With the Greece Golden Visa Programme introduced in 2013, Greece has announced a 5-year residence permit for individuals and their families who have invested EUR250,000 in real estate in Greece. With this residence permit, you can live in Greece and travel to the Schengen area without a visa. In this article, the Greek Golden Visa programme will be explained in detail and what needs to be done to live in Europe and travel without visa restrictions will be explained.
As of 31 July 2023, new regulations set by the Greek Government have been implemented, introducing changes to the Greek Golden Visa programme. The main change is the increase of the minimum investment amount from EUR 250,000 to EUR 500,000 for specific areas.
The areas subject to the higher investment requirement include Athens, Voula Vari and the islands of Mykonos and Santorini. In all other areas, the minimum investment threshold remains at EUR 250,000.
What are the Requirements to Apply for Greece Golden Visa Programme?
- To be 18 years of age or older
- Purchase a property or land in Greece for a minimum amount of EUR 250,000
Who Can Be Included in the Greece Golden Visa Application?
The property purchased by the main applicant and his/her family can be included in the application.
- Spouse or partner of the main applicant, provided there is a cohabitation agreement.
- Children of the main applicant under the 21 age
- Parents of the main applicant
- Parents-in-law of the main applicant
What are the Advantages of Greece Golden Visa?
- Opportunity to Live in Greece
The applicant and his/her family who purchase a property in Greece above the minimum investment amount can live in Greece. There is no restriction on how long people who are issued a residence permit can stay in the country. During your stay in Greece, you can also benefit from the country’s health and education facilities.
- No Residence Requirement
For applicants who choose the Greece Golden Visa programme for investment purposes only, there is no requirement to live in the country after the application. Once your 5-year residence card is issued, you do not have to come to Greece or live in Greece.
- Visa-free Travel to the Schengen Area
Greece’s Golden Visa programme allows you to travel to the Schengen area without having to apply for a visa. Golden Visa card holders will be able to travel to the Schengen area, which has a total of 27 members, without a visa.
- Opportunity to Apply for Golden Visa as a Family
The Greece Golden Visa programme has a very wide concept of family. In addition to the applicant, the applicant’s spouse and children under the age of 21 can be included in the application. In addition to the nuclear family, the parents of the applicant and the parents of the applicant’s spouse can also be included in the application. With the property to be purchased by the main applicant, both parents, parents in-laws, spouse and children will be able to obtain a residence permit.
- Opportunity to Rent the Real Estate
You can rent out the purchased property at any time.
Golden Visa Greece Programme Steps and Process
The Greece Golden Visa application process is extremely easy and the results are also very short.
Step 1: Contact our law firm and select your property
Our law firm of experienced attorneys works in cooperation with a real estate and residence company based in Athens, Greece. Once you have defined the criteria of the property you would like to buy, a meeting will be held with our team. Our experienced team with a wide portfolio will help you to find a property for your needs. In this process, you can visit the property you will buy by going to Greece yourself, or you can choose your property in a way that you can talk to our team 24/7 without going to Greece at all.
Step 2: Take steps for legal proceedings
For people who do not live in Greece, a tax ID number must be obtained and a bank account must be opened in Greece. In this step, you can also ask our team to carry out these works by issuing a power of attorney to our team.
Step 3 : Purchase of the property
Our team will obtain a report on the property of your choice. After the property is purchased, a sales contract is issued in the name of the applicant.
Step 4: Applying for Golden Visa
After the property is purchased, all documents required for the application are prepared and submitted to the authorities. Our experienced team will assist you at this stage.
Step 5: Visit Greece and provide your biometric data
After the application is submitted, a document will be issued in your name stating that the application has been made. With this document, you have the opportunity to enter Greece without a visa. After the application is made, you must come to Greece and provide your biometric data. After your biometric data is given, you will not need to come to Greece again.
Step 6: Get your Greece Golden Visa card
After your biometric data is provided, our team will follow up your application. After your application is approved, a residence permit card will be issued in your name.
Step 7: Renew your Greece Golden Visa residence card
The residence card issued in your name is valid for 5 years and you must renew your residence permit every 5 years.
Acquisition Timeline for Property in Greece
|Client Needs Identification
|Property Options Reviewed according to client’s Need / Property Tour
|Payment of Down Payment
|Legal & Financial Due diligence of Seller Documentation and Property
|Payment, Transfer & Clearance of Funds Assistance
|Signing of the Agreement and Registration of the Property’s rights
|Transfer of Ownership & Property Handover
|Property Rental & Managment Support
What are the Documents Required to Apply for the Golden Visa Programme?
The documents listed below are required for both the main applicant and all persons who will apply together with the main applicant.
- 4 biometric photographs
- Birth certificate (if obtained from an apostilled country, it must be apostilled, if obtained from a non-apostilled country, it must be attested by the Ministry of Foreign Affairs + Consulate)
- Payment receipt for the application fee
- Payment receipt for the payment of the residence permit cards
- A contract of sale listing sale price and payment method, with proof of transfer of the contract by the competent Land Registry.
- Health insurance in Greece
- Marriage certificate
Cities and Invesment Limits
To assist you in understanding the map, I have explained the color scheme below:
These areas are marked in orange and they experience an increase in the minimum investment amount from 250,000 Euros to 500,000 Euros as of July 31st.
The light green areas represent suggested locations near the center of Athens(3-8km). These areas offer a minimum investment amount of 250,000 Euros and provide convenient access to public transportation, amenities, shops, and have a high capital appreciation potential. Noteworthy areas include Peristeri, Aigaleo and Piraeus where you can find larger properties at more competitive prices compared to Athens center.
The yellow areas offer attractive investment opportunities for two reasons. Firstly, they are in close proximity to prestigious areas of Athens such as Voula, Vouliagmeni, Vari, and Glyfada. Secondly, these beachfront locations are conveniently near the airport, making them highly desirable. It is important to note that while these areas are within a 40-minute commute from Athens center, public transportation options are limited to buses and taxis.
Areas marked in red are situated approximately 1-2 hours’ drive away from the center. They are popular among tourists and locals alike, with significant development, beautiful beaches, and a pleasant living environment. Chalkida, Nafplio, and Loutraki are highlighted as areas with abundant amenities, historical significance, tourist attractions, and easy access to ports and beaches.
Chalkida: Located near the beach, Chalkida boasts a wide range of amenities, making it an attractive spot for both tourists and locals. Its proximity to the coast provides a desirable environment for holiday homes and leisure activities.
Loutraki: Situated close to the beach, Loutraki offers a unique advantage with its casino, making it an appealing destination for entertainment and leisure. Furthermore, the upcoming train station connecting Loutraki with Athens will enhance accessibility, providing convenient transportation options for residents and tourists alike. As a result, Loutraki presents promising investment opportunities due to its beachfront location, entertainment facilities, and improved connectivity.
Nafplio: As the first capital of Greece, Nafplio holds great historical significance and charm. It attracts numerous tourists and locals who are captivated by its rich history, picturesque landscapes, and vibrant culture. With a port that facilitates cruises, Nafplio offers an exciting blend of historical exploration and recreational activities. Considering its popularity and potential for further development, Nafplio presents a compelling investment opportunity for the Greek Golden Visa program.
All the remaining areas have a value of 250,000 but are either far from Athens or not ideal for investment.
You can contact us for more information about Greece Golden Visa.