How to Obtain a Golden Visa in Greece
The Greek Golden Visa program is an attractive pathway for non-EU nationals seeking residency in Greece and the broader Schengen Zone. This program offers several benefits, including visa-free travel within the Schengen Zone, the right to reside in Greece, and access to a vibrant lifestyle in one of Europe’s most historic and picturesque countries. Here’s a comprehensive guide to obtaining a Greek Golden Visa.
What Is the Greek Golden Visa?
The Greek Golden Visa is a residency-by-investment program launched in 2013. It grants a five-year residence permit to individuals who make qualifying investments in Greece. The program is renewable every five years as long as the investment is maintained.
Benefits of the Greek Golden Visa
- Visa-free travel: Access to all 27 countries in the Schengen Zone.
- Residency rights: Live, work, or study in Greece.
- Family inclusion: Covers the applicant’s spouse, children under 21, and the applicant’s or spouse’s dependent parents.
- No minimum stay: Unlike some programs, Greece doesn’t require a minimum number of days spent in the country to retain residency.
- Path to citizenship: After seven years of continuous residence, holders can apply for Greek citizenship.
Eligibility Requirements
To qualify for the Greek Golden Visa, applicants must meet the following criteria:
- Be a non-EU/EEA national.
- Be over 18 years old.
- Have a clean criminal record.
- Possess health insurance for themselves and their family members.
- Make a qualifying investment in Greece.
Qualifying Investment Options
The most popular route for obtaining the Golden Visa is through real estate investment, but there are several options:
- Real Estate Investment:
- Purchase property worth at least €250,000 (increasing to €500,000 in select regions like Athens, Mykonos, and Santorini from May 2023).
- Joint ownership is allowed if each person’s share meets the minimum investment requirement.
- Capital Contribution:
- Invest at least €400,000 in Greek government bonds, corporate bonds, or shares in Greek companies.
- Deposit in a Greek Bank:
- Make a minimum deposit of €400,000 in a fixed-term deposit account.
- Investment in a Greek Business:
- Establish or invest in a business in Greece with a minimum contribution of €400,000.
Application Process
- Prepare Documentation:
- Valid passport
- Proof of funds
- Health insurance certificate
- Clean criminal record certificate
- Documents proving the investment (e.g., property purchase agreement, bank statements, or business contracts).
- Make the Investment:
- Finalize the chosen investment option and secure the necessary agreements or transactions.
- Submit the Application:
- Apply at the Decentralized Authority or through a certified legal representative in Greece.
- Biometric Collection:
- Attend an in-person appointment in Greece to provide biometric data (fingerprints and photographs).
- Receive Residence Permit:
- Once the application is approved, the residence permit is issued. This process typically takes 1-2 months.
Costs Involved
Apart from the investment amount, applicants should account for:
- Application fees (€2,000 per adult, lower fees for minors).
- Legal and consultancy fees.
- Taxes and transaction fees (property purchase tax is 3%, plus notary and registration fees).
Examples of Real Estate Investments with Good ROI
Investing in Greek real estate can be both a pathway to a Golden Visa and a profitable venture. Here are some examples of properties that offer promising returns:
- Vacation Rentals in Tourist Hotspots:
- Properties in popular destinations like Santorini, Mykonos, and Crete are highly sought after by tourists. Purchasing villas or apartments for short-term rentals can generate significant income during the high season.
- Urban Apartments in Athens:
- Athens is experiencing a real estate boom, with high demand for rental properties from both locals and expatriates. Investing in centrally located apartments can provide steady rental income and capital appreciation.
- Renovation Projects:
- Many older properties in historic districts are available at competitive prices. Renovating these properties can increase their value significantly, making them attractive for resale or long-term leasing.
- Commercial Real Estate:
- Investing in retail spaces, offices, or mixed-use buildings in thriving cities like Thessaloniki and Athens offers potential for higher returns as Greece’s economy continues to recover and grow.
- Luxury Developments:
- High-end properties near beaches or in exclusive neighborhoods appeal to affluent buyers and renters, ensuring a lucrative market for resale or rental purposes.
Maintaining and Renewing the Visa
The Golden Visa is renewable every five years as long as the investment is maintained. If the primary investment is sold, the visa is forfeited unless a new qualifying investment is made.
Conclusion
The Greek Golden Visa program offers an excellent opportunity for investors to secure residency in Greece while enjoying its economic and lifestyle advantages. By understanding the eligibility requirements, investment options, and application process, you can take the first steps toward obtaining your Golden Visa and unlocking the doors to Europe.