Greece Golden Visa: New investment conditions announced

Greece Golden Visa program has undergone significant changes, aiming to increase revenue and address housing shortages in the real estate market.

The Greece Golden Visa is a residency-by-investment program that allows non-EU citizens to obtain Greek residency by investing in real estate or other assets in Greece.

There are several investment types that qualify you for a Greece Golden Visa. These include real estate and government bonds investment.

A minimum of €250,000: When you are investing in specialized real estate dedicated to the conversion of commercial properties into residential use or the restoration of registered buildings, regardless of location or size, you only need to purchase 250,000 Euros worth of real estate in Greece.

A minimum €400,000: If you wish to apply for a Golden Visa by purchasing property in Greece in rural areas or in less densely populated cities and islands, your purchase need to be 400,000 Euros or more, provided that the investment is in a single property of at least 120 m2.

A minimum €800,000: If you plan to apply for a Golden Visa by purchasing property in Athens, Thessaloniki and islands with more than 3,100 inhabitants, your purchase need be 800,000 Euros or more.

Golden Visa Greece Program Steps and Timeline

Step 1. Speak to Get Golden Visa Team and Choose Your Property

To complete this step, you’ll need to determine the investment criteria and select the property you’d like to invest in. You can choose various features to invest in so long as the added value thereof is equal to or above the minimum investment amount (€250,000 or more). Our team can help you find the property that suits your needs.

Step 2. Follow Legal Steps

This step can be completed by obtaining a Greek Non-Resident Tax number and opening a Greek bank account. And as an optional step, you can have the execution of power of attorney.

Step 3. Acquire the Property

This step consists of executing the ‘Legal Due Diligence’ of the property by a lawyer on your behalf. After which, you’ll need to acquire the promissory sale and purchase agreement and the execution of a public deed.

Step 4. Start Your Application

To get through this step, you’ll need to prepare all the required documents regarding the Golden Visa application. Usually, hiring a lawyer is a smart idea because this might be overwhelming.

Step 5. Visit Greece

Here you’ll need to submit all the biometric data to the relevant authorities in Greece.

Step 6. Get Your Greece Golden Visa Approval

The authorities do this step, your Golden visa application will be approved, and then you’ll be issued a Golden Visa Residence Card.

Step 7. Renew Your Golden Visa in Greece

Every five years, you can apply to renew your Golden Visa residence card, making it easy to access permanent residence.

Step 8. Apply For Citizenship

Living there for seven years and paying taxes would make you eligible to apply for citizenship and a Greek passport. However, this is an opportunity with not much information on it.

Golden Visa holders enjoy the freedom of movement throughout the European Union, and the residency permit extends to first-degree relatives of the investor, who also receive a five-year visa. However, the Greek Ministry of Finance has clarified that purchased properties cannot be listed as “holiday homes” on platforms like Airbnb, as they must be used as permanent residences.

The changes aim to alleviate housing shortages and increase revenue for the national treasury.