May 19th, 2023 at 04:18 am
Greece Golden Visa: Full Details
Foreign investors who buy property in Greece receive permanent residency. Greece’s golden visa program is Europe’s most popular and affordable as of 2018. The Greek government may provide €400,000 government bond and bank deposit choices.
The Immigration and Social Integration Code (Law 4251/2014, Government Gazette 1, no 80) allows investment body representatives and their partners to stay longer for strategic third-country investors.
Benefits
- Greece property investment 100%
- Family-immigrate to Europe.
- Free Schengen travel
- Greek citizenship immediately.
- No language tests, business experience, or medical tests.
- Europe’s cheapest property is in Greece.
- 7-year citizenship
- No residency minimums
2023 Updates
Greece golden visa investments doubled on August 1, 2023. Investors that deposit 10% of the property’s value by 30.04.2023 and complete the purchase by 31.12.2023 will receive 250,000 euros. After this date, the minimum investment will double to 500,000€ in the Regional Units of Northern, Central, and Southern Athens, the Municipality of Vari – Voula – Vouliagmeni, Thessaloniki, Mykonos, and Santorini.
Minimum Investment
Investors in Greece receive a golden visa. Greece’s golden visa program includes investments other than real estate. Several paths lead to the Greek golden visa:
- Greece property investment: €250,000 (5-year permission).
- Strategic Investment: €250,000 with executives (10-year permit)
- Securities and Bank Deposit: €400,000 (one-year Greek bank term deposit).
- Greek Treasury bonds—€400,000 (3 years).
- Greek stock market shares and corporate bonds—€800,000.
- €400,000 in Greek companies
- Legal entities—€800,000 (securities or bank deposit) or €1.6 million (treasury or corporate bonds).
You’ll get a 5-year PR that’s renewable. No Greek residency is required. Processing takes a month.
Update: Greece removed the personal visit requirement from the golden visa system.
Golden Visa Fees
The minimum EUR 250,000 investment costs:
- Transfer tax, legal expenses, land registry, and notaries total 6.4% (16,000€).
- EUR 2,000 for Golden VISA stamps for each applicant with the visa holder.
- For Airbnb rentals, EUR 10,000 for furniture, etc.Land registry background check: 250 Euros plus VAT 24%.
- Handling all property purchase contract signing procedures: 1.000 Euros plus VAT 24%.
- Residence permit application: 300 Euros plus 24% VAT per person.
- Total costs: Expect 8%–10% of the EUR 250,000 investment in additional costs.
EUR 250K can buy multiple houses.
Lowest Property Prices
Greek property costs EUR 1500/sq.m, the lowest in Europe. For the 250,000 euro Greek golden visa investment, you can receive more than 150 sq.m of residences.
1. Real estate
Real estate owners must meet these requirements for a residential permit:
- The owners must own and occupy the real estate.
- Only spouses with undivided ownership of a €250.000 property can get a residence permit. In all other joint ownership circumstances, the residence permit is only given if each owner spent at least €250.000.
- The applicant must hold 100% of the company if the property was obtained through a legal entity.
- If the third country citizen owns more than one real estate property worth at least €250.000, they can get a residence permit.
- In order to enter the country with a type D visa, the applicant must show financial capacity (e.g., certificate of an A-class certified bank or other recognized financial institution), bank accounts or other mobile assets, such as bonds or shares, that can cover the investment cost of at least €250.000, and the intention to own property.
- Third-country citizens who have signed a lease of at least 10 years for hotel accommodations or furnished tourist residences in integrated tourist resorts with a minimum value of €250.000 must pay the equivalent of the ten-year lease in a single payment. In all scenarios above, the real estate property’s worth will be dependent on the contract of purchase’s property value or lease. According to statute 4146/2013, the property’s worth is the amount mentioned on the real estate acquisition contract. The property’s assessed value is irrelevant unless it matches the contract price.
2. Strategic Investment
Investors seeking residence permits under this program must invest at least €250,000 from their own finances.
Executive approvals for each investment project depend on the entire investor commitment.
Finally, each investment project is limited to 10 investor and executive residency licenses.
Bitcoin: Golden visa property in Greece accepts Bitcoin.
Greek citizenship: Greece for 7 years. Pass the Greek language test. Greece naturalizes EU citizens.
Greek Passport: Greece has visa-free access to 183 countries. Greece has VWP with US, Canada, UK.
Residence Permit:
Property owners need an entry visa to get a residence permit. Third-country citizens need a Visa type D or C (Schengen) for this. A type D national visa is better for foreigners who need a lengthy time to research or stay in Greece following the acquisition. Before the visa expires, apply for a residence permit.
The residency permit can be renewed for 5 years if the applicant owns the property. The investor’s family might also request residency permits. They must apply separately and their permit expires on the same date as the investor’s.
The third-country citizen can submit the application for a residence permit, submit additional documentation, receive the permit or a rejection, or receive any relevant file documentation in person or by proxy. Third-country citizens who have never entered Greece cannot apply for a residence visa by proxy.
If all required documentation is presented with the application, the authorities will confirm receipt. One-year confirmation. After applying and receiving the confirmation receipt, a third-country citizen can lawfully reside in the nation. The Decentralised Authority’s Aliens and Immigration Authority will award a five-year residency visa if the application meets all requirements and the Secretary-General approves.
Greek Golden Visa Law
The Immigration and Social Integration Code (Law 4251/2014, Government Gazette 1, no 80) allows investment body representatives and their partners to stay longer for strategic third-country investors.
Third-country nationals and their families who buy real estate in Greece worth above 250,000 Euros can also apply for residence permits.
Investor permanent residency visa
- Third-country nationals who:
- has legally entered the country with any visa or legally resides there, even though his residency permit does not allow change of purpose.
- owns, occupies, and enjoys Greek real estate. Only spouses with indivisible shares in a 250,000-euro jointly held property have the right of residency. In all other forms of joint ownership, the right of residence is granted only if each joint owner has a 250,000 euro joint ownership rate.
- via a legal entity whose shares he owns.
- subject to Article 8 par. 2, Law 4002/2011 (Government Gazette 1, no 180).
- has signed a time-sharing agreement under Law 1652/1986 “Time Sharing Agreement and Related Issues” (Government Gazette 1, number 167).
- The minimum real estate property value and contractual consideration of hotel accommodation or tourist residence leases of this Article is 250,000 euros and must be paid in full upon contract signing.
- Third-country nationals with real estate can lease it.
- The third-country national’s family might request an individual residence permit that expires with the sponsors. Family means:
- spouse
- their under-21 lineal descendants.
- spouses’ kin.
- The aforesaid permit can renew for an equal term each time if the third-country national owns and occupies the real estate property or the agreements of paragraph 1 remain in place and all other legal conditions are met. Residence permit renewals are unaffected by overseas travel. “The resale of the real estate property during the residence permit’s validity to another third-country national shall provide the right to the granting of residence permit to the new buyer with simultaneous withdrawal of the vendor’s residence permit.”
- Residence permits granted under paragraphs 1 and 4 of this Article do not guarantee employment.
- The issuing authority will grant the residency permit within two months after receiving all filed paperwork.
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