Benefits of a Greece Golden Visa: Your Pathway to a Golden Passport
As an international traveler, I understand the importance of having a passport that allows me to access different countries without any hassle. However, not all passports are created equal, and some countries require a visa for entry. That's where a golden visa comes in handy. In this article, I will be discussing the benefits of a Greek golden visa, investment options for obtaining one, requirements, the application process, renewing and maintaining it, comparison with other golden visa programs, and frequently asked questions.
Introduction to the Greek Golden Visa
A Greek golden visa is a type of residency permit that allows non-European Union (EU) citizens and their families to live, work, and travel within the EU, including Greece, without needing a visa. The program was launched in 2013 to attract foreign investment to Greece, which was going through an economic crisis. The program has been successful in bringing in foreign investment and has been extended several times since its inception.
What is a Golden Visa and how does it work?
A golden visa is a type of residency scheme that enables foreign investors to become citizens or residents of a nation by making economic investments there. In the case of Greece, it is a residence scheme that offers non-EU nationals who invest in the Greek economy a five-year residency permit. Real estate, companies, or government bonds are all acceptable forms of investment. The goal of the golden visa program is to increase foreign investment and strengthen the national economy.
Benefits of a Greek Golden Visa
Getting a Greek golden visa comes with a number of advantages. First of all, it enables the bearer to enter and exit the EU without the requirement for a visa. Second, if the holder so chooses, it entitles them to reside and work in Greece and the rest of the EU. Thirdly, the holder may travel with their dependant parents and any children under the age of 21. Fourth, the holder is free to come and leave as they like because there is no minimum stay restriction.
Investment options for obtaining a Greek Golden Visa
To obtain a Greek golden visa, the applicant must invest in the Greek economy. The investment options are as follows:
Real Estate Investment
Real estate is the most well-liked investment option. The candidate must make a minimum investment of €250,000 in any city by July 31st, 2023, after which the minimum investment amount will be increased to €500,000 for real estate in Regional Units of Northern, Central, and Southern Athens, Thessaloniki, Mykonos, and Santorini. The house might be rented out to generate revenue or used for personal purposes. As long as the total investment is €250,000 by 31st July and €500,000 after 1st August, the investment can be made in one or more properties.
Business Investment
The applicant can also invest in a business in Greece. The investment must be at least €400,000 and must create at least 10 jobs for Greek citizens. The business can be a startup, an existing business, or a franchise.
Government Bonds
The applicant can also invest in Greek government bonds. The investment must be at least €400,000 and must be held for a minimum of five years. The bonds can be purchased through a Greek bank or a certified investment company.
Requirements for obtaining a Greek Golden Visa
To obtain a Greek golden visa, the applicant must meet the following requirements:
Investment
The applicant must make an investment in Greece of at least €250,000 in Real Estate of €400,000 in Bonds or Business. The investment can be made in real estate, business, or government bonds.
Criminal Record
The applicant and their family members must not have a criminal record.
Health Insurance
The applicant and their family members must have health insurance that covers them in Greece.
Financial Stability
The applicant must have proof of financial stability, which means that they can support themselves and their family members without relying on Greek public funds.
Schengen Visa
The applicant must have a valid Schengen visa if they are not from a visa-exempt country.
The application process for a Greek Golden Visa
The application process for a Greek golden visa is straightforward. The applicant must follow these steps:
Step 1: Gather Documents
The applicant must gather all the necessary documents, including passport, criminal record certificate, health insurance, proof of investment, and proof of financial stability.
Step 2: Submit Application
The applicant must submit their application to the Greek consulate in their home country or the Greek embassy if there is one.
Step 3: Wait for Approval
The Greek authorities will review the application and conduct a background check. If the application is approved, the applicant will receive a five-year residency permit.
How long does it take to obtain a Greek Golden Visa?
The processing time for a Greek golden visa is approximately two to three months. However, this can vary depending on the volume of applications and the complexity of the case.
Renewing and maintaining your Greek Golden Visa
To renew a Greek golden visa, the applicant must provide proof that they have maintained their investment and financial stability. The process is straightforward, and the applicant can renew their residency permit as many times as they wish.
Comparison of Greek Golden Visa with other Golden Visa programs
Several countries offer golden visas, including Portugal, Spain, Cyprus, Malta, and the UK. Each program has its own requirements and benefits. However, the Greek golden visa program is one of the most affordable and straightforward programs. The investment amount is relatively low, and there is no requirement to live in Greece, which makes it an attractive option for investors.
Frequently asked questions about Greek Golden Visas
Who is eligible for a Greek golden visa?
Non-EU citizens who invest at least €250,000 in the Greek economy are eligible for a Greek golden visa.
How long does it take to obtain a Greek golden visa?
The processing time for a Greek golden visa is approximately two to three months.
Can I bring my family with me?
Yes, the holder can bring their spouse, children under the age of 21, and dependent parents.
Conclusion: Is a Greek Golden Visa right for you?
In conclusion, a Greek golden visa is an excellent option for investors who want to obtain residency in the EU. The program offers several benefits, including the ability to travel and work in Greece and the rest of the EU. The investment options are affordable, and the process is straightforward. However, it is essential to consider the requirements and benefits of other golden visa programs before making a decision. If you are interested in obtaining a Greek golden visa, I recommend consulting with an immigration lawyer or a reputable investment company to guide you through the process.
If you have any questions or would like more information about obtaining a Greek golden visa, please contact us.
