Out of the myriad of residency-by-investment programs in Europe, the Greek program has been among the most popular for several years now, and for good reason.

It has proven particularly popular with those who don’t have easy visa-free access to Europe with their current passport. But depending on your goals and current passport, there may be better programs out there.

In this guide, we’ll take a look at all the details of the Greek Golden Visa program, and by the end of it, you will hopefully know whether it’s the right fit for you and your family.

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It’s one of the most family-friendly Golden Visa options in Europe, allowing even your grandparents to join you after making the investment (usually, it is restricted to your spouse, parents, and unmarried children).

While this sounds great, one thing you should note is that while it is a great option for those looking for a path to EU citizenship, you won’t get as far unless you really aim to establish yourself and your family in Greece, becoming a full part of Greek society as well. But to be honest, if you like good weather, a laid-back lifestyle, and delicious food, it won’t be very hard to find yourself feeling at home in Greece.

Here are some reasons why you should consider it:

  • There are no minimum stay requirements for keeping the residency permit.
  • You can qualify by purchasing real estate anywhere in the country.
  • You have easy access to the entire EU and Schengen area during your residency (up to 90 days per 180 days outside Greece).
  • Possible path to Greek citizenship, with a passport power rank of 6th according to the Henley Passport Index, with visa-free access to 128 countries.
  • Greece is a safe EU country with a low cost of living, relatively affordable real estate, and a good climate and quality of life for expats.
  • The program is NOT blacklisted by the OECD, unlike many other Golden Visa programs.
  • Non-domicile tax incentive program with a flat 7% rate if you have non-Greek pension income (for up to 15 years).
  • Unlike other visa programs, there is an extra family benefit. Not only can you bring your spouse, parents and children under the age of 21, even your grandparents can benefit from the Golden Visa.
  • The permit only needs to be renewed every five years, and the costs for doing so is relatively modest compared to similar programs.

Possible cons:

  • It doesn’t give you access to work in Greece or the rest of the EU while not having citizenship status.
  • You can’t sell your investment after a set number of years, so you will need to maintain the investment if you want to keep the residency for all your family. Once you have citizenship, you are free to sell it (assuming your family members are no longer dependent on the Golden Visa for their residency status).
  • There is a 183-day per year residency requirement for seven consecutive years to qualify for citizenship.
  • It is generally not easy to apply for citizenship through naturalization in Greece (you have to prove strong affinity ties to the country in an interview with a special naturalization committee, possess strong language skills, and pass a citizenship test).
  • If you choose to invest in real estate, you can no longer use it as a short-term rental on platforms like Airbnb. Otherwise, you can incur a 50,000 euro fine and cancellation of the residency permit. Long-term rentals (i.e. with a 12-month rental contract) are still allowed. Short-term rentals were an attractive option for many due to the fact that you can’t work legally in Greece on the Golden Visa.
  • The Greek program is now suffering somewhat from its own popularity, with average processing times now exceeding 18 months. Still not at the level it’s Portuguese rival, however.

History of the Greek Golden Visa

The Greek Golden Visa program was first introduced in 2013. As of 2023, it has granted over 31,000 Golden Visa permits to main applicants. This shows the visa program really took off and continues to become more attractive now that other European Golden Visa programs—such as the Portuguese Golden Visa—have opted for stricter requirements and are plagued with processing delays.

With 958 Golden Visas issued in 2017, 1,891 in 2018, and 3,504 in 2019. In 2020, however, that number went down dramatically to 403. This was due to Covid, as at the time, it was required to visit Greece to start the visa process. Since the end of 2020, the laws have been changed, and now it is possible to go through the majority of the Golden Visa process remotely. In this case, you can receive your temporary residence card in the mail.

Since 2020, the numbers have picked up again at a rapid pace, with a peak of 8,506 applications received in 2023 alone. This has, unfortunately, led to a lot of pending applications, with the mean processing time now exceeding 18 months.

The Golden Visa has generated approximately 7.1 billion euros of investment in Greek funds and real estate until 2023. Most applicants have come from China, Turkey, Russia, and the Middle East.

Requirements for obtaining the Golden Visa

Who is eligible for the Golden Visa?

Anyone who is a third-country national can apply for the Greek Golden Visa. That means anyone who isn’t already an EU or EEA country citizen can apply after making a suitable investment. To be eligible, you must also have medical insurance for yourself and your family, as well as basic requirements such as being at least 18 years old, having a clean criminal record, and being of “good character”.

What requirements do you need for residency and citizenship?

In order to qualify for the Golden Visa and to keep Greek residency as a result, you must make one of the following investment options:

  • Invest 800,000 euros in Greek real estate (single property of at least 120 m2) in densely populated areas such as Attica (including Athens), Thessaloniki, and all islands with a population of more than 3,100 such as Mykonos and Santorini.

  • Invest 400,000 euros in Greek real estate (single property of at least 120 m2) in all other parts of Greece.

  • Invest 250,000 euros in real estate anywhere in Greece if you either convert a unit from commercial use to residential or if you restore a building of historical significance. It can still only be a single property, but of any size.

  • Make a capital contribution of 500,000 euros in either Greek government bonds, bonds, or shares in real estate investment companies in Greece or venture funds and private equity that are headquartered in Greece.

  • Sign a ten-year lease agreement for hotel accommodation or a furnished tourist residence, provided that the minimum cost of the lease is 400,000 euros.

⚠️ NOTE: These options reflect the changes effective from August 31, 2024. The minimum investment amounts for real estate will increase from 500,000 euros to 800,000 euros and from 250,000 euros to 400,000 euros, respectively. The ten-year lease option will also be raised to 400,000 euros from 250,000 euros. However, if you apply with a 10% deposit by September 30, 2024, and finalize the investment by December 31, 2024, you can still qualify at the lower thresholds of 250,000 and 500,000 euros.

Although the minimum investment thresholds are higher than before, when you could qualify with only 250,000 euros, this change aligns with the overall trend in European Golden Visa programs, which are increasing their requirements.

Despite this increase, Greece remains an affordable option for many, with relatively inexpensive real estate compared to other Mediterranean countries, providing good value for your investment. Additionally, the Greek Golden Visa program has no stay requirements for maintaining residency. As long as you maintain your investment, you retain your Greek residence permit.

Although there are no stay requirements for residency, if you are looking for a path to citizenship, you need to have spent considerable time in Greece. To qualify for Greek citizenship, you must have been a tax-paying resident in Greece for seven years, with at least 183 days per year spent in Greece. In addition to that, there is a language proficiency test and a Greek citizenship test.

In other words, if your goal is EU citizenship without spending considerable time on the ground (and learning Greek), there are better programs available. But if your goal is to maintain EU residency status without actually fully relocating—typically useful if you have a passport without visa-free Schengen access or simply want a plan B—then the Greek program is hard to beat.

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Launching New Mercan Hotel Project in Greece - Golden Visa Program

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Application Process

The process is quite straightforward, although it will require a lot of documentation from both your country of origin and Greece. While you can do this all by yourself if you want, it’s a much better idea to do some of these steps with the help of a lawyer or at least someone who speaks Greek.

Select a property and investment option

Select one of the investment options that were mentioned earlier. For the capital contribution option, the only requirement is that the investment must have a positive impact on national development and the economy.

There are no specific sectors you must consider or rules about the location of the project. That said, the most popular industries to choose from in Greece are tourism, food and beverage, ICT, manufacturing, logistics, pharmaceuticals, and energy.

Get a Greek bank account

In order to open a Greek bank account and hance make the investment, you will need a Greek non-resident tax number (AFM).

To do this, you either need to do it in person at a Greek tax office or through granting power of attorney to a local accountant or lawyer. Please note that a regular notary is not enough, and you are required to sign a power of attorney in front of a Greek consulate.

You will need a photocopy of your passport, birth certificate, and marriage certificate if married. Once you have an AFM tax number, you must submit your tax return every year in Greece, regardless of your income or residency.

To send the investment purchase amount, you don’t need to have a Greek bank account and can do it from a foreign bank account; however, when you pay property tax and utility bill payments, it has to come from a Greek bank account.

Currently, the most remote-friendly option for opening a bank account in Greece is Pireus Bank, but that still requires you to provide power of attorney to your legal representative. Most banks are still firmly brick-and-mortar. However, we hope to see more remote banking options opening up in the future.

Acquire the investment

In order to get the ball rolling with the visa process, you will need to get a lawyer to help exercise due diligence on your behalf. If all is clear and you are ready to move forward, you will need to sign a promissory sale and purchase agreement.

Submit your documentation for the Golden Visa

The amount of documentation needed is quite overwhelming, so we strongly advise getting a lawyer to do this with you, especially if you are not able to visit Greece. You will need to submit general documentation that is required for any Greek residency visa:

  • Copy of all passports for you and your family members
  • Signed insurance contract covering all costs of hospitalization and medical care
  • Criminal record certificate
  • Medical certificate
  • Four recent color passport photos
  • Proof of funds
  • A fee paid through e-paravolo (a Greek online platform for paying administrative fees). This fee is 2,000 euros for the main applicant, 500 euros for family members over 21 years old, and 150 euros for family members under 21 years old.
  • A 16 euro processing fee, also paid through e-paravolo
  • Depending on the type of investment, you may be asked to provide occupation information such as your CV

You can also submit your family’s documentation at the same time if you would like them to move together with you. However, it isn’t required, and you can pursue their visas at a later stage if you wish.

A local lawyer who has expertise in visa applications should be able to help acquire this information. Also, please be aware that all documentation has to be submitted in Greek or with a certified Greek translation.

Once you have submitted all the documentation for your application, you will receive your “blue papers”. This is not your Golden Visa residence permit but a temporary permit that allows you to reside in Greece for one year. It doesn’t give you freedom of movement for other Schengen countries.

Biometrics and Final Approval

With your blue papers in hand, you can now go to Greece and do your biometrics. This is the only part of the Greek Golden Visa process that can’t be done remotely. You have six months to do them from the time you submit your application; otherwise, you can accrue penalties.

For the biometrics, you will be required to provide both fingerprints and a signature sample. Fingerprints are not required for children under the age of six; a signature sample is not required for children under the age of 12.

Once you have submitted all your biometric data, you will receive your Golden Visa residence permit in the mail, usually after two months. Golden Visa residence permits are valid for five years.

Permanent Residency or Renewal

After five years of residing in Greece with your Golden Visa residency permit, you have two options. If citizenship is your goal, you can pursue permanent residency. This will require passing a Greek language exam, as well as proving that you spent enough time in Greece. You need to have not been absent from Greece for more than ten months in the past five years and no more than six months per year.

Alternatively, you can renew your Golden Visa permit for another five years. You can do this an infinite number of times as long as the investment still exists. The downside is that you will have to pay additional application fees for the renewal, which are 2,000 euros for the main applicant, 500 euros for family members over 21 years old, and 150 euros for family members under 21 years old.

To renew, you will need to submit:

  • A completed application
  • Copy of all passports for you and your family members
  • Signed insurance contract covering all costs of hospitalization and medical care
  • A copy of the current residency card
  • Proof of health insurance

Identifying and making your investment

You are probably wondering right now how you go about finding the right investment for your application. Well, with the recent changes in the Greek Golden Visa program, the options have evolved, and it’s important to know your best path forward.

When considering the real estate option, the new increases may shift preferences quite a bit compared to the previous €250,000/€500,000 requirements across Greece. Still, real estate remains a good option for many as you can either use the property yourself or rent it out long-term for ongoing income.

Corfu 4-star Resort

An existing hotel in Corfu, Greece that Mercan will convert into a 4-star international brand resort. There will be 100 rooms added to currently 180 rooms by the end of 2026.

Investment Amount: €250,000 (until Aug 31, 2024) · Exit: Guaranteed lease back after year 10 · Annual Income: 4% up to 5 years, from year 6 variable 3-5%

House in Euboea Island

Detached house 180m² with four rooms on the Euboea island.

Investment Amount: €420,000 · Exit: Market value · Annual Income: Market value

Thessaloniki Commercial into Residential

Option to turn a 137m2 commercial property in Thessaloniki into residential.

Investment Amount: €350,000 · Exit: Market value · Annual Income: Market value

Having said that, investment by capital contribution is a smoother process, as you can do it directly with a specialty lawyer without involving third parties, as opposed to the real estate option, which could be prone to delays and require a longer time frame. It can have its advantages—it just depends on what you are trying to achieve with your investment and golden visa (and how much you are willing to invest, of course).

If you are not planning on moving to Greece with the goal of citizenship, and instead of having the hassle of maintaining a property there, you would rather go for intangible assets, then perhaps the capital contribution option is a better fit.

Besides the investment amount, the same terms apply in that you have to renew your permit every five years, maintaining your investment throughout the duration of your permanent residence. So, in all, it just depends on your personal goals with the project.

To get started with finding a suitable property, we recommend taking a look at some of the most popular Greek real estate aggregator websites to get an idea of what the local prices are like.

You can expect that some real estate websites that are geared specifically toward expats may have much more expensive prices compared to the local ones.

Luckily, most of these sites have an English version. The most popular by far among locals is Spitogatos, with others such as Xrisi Efkeria, Spiti 24, Idealista (also popular in Spain and Portugal), and Tospitimou offering a wide range of properties for sale.

If you are looking for advice and consultations on how to start the process of acquiring an investment/property, we highly recommend checking out the companies in our Greek service provider directory. There you’ll find real estate developers, advisors, and legal professionals with detailed up-to-date knowledge about the Greek Golden Visa.

Explore migration and investment experts in Greece

FAQ

How does the Greek Golden Visa compare to the Portuguese Golden Visa?

We have a detailed comparison between the Greek, Portuguese, and Spanish Golden visas. The main differences are in the way you can obtain citizenship, the contribution amount, the stay requirements, and family reunification benefits.

If you are mainly looking for EU citizenship without having to spend most of the year in the chosen country, then Portugal is probably a better option. If you don’t mind settling down for seven years in Greece, then the lower cost of this program may be more favorable for you.

How much does it cost to obtain the Greek Golden Visa?

If you add the amount you need to invest, legal fees, translation fees, and other administrative fees regarding acquiring the necessary documentation, it’s hard to give an exact figure, but you can expect to pay around 11-12% of the property value considering all costs. Some expenses will include:

  • Property transfer tax: 3.09% of the property value (or the objective value, whichever is the highest).
  • Notary public fees: 1-1.24% of the property value (or the objective value, whichever is the highest).
  • Land registry fee: 0.6%-0.8% of the property value(or the objective value, whichever is the highest).
  • Legal fee: around 10,000 euros for a property of 250,000 euros and a GV application for three people.
  • GV payment to the Greek government - 2000 euros for the main investor and 150-500 euros per additional family member.
  • The family needs health insurance to qualify, which is around 100 euros for adults and 80 euros for dependent children (varying by age).
  • Fee to the Greek Consulate for the visa application, which costs around 300 euros.
  • Visa renewal: this will mean paying the original GV payment again.

Can I split the real estate investment amount between a combination of properties?

No. While this was previously possible, your investment must now be a single property with a minimum surface area of 120 square meters.

If it is 100% privately owned, you can. However, you will have to provide details of the legal entity and its structure during the visa application stage.

Are there any restrictions applied to qualifying real estate?

No restrictions arise from the Greek Golden Visa Law, i.e. it makes no difference whether the property is located downtown or in the countryside.

However, there are some general restrictions on the purchase of properties located in a limited number of border regions. Individuals or legal entities that are affected by the restrictions above may request the lifting of the ban for the border regions when submitting their application, which should clearly state the intended use of the property.

How long is the wait/processing time for the Greece Golden Visa?

You can expect that it will take around three months to complete the property acquisition process (presuming you issue a power of attorney for the legal representatives).

Once the Golden Visa application has been made, your legal representatives can get temporary residence through a power of attorney (without you needing to be present) in approximately 1–2 months.

After traveling to Greece to do the biometrics, you should normally receive your permanent residence cards for you and your family within 2–3 months.

⚠️ 2024 update: While the application processing has historically been relatively quick, the Greek Golden Visa program has become a victim of its own success. Currently, a growing processing backlog is causing significant delays of about 18-24 months.

When do I have to travel to Greece?

Since the law was updated at the end of 2020, the only time you have to travel to Greece is once the application has been approved (to do your and your family’s biometrics). You may need to go there to open a non-resident bank account, although, as already mentioned, there are alternatives to this.

Do all the supporting documents have to be in Greek?

The documents required for the application for a residence permit should be submitted in Greek, except for the documents issued by foreign authorities, which need to be certified before being translated. Two types of certification are accepted:

  • The Apostille stamp for countries that participate in the Hague Convention.
  • Certification by the Consular.

It is possible to have foreign public documents translated in Greece via the Translation Service of the Greek Ministry of Foreign Affairs or a Certified Lawyer.

Which family members can come with me when issued a Golden Visa?

According to the law, family members of third-country citizens entering the country include:

  1. Spouses
  2. The direct descendants of the investor and/or spouse who are under the age of 21 (children)
  3. The direct ancestors of the investor or his/her spouse (parents and parents-in-law).

Unmarried partners are not considered to be family members.

Do dependent children need to stay dependent during the whole Golden Visa process?

Dependent children are granted residence permits up to the age of 21. During this time, their residency depends on the sponsor’s residency permit. So, if it expires, their dependent children’s permit also expires. Once they reach the age of 21, they become entitled to an autonomous residence permit, independent from the resident permit based on investment. They are allowed to reside in Greece on the basis of this permit until age 24.

After this, another renewal is possible only according to regular immigration law. In other words, they would have to apply for citizenship (presuming they have been resident in Greece for the past seven years), or else there is also the option to transfer the investment to the 24-year-old, making them the main investor. This way, you will keep the residency as well as your son/daughter.

Can the residence permit be considered a work permit?

No. Unfortunately, the Golden Visa doesn’t grant any access to employment (including freelancing), except when it comes to acting as a shareholder, CEO, or other board member. So, you would have to set up your own business in the country to rely on income.

Can I stay more than 90 days in other Schengen countries with a Greek Golden Visa?

Greece is a member of the EU Schengen Zone, so the holders of the Greek Golden Visa enjoy the privilege of free movement within the Schengen Zone without any requirement for further visa applications. The stay in those countries should not exceed 90 days in each 180-day period, however. Time spent in Greece does not count against the 90 days.

How will the taxes work for me in Greece?

As previously mentioned, the Golden Visa doesn’t grant access to employment within Greece unless you are receiving a board member or CEO salary.

In the case that you are not a tax resident in Greece (so, if you are only in Greece for less than 183 days per 12-month period), you will not be liable for tax on your worldwide income.

However, in the case of pensioners who become Greek tax residents, there is a flat 7% tax rate for the first 15 years on all foreign income. All foreign income from real estate investments, pensions, and other foreign-sourced income will be taxed at this 7% rate.

Are there gift or inheritance taxes in Greece?

Yes, there are gift and inheritance taxes based on the degree of kinship. The rates are 10% for spouses, parents, and children, 20% for other relatives, and 40% for everyone else.

Which European countries offer Golden Visas?

There are investment-based migration programs all across Europe, and some are more competitive than others.

Apart from Greece, you will also find popular programs in Portugal and Spain.

Q&A

If you still have some questions about the article or the Golden Visa, feel free to post them below.

We will try to answer as much as we can and may even add your question (along with our answer) if we think it will benefit others.

The usual disclaimer: Nothing in this article is to be considered legal advice. It is merely a best-effort representation of the information gathered through countless hours of online and offline research into the subject. If you want definitive answers to specific questions, please consult a lawyer.

Cover image credit: Leonid Muhli / Depositphotos