The Greek Golden Visa program turned from a modest idea in 2013 into one of the most sought-after ways to obtain residency through investments in the Eurozone. During its existence, the program has made a significant contribution to economic recovery after the debt crisis.
The Golden Visa program was launched in 2013 against the backdrop of the deepest economic crisis. Greece was going through a depression. The country’s GDP declined by more than 25% between 2008 and 2016, and unemployment reached a catastrophic 27.5%. In these circumstances, the Government decided to launch a residency through investment program in order to attract foreign capital to the country.
The program is managed by the Ministry of Migration and Asylum. It is legally based on article 16 of Law 4251/2014 “Migration and Social Integration Code”. In 2015, the document was supplemented by article 8 (paragraph 21) of Law 4332/2015, which expanded the program’s capabilities. The legal framework of the program is also based on the Law 4146/2013 “Creating a development-friendly environment for strategic and private investments”, which defines the conditions for attracting foreign investment through the provision of a residence permit.
Advantages of the Golden Visa of Greece
- Visa-free travel in Europe. The right of visa-free entry to all countries of the Schengen area (up to 90 days within 180 days).
- Low investment threshold.
- Residence permit for the whole family. The status automatically applies to a spouse, children under the age of 21, and dependent parents.
- Long-term status. A residence permit is issued immediately for 5 years.
- No requirements for residence in the country.
- Access to European education and medical facilities.
- A simple receipt procedure.
- The opportunity to apply for Greek citizenship after 7 years of residence in the country.
- A returnable investment. The property can be sold after obtaining a permanent residence permit or citizenship.
- National tax benefits.
- Expanded business opportunities.
- The right to open accounts in local banks in various currencies.
Investment options for obtaining a visa
The Greek residency program through financial investments offers several ways to obtain the status. Each has its own specifics and financial thresholds.
Purchase of real estate
Real estate remains the most popular investment vehicle. However, a strict territorial division has been in effect since September 2024.
- Premium zones (starting from € 800,000). They cover the most attractive regions of the country. This includes the whole of Attica with Athens and Piraeus, Thessaloniki with Central Macedonia, Mykonos and Santorini, plus 32 islands. Among them are Crete, Rhodes, Corfu, Zakynthos, Kos, Kefalonia and others.
- Standard regions (from 400,000€). Includes all other territories of Greece.
- Special category (from 250,000€). It is valid for projects to convert commercial premises into residential ones or to restore buildings included in the historical heritage list.
Securities
Greek government bonds require an investment of 500,000€ with a mandatory maturity of at least 3 years at the time of purchase. Purchases should only be made through Greek banks. Corporate shares and bonds – from 800,000€. Mutual funds offer a more affordable option of 350,000euros (exclusively invested in the country’s assets).
Deposit programs
An urgent deposit in a local bank involves the placement of 500,000€ for a minimum of 1 year. Alpha Bank offers special deposit products (linked to the Golden Visa program) with automatic renewal. This option provides full capital protection and no market risks. However, the profitability of such deposits is traditionally low.
Rent and timeshare
Ten-year rental agreements for hotel rooms or furnished tourist residences require an investment of €400,000 or €800,000, depending on the geographical location. The model is suitable for investors who do not want to become property owners. Timeshare agreements for tourist sites operate on the same principles.
Corporate investments
Investments in companies require 500,000euros to increase the authorized capital or purchase bonds upon placement. An alternative way is to invest in closed–end investment companies or real estate funds (REIC) specializing in Greek assets. Since September 2024, it has been possible to obtain a 5-year residence permit through investments of 250,000euros in local startups.
Minimum investment volume and preservation conditions
The new system, introduced in September 2024, has significantly changed the conditions for obtaining a Greek golden visa. For example, in the case of the purchase of real estate, the amount of investments directly depends on the geographical location of the object.
Premium locations are limited to €800,000. For the rest of the country’s regions, there is a more affordable threshold of 400,000euros. However, there is an important exception. Investments in commercial real estate start from 250,000€ regardless of location. This applies to facilities that are being converted from commercial to residential status, as well as the restoration of historical monuments.
When the property is sold, the visa is automatically terminated. The minimum asset retention period is 5 years. This period is associated with the possibility of obtaining permanent residence. After that, the restrictions on the disposal of property are partially relaxed.
Additional expenses and taxes
The investment amount of €250,000 or €400,000 represents only a fraction of the future costs. The actual cost of obtaining a Greek golden visa can increase the budget by 15-20% of the initial amount.
The State charges fixed fees for reviewing the application. The main applicant pays 2,000€ for submitting the documents. Each adult family member adds another €150 to this amount. Children under the age of 18 are exempt from this fee. Printing a resident’s card costs 16€ per person.
The purchase of real estate is accompanied by a number of mandatory payments. The most significant is the property transfer tax (3.09% of the property value). Notary services cost 1.5% of the property price + 24% VAT. Registration of ownership rights in the land registry will require an additional 0.5-0.9%, depending on the region.
All documents must be translated into Greek and notarized. One document costs 50-200€. For a standard package of family documents, transfers can cost 500-1,000€. Compulsory health insurance costs approximately €100-150 per person per year. Opening a bank account often requires a minimum deposit of 1,000-3,000€. Banks charge a fee for international transfers.
The annual property tax of ENFIA is calculated individually, but for a typical apartment worth 250,000€ it is 300-800€ per year. This tax depends on the location, area, and age of the facility.
Tax consequences of obtaining a visa
Greek law defines a tax resident according to a simple rule: stay in the country for more than 183 days per calendar year. The countdown starts from the moment of crossing the border. This rule does not apply to tourists and people coming for medical treatment. The status of a resident changes the tax obligations of a foreigner. Residents pay taxes on global income, while non–residents pay taxes only from sources within the country.
Tax residents declare all income – salaries, dividends, interest, royalties, income from real estate. The place of income does not matter. The tax period coincides with the calendar year. The declaration must be submitted by June 30 of the following year. All residents over the age of 18 are required to declare income, even non-taxable ones.
Requirements for the applicant and family members
The first and main condition is that the applicant must be a citizen of a country outside the European Union. The age limit is 18 years. Medical requirements include a general health check and mandatory medical insurance. Insurance coverage must comply with Greek standards and cover all health risks. Special attention is paid to the applicant’s reputation. The requirement to have a criminal record certificate applies to all jurisdictions where a person has lived in recent years. The applicant must also demonstrate sufficient funds to cover living expenses.
The application (together with the main applicant) can include not only the next of kin, but also representatives of the older generation. The spouse of the main applicant is automatically eligible for a residence permit. There are no additional requirements or separate investments. Children are also included in the application by default. The age limit for children is under 21. Full-time students can remain in the status of dependents until the age of 24.
Dual citizenship
The country officially recognizes the right of its citizens to keep passports of other countries at the same time as the Greek one. Having obtained Greek citizenship through the golden visa program, the investor does not lose touch with his homeland.
Real estate investments entitle you to a 5-year residence permit. The document is updated automatically when saving investments. After 7 years of continuous ownership of the right, it becomes possible to apply for naturalization. The procedure requires passing a B1 Greek language exam, knowledge of the country’s history, culture, and political system. The exam consists of a written part (20 questions and an essay) and an oral interview.
The procedure for obtaining a residence permit
- Choosing an investment destination. The investor determines the type and amount of investments according to the available options.
- Preparation of a package of documents. The applicant collects the necessary papers. At this stage, you can issue a power of attorney to a local lawyer to carry out most of the procedures remotely.
- Investment action. Direct purchase of real estate or other type of investment.
- Applying for a residence permit. The dossiers of the applicant and family members are sent to the migration authorities of Greece.
- Biometric registration. Requires a personal presence in Greece to submit biometric data. After submitting the documents, a temporary residence permit is issued, valid for 1 year. The document grants all the rights of a permanent resident until obtaining the main residence permit.
- We will answer all your questions
- We will help you choose the best option
- We will guide you through every step or do everything for you
Application processing time
Official statistics from the Greek Ministry of Migration indicate a review period of 2 to 6 months. In practice, everything is more complicated – the range is from 3 months to 1.5 years. The difference is explained by the influx of investors and the individual circumstances of the applicant. In addition, the geographical factor affects the processing speed of the request. For example, in the northern regions of the country, the burden on migration authorities is less and, consequently, applications are processed faster.
The statistics of successful cases demonstrate this pattern. Applicants with a fully developed dossier receive approval within 45-60 days. Those who submit an incomplete package or choose an investment at the last moment wait 6+ months.
Required documents
- A foreign passport valid for at least 6 months from the date of application and issued no more than 10 years ago. Original and full copy of all pages.
- Application for a residence permit.
- 4 color photographs in 3.5×4.5 format.
- For persons over 16 years of age, a certificate of non-criminal record from the country of citizenship and all countries of residence for the last 5 years.
- Marriage certificate with apostille and translation into Greek (if applicable).
- Birth certificates of children with apostille (if applicable).
- Birth certificate of the main applicant (to include the parents in the application).
- Medical insurance with coverage of at least 30,000€.
- Information about banking transactions for the last 3 months.
- A notarized purchase and sale agreement, a certificate of registration of ownership rights and other documents confirming the investment.
Failure and return on investment
Errors in documents are the leading reasons for rejection (about 40% of all negative decisions). The Greek authorities demand precision in every detail. The absence of apostilles, incorrect translations, or expired criminal record certificates are the main reasons for refusals.
Another 30% of investors face problems with financial verification. The rigor of the requirements for proving the source of funds is often underestimated.
Security checks have been significantly increased. If it is established that the applicant has submitted false information or forged documents, he is deprived of the right to reapply for 5 years. Upon receipt of the refusal, the applicant has 90 days from the date of the decision to file an appeal. An official appeal is filed with the Ministry of Foreign Affairs of Greece. A second application can be submitted immediately after the reasons for the refusal have been eliminated.
Recent changes in the program
In the spring of 2024, the Greek Parliament approved Law 5100/2024. The document amended article 100 of the Migration Code. The new regulations raised the financial threshold for the purchase of real estate in prestigious regions from 500,000 to 800,000euros. The legislators added another restriction. The purchased property must have an area of at least 120 square meters. This requirement excludes the possibility of buying studios and small apartments that were previously in demand from investors. Also, the new rules categorically prohibit renting out real estate for short-term periods. Violation can result in the cancellation of the residence permit and a fine of 50,000euros.
Since February 2022, the rules for Russian and Belarusian citizens have been radically changed. The Golden Visa program is completely frozen for them. You can join it only if you have a passport from another country.
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