Greek Golden Visa

Ultimate Guide to the Greek Golden Visa – 2023

Ultimate Guide to the Greek Golden Visa

Over the past few years there’s no denying that so called golden visa programs, or immigration by investment systems have been gaining popularity around the world.

One of the most popular destinations for people who are seeking immigration by investment is Europe. This is because becoming a Greek resident not only opens the doors to this interesting an exciting country, but it also paves the way to easier travel, study, and business within the European Union.

Of course, it doesn’t hurt that Greece is also a sun worshippers paradise, steeped in fascinating history, and a fantastic destination for both foodies and cultural enthusiasts. So, it’s really no surprise that when ranking the golden visa options in Europe the Greece golden visa program comes out very near the top. If you’re hoping to make Greece your new home via the Greece golden visa program, here’s what you need to know. 

About Greece Golden Visa Program

Some golden visa programs, allow you to apply for citizenship directly without first having to be a resident in the country you’re applying to. Like most of the European golden visa programs, the Greece golden visa program does not allow a straight path to citizenship. While you can eventually apply for citizenship when you meet residency and other requirements, you will first need to apply for permanent residency under the immigration by investment program.

The Greece golden visa program is open to non-EU citizens who make a large financial investment in the Greek economy. There are several options that you might choose for this investment, which we will discuss shortly. However, it’s safe to say that this program is designed to target high net worth individuals.

If you choose to apply for the Greece golden visa program, you can do so either as a single person, or with your spouse, or with your whole family. It’s important to note however that the more people included on your application, the higher your investment amount will need to be.

One of the reasons that the grease golden visa program is so attractive to people looking for immigration by investment options, is that as a member of the EU, residency in Greece will give you visa free travel within the Schengen region. if you are looking to trade your native passport for new citizenship, or simply want to become a citizen in a second country, you can also apply for citizenship in Greece if you meet the requirements after seven years of residency.

All of these things mean that for people who can afford this program, there are many perks to be had. Aside from the fact that Greece is one of the most pleasant places to live in Europe.

How to Acquire the Greece Golden Visa

The process to acquire a golden visa in Greece has several steps but is fairly straightforward.

Each person who wishes to apply for this program will have to complete the following steps:

  1. First you will need to make an investment that meets the government requirements for the golden visa program
  2. Next you will need to gather the documents required by the Greek government’s immigration division
  3. Complete your application for immigration including information about your investment, and all required documentation
  4. Pay the application fees – these are not included in the investment amount stated 
  5. Answer any queries or requests for information within the stipulated timeframe – it is important to note but if you are asked for additional information and do not provide it in a timely manner your application may be rejected
  6. Receive your residency permit and make your move to Greece
  7. Make sure that you complete the process by submitting your biometric information to the Greek authorities

As you can see in theory the process of moving to Greece on their golden visa program is fairly straightforward. However, there can be some bumps along the road. You still need to meet residency eligibility requirements which we will discuss below. It can also be complex to complete immigration paperwork, and any mistakes or unsigned pages could delay your application process.

How Long Does Greek Golden Visa Take to Acquire?

Anyone who is familiar with the immigration process will tell you that it typically is not quick or easy.

However, in the case of the Greece golden visa, the process is significantly expedited.

Your application will usually be made after you have made your investment from the list of options above. Once the Greek government receives a completed application, and provided you meet the eligibility requirements below, it will usually take one to two months for you to be granted residency in Greece. By international immigration standards that is lightning quick.

It is worth noting however that this estimate is only for the portion after the investment has already been made. It may take several more weeks or months to complete your investment in one of the streams mentioned above. So, in total you may be looking at a process that could take from three to six months depending on the complexity of the transaction.

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Types of Investments

Like most countries that offer an immigration by investment scheme for residency or citizenship, the Greek government has set a variety of criteria for different kinds of investment. You can choose any of these options based on your specific needs and available funds, and they can all be used to support your immigration application.

To qualify for the Greece golden visa program, you would need to:

  • Buy property in Greece with a minimum value of €250,000 or 500.000€ depending on its location
  • Lease a hotel or similar tourist accommodation establishment For at least 10 years with a minimum value of €250,000 in total
  • Invest 400,000 euros or more in a Greek-owned and registered business or company
  • Invest 400,000 euros or more in Greek government bonds or bonds and shares issued by local real estate companies
  • Deposit €400,000 or more in a Greek bank, and maintain the investment for the duration of your residency
  • invest 800,000 euros or more in Greek corporate bonds

All of the figures stated above are for individual applications. if you wish to move to Greece with your family as part of your immigration application, these numbers will be increased accordingly. However, as you can see there is a broad range of options available for those who are seeking a Greece golden visa.

Eligibility and Requirements

Any application for any golden visa program has two parts. First you need to have the funds available to make the required investment and complete that investment, and second you need to meet the eligibility requirements to be a resident in that country.

In the case of Greece, you will need to meet the following requirements:

  • You must be 18 years or older
  • You must prove the source of funds were legally obtained
  • For the real estate investment option, make sure the acquisition is made according to the Golden Visa application procedure.
  • All the applicants must secure a min 1-year valid health insurance in Greece before submitting their residency application.

Each of the applicants that you want to include on your application, would also need to meet their requirements that apply to them. So, for instance your children would not need to be older than 18 or make an investment, but they would need to have health insurance.

It is also worth noting that part of the immigration process to the EU does involve security checks which form part of the criminal record check. Which means if you have been part of a military organization that is not recognized in Greece, you might have some additional trouble with your application.

It’s important to remember that when countries review immigration applications, they are doing so to ensure that their citizens and residents are safe. In the case of countries that are part of the European Union, they are also doing this on behalf of other member states. So, immigration officials tend to be very thorough, and they will want to verify that you will be a good resident in their country. This can be frustrating at times but remember that everybody goes through the same process.

greece

Benefits of the Greece Golden Visa Program

The Greece golden visa program like other European golden visa programs, is a fast-track way to get residency in a very popular European country.

Unlike other types of immigration, where there might be significantly more hoops to jump through, the government has simplified this process so that they can attract more high net worth individuals to their country.

As a resident of Greece, you will have the right to live on Europe’s doorstep, and to visit neighboring countries as frequently as you like. Combined with the culture, climate, and lifestyle in Greece, this is a very attractive proposition for those who can afford it. 

Some of the other benefits of this golden visa program are:

  • Greece in general has a lower investment requirement for their golden visa program than other EU countries
  • The Greek golden visa program can be extended to cover your family including children under 21 (24 if they are students), and your parents
  • You are not required to live in Greece in order to renew your residency permit – however you do need to be both a physical and tax resident if you plan to apply for Greek citizenship, and you will need to prove your residency in the country
  • You will be free to invest in other businesses in Greece as a resident
  • You and your family will have access to Greek education and healthcare

Of course, as a Greek permanent resident, you will also be free to travel in and out of the country as often as you like without requiring a visa.

How Often Do You Need to Renew Your Residency?

The Greek golden visa program requires you to renew your residency every five years if you wish to remain a resident of Greece. However, since you can apply for citizenship after you have been a resident for seven years, and provided you meet the citizenship requirements, you might only need to renew your residency once.

It is important to note that as an immigrant under the Greek golden visa program, you will need to maintain your original investment as long as you hope to retain your residency. Which means even after you and you your residency the first time, you need to keep your investment in place until such time as you wish to relinquish your Greek residency or apply for Greek citizenship.

Tax System in Greece

Tax System in Greece

Greece is not what you would call a tax haven. If you are a resident in Greece, and you are not already paying tax in another country that has a dual taxation treaty with Greece, you will be required to pay income tax on your global income.

The Greek tax system is a progressive one meaning the more you earn the higher the percentage you will be required to pay. Greece also uses VAT, or value added tax and at 24% standard rate, it is one of the higher VAT systems in the world.

Greece also taxes employees and the self-employed on the income in Greece. You can read more about it in our in-depth article about the Greek tax system.

You can read more about Greece Tax System here.

Real Estate Market in Greece

As you would expect from a country that has a golden visa system that includes property investment, there are significant number of foreigners who are looking to invest in Greek property.

In previous years this has led to a boom in Greek property prices, but there has been a slowdown since the beginning of the pandemic in March 2020. That does not mean that Greek property prices are dropping, simply that they are increasing by a smaller percentage.

As with most countries property in the big cities in Greece is the most expensive in the country in general. Smaller cities and towns outside of major tourist areas generally offer more affordable property investments – or if you are looking to purchase house as part of the golden visa program, you would simply get more house for your money.

The good news is that in many parts of Greece, property prices per square meter are still lower than most other parts of Europe. However, in major centres like Athens, you can expect to pay between 200,000 euros and 400,000 euros for a fairly modest apartment. Which means if you have dreams of a Grecian villa, you will have to look further afield. 

There are also affordable properties to be found on Greek islands including Crete. So, if your Greece golden visa dream includes a life surrounded by turquoise water, that is another great property option.

documentation

Documents for Greece Golden Visa

As you would imagine for any immigration application, applying for a Greece golden visa does require a lot of paperwork and documentation. Some of this documentation is general and will apply to every application, while others are specific to the kind of investment you plan to make. Let’s start with the general documentation:

  • An application form which you can apply obtain from a Greek consulate or embassy or from the Department of Immigration
  • Your passport which must be valid, along with a physical copy, and your entry visa if required
  • Passport pictures that meet the Greek visa photo requirements
  • Proof of payment for processing fees
  • Proof of Greek health insurance
  • Proof of funds as required – note that you will have to prove that you will be able to support yourself and any accompanying family members during your stay in Greece – you can find information about the proof of funds required for each application on the Greek immigration website

In addition to these general documents, you will need to submit paperwork specific to the type of investment you are using to support your application such as:

For Property Investment

  • A contract to purchase the property stating the price as well as that they are no conditions to the sale
  • Proof of payment in full held in a Greek institution
  • Proof of transfer from the Land Registry, and a certificate from the Registry stating that there are no problems related to the sale

For Hotel or Tourist Establishment Rental

  • The rental contract stating the price per year for a minimum of five years
  • Proof of transfer of registration by the Land Registry
  • A certificate from the EOT (National Tourism Organization) verifying the contract

For Investing in a Company

  • Documentation verifying the company’s information
  • Documentation outlining and verifying the investment being made
  • Financial information and budgeting outlining how the investment will be used
  • Detailed information about when the investment will be completed
  • A feasibility study and financial projections for the first five years of the investment
  • A document projecting how many jobs will be created by the project
  • Information about the investor and their role in the investment project

Note that with investments like these you may be asked to provide additional documentation to back up your investment proposal.

During the application process, and for any kind of Greece golden visa application you could be asked for additional information or documentation at anytime. This is completely normal for any immigration process, and it’s simply done by the Greek authorities to ensure that your application is bona fide and that you are suitable for residency in Greece.

Again, make sure that any requests for additional information are handled as quickly as possible. There is usually a time limit for submitting any documents requested.

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Golden Visa Fees

If you are applying for a Greek golden visa, it’s important to note but the investment will not be the only fees you have to pay. In addition to flights for you and anyone who is accompanying you to Greece to take up residency, you might also need to pay for a visitor visa to visit Greece and complete your investment transactions. You will also need to have flights and health insurance and any other requirements for the duration of your stay as a visitor.

Transfer taxes legal fees and Land Registry costs are also not included in the investment amount stated. So, if you are purchasing property to support your Greece golden visa application, you can expect to pay up to 20,000 euros extra for those costs.

They are also application fees and visa stamps that will need to be paid for each person on your application. These typically cost €2300 per person, but that figure may change from time to time. So, it is always worth visiting the Greek government website to view current immigration fees.

Frequently Asked Questions

Can I submit documents in English?

No documents that you submit in support of your Greece golden visa application will need to be translated into Greek if they are not already in Greek. This translation will need to be done either by the Greek government translation service, or by an attorney registered to the Greek bar.

Do documents need to be certified?

If you are submitting any copied documents, you will need to have them certified, either by a notary or an Apostille Stamp.

Are all golden visa applications approved?

No. All applications for residency in Greece are subject to national immigration guidelines. Which means you need to meet both the investment requirements, and eligibility requirements for residents in Greece.

How will I know if and why my application is rejected?

If your application for the Greece golden visa program is rejected, you will receive a letter from the Greek government stating this and providing a reason for the rejection. In some cases, rejections are simply technicalities, but if you have a criminal record or similar, it may be due to ineligibility to reside in Greece. in some cases, eligibility problems can be overcome, but if you are told you are not eligible and want to try again, it is strongly recommended that you use an attorney to reapply. 

Do I need to visit Greece to complete the Greece golden visa process?

No. while most people do enter Greece before they apply particularly if they’re looking for a property to purchase or a business to invest in, it is possible to complete the process without doing so. This is particularly true if you are using an agent or an attorney for your application.

Will I need to learn Greek?

No, you do not necessarily need to know how to speak Greek in order to live in the country. However, if you are planning to make it a permanent or semi permanent home, or if you live outside of large cities and centres, it might be worth learning some basic Greek.

Does the Greek golden visa ever change?

Yes. All immigration programs are subject to change without notice, however most governments including the Greek government will usually provide several months notice of any major changes. Some changes that might be made to golden visa programs like this one include the value of investment required, where property can be purchased, or adding a removing different investment option.

What happens if the program changes after I apply?

Usually if you complete and submit any immigration application before the rules for that program change, the rules that were enforced when your application was received will apply. Which means that if the Greek government were to increase the minimum investment amount after you had applied, your lower investment would still qualify.

The only exception to this would be if your application were rejected for whatever reason. When you reapplied, you would need to qualify under the new rules. Which is another reason why it is so important to get your immigration application correct the first time around.

Contact Us

If you are interested in making Greece your second home, becoming a resident, or working towards becoming a Greek citizen, Smart Citizenship can help. We specialize in helping clients around the world to navigate the various golden visa programs on offer. Whether you’re just starting to explore the process or looking for someone to help you complete your application, our team has the knowledge and expertise you need.

We’re always happy to discuss your options, provide more information, and assist with the sometimes complex and frustrating immigration process. so, contact us if you’d like to find out more about becoming a Greek resident by investment.

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