Golden Visa

Greece Golden Visa

Greece Golden Visa. Requirements for joining the residency program.

The Immigration and Social Integration Code (L. 4251/2014, Official Gazette A' 80) includes provisions that facilitate the stay of investors from third countries, whose investments have been characterized as strategic investments, through the provision of extended time limits of stay for the representatives of the investment agencies and their partners.

At the same time, it is possible to grant residence permits to citizens of third countries and their family members, who purchase real estate in Greece.

 

Citizens of third countries, may complete their investment by 31.12.2024, with the regime that was in force until the entry into force of the new provisions, on the condition of either an advance payment of 10% of the purchase price or the total contractual lease, or signing of a notarial preliminary agreement or signature of a private agreement of a certain date and relevant proof of credit from the buyer's bank regarding the sending of the amount of the advance payment, to the seller's account, until 31.08.2024. If the purchase of the property is not completed, the citizen of a third country may complete his investment in another or other properties, under the conditions that were in force and in any case no later than 30.04.2025.

For the Regional Units of the North, Central and South Athens Sector of the Attica Region, the Municipality of Thessaloniki (Centre) and the Regional Units of Mykonos and Santorini, of the South Aegean Region, the minimum value of real estate at the time of its acquisition, as well as the total contractual rent of the leases of hotel accommodations or tourist residences herein, is set at five hundred thousand (500,000) euros in one or more properties and must be paid in full before submitting the request for a permanent investor residence permit.

For the rest of the country, the minimum value of the real estate at the time of its acquisition, as well as the total contractual rent for the leases of hotel accommodations or tourist residences herein, is set at two hundred and fifty thousand (250,000) euros and must have been paid in full before submission of the request for the granting of the permanent investor residence permit.

Citizens of third countries - holders of an investor's permanent residence permit may renew their residence permit, for an equal duration each time, as long as the real estate remains in their ownership and county or the contracts of subpar. 1 and the other conditions of the law are met. Periods of absence from the country do not constitute an impeding reason for the renewal of the residence permit.

The agreed price or rent is paid in full in the following ways: a) by two-line bank check to the beneficiary's payment account held at a credit institution operating in Greece, b) by credit transfer, according to paragraph 24 of article 4 of Law 4537/2018 (A' 84) and c) through a POS installed by a payment service provider, which operates in Greece, by charging the buyer's bank credit or debit card, to the beneficiary's payment account held at a payment service provider, according to paragraph 11 of article 4 of Law 4537/2018, which operates in Greece.

 

 

It is noted that the advance payment deadline of Article 92 of Law 5007/2022 (A' 241) is extended until July 31, 2023.

Specifically:

A. “Permanent residence permit of the investor.” (Article 20)

1. By decision of the Secretary General of the Decentralized Administration, residence permit for five years, subject to renewal, is granted to a third country national who:

(a) has legally entered the country with any type of visa or legally resides in the country, even if the type of residence permit that he possesses does not permit change of purpose.

(b) He personally owns real estate in Greece in full ownership, jurisdiction and possession. In the case of co-ownership of a property, the right of residence is granted only if the owners of the property are spouses who own the property in undivided ownership. In all other cases of co-ownership, the right of residence is granted only if the percentage of co-ownership of each co-owner is worth €250,000 to €500,000.

(c) has the full ownership, possession and peaceful enjoyment of real estate property in Greece via a legal entity, whose shares are fully owned by him.

(d) has concluded an agreement for at least a ten year lease of hotel accommodation or furnished tourist residences in tourist accommodation complexes, pursuant to Article 8 par. 2 of Law 4002/2011 (Government Gazette 1, no 180).

(e) has concluded a time sharing agreement pursuant to the provisions of Law 1652/1986 “Time sharing agreement and related issues” (Government Gazette 1, no 167), which is in force.

2. The minimum value of the real estate property, as well as the contractual consideration of hotel accommodation or tourist residences leases of this Article, is determined at two hundred and fifty thousand (250,000) euro and must have been paid in full upon the signing of the contract.

“ The consideration is paid by a crossed bank cheque to a bank account of the beneficiary, held in a credit institution operating in Greece or with a credit transfer, as defined by Law 4537/2018 article 4, par. 24 (Official Government Gazette Α΄ 84) to a beneficiary’s bank account held in a payment service provider, as defined by Law 4537/2018 article 4 par. 11 operating in Greece”.

By joint decision of the Ministers for the Interior and Finance, the value of the above real estate property may be adjusted and shall result from the property value stated in the contracts or from the lease agreements.

3. Το third country nationals, real estate property owners, the possibility of leasing that property is granted.

4. The above third-country national may be accompanied by the members of his family to whom, at their request, an individual residence permit is issued, that expires together with the residence permit of the sponsor.

Family members shall mean:

a. Spouses

b. the other spouse or partner with whom a third-country national has a cohabitation agreement in Greece

c. The direct unmarried descendants of the spouses, who are under the age of 21

d. the direct unmarried descendants of the supporter or of the other spouse/partner , provided that their custody has been legally entrusted to the sponsor (for his/her children) and to the other partner (for his/her children), under 21 years of age

e. the direct relatives of the spouses in the ascending line.

5. The above permit may be renewed for an equal duration, each time, provided that the real estate property remains in the ownership and possession of the third-country national or the agreements of paragraph 1 of this remain in force and all other requirements, provided by law, are fulfilled. Periods of absence from the country shall not disrupt the renewal of the residence permit.

The resale of the real estate property during the period of validity of the residence permit, to another third-country national shall provide the right to the granting of residence permit to the new buyer with simultaneous withdrawal of the vendor’s residence permit.

 

 

 Investment Options for the Golden Visa for Greece

To qualify for a Golden Visa for Greece, you must make one of the following investments:

•  Purchase a real estate property worth at least €500,000
• Sign a lease agreement with a hotel or tourist establishment for at least 10 years
• Make a capital investment of at least €400,000 in a company registered in Greece
• Make a €400,000 investment in Greek government bonds.
• Make a €400,000 investment in bonds or shares of real estate investment companies.
• Make a €400,000 deposit in a Greek bank.
• Make an €800,000 investment in corporate or government bonds.

Although, in most cases, you should be in Greece to finalize your investment, you may also do it remotely, if you give Power of Attorney to a legal representative.

Benefits of the Greek Golden Visa

Expand your financial and lifestyle choices with a   Greek Golden Visa and gain visa-free access to  Europe for yourself and your family. The Greek
residency by investment (RBI) scheme even offers you  the option of getting a second passport and  becoming an EU citizen in 7 years.

A Greek Golden Visa is one of the most competitive Golden Visas in the EU and is accompanied by the following benefits:

• The threshold investment options are relatively lower than in most other EU countries with Golden Visa routes.
• You can extend the visa to include your family members, like your spouse, (unmarried) children under 21 years of age, and dependent parents of either yourself or your spouse. If your child is over the age of 21, but no older than 24, and they are a student, they may also be included in the Golden Visa application.
• You and your family members will enjoy visa-free travel to the Schengen Zone.
• There are no requirements to live in Greece for any duration in order to renew the residence permit.
• You can choose to rent out your property after purchase.
• You can apply for Greek citizenship after seven years of residence. Greece is an EU Member State, so you would have access to the EU free market and visa-free travel to more than a hundred countries.
• You can live and invest in Greece.
• You have access to Greek education and healthcare

 

Available Golden Visa Properties