Greece, known for its rich history, stunning landscapes, and vibrant culture, has become an attractive destination not only for tourists but also for investors seeking to secure a foothold in the European Union. One of the most popular paths to this endeavor is through the “Golden Visa” program, which grants residency to non-European Union investors and their families in exchange for specific investments in the country.
What is the Greek Golden Visa?
The Greek Golden Visa is a residency-by-investment program that allows non-EU citizens and their families to obtain Greek residency by investing in the country’s real estate market. This program is designed to boost foreign direct investment, stimulate economic growth, and promote the development of Greece’s property sector.
Eligibility and Investment Requirements
To be eligible for the Greek Golden Visa, investors must meet certain criteria and make qualifying investments. Here are the key requirements:
- Investment Amount: Investors must commit to a minimum real estate investment of €250,000. This investment can be spread across one or more properties, provided that the total amount meets or exceeds this threshold.
- Valid Ownership: Investors must prove the lawful ownership of the property or properties they are purchasing.
- No Criminal Record: Applicants should not have any criminal record in Greece or other Schengen Area countries.
- Medical Insurance: Investors and their family members must hold valid health insurance while in Greece.
- Residency Period: Although the Golden Visa grants residency, it does not require actual residence. Nonetheless, holders must visit Greece at least once every two years to maintain their status.
Some modifications
To prevent neighborhoods from becoming tourist havens for short-term rentals, the country has decided to double the investment threshold allowing wealthy foreigners to obtain a golden visa. The new rule was applied from the beginning of May 2023.
The investment standard in real estate has therefore increased to 500,000 euros if it was previously 250,000 euros. Previously, the threshold was so low that people with means, particularly the Chinese, appropriated a large part of the properties rented out to tourists.
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For other regions, the investment threshold remains at 250,000 euros and this is not likely to change anytime soon. In expensive areas, authorization for a license could be granted based on information from this new regime. The same applies to the purchase of two apartments worth 250,000 euros or more for each. Obviously, these goods should be on the same property.
Only for certain regions
This level for obtaining the golden visa in Greece only applies to the two largest cities in the country and the islands of Santorini and Mykonos which are known for their great popularity. According to Prime Minister Kyriakos Mitsotakis, this measure was taken in favor of long-term residents so that they could benefit from low rent.
The Greek Deputy Minister stressed that the investment ceiling for other regions of the country has not been doubled in order to promote them.
Application Process
The application process for the Greek Golden Visa is relatively straightforward:
- Property Purchase: The first step is to select and purchase the property or properties that meet the minimum investment threshold.
- Residence Permit Application: After completing the property purchase, investors can apply for the Golden Visa at the local Greek consulate or embassy in their home country.
- Background Check and Approval: The Greek authorities will conduct a background check, and upon approval, a residence permit will be issued.
- Renewal: The Golden Visa is typically valid for five years and can be renewed as long as the investment is maintained and the applicant remains eligible.
The Greek Golden Visa program offers a unique opportunity for non-EU investors to secure residency in a country renowned for its beauty and history while making a sound real estate investment. With its attractive terms and strategic location within the European Union, it has become an increasingly popular choice for investors looking to diversify their portfolio and enjoy the benefits of EU residency. Investors considering the Greek Golden Visa should seek professional advice and conduct thorough due diligence before embarking on this journey. While the program offers numerous benefits, making an informed investment decision is essential to reap the full rewards of this opportunity.
