The Greece Golden Visa Program is a popular residency-by-investment initiative that provides an accessible gateway for non-EU nationals to gain residency in Greece and enjoy the benefits of visa-free travel within the Schengen Area. Launched in 2013, this program offers a relatively affordable and straightforward path to obtaining Greek residency, with the potential for citizenship. This article will provide a comprehensive overview of the Greece Golden Visa Program, detailing its benefits, eligibility criteria, investment options, application process, and more.
Benefits of the Greece Golden Visa Program
The Greece Golden Visa Program offers a multitude of benefits for investors and their families:
- Visa-Free Travel: One of the most attractive benefits of the Greece Golden Visa is the ability to travel freely within the Schengen Area, which includes 26 European countries. This significantly eases travel for business, tourism, and personal purposes.
- No Residency Requirement: Unlike some other residency programs, the Greece Golden Visa does not require the applicant to reside in Greece. This flexibility allows investors to maintain their primary residence in another country if they wish.
- Quick Processing: The application process for the Greece Golden Visa is relatively quick, typically taking between 90 and 120 days from submission to approval.
- Unlimited Expiry Date of Residence Permit: The residence permit is renewable every five years, provided the investment is maintained, effectively allowing for permanent residence in Greece.
- Property Rental Income: Investors can rent out their investment property, providing an additional income stream.
- Family Inclusion: The program includes the main applicant’s spouse, children under 21, and the parents of both the main applicant and spouse. This means the whole family can enjoy the benefits of the residence permit.
- Pathway to Citizenship: Golden Visa holders are eligible to apply for Greek citizenship after seven years of continuous residence in Greece, subject to meeting certain criteria.
- Business Opportunities: Residency permit holders can hold shares and receive income from dividends of a Greek company, although they are not permitted to be employed in Greece.
Eligibility Criteria
To qualify for the Greece Golden Visa Program, applicants must meet the following requirements:
- Non-EU National: The applicant must be a citizen of a non-EU/EEA country.
- Minimum Age: The applicant must be at least 18 years old.
- Clean Criminal Record: The applicant must have no criminal record in Greece or their country of residence.
- Medical Insurance: The applicant must have medical insurance covering themselves and their family members for their stay in Greece.
- Investment: The applicant must make a qualifying investment in Greece, as detailed below.
Investment Options
The Greece Golden Visa Program offers several investment options, providing flexibility for potential investors. These options include:
Real Estate Investment
- Minimum €250,000 Investment: This is the base threshold for real estate investments in most areas of Greece. The investment can be made in one or multiple properties.
- Minimum €500,000 Investment: For properties located in high-demand areas such as municipalities in Athens, Thessaloniki, Mykonos, and Santorini, the minimum investment amount is €500,000. This investment must be made in a single property.
Other Real Estate Options
- 10-Year Lease Agreement: Investors can enter into a 10-year lease agreement for hotel accommodations or furnished tourist residences.
- 10-Year Time-Sharing Agreement: Investors can also opt for a 10-year time-sharing agreement for hotel accommodations.
Capital Transfer
- Term Deposit: A term deposit of at least €400,000 in a Greek bank for a minimum of one year, with a standing order for renewal.
Capital Contribution
- Investment in a Greek Company: A capital contribution of at least €400,000 to a Greek company (excluding portfolio and real estate investment companies) for the acquisition of shares or bonds.
- Real Estate Investment Company: A capital contribution of at least €400,000 to a real estate investment company that invests exclusively in Greece.
- Closed-End Investment Company or Mutual Fund: A capital contribution of at least €400,000 to a closed-end investment company or mutual fund that invests exclusively in Greek companies.
Securities Investment
- Greek Government Bonds: Purchase of Greek government bonds with a minimum acquisition value of €400,000 and a residual maturity of at least three years.
- Shares or Corporate Bonds: Purchase of shares or corporate bonds with a minimum acquisition value of €800,000, traded on regulated Greek markets.
- Mutual Funds: Purchase of units in a mutual fund incorporated in Greece or another country, with a minimum value of €400,000, intending to invest exclusively in Greek assets.
- Alternative Investment Funds: Purchase of units or shares in an alternative investment fund with a minimum value of €400,000, intending to invest in Greek real estate.
Application Process
The application process for the Greece Golden Visa Program involves several steps, as outlined below:
Step 1: Visit Greece
The first step is to visit Greece to explore investment opportunities and select the preferred property or investment option. This step allows investors to get a firsthand look at potential investments and understand the local market.
Step 2: Choose the Property or Investment
Once the preferred investment is chosen, the next step is to finalize the property purchase or investment. For real estate investments, this includes conducting due diligence, signing a promissory sale and purchase agreement, and executing a public deed.
Step 3: Obtain a Greek Non-Resident Tax Number and Open a Bank Account
Investors need to obtain a Greek Non-Resident Tax number and open a Greek bank account. This step is essential for facilitating the investment and ensuring compliance with Greek tax regulations.
Step 4: Submit the Application
The application must be prepared and submitted along with all required documents. It is advisable to hire a lawyer to assist with this step, as it can be complex and involves several legal requirements.
Step 5: Visit Greece to Submit Biometric Data
Applicants are required to visit Greece to submit their biometric data to the relevant authorities. This step is crucial for the issuance of the residence permit.
Step 6: Receive Golden Visa Approval
Once the application is approved, the applicant will receive the Golden Visa residence permit. This permit is initially valid for five years and can be renewed indefinitely, provided the investment is maintained.
Step 7: Renew the Golden Visa
Every five years, the residence permit must be renewed. To do so, the applicant must demonstrate that the investment is still in place and meet all other renewal requirements.
Required Documents
A successful application for the Greece Golden Visa Program requires the following documents:
- Completed Application Forms: Two copies of the application document.
- Passport Photos: Four recent color passport-type photos.
- Valid Passport: Certified copy of a valid passport or travel documents recognized by Greece.
- Proof of Payment: Proof of payment for application and processing fees obtained through the “e-Paravolo” platform.
- Medical Insurance Certification: Certification from an insurance agency for hospitalization and medical care.
- Investment Proof: Documentation proving the investment, such as property purchase agreements or bank statements for capital transfers.
- Clean Criminal Record: Proof of no criminal record from the applicant’s home country.
Other documents may be required based on specific circumstances and investment options.
Pathway to Greek Citizenship
The Greece Golden Visa Program is primarily a residency-by-investment program, but it also offers a pathway to citizenship. After seven years of continuous residence in Greece, Golden Visa holders can apply for naturalization, provided they meet the following criteria:
- Continuous Residence: The applicant must have lived in Greece for at least seven years.
- Tax Residency: The applicant must be a tax resident in Greece during this period.
- Language Proficiency: The applicant must pass a Greek language proficiency test.
- Cultural Integration: The applicant must demonstrate a genuine interest or connection to Greece and Greek culture.
Conclusion
The Greece Golden Visa Program offers an affordable and efficient pathway to European residency, providing benefits such as visa-free Schengen travel, no residency requirements, and potential citizenship. With various investment options and a straightforward application process, it presents an attractive opportunity for non-EU nationals seeking residency and investment opportunities in Greece.
Explore Greece’s Golden Visa Program today for residency, investment, and European opportunities. Take the first step toward a brighter future!
Feel free to contact MICS Global and arrange an initial private consultation. During this session, we’ll explore your needs in-depth and offer personalized insights to guide your journey. We look forward to connecting with you.
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