GREECE'S "GOLDEN VISA": RESIDENCE PERMIT FOR INVESTMENTS FOR THE WHOLE FAMILY.

Residence Permit in Greece through Real Estate Investment (Golden Visa)

In 2013, Greece initiated a special type of residence permit for property owners, also known as the "Golden Visa" program. The project has proven to be successful. According to the Migration Service, as of the end of 2021, individual investors received 9,473 residence permits, and considering family members, more than 28,000.

Among the applicants for "Golden Visas," citizens of China, Turkey, and Russia are leading the way. Thanks to this status, they not only gain the right to live in Greece without time limitations but also enjoy visa-free access to the European Union.

The entry threshold for the program, i.e., the minimum cost of the property that qualifies for a residence permit, is €250,000. This is more affordable than in other European Union countries. Furthermore, there are no non-refundable payments, restrictions on renting out the property, and the application can include all family members, even the investor's parents.

In 2021, a new option emerged: parents can gift property worth €250,000 or more to their child, allowing them to participate in the "Golden Visa" program and obtain an RP on this basis.

Residence permits for property owners are initially issued for five years. They can be renewed an unlimited number of times, provided the basis remains – the property remains in ownership or lease. After 10 years and if the investor resides in Greece, this RP can be converted into citizenship.

Investment Options

• €250,000: Purchase of Real Estate

  • Housing (new and secondary), land, commercial properties - no restrictions on property type
  • Multiple properties can be acquired to meet the required amount
  • Property can be rented out - long-term or short-term

• €250,000: Property Lease

  • A lease or timeshare contract for 10 years for a hotel room or tourist apartment. The property must be registered with the Greek National Tourism Organization (EOT). The contract terms must include a lump-sum payment of the entire amount.
  • Multiple properties can be leased to reach the required amount

Important Considerations

• Prices are listed without taxes and other property-related expenses. In the case of joint ownership, each investor's contribution must be at least €250,000. An exception applies to spouses or partners who have signed a cohabitation agreement; they can jointly register the property and obtain a residence permit. A crucial condition for all applicants is that the funds must be transferred to Greece through a non-cash method.
• Property can be registered not only in the name of a natural person but also in the name of a legal entity. In the latter case, the owner must hold 100% of the company's shares.
• The program also allows property owners in Greece who acquired the property before 2013, provided that at the time of the transaction, its price exceeded €250,000 or if the current market value is higher than this amount (confirmed by an appraiser's certificate).

Documents and Requirements To participate in the "Golden Visa" program, investors must provide the necessary documents and meet specific requirements set by Greek authorities. This may include proof of the source of funds, proof of property ownership, and compliance with Greek legislation.

Renewal and Citizenship It's important to note that the residence permit obtained through the "Golden Visa" program in Greece is initially issued for five years. However, it can be renewed an unlimited number of times, provided the basis is maintained – the property remains in ownership or lease. After 10 years and with continued residence in Greece, investors can apply for Greek citizenship, making this program even more attractive to those aspiring to a stable future in Europe.

Additional Benefits

• Development of Tourism Infrastructure: The "Golden Visa" program in Greece also contributes to the development of the country's tourism infrastructure. Investors renting out properties for tourism purposes help increase the supply of tourist accommodations and comfort for visitors, potentially attracting more tourists to Greece.
• Family Reunification: It's important to note that within the "Golden Visa" program, families have the opportunity to reunite. Spouses or registered partners can combine their investments and obtain residence permits for the entire family. This makes the program even more attractive to family-oriented investors who wish to share this experience with their loved ones.
• Professional Support: The entire process of obtaining the "Golden Visa" in Greece can be complex and technical. Investors are recommended to seek assistance from experienced lawyers and consultants specializing in this program to ensure the correct fulfillment of all requirements and maximize the chances of success.

The "Golden Visa" program in Greece offers numerous opportunities for investors seeking a residence permit in the European Union and for those looking to invest in property in this beautiful country. It combines affordability, flexibility, and attractive conditions for those aspiring to new horizons and an improved quality of life in Greece. However, before participating in the program, it's essential to thoroughly examine all conditions and requirements and seek guidance from migration and investment professionals.