General Overview
Greece's Golden Visa Program allows foreign investors to obtain a residence permit by making specific investments in the country. Initiated in 2013, this program offers an attractive opportunity, particularly for those seeking residence and free movement within the European Union (EU).
Who Can Benefit from the Golden Visa?
Along with the primary investor, the following family members can benefit from the Golden Visa program:
Applications can be made entirely remotely. There is no requirement to enter Greece during or before the application process.
Investment Options
The Greece Golden Visa program offers various investment types, including:
Real Estate Investment: The most common option, requiring the purchase of real estate valued at €250,000 or more. This property can be residential, commercial, or land.
Investment Funds: Investments in government-approved funds with a minimum amount of approximately €400,000.
Business Establishment and Job Creation: Investors who commit to establishing a new business and creating employment opportunities in Greece can also apply for the Golden Visa.
Bank Deposit: A deposit of at least €1 million in a Greek bank account is also an accepted option for obtaining a Golden Visa.
Investment Conditions
The property must be owned by the investor.
If purchased through a legal entity, the applicant must own 100% of the company shares.
Investors have the right to rent out their property.
Application Requirements
The applicant must be a non-EU citizen.
Purchase a property valued at €250,000 for 2024 (for some regions, the minimum investment is €500,000).
The primary investor must be at least 12 years old.
Applicants must have valid health insurance.
The primary investor must obtain a tax identification number in Greece.
Advance payment agreements and deposit payments must be made by the specified deadlines.
All notary processes and full property payments must be completed by the specified dates.
Steps to Apply
Select the property to invest in.
Begin the legal process.
Purchase the property.
Submit the application to the Greek Consulate or Immigration Office.
Provide all required documents.
Once approved, receive the Golden Visa.
The Golden Visa residence card can be renewed every five years if the investment is maintained. Note that the residence permit and citizenship processes are separate. Citizenship requires seven years of full-time residence in Greece, tax compliance, and passing a language and citizenship exam.
Eligible family members include spouses, children under 21, and parents, regardless of age. However, it is important to note that the residence permit does not grant access to employment in Greece.
Advantages of the Golden Visa
5-Year Residence Permit: The Golden Visa provides a residence permit valid for five years, extendable to family members.
EU Benefits: As a member of the EU, Greece allows Golden Visa holders free travel within the Schengen Zone. However, citizenship requires living in Greece for five years.
Family Application: The program extends to spouses and children under 21.
Tax Benefits: Greece’s tax system is often more favorable than other EU countries and includes certain tax advantages through its residency programs.
Conclusion
The Greece Golden Visa program has gained significant popularity in recent years. However, it is crucial to review current laws and procedures, as changes to the program may occur over time.
The program provides an attractive pathway for investors to secure residence in Europe while unlocking potential business and investment opportunities. When deciding to invest in Greece, selecting the most suitable region for your budget, location, and surroundings is essential. Your legal advisor will guide you through this process. As a law firm, we collaborate with our colleagues in Greece to ensure a smooth and compliant application process.
