Due to its low investment thresholds, Greece’s Golden Visa Program is one of the most popular of these programs in the European Union. Based on a recent survey, the program was one of the top programs in Europe, along with those offered by Portugal, Spain, Turkey, and Montenegro. In addition, the same survey showed that Greece’s Golden Visa showed some of the highest demand in Europe.

Apart from this, the Greece Golden Visa Program significantly contributes to the country’s economy, as it attracts international investment.

Recently, market is expecting a Greece golden visa update and in this article we’ll discuss potentials of Greece golden visa

Greece Golden Visa: A Recap

Before looking at this change in more detail, let’s first look at a broad overview of the Greece Golden Visa, its benefits, how you qualify, and what investments you can make in terms of the program.

What is the Greece Golden Visa?

Launched by the Greek government in 2013, the Greek Golden Visa Program allows you and your family to obtain a five-year residence permit in Greece in return for investing in the country. As we’ll see below, this investment can take several forms. No matter what type of investment you choose, though, the Greek Golden Visa is ideal if you want residency in Greece and the ability to move freely throughout the European Union.

Greece Golden Update

Recently the market is expecting a update of Greece Golden Visa. Greece Golden Visa update will be increasing in minimum investment.

Greece’s Prime Minister Kyriakos Mitsotakis recently announced a change in the minimum investment threshold when investing in real estate in terms of the program. Minimum investment will be 500.000 EUR but there is no clear information that when new law will be active.

What are the Benefits of the Greece Golden Visa?

Now that we’ve seen what the Greece Golden Visa Program entails, let’s look at the benefits you’ll enjoy when you make use of the program:

• Low investments. Of all the Golden Visa Programs in the European Union, Greece’s program is one with some of the lowest investment thresholds. Remember, however, that the investment threshold relating to real estate investments will now increase, and we’ll deal with these increases later.
• Right to live in Greece. The Greek Golden Visa Program allows you and your family to live in Greece and there are no requirements that determine how long you can stay. In addition, the program has no minimum requirement, which means that there’s no minimum time that you should stay in the country to keep your visa. Either way, once you have the right to stay in Greece, you’ll enjoy several benefits, such as public healthcare and education.
• Visa-free travel. In addition to allowing you to live in Greece, your Greek residence permit allows you to travel visa-free throughout the Schengen zone. This means you don’t need an additional visa to travel to any one of the other 26 European countries that form part of the European Union.
• Family reunification. The Greek Golden Visa Program allows you to include your spouse and any children under the age of 21 in your application. This means that these family members can also receive residence permits in terms of the program and enjoy its benefit. In addition, the Greek Golden Visa Program also provides an Extended Family Benefit. In terms of this benefit, your parents and parents-in-law can also obtain residence in Greek without needing to comply with any further requirements.
• Tax benefits. Depending on your country of residence and how much time you spend in Greece, you might enjoy some tax benefits. For example, it might be that your international income won’t be taxed increase which means that you can carry on a business outside of the country without being taxed on its income. Greece also provides several tax benefits for foreigners living in the country as tax residents, and there are several incentives for retirees, digital nomads, and the like. To make sure of what incentives and/or benefits you might receive, it’s advisable that you discuss this with a financial advisor before you apply.

Who Qualifies for the Greece Golden Visa?

To qualify for the Greece Golden Visa Program, you’ll need to meet the following requirements:

• Citizenship. To qualify for the program, you should be a non-EU/EEA country citizen.
• Age. You should be at least 18 years old to qualify for the program.
• Criminal record. You should have a clean criminal record.
• Insurance. You should have medical insurance. If your family is included in the application, they should also have medical insurance.
• Character. You should present some sort of evidence that you’re of good character.

Investment Options

You have several investment options when you want to qualify and apply for the Greece Golden Visa Program.

Real Estate

When it comes to real estate, you have three different options. Currently, you can invest in real estate property with a minimum value of EUR 250,000. You can also enter into a 10-year lease agreement for hotel accommodation or a furnished tourist residence in integrated tourist resorts. Another option is entering into a 10-year time-sharing agreement for hotel accommodation.

If you choose to purchase a property, you must own it and continue to own it to qualify for the program. If, however, you decide to purchase the property through a legal entity, you must own all the shares in the entity. Also, remember that, as mentioned earlier, these property investment thresholds will change soon, and we’ll deal with these changes in more detail later.

Shares, Bonds, and Government Bonds

Apart from investing in real estate, you can also invest in shares, bonds, and government bonds to qualify for the Greece Golden Visa. Here, you’ll have to:

• Purchase Greek government bonds from a credit institution in Greece for a minimum of EUR 400,000. These bonds should have a maturity of three years from the date of purchase.
• Purchase shares or government bonds for a minimum of EUR 800,000. These shares or bonds should be traded on regulated markets or multilateral trading mechanisms in Greece.
• Purchase units in a mutual fund for a minimum of EUR 400,000. This mutual fund can be incorporated in Greece or another country, but its main aim should be investing in shares, bonds, or government bonds traded on the regulated markets in Greece.
• Purchase units in an alternative investment fund for a minimum of EUR 400,000. This fund can be established in Greece or another European country, and its aim must be to invest in real estate.

Capital Contribution

If you don’t want to buy real estate or invest in shares, bonds, or government bonds to qualify for the Greece Golden Visa Program, you can also make a capital contribution to a company. Here, you can:

• Contribute a minimum of EUR 400,000 to a company that is established or has its registered address in Greece for the acquisition of shares that are traded on the regulated markets in Greece.
• Contribute a minimum of EUR 400,000 to a real estate investment company that invests only in Greece.
• Contribute a minimum of EUR 400,000 to a closed-end investment company or mutual fund for the acquisition of shares. These institutions should invest only in companies with headquarters or establishments in Greece.

Capital Transfer

Finally, you can also qualify for the Greek Golden Visa Program by depositing a minimum of EUR 400,000 to a Greek credit institution with a standing order for renewal.

The Changes to the Greece Golden Visa

Now that we’ve looked at a broad overview of the Greece Golden Visa Program let’s look at the proposed changes in more detail. Greece’s Prime Minister announced on 10 September 2022 that the minimum investment amount when investing in real estate in the program will be increased to EUR 500,000.

The main reason for this proposed change is to increase the affordability of real estate for Greek citizens and improve access to more affordable housing. This, ultimately, makes it easier for Greeks struggling to buy property.

When it comes to timing, it’s still unclear when these changes will take effect. However, according to sources, the changes will be implemented no later than January 2023 and could even be implemented later. Also, while no official details have been made public, some sources say that the increase in value will only apply to Athens, Thessaloniki, and several upmarket suburbs close to Athens.

To sum up:

• When investing in real estate in the Greece Golden Visa Program, the investment threshold will increase from EUR 250,000 to EUR 500,000.
• The purpose of the change is to make real estate more affordable for Greek citizens.
• The government has not confirmed the exact dates when this change will come into effect.

The Bottom Line

Hopefully, this post helped illustrate the Greece Golden Visa Program in more detail, and you now know how you can qualify and the investment options available. More importantly, you now see how the program will change and how these changes might impact you. Get in touch with us to learn more about the program or similar programs around the world.