Greece has always been a well-liked vacation spot because of its easygoing lifestyle, great weather, healthful cuisine, and profusion of historic buildings. Many visitors want to stay for an extended period to see everything that Greece has to offer.
Thankfully, Greece offers a Golden Visa program that allows visitors to become citizens by remitting a set amount of money. To receive all the information you need, make sure to read this post if you’re considering living in Greece while applying for a Golden Visa.
Greece Golden Visa new rules
- Greece has decided to increase the minimum investment amount to 800,000 euros in desirable places like Attica (around Athens), Thessaloniki, Mykonos, and other regions, with a starting point of 400,000 euros in other areas.
- It is now mandatory for investors to buy properties with a minimum area of 120 square meters. On the other hand, historic or industrial buildings that are turned into residential apartments demand a minimum investment of 250,000 euros.
“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,” stated Kostis Hatzidakis, the minister of finance.
Greece Golden Visa holders and their families are eligible for permanent residency in Greece and the EU by making financial investments in the country’s economy. Foreign investors who are nationals of non-EU or EA countries are the target audience for this initiative. Applicants must fulfill a minimum investment criterion to be eligible.
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Benefits of Greece Golden Visa
- Residence in Greece: The Golden Visa provides you and your family with the opportunity to reside, work, and study in Greece, thereby enabling you to experience the Mediterranean lifestyle, rich history, and cultural heritage.
- Visa-Free Travel in the Schengen Area: As a holder of a Greece Golden Visa, you are permitted to travel freely across the 27 countries in the Schengen Area without the requirement for additional visas, thereby simplifying the process of relocating within Europe.
- Permanent Residency and Citizenship: Upon the completion of five years of the Golden Visa, you are eligible to petition for permanent residency in Greece. Additionally, it is possible to petition for Greek citizenship after seven years of residency, which will provide you with an EU passport and all of the corresponding advantages.
- Family Members: The Greece Golden Visa permits the inclusion of your spouse, children (up to a specific age), and dependent parents in your application. They are granted the same residency privileges as you.
- Low Residency Requirement: The program does not necessitate that you reside in Greece to maintain your visa. The residency permit is an excellent option for individuals who do not desire to relocate full-time, as it necessitates only one visit to the country during its validity.
- Investment Opportunities: The Golden Visa necessitates an investment in Greek real estate, which has experienced development and provides attractive returns. The real estate market in Greece offers a wide range of options, including urban apartments and coastal properties.
- Favorable Tax Environment: Greece provides a tax regime that is advantageous for Golden Visa holders. This regime includes a flat tax rate for high-net-worth individuals and prospective tax incentives for pensioners who relocate to Greece.
- High Quality of Life: Greece’s vibrant cultural scene, stunning landscapes, and warm climate all contribute to its exceptional quality of life. The nation is renowned for its friendly people, relaxed lifestyle, and exceptional cuisine.
- Healthcare and Education: As a resident of Greece, you and your family members have access to the government’s healthcare system and educational institutions, which include public, private, and international schools.
- Rental Income Potential: Investing in Greek real estate can result in rental income, particularly in prominent tourist destinations where there is a high demand for vacation rentals.
- Retirement Location: Greece is a preferred retirement destination for retirees due to its welcoming communities, affordable cost of living, and agreeable climate. The Golden Visa offers a route to a retirement in Greece that is both tranquil and delightful.
- Cultural and Historical Richness: Greece is renowned for its ancient history, archaeological locations, and cultural heritage. The opportunity to fully immerse oneself in the rich cultural milieu of Greece is available.
- perpetual Residence for Life: The Greece Golden Visa program differs from other Golden Visa programs in that it provides perpetual residency status that can be renewed indefinitely every five years, provided that the investment is maintained.
Eligibility
To qualify for a Greece Golden Visa, applicants need to meet the following criteria:
- fulfilled the age requirement of eighteen
- Have a perfect criminal record
- Make a sizable financial investment in the Greek economy.
- Obtain health insurance from a Greek insurance provider for every family member residing in Greece as part of the program.
Applicants are also allowed to go to Greece and live with their families. But the following relatives aren’t qualified:
- spouses of the contenders
- Children under 21 with single parents and the in-laws of the applicants
- Youngsters between the ages of 21 and 24 who are enrolled in school
Investment requirements
There are several investing options open to people who want to live in Greece. The following investment choices are available to applicants:
- Obtain a minimum of EUR 250,000 worth of real estate.
- Invest in a Greek firm with a minimum valuation of EUR 400,000.
- Invest a minimum of EUR 400,000 in real estate investment company shares or bonds.
- Make a minimum EUR 400,000 deposit into a Greek bank account.
- Purchase business or governmental bonds for at least EUR 800,000.
- To rent a hotel in Greece, you must sign a lease that is good for at least ten years.
The Greek Golden Visa law has undergone amendments that have raised the minimum investment amount from EUR 500,000 to EUR 800,000. These regions comprise the Municipality of Thessaloniki, the islands of Mykonos and Santorini, and the North Central and South Sectors of Athens in the Attica Region. However, a minimum investment requirement of EUR 250,000 will still apply to other places.
Required documents
To apply for a Greece Golden Visa, candidates need to provide the following paperwork:
- Application Form for Greece Golden Visa
- passport photos
- a valid passport
- Proof of purchase for a visa
- Proof of health insurance
- Proof of the investment’s provenance and that there are sufficient funds to cover it
- Further relevant investment-related documents
It is important to remember that every document needs to be translated into Greek by the Translation Service of the Ministry of Foreign Affairs in Athens or a Greek lawyer.
Application procedure
Applying for a Greece Golden Visa is a rather simple process. Applicants could do the following:
- Choose the investment plan that meets the requirements for the least amount of money.
- Obtain a tax number in Greece if you are not a resident.
- In Greece, open a bank account.
- Purchase the asset or invest using the chosen approach.
- Compile all of the necessary documentation.
- Forward biometric data to the relevant Greek government agency.
Applying for a remote visa is permissible. Candidates and their families (if applicable) must go to Greece once to give biometric data. After the application is submitted, the visa typically takes two months to process.
Costs
Applicants must pay EUR 2,000 for the visa and an additional EUR 150 for each family member they wish to apply for it to be issued. In addition, the cost of the medical insurance will range from EUR 100 to 500 depending on the applicant’s age.
Citizenship
The Greece Golden Visa program offers investors and their families a unique chance to live permanently in Greece. It also provides a path to citizenship that could be challenging to take in a different manner. After five years of residency, investors can apply for Greek permanent residency. They have another two years to apply for naturalization.
The Greece Golden Visa program offers investors and their families a unique chance to live permanently in Greece. It also provides a path to citizenship that could be challenging to take in a different manner. After five years of residency, investors can apply for Greek permanent residency. They have another two years to apply for naturalization.
Frequently Asked Questions:
Who is eligible for the Greece Golden Visa?
To qualify for the Greece Golden Visa program, individuals must meet certain criteria, including: Being a non-EU citizen or non-EEA national. Making a qualifying investment in real estate, business, or other eligible assets. You must also demonstrate a clean criminal record and meet all financial requirements
How much is a Golden Visa in Greece?
How much does a Golden Visa cost in Greece? The minimum amount to get a Greece Golden Visa is €250,000. This is the required amount for real estate acquisition in areas other than Athens, Thessaloniki, Mykonos, and Santorini. As for these four municipalities, the minimum real estate investment threshold is €500,000.
Will the Greek Golden Visa change in 2024?
The new Greek Golden Visa changes are an increase from €500,000 to €800,000 for the minimum investment in real estate from €500,000 to €800,000. However, the previous changes only applied to real estate purchases in the northern and central provinces, the South Athens Attica region, and the municipalities of Thessaloniki, Mykonos, and Santorini.
