The Ultimate Guide to the Greek Golden Visa Program: Opportunities, Benefits, and FAQs
Introduction
The Greek Golden Visa program, launched in 2013, has become one of the most popular residency-by-investment schemes in Europe. By offering a range of benefits, including visa-free travel within the Schengen Area and a path to Greek citizenship, it provides an attractive opportunity for foreign investors seeking a European base. This comprehensive guide will outline the key aspects of the Greek Golden Visa program, its benefits, and address frequently asked questions.
Overview of the Greek Golden Visa Program
The Greek Golden Visa program is a residency-by-investment scheme that grants non-European Union (EU) citizens a residence permit in exchange for a qualifying investment in Greece. The program aims to attract foreign investment and stimulate the Greek economy, especially in the real estate sector. Key features of the program include
A five-year renewable residence permit, allowing the holder to live in Greece and travel visa-free within the Schengen Area.
Eligibility for the entire family, including the main applicant's spouse, dependent children up to 24 years old, and dependent parents.
A straightforward application process, typically taking around six months from start to finish.
No physical residency requirement or language proficiency tests, making it an accessible option for many investors.
Investment Options
To qualify for the Greek Golden Visa program, applicants must make a qualifying investment in one of the following categories:
Real Estate: Purchase of real estate property with a minimum value of €250,000. This can include residential, commercial, or agricultural property.
Real Estate Lease or Timeshare: Signing a lease agreement for a minimum of 10 years or a timeshare agreement for a minimum of 15 years, for properties used for tourism purposes.
Capital Investment: Investment in Greek businesses or assets, such as shares or bonds, with a minimum value of €400,000.
Bank Deposit: A fixed-term deposit of at least €400,000 in a Greek bank, held for a minimum of one year.
Shares or Bonds of Real Estate Companies: minimum value of €800,000.
Geographical Limitations
Starting from the 31st of July, the Greek Golden Visa program has introduced geographical limitations on real estate investments to further diversify investments across the country and promote economic growth in lesser-developed regions. These new restrictions apply as follows:
Investments in Regional Units of Northern, Central, and Southern Athens, Thessaloniki, Mykonos, and Santorini: A minimum investment of €500,000 is required for real estate purchases in these popular and high-demand areas.
Investments in other cities: A minimum investment of €250,000 is required for real estate purchases in all other cities across Greece, providing more affordable options for investors and encouraging economic development in a wider range of locations.
These geographical limitations aim to distribute the benefits of the Golden Visa program more evenly throughout the country and offer investors a broader range of opportunities to choose from when making their investment.
Benefits of the Greek Golden Visa Program
Visa-free travel: Golden Visa holders and their families can travel visa-free within the Schengen Area, which includes 26 European countries.
Family eligibility: The program covers the main applicant's spouse, dependent children up to 24 years old, and dependent parents, allowing the entire family to benefit from the investment. The application should have been submitted while the children were aged 18 or younger.
No residency requirement: Unlike many other residency programs, there is no obligation to live in Greece for a specific period to maintain the Golden Visa.
Path to citizenship: After seven years of residency, Golden Visa holders may apply for Greek citizenship, subject to meeting certain criteria.
Attractive real estate market: Greece's real estate market offers competitive prices and promising growth potential, making it an appealing investment opportunity.
Application Process
The Greek Golden Visa application process typically involves the following steps:
Choose an investment option: Select one of the qualifying investment options and ensure you meet the minimum investment requirements.
Engage legal representation: Hire a local lawyer to assist with the application process, document preparation, and property acquisition.
Gather documentation: Obtain the necessary documents, such as a valid passport, proof of health insurance, and a criminal record certificate, and have them translated and authenticated.
Make the investment: Complete the investment process, including signing contracts, making payments, and registering the property.
Submit the application: File the application with the relevant Greek authorities, either in person or through your legal representative.
Receive the residence permit: Upon approval, collect your residence permit from the relevant Greek authorities.
FAQs
What is the minimum investment required for the Greek Golden Visa program?
The minimum investment required is €250,000 in real estate or a real estate lease/timeshare agreement. Alternatively, applicants can invest €400,000 in Greek businesses, assets, or a fixed-term bank deposit.
Can I include my family in the Greek Golden Visa application?
Yes, the program covers the main applicant's spouse, dependent children up to 24 years old, and dependent parents.
How long is the Greek Golden Visa valid for?
The initial residence permit is valid for five years and can be renewed indefinitely, as long as the investment is maintained.
Do I need to live in Greece to maintain my Golden Visa?
No, there is no physical residency requirement to maintain your Greek Golden Visa.
Can I work in Greece with a Golden Visa?
The main applicant can work in Greece only if they are involved in the management of the company they have invested in. Dependent family members are not allowed to work in Greece with a Golden Visa.
Is it possible to obtain Greek citizenship through the Golden Visa program?
Yes, after seven years of residency, Golden Visa holders may apply for Greek citizenship, subject to meeting certain criteria such as demonstrating ties to Greece, passing a Greek language and culture test, and fulfilling other legal requirements.
Can I rent out my property in Greece?
Yes, Golden Visa holders can rent out their property in Greece, generating additional income from their investment.
Conclusion
The Greek Golden Visa program offers a range of benefits for foreign investors, including visa-free travel within the Schengen Area, eligibility for the entire family, and a straightforward application process. With no physical residency requirement and attractive investment opportunities in Greece's real estate market, the Greek Golden Visa program is an appealing option for those seeking a European base. The recent introduction of geographical limitations on real estate investments further diversifies the opportunities available to investors and promotes economic growth across the country. By understanding the program's requirements, investment options, and benefits, prospective applicants can make an informed decision and take advantage of this unique opportunity.
