Greek Golden Visa
All You Need to Know
The Greek Residency by Investment program (also known as the “Greek Golden Visa”) is a flexible and fast-track procedure for non – EU/EEA foreign investors who wish to invest in fields of Greek Economy and subsequently obtain a permanent residence permit in Europe. Within the framework of implementation of investment The Immigration and Social Integration Code (Law 4251/2014, Government Gazette 1, no 80) contains provisions that facilitate the granting of residence permits to third country nationals and to members of their families, who intend to invest in Greece, for a minimum of €250,000.
Investors have the flexibility to choose among the 3 investment options running a straightforward procedure and at a minimum cost.
Eligible investment options under GOLDEN VISA LAW consist of 3 alternatives, according to each investor’s profile:
Article 16 A&C
The provisions of article 16, apply for the issue of the residence permit for both General Investments (16C) and Financial Products (16A).
General Investments option, for entrepreneurial investors who would like to set up/expand their businesses in Greece.
To meet the residency program requirements an applicant should choose to proceed with an investment that will have a positive impact on national development, economy and society, with a minimum required amount of 250,000€/investor.
Energy, Tourism, Food & Beverage, Export-Oriented Manufacturing, Logistics, Life Sciences as well as the I.C.T. Sector are considered as key sectors of the Greek Economy, offering abundant opportunities for investments.
Intangible assets, for savvy investors who are familiar with investing in bonds, mutual funds, equities and the like.
The Greek government has expanded the golden visa program, implementing new legal amendments that allow the acquisition of residency permit via eight (8) additional categories of investment in specific forms of securities or a bank deposit amounting to at least €400,000 either as individuals or through legal entities.
A flexible and fast process for foreign investors who wish to obtain a residence permit by making an intangible investment in Greece.
Investment by a Non-Eu/Eea Citizen as an Individual
|CATEGORIES||AMOUNT||CONDITIONS FOR THE INVESTMENT ACTIVITY|
|a. Purchase of Shares||€ 400.000||Share capital increase or bonds issued on a bond loan for companies bases or located in Greece|
|b. Purchase of Shares||€ 400.000||Share capital increase of a real estate investment company aiming to invest exclusively in Greece|
|c. Acquisition of Shares||€ 400.000||Private equity fund or venture fund provided that there will be investment exclusively in companies with headquarters and/or established in Greece|
|d. Purchase of Greek Government Bonds||€ 400.000||Residual maturity of at least 3 years from the time of purchase|
|e. Minimum time Deposit||€ 400.000||In a national credit institution for at least 1 year with a standing order for its renewal|
|f. Purchase of Shares/Corporate Bonds||€ 800.000||Traded up or for trade on regulated markets, or in multilateral trading facilities operating in Greece|
|g. Purchase of Stakes||€ 400.000||Mutual fund established in Greece, or elsewhere which intends to invest exclusively in shares, corporate bonds and/or Greek government bonds|
|h. Purchase of Stakes or Shares||€ 400.000||Alternative investment fund established in Greece or in another EU country, and aims to invest exclusively in real estate in Greece|
Real Estate option, desirable for investors who feel comfortable with bricks and mortar.
Residence Permit with the purchase/leasing of Real Estate Property/ies (investment threshold: €250,000)
The simple basis of the program is complemented beautifully by the quick processing time. Successful applicants can obtain their golden visa in as little as three months, and the process is simple; all they need to do is make their investments, compile their files, and submit an application alongside biometrics.
A Golden visa application in Greece can now be processed even faster and grant residency by investment in around 2 months.
Choose which path to take.
Now you have the option to apply from the comfort of your own home under our company’s professional consultancy coupled with personal services.
Investors can apply for the program completely remotely. The investor and their dependents do not have to enter Greece during or prior to the application process.
Starting from December 23rd 2020, Greece adopted new measures to facilitate foreign investors’ plans. The potential Golden Visa investors can complete now all the Golden Visa procedures from where they reside, including the application of a Greek Tax Number, opening a Greek bank account, from acquisition of properties to business plans elaboration or intangible investments’ implementation and the submission of their Golden Visa application without traveling to the country, through signing a Power of Attorney at a Greek Consulate that is nearest to their current residence.
THE TEMPORARY RESIDENT CERTIFICATE (BLUE PAPER) WILL BE ISSUED AT THE SAME DAY
THE PERMANENT RESIDENT CARD WILL BE READY WITHIN 15-20 DAYS AFTER BIOMETRIC DATA SUBMISSION.
The Golden Visa Programme boasts an extensive list of both direct & indirect benefits ranging from financial gains to the freedom of visa – free travel that an investment in Greece offers non European investors:
Our corporate model is structured to provide expertise from various specialties and guidance since the onset.
Investors can enjoy one-stop shop services from A to Z, by a team of top professionals from spheres of legal, tax, real estate, financial planning and engineering. Being a specialized company in foreign investments, our mission is to facilitate international investments in Greece, simplify the complicated processes and ensure sustainable & profitable investments.
Expenses Breakdown for issuing a Permanent Residence Permit
|Residence Permit Expenses|
|Investor`s Res. Permit Fee||2000+16 €||Per applicant||Before the appl. submission|
|Family Members` Res. Permit Fee||150+16 €||Per family member||Before the appl. submission|
|Medical Insurance||110 € – 500 €||Per applicant – Depending on the age||Before the appl. submission|
|Translations & PoA||Before the appl. submission|
If for Property Acquisition:
|Property Acquisition Expenses|
|Minimum required capital||250.000€ per investor|
|Acquisition contract price||≥250.000€ per investor||At the signing of the contract|
|Transfer tax||3.09% on property contract value||On property contract value.||Before signing of the contract|
|Registration of Title Deed / Land Registration office||0.60 % – 1 %|
35 € (Cadastral Office fee)
|On property contract value||Within 5 days from signing the contract|
|Notary||1.2 % – 1.5 %||On property contract value||Within 5 days from signing the contract|
|Real estate fee||2 % – 4 %||On property contract value|
(depending on property’s type / seller’s policy)
|At the signing of the contract|
If for Intangible Assets Investments and Bank Deposits:
|Residence Permit Expenses|
|Main Applicant. Permit Fee||2000 + 16 €||For the main applicant||Before the appl. submission|
|Family Members` Res. Permit Fee||150 + 16 €||Per family member||Before the appl. submission|
|Medical Insurance||100 € – 250 €||Per applicant – Depending on the age||Before the appl. submission|
Schengen Area, signifies a zone where 26 European countries, abolished their internal borders for the free and unrestricted movement of people, goods, jobs, education, commerce in harmony with common rules for controlling external borders and fighting criminality by strengthening the common judicial system and police cooperation.
Schengen Area covers most of the EU countries, except Ireland and the countries that are soon to be part of: Romania, Bulgaria, Croatia and Cyprus. Although not members of the EU, countries like: Norway, Iceland, Switzerland and Lichtenstein are also part of the Schengen zone.
Investing in Greece grants an instant permanent residence and travel access to all 26 SCHENGEN states.
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:
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. To 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:
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.”
6. The residence permits, being granted pursuant to the paragraphs 1 and 4 of this Article, do not establish the right of access to any form of employment.
1. The entrance and residence of third country nationals is permitted in Greece, for the purpose of making investments that will have a positive impact on national development and economy.
Depending on the amount and the characteristics of the investment, up to ten third country nationals may enter and reside in the country, including the investors, for the implementation and operation of the investment.
2. On the motion of the Directorate of Foreign Investments of the Ministry of Economy and Development, concerning the characterization of the investment and the feasibility of granting residence permit, the entry and residence of third-country nationals may be permitted in Greece for the implementation and operation of the investment.
3. The application and the required documents, as specified by the Joint Ministerial Decision, referred to in paragraph 12 of Article 136, are submitted to the Greek Consular Authority of the area of residence of the interested persons, which, within one month, forwards them to the Directorate of Foreign Investments of the Ministry of Economy and Development.
The above Directorate, within a month, examines the application and forwards the relevant motion to the competent Consular Authority in order for the required national visas to be issued.
4. To the third-country national, to whom has been granted a visa for the realization of an investment, a residence permit shall be granted for the same reason, on procurement of the required documents.
The duration of validity of the residence permit is for five years and is subject to renewal for an equal period each time, provided the implementation of the investment or its operation is continued after its completion.
5. The above third-country nationals, by way of derogation from the provisions of Article 70, par. 1, may be accompanied by the members of their families who are granted a residence permit for family reunification, expiring simultaneously with the residence permit of the sponsors.
6. The Directorate for Migration Policy of the Ministry of Migration Policy is responsible for the examination of the application and the decision on the issue or the renewal of the residence permit for the realization of investment activity.
7. The provisions of this Article shall apply accordingly for the entry and residence of third-country nationals in the context of new investments realized by Greek undertakings, already operating or third country nationals who already reside legally in Greece and hold residence permits for purposes of independent economic or investment activity.
8. In the residence permit of third-country nationals referred to in paragraph 1 of this Article, it shall be stated “Residence permit for investment activity “and in the” Remarks ” the professional status of the holder shall be referenced.
1. Up to ten (10) third-country nationals, per investment, deemed necessary, are allowed to enter the country if they have been granted, where necessary, visa (Visa D), in order to realize investments, which have been characterized as “Strategic Investments” , pursuant to a decision of the Interministerial Committee of Strategic Investments on inclusion in Law 3894/2010 (Government Gazette 1, no 204).
The above visa is issued free of charge, on the procurement of the decision of the Interministerial Committee of Strategic Investments, which characterizes the investment as “Strategic Investment” and the motion of the Secretary-General for Strategic and Private Investments referring to the relation of third country nationals with the entity realizing the strategic investment .
2. The above are granted, by decision of the Minister for the Interior, a ten-year residence permit, which is renewed for ten years, provided the same requirements are met.
3. For the granting of the residence permit, an application with the required documents is submitted to the Directorate for Migration Policy to the Ministry of Interior, as these are defined, by the provisions of Article 136, par. 1, in the Joint Ministerial Decision. The residence permit shall be issued within five (5) days from the date that the application was submitted.
4. The above third-country nationals, by way of derogation from the provisions of Article 70, par. 1, may be accompanied by the members of their family, being granted residence permit for family reunification, expiring simultaneously with the residence permit of the sponsors, as well as by the support staff, in the case of people with disabilities.
1. Third country nationals, being subject to Chapters A and B of this Article and legally residing in the country, are not obliged to leave Greek territory in order to apply for a residence permit.
2. The competent departments of the Ministries of Development and Competitiveness shall notify, in writing or by e-mail, the Directorate for Migration Policy of the Ministry of Interior, about any change in the evolution of implementation of the investment activity.
1. The entrance and residence of third country nationals is permitted in Greece, for the purpose of making an intangible investment in Greece in specific forms of securities or a bank deposit exceeding the value of €400,000, either as individuals or through legal entities.
2. Beneficiaries of the right to enter and obtain a permanent residence permit under this program are:
– non-EU/EEA citizens who, as individuals, invest in Greece in securities or a bank deposit,
– non-EU/EEA citizens who invest in Greece in securities or a bank deposit through a domestic legal entity of
which they hold all corporate shares,
– shareholders or executives of a foreign legal entity that makes an investment in Greece in securities or a
bank deposit (up to three residence permits are granted depending on the amount of the investment),
– family members of the non-EU/EEA citizen.
The residence permit granted to the above non-EU/EEA citizens does not entitle them to work in Greece.
3. Categories of investment:
A Greek residence permit allows you to travel freely to other countries for maximum 90 days in a period of 180 days within the Schengen area. After the residence permit is issued, you may also travel to any Schengen country directly from your country, without having to go through Greece first.
Unlike other Golden Visa schemes, you do not need to live in Greece at all in order to renew your residence permit. You can keep renewing it every five years, as long as your ownership of the investment remains in force.
Holders of Greek residency who stay in Greece for seven (7) consecutive years, with each year no fewer than 183 days are eligible to apply for Greek citizenship through naturalisation.
According to the Golden Visa scheme, the main investor and his/her family need to purchase a health insurance plan to cover their basic medical needs. Greek public hospitals are free for most consultations while patients need to pay for their own medication.
As of April 2021, foreign investors can complete the procedures of applying for a Greek Tax Number (requisite for opening a Greek bank account), opening a Greek bank account for making a 1-year term deposit of minimum €400K + a standing renewal order and apply for Golden Visa from the country where they reside upon signing a Power of Attorney (PoA) at a Greek Consulate that is close to their residence.
Starting from December 23rd 2020, foreign investors can complete all the Golden Visa procedures from where they reside, including the application of a Greek Tax Number, opening a Greek bank account, from acquisition of properties to business plans elaboration or intangible investments’ implementation and the submission of their application without travelling to the country, by signing a Power of Attorney (PoA) at a Greek Consulate that is nearest to their current residence.
A 12-month temporary Greek resident certificates will be issued upon successful application. Investors along with their family members can enter the Greek territory during the validity of their certificates to submit their biometric data regardless of the travel restrictions that might be imposed. Permanent resident cards are expected to be issued in 2 months thereafter.
Depending on the choice of their investment options, the process varies from 1.5 – 3 months.
British citizens can apply for the Greek Golden Visa since the UK is no longer a part of the EU from 1st Jan 2021.
Golden Visa investors and their family members are not allowed to access the local labour market.
The Greek residence permit provides access to the Greek education system.
International schools in Greece go hand in hand with the Golden Visa Programme. Many families decide to move to Greece altogether after acquiring their permanent residence permit. Children who do not speak Greek are welcome to go to school in Greece. They can attend International schools and universities, since courses are taught in English (or any other language like German or French, depending on the school).
You have to pay taxes only on the income you receive in Greece, thanks to the double taxation treaty. Of course, if you spend most of the year in the country, you become a tax resident in Greece and must pay taxes. Keep in mind that being a tax resident is a requirement to apply for citizenship.
Yes, co-ownership is allowed as long as each person invests at least €250,000. You may own a property with one or more people – even if they are not family – and all of you may apply for a Greek residence permit under the above condition. In case of co-ownership between spouses the above condition does not exist and one €250,000 property is enough to ensure a Golden Visa for the couple.
Apart from making the qualifying investment, applying for a Golden Visa requires fees to be made to the corresponding government. These fees are typically paid per applicant and per dependent. The fees amount to €2,016 for the main investor & €166/family member
In no case does the resident permit provides access to any type of employment, but if you are interested to exercise business activity through the shareholder role in a company or as a board member, there is no restriction.