Golden Visa in Greece: Program Conditions and Changes in 2024
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Golden Visa Program in Greece: Key Provisions.
What is the Golden Visa in Greece?
The Greece Golden Visa Program is an official state program for obtaining residency permits valid for 5 years (with the possibility of renewal every five years) through investments in the Greek economy.
The program allows foreign investors to obtain residency in Greece by purchasing real estate with a minimum value of €250,000, investing in Greek companies, government bonds, or bank deposits starting from €400,000.
Updates! In February 2024, the Prime Minister of Greece announced the government’s intention to raise the investment threshold for the Golden Visa program to €800,000 for real estate in certain regions of the country.
It is noted that the changes may come into effect as early as May 1, 2024.
Don’t miss the chance to get the Greece Golden Visa before the cost increases!
Since its inception in 2013, the Golden Visa has become a popular means of immigration to Greece and an excellent opportunity for those seeking permanent residency in the European Union.
In 2024, the residency program in Greece for investments ranked 2nd in the global ranking of the most attractive investment migration programs (according to the report of the global consulting firm Henley & Partners).
This confirms the growing interest in the opportunities provided by the Greek Golden Visa and its attractiveness to international investors.
Benefits of the Greece Golden Visa:
✔ 5-year Residency Permit
You receive a Greek resident card immediately for 5 years with the right of renewal, eliminating the need to renew residency every year as required by other programs.
✔ Residency for the Entire Family
You and your family obtain residency in the EU. Besides the investor, Greece Golden Visa residency can be obtained by: the investor’s spouse, unmarried children, as well as the parents of the investor or spouse.
✔ Permanent Residence in Greece or Residence-Free
After obtaining the Golden Visa, you can reside permanently in Greece or visit for leisure at any time. To maintain residency, the investor is not required to live permanently in Greece.
✔ Right to Citizenship
After living in Greece for 7 years, foreign investors have the opportunity to apply for Greek citizenship. The Greek passport is one of the best passports globally, offering visa-free access to 185 countries.
✔ Remote Property Purchase and Application Submission
You can remotely select and purchase Greek property and apply for residency without visiting the country. You and your family only need to visit Greece once for biometric data submission.
✔ Return on Investment and Passive Income
Greece is a popular tourist destination, making real estate here attractive for rental business investments. Investors can generate additional passive income from renting out property.
✔ Stability of Legal System and Investment Climate
Greece has a stable legal system and investment climate, ensuring property rights protection and investor interests. This instills confidence and trust among foreign investors considering Greece as a place for property acquisition and investment.
How to Obtain the Greece Golden Visa: Investment Options
Acquiring the Greece Golden Visa is possible by choosing from several investment options and meeting the investor criteria.
⇒ Real Estate Investments
This could involve purchasing property worth at least €250,000, land for construction or agricultural use, a 10-year lease, or a timeshare for hotel or tourist residence accommodation.
Purchasing real estate in Greece to obtain the Golden Visa is the most popular form of investment.
Investors have the opportunity to buy residential or commercial property in Greece, which can then be rented out for passive income. After 5 years of obtaining residency, such properties can be sold, allowing investors to recoup their investment while maintaining residency status.
The minimum property value required for obtaining the Greece Golden Visa is €250,000.
Since July 31, 2023, the property value has increased from €250,000 to €500,000 in 36 municipalities (central and southern sectors of Athens; islands of Mykonos and Santorini; Thessaloniki municipality), but remains at €250,000 in regions such as Crete, Rhodes, and Piraeus.
Learn about the regions within the Athens district that will continue to apply the minimum property investment value of €250,000 – see the list.
Latest Updates in the Greece Golden Visa Real Estate Program in 2024
The introduction of a two-tier zoning investment system is expected to take effect on March 31, 2024.
Level 1 — €800,000 (instead of the current €500,000)
Includes investments in real estate in the regions of Attica, Thessaloniki, Mykonos, Santorini, and islands with a population of over 3,100 people.
Level 2 — €400,000 (instead of the current €250,000)
Covers all other regions of Greece.
General Requirement: Investments must be made in a single property with an area of at least 120 square meters.
Announcement of the Transition Period
Investors can purchase property at the threshold amounts of €250,000 and €500,000 if:
they deposit 10% by September 30, 2024, with final investments made by December 31, 2024.
Benefits of Investing in Greek Real Estate for the Golden Visa:
Investments can be made in newly built, new, or secondary residential or commercial real estate.
Investors owning property in Greece are allowed to rent it out.
Property can be registered under a company.
Prices for Greek housing continue to rise, making investments highly profitable.
⇒ Other Investment Options
⇒ From €400,000 in investments:
— in Greek government bonds
— in Real Estate Investment Funds (REIFs) solely for investments in Greece
— in shares of companies investing in real estate in Greece
— depositing funds in a Greek bank.
Discover all the nuances and receive professional consultation right now!
Step-by-step Procedure for Obtaining the Greece Golden Visa
Preliminary Screening
A preliminary screening of the applicant and their source of funds (Due Diligence check) is necessary to ensure the success of the case and minimize risks.
This stage ensures compliance of all information with legal requirements and program rules, as well as helps to eliminate potential obstacles and negative consequences at later stages of the residency application process.
Selection of Investment Route
The most common path is purchasing real estate in Greece.
If you choose real estate, you should either visit Greece to inspect properties or utilize the services of a representative for remote selection.
You can grant power of attorney to a lawyer in Greece who can then act on your behalf in purchasing the property and applying for a 5-year residency permit.
Collection and Preparation of Necessary Documents
At this stage, all necessary documents for making investments and applying for residency are gathered and prepared. This includes various documents that may vary depending on the client’s situation: financial documents; a certificate of no criminal record; medical insurance; documents confirming the applicant’s marital status and that of their dependents.
Feod Group lawyers undertake a wide range of tasks, including completing government forms, document translation, certification of copies, as well as assisting in paying mandatory fees and charges.
Submission of Residency Application
The application is submitted online by the lawyer. After submitting the documents, we await their review. Upon approval, you will receive a document allowing you to legally stay in Greece, and a specific date will be proposed for the submission of biometric data (photos, fingerprints, and signatures). The investor and their family members must appear in person on this date.
Receipt of Greece Resident Card
The investor can personally collect the plastic resident card or do so through their lawyer. The card can be sent to the country of your residence. Residency in Greece is granted for five years with the possibility of renewal.
Feel free to reach out to us to receive expert assistance in obtaining the Golden Visa in Greece! Our company's lawyers and Greek attorneys provide support to clients at every stage of this process, offering assistance with all legal matters!
Taxes for Investors in Greece and Tax Resident Status
After obtaining the Golden Visa, you do not automatically become a tax resident of Greece and are not required to pay taxes on income earned outside the country.
However, if you decide to become a tax resident of Greece (by residing in the country for 183+ days), you must file a declaration and pay taxes in Greece on income earned worldwide.
Meanwhile, Greece has introduced three alternative tax regimes for its new tax residents.
For investors: an annual flat tax of €100,000 on total income from foreign sources (maximum duration: 15 years);
The choice remains with the investor, and they can make a decision based on their personal financial and life circumstances.
If the investor plans to permanently reside in Greece, they may choose to become a tax resident and opt for this option. Otherwise, if the investor prefers to remain a non-tax resident and not file income declarations in Greece, they must adhere to the established stay periods in the country.
Feel free to reach out to us, and we'll provide tax consultation, helping you make informed decisions and choose the most suitable strategy according to your needs and goals!
TAX CONSULTATION
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If you have any questions, please contact us.
Services and assistance provided by Feod Group
Consultations on selecting the optimal Golden Visa program in the European Union, considering the client’s individual needs and investment capabilities.
Legal support at all stages of the residency status acquisition process, including document preparation and interaction with immigration authorities.
Investment and financial consulting to determine the most advantageous investment opportunities that meet the requirements of the Golden Visa program.
Tax optimization considering the new residency status and investment assets, including the development of strategies to minimize tax obligations.
Provision of legal and business services, including company registration, legal counseling, contract drafting, and other legal procedures necessary for business and life in Greece.
Feel free to reach out to us, and we'll be delighted to provide you with all the assistance you need in these processes!
Greece Golden Visa - FAQ
How to obtain the Golden Visa in Greece in 2024?
To obtain a residence permit in Greece through the “Golden Visa” program in 2024, applicants need to invest from €250,000 in real estate (€500,000 in certain regions) or from €400,000 in Greek companies, bank deposits, or government bonds.
Additionally, investors need to undergo a reliability check: confirm the legality of the source of funds, verify the absence of criminal convictions and diseases that pose a risk to public health, according to international WHO data.
How long does it take to get the Golden Visa for Greece?
Obtaining the Golden Visa for Greece typically takes between 3 to 5 months, but exact timelines may vary depending on various factors.
How much does the Golden Visa for Greece cost?
The minimum investment for obtaining the Greek Golden Visa is 250,000 euros through the purchase of real estate. However, you should also consider additional expenses such as government fees, lawyer services, notary fees, and property taxes, which increase the overall cost.
Can you obtain Greek citizenship through investment?
Obtaining Greek citizenship directly through investment is not possible. However, an investor can become a resident of Greece by investing at least 250,000 euros in real estate. Holders of residency in Greece can then apply for citizenship after a minimum of seven years.
In which EU countries are "Golden Visa" programs available?
“Golden Visa” programs are available in many European Union countries: Cyprus, Malta, Portugal, Italy, France, and Spain.
Elena Georghiou – Founder and Managing Director of Feod Group. Has two higher educations: the first at the Odessa State Polytechnic University, majoring in automation and computer engineering (1986) and second in the Moscow State Law Academy, majoring in law (1991). Has work experience in London i...
Elena Georghiou – Founder and Managing Director of Feod Group. Has two higher educations: the first at the Odessa State Polytechnic University, majoring in automation and computer engineering (1986) and second in the Moscow State Law Academy, majoring in law (1991). Has work experience in London immigration law firms. Is a regular participant in seminars and trainings on immigration, corporate and private law of the European Union. Elena Georghiou has more than 25 years of legal experience and heads the specialized Residency and Citizenship practice across European countries, UK and USA advising HNWIs and their families on:
immigration planning;
consultations on obtaining alternative (second) citizenship;
Residency and Citizenship by Investment;
business immigration;
preparation of appeals, working with complex immigration cases.
She advises individuals and corporate clients for wealth/business structuring and assets protection. Central to her Managerial role in the company she initiated and united high level lawyers and other top professionals around the word in order to provide Feod Group clients with bespoke level of legal and business services word wide, keeping the staff focused on the opportunities and challenges faced by each individual client. Speaks Russian, Ukrainian, English.
Since 1992, Feod Group has been providing a wide range of legal, business and immigration services in Europe, the USA and other countries of the world.
The company has accredited western lawyers, experts in various fields of law and jurisdictions of the world.
Having offices in Europe and the USA, Feod Group provides rapid paperwork and maximum customer comfort.
We provide our clients with related services, such as relocation and adaptation abroad, organizing family relocation abroad, enrollment of children in schools and many other services.
