golden Visa is relatively straightforward. Legal procedures are well-established, and the property market is regulated, which ensures a smooth transaction and clear ownership rights.

Immediate Benefits

Purchasing a property in Greece allows investors to enjoy immediate benefits, such as using it for personal use, either rental or vacation purposes. This dual-purpose use enhances the value of the investment while adding additional revenue streams.

These are some of the main reasons why real estate investment is the most popular option for those interested in obtaining the Greek Golden Visa!

Important Update to the terms of the Greek Golden Visa

This past April, updates were introduced to the eligibility terms for this visa. The price is set to rise from €250,000 to €400,000 throughout Greece. In the areas where you must invest €500,000 (Athens, Thessaloniki, Santorini, and Mykonos), the minimum investment will rise to €800,000. You still have the chance to obtain the visa at a lower price as long as you pay a minimum deposit of 10% before 30th August 2024. You must then pay off the entire investment by the 31st of December, 2024.

Additionally, the property must be at least 120 square meters, and short-term rental use is prohibited. It’s worth noting that some preserved buildings will remain available at the €250,000 threshold.

Greek Golden Visa Requirements

Now that you have decided to take the first steps towards your Greek Golden visa, let’s quickly break down the eligibility requirements:

• Be a non-EU/EEA country citizen
• Be at least 18 years old
• Have a clean criminal record
• Have medical insurance for you and your family

Once you check all of the above boxes, you can begin the application process for Greek Citizenship by investment. On top of this, as of 2021, you no longer have to go to Greece to begin your application.

Step By Step Application Process for the Greece Golden Visa via Real Estate

As you are now aware, there are several essential steps involved when applying for permanent residency in Greece by investment. Let’s break these down

1. Research and Consultation

Whether you know it or not, by reading this article, you have already begun the process of conducting research. It’s important to consult with immigration lawyers or real estate agents who are experienced with the Greek Golden Visa process. At Lexidy, our dedicated Greek immigration team is always on hand to help you out.

2. Property Search and Selection

Now, it’s time to work with real estate agents to find a property that meets the minimum investment threshold, depending on its location. 

3. Legal and Financial Preparation

Engage with a specialized lawyer to guide you through the process of property purchase and the application process. You must apply for your Greek tax number (AFM) for property transactions. You will also need a Greek bank account to facilitate property purchases and associated transactions

4. Property Purchase

When purchasing your property, you must first sign a preliminary agreement and pay a deposit to secure the property. Remember that by paying 10% of the value by 30th August, you will remain at the lower price threshold for eligibility. Ensure your lawyer conducts due diligence on the property to avoid unwanted legal issues and then sign the contract in the presence of a notary public to finalize the deal. You will then be required to complete the transfer of ownership and registry of the property with the Land Registry.

5. Submit Your Visa Application

Now, it’s time to submit your application along with the necessary supporting documents to the Alien and Immigration Department. The best part? You do not need to enter Greece to apply for the Greek Golden Residence permit—we will handle everything for you! You don’t even need to visit the Greek Consulate to apply for the Greek Golden Visa (short-term visa); if you prefer, we’ll take care of it all!

6. Application Processing

Once your application is submitted, the competent authority will review it within 40 working days and issue a temporary residence permit. This permit allows you to reside in Greece until a final decision is made.

The final step is providing your fingerprints, which depends on the availability of the authorities. Once approved, you will receive a Golden Visa residency permit. Please note that the entire process, from submission to the issuance of the final card, may take several months, depending on the immigration office’s workflow.

7. Post-Approval Steps

Once you have received your residency, it’s time to apply for residency permits for your family members. This includes:

• Spouses
• Direct descendants of the spouses who are under the age of 21 (children)
• Direct ascendants of the investor or their spouse (parents and parents-in-law)

You can also renew your permit every 5 years, provided you still own the property and have maintained the investment.

8. Living in Greece

Now, it’s time to enjoy the fruits of your labor! Embrace the right to live and travel within the Schengen zone while soaking in the Greek lifestyle. 

9. Greek Citizenship 

After 7 years of continuous residency, you can begin considering the process of applying for Greek citizenship, if desired. As long as you meet the following criteria, you can apply for Greek citizenship by naturalization:

• Live in Greece for at least 7 years
• Be a tax residence in Greece during this timeframe
• Take and pass a Greek language exam
• Have a genuine interest in Greece and its culture

So there you have the steps involved in purchasing your Greek property and, in turn, applying for Greek residency by investment! Not sure where to start looking for your Greek property? Our recent guide has you covered!

Frequently Asked Questions About Permanent Residency in Greece by Investment

What are the minimum investment requirements for the Greece Golden Visa?

The minimum investment requirement in Greece for lower-value areas will increase to 400,000€, and this investment must be made in a single property.

Investors will have the 250,000€ option available only if they purchase properties with commercial use for at least this minimum price to convert them to residential use or if they invest in historical buildings to renovate them to their original status.

Investors who sign a pre-contract agreement and pay a 10% deposit by August 2024 will be allowed to complete their purchases under the old regime by the end of 2024. If the purchase of the property is not completed, the investor may complete their investment in another property no later than April 30, 2025.

Can family members also receive residency under the Greece Golden Visa program?

Yes, family members can receive residency under the Greece Golden Visa program. Eligible family members include:

• Spouses
• Direct descendants of the spouses who are under the age of 21 (children)
• Direct ascendants of the investor or their spouse (parents and parents-in-law)

How long does it take to process the Greece Golden Visa application?

The processing time for the Greece Golden Visa application typically takes a few months. Waiting times may vary depending on the workload of the government officials and your individual circumstances.

Does Greece allow dual citizenship?

Yes, Greece allows dual citizenship, which means you can hold citizenship in another country as well as Greek citizenship.

Conclusion: How Lexidy Helps Investors Obtain Permanent Residency in Greece by Investment

Applying for residency in Greece through the Golden Visa program is an exciting opportunity to experience the Greek way of life and to enjoy the freedom of working and traveling throughout the Schengen zone.

At Lexidy, we have built a team of experts who cater specifically to Greek immigration and understand all aspects of the Golden Visa program. Be sure to reach out to our Greek Immigration Department through the form below to get your free consultation today. Your Greek dream awaits!