Greece Golden Visa 2024: Obtain Greek Residency Permit Through Investment

Greece has always been a popular travel destination for tourists due to its laid-back way of life, pleasant weather, wholesome food, and abundance of ancient architecture. To take advantage of all that Greece has to offer, many tourists are interested in staying for a long time.

Thank goodness, Greece has a Golden Visa scheme that enables people to become residents of the nation by investing a certain amount of money there. If you’re thinking of residing in Greece under the Golden Visa program, make sure you read this article to get all the information you want.

Greece Golden Visa new rules

• With a starting point of 400,000 euros in other areas, Greece has chosen to raise the minimum investment amount to 800,000 euros in attractive areas like Attica (around Athens), Thessaloniki, Mykonos, and other regions.
• Investors are now required to purchase properties that are at least 120 square meters. On the other hand, a minimum investment of 250,000 euros is required for historic or industrial buildings that are converted into residential apartments.

Finance Minister Kostis Hatzidakis said, “These steps are part of the government’s overall housing policy, which aims, in cooperation with the private sector, to ensure affordable and quality housing for all citizens.”

Greece Golden Visa

By investing financially in the Greek economy, holders of the Greece Golden Visa residency permit and their families can live permanently in Greece and the EU. The program is intended for foreign investors who are citizens of non-EU or EA nations. To qualify, applicants must meet a minimum investment requirement.

Benefits

Those in possession of a Greece Golden Visa are eligible for numerous advantages. Among the principal benefits are:

• Permits for residency for family members, such as parents or in-laws, spouses, and kids under 24
• The program is unrestricted and available to people of all nationalities.
• Free access to top-notch healthcare and education systems across Europe
• There are business opportunities for program participants in Greece.
• After residing for seven years, one can apply for citizenship; a minimum of one year must pass each year.
• As long as the investor continues to hold the qualifying investment, there is no restriction on the number of times the residency permit may be renewed.
• Holders of Golden Visas in Greece are free to enter 26 Schengen nations without a valid visa.

Eligibility

To be eligible for a Greece Golden Visa, candidates must fulfill the following requirements:

• Have attained the age of eighteen
• Possess a spotless criminal history
• Invest a substantial sum of money in the Greek economy.
• Obtain health insurance for each family member living in Greece under the program from a Greek insurance provider.

It is also permitted for applicants to live in Greece with their family members. However, the following family members are not eligible:

• Spouses of the candidates
• Children under 21 who are single
• Parents and the applicants’ parents-in-law
• Children who are pursuing their education and are between the ages of 21 and 24

Investment requirements

For those looking to obtain a residency visa in Greece, there are various investment possibilities available. Applicants have the following investment options to select from:

• Acquire a minimum valued real estate property of EUR 250,000.
• Put money into a Greek company that has at least EUR 400,000 worth.
• Invest a minimum of EUR 400,000 in bonds or shares of real estate investment companies.
• Open a Greek bank account and deposit at least EUR 400,000 there.
• Invest at least EUR 800,000 in government or corporate bonds.
• Sign a leasing agreement for a minimum of ten years to rent a hotel in Greece.

Recent modifications to the Greek Golden Visa law have resulted in an increase in the minimum investment amount from EUR 500,000 to EUR 800,000. These areas include the North Central and South Sector of Athens in the Attica Region, the islands of Mykonos and Santorini, and the Municipality of Thessaloniki. Other areas, though, will continue to impose a EUR 250,000 minimum investment requirement.

Required documents

To apply for a Greece Golden Visa, applicants must submit the following documentation:

• Greece Golden Visa application form
• Passport photographs
• A valid passport
• Evidence of payment for a visa
• Evidence of health coverage
• Evidence of the investment’s origin and that there are enough finances to cover it
• Additional pertinent documents related to the investment

It is crucial to remember that the Translation Service of the Ministry of Foreign Affairs in Athens or a Greek attorney must translate each document into Greek.

Application procedure

The procedure of applying for a Greece Golden Visa is not too difficult. Candidates may take the following actions:

• Select the investment strategy that satisfies the conditions for minimal investment.
• Get a tax number for non-residents in Greece.
• Create a bank account in Greece.
• Using the selected strategy, buy the property or invest.
• Assemble all the required paperwork
• Send biometric information to the appropriate Greek authority.

It is legal to submit a remote visa application. To provide biometric data, candidates and their families (if applicable) must go to Greece once. The processing of the visa normally takes two months after the application is submitted.

Costs

For the visa to be issued, applicants must pay EUR 2,000, plus an extra EUR 150 for each family member they wish to apply for. Additionally, the cost of the medical insurance will vary based on the applicant’s age and will be between EUR 100 and 500.

Citizenship

Investors and their families have a rare opportunity to live in Greece permanently thanks to the Greece Golden Visa program. It also provides a route to citizenship that could be difficult to pursue in another way. Investors may apply for permanent residency in Greece after completing five years of residency. After two more years, they are eligible to apply for naturalization.