Background
Introduced by the Greek government in 2013, the Greece Golden Visa program is a residency by investment scheme that enables non-EU/EEA nationals and their family members to acquire permanent residence permits in Greece. To qualify for the program, applicants must first have a clean criminal history and place an investment in Greece with a current minimum value of €250,000 – if placed in real estate.
It is important to note that on 1 May 2023, the rule for real estate investments will raise the minimum amount from €250,000 to €500,000 in order to grant purchase priority to Greek nationals. Nevertheless, provided the applicant makes the investment, they’ll acquire Greek residency and the ability to maintain permanent residence provided they hold their investment.
This has been extended.*
Concerning the question of how to become a Greek citizen, this is only possible by naturalization after seven years of continuous residence. The Greece Golden Visa is ideal for those seeking Greece citizenship as its benefit of providing permanent residency allows applicants to maintain residence long enough to be naturalized.
Characteristics:
- Inclusion of immediate family members: Residency extends to the entire family, which includes children under the age of 21, siblings, and parents of both the applicant and their spouse.
- Access to excellent healthcare: Residence visa holders can access Greece’s highly-rated healthcare system and benefit from free and equitable services as well as incredible medical insurance spread across the public and private sectors.
- Access to an excellent education system: Children of applicants can benefit from Greece’s well-respected education system available to all residents and citizens.
- Visa-free travel in Europe’s Schengen Area: As part of the European Union and a member state of the Schengen Area, Greek residence permit holders can travel without hassle within the EU and the Schengen Area.
- Tax deductions and benefits of a double taxation treaty: Greece has double taxation agreements with 57 countries, which provide residence permit holders with tax deductions and exemptions on their worldwide income.
- High returns on investment: Greece Golden Visa holders have the option to rent out their purchased investment property or hold shares in a company registered in Greece and receive dividend income. This means that they will continue to have positive cash flow while maintaining their investments.
Some estimated costs to consider for real estate property investments:
- Property transfer tax: About 3.09 percent of the real estate property value
- Notary public fees: About 1 to 1.5 percent of the property value
- Land registry fee: About 0.6 to 0.8 percent of the property value
- Legal, fiscal advice and support processing fee: in total approx Euro €4,000
- Payment and fees to the Greek government: About €3000 for the main investor and €150 per additional family member
- Greek healthcare insurance: About €100 for adults and around €80 for dependent children according to their age
- Golden Visa application fee: About €300 per person
- Golden Visa renewal fee: About €500 when the time comes
- Appointed lawyer fees: Depending on the lawyer and the services provided
Documents Required for the Greek Golden Visa Program:
- Two copies of the application form
- Four recent colour passport photos that meet Schengen Visa photo requirements
- A certified copy of a valid passport or other travel document recognized by Greece
- Certified proof of an active Schengen Visa (if applicable) for the applicant and any family members
- Certified proof of active Greek health insurance for all applicants and their family members
- Certified proof of payment of processing fees and any applicable government fees
- Proof of sufficient funds held in bank accounts
- A notarized real estate purchase agreement
The current required documents for the Greece Golden Visa application are:
Applicants may be requested to provide other documents pertaining to their investments or any affiliated family members on the application
