What Is the Financially Independent Person (FIP) Visa in Greece?

Table of Contents

• Introduction to the FIP Visa
• Eligibility Requirements for the FIP Visa
• Benefits of the FIP Visa
• Application Process for the FIP Visa
• Financial Requirements
• Required Documents
• Timeline and Processing
• Renewal and Permanent Residency
• Living in Greece with an FIP Visa
• Comparison with Other Greek Visas
• Potential Challenges and Considerations
• Success Stories and Experiences
• Legal and Tax Implications
• Conclusion
• FAQs

Introduction to the FIP Visa

Greece, with its stunning landscapes, rich history, and Mediterranean lifestyle, has long been a desirable destination for expatriates and retirees. In recent years, the Greek government has introduced various initiatives to attract foreign nationals, one of which is the Financially Independent Person (FIP) Visa. This visa program is designed for individuals who can demonstrate financial self-sufficiency and wish to reside in Greece without engaging in any form of employment within the country.

The FIP Visa, also known as the Greek Independent Means Visa, offers a pathway for non-EU citizens to live in Greece legally for extended periods. It’s particularly attractive for retirees, digital nomads with remote income sources, and individuals with substantial savings or investments. This article will delve into the intricacies of the FIP Visa, exploring its requirements, benefits, application process, and what life in Greece might look like for visa holders.

Eligibility Requirements for the FIP Visa

To qualify for the Financially Independent Person Visa in Greece, applicants must meet several key criteria:

• Age: Applicants must be at least 18 years old.
• Financial Independence: Proof of sufficient funds to support oneself (and any dependents) without working in Greece.
• Clean Criminal Record: A clear police record from the applicant’s country of origin and residence.
• Health Insurance: Valid health insurance coverage for Greece.
• Accommodation: Proof of secured accommodation in Greece (owned or rented property).
• Non-EU Citizenship: The visa is available to non-EU/EEA citizens.

It’s important to note that while the FIP Visa allows residency in Greece, it does not permit employment within the country. The visa is designed for those who can support themselves through external income sources, pensions, or substantial savings.

Benefits of the FIP Visa

The Financially Independent Person Visa offers numerous advantages to those seeking to make Greece their home:

• Long-term Residency: The visa initially grants a two-year stay, which can be renewed.
• Path to Permanent Residency: After five years, visa holders may be eligible for permanent residency.
• Schengen Area Travel: FIP Visa holders can travel freely within the Schengen Area for up to 90 days in any 180-day period.
• Family Inclusion: Spouses and dependent children can be included in the application.
• Quality of Life: Access to Greece’s renowned lifestyle, cuisine, and culture.
• Healthcare Access: With required health insurance, visa holders can access Greece’s healthcare system.
• Property Ownership: The ability to purchase property in Greece, which can serve as proof of accommodation.

These benefits make the FIP Visa an attractive option for those looking to experience life in Greece without the need to seek employment in the country.

Application Process for the FIP Visa

Obtaining a Financially Independent Person Visa involves a structured application process. Understanding this process is crucial for a successful application:

Step 1: Gather Required Documents

Before beginning the application, collect all necessary documents, including financial statements, passport, health insurance proof, and accommodation evidence.

Step 2: Submit Application

Applications are typically submitted to the Greek embassy or consulate in your country of residence. Some applicants may be able to apply directly to the Greek Ministry of Migration and Asylum if already in Greece on a valid visa.

Step 3: Pay Application Fees

There are fees associated with the visa application, which must be paid during submission.

Step 4: Attend Interview (if required)

Some applicants may be called for an interview to discuss their application and intentions for residing in Greece.

Step 5: Await Decision

Processing times can vary, but decisions are typically made within a few months.

Step 6: Receive Visa and Travel to Greece

Upon approval, you’ll receive your visa and can make arrangements to move to Greece.

Step 7: Register with Local Authorities

Once in Greece, you must register with local authorities and obtain a residence permit card.

Financial Requirements

One of the most critical aspects of the FIP Visa application is demonstrating financial independence. The Greek government requires applicants to show they have sufficient means to support themselves without working in Greece. As of 2023, the minimum monthly income requirement is typically around €2,000 for an individual, with additional amounts required for dependents.

This income can come from various sources, including:

• Pensions
• Rental income from properties outside Greece
• Investment dividends
• Savings accounts
• Remote work income (as long as the employer is not based in Greece)

It’s important to note that these financial requirements may change, and it’s always best to check with the Greek embassy or consulate for the most up-to-date information. Additionally, applicants should be prepared to show bank statements or other financial documents covering at least the past year to demonstrate consistent income or sufficient savings.

Required Documents

When applying for the Financially Independent Person Visa, you’ll need to submit a comprehensive set of documents. These typically include:

• Valid passport with at least six months validity beyond the intended stay
• Completed visa application form
• Recent passport-sized photographs
• Proof of financial means (bank statements, pension documents, investment portfolios)
• Proof of health insurance coverage valid in Greece
• Criminal record certificate from your country of origin and residence
• Proof of accommodation in Greece (property deed, rental agreement)
• Medical certificate confirming good health
• Marriage certificate and birth certificates of dependents (if applicable)

All documents not in Greek or English must be officially translated and apostilled or legalized, depending on your country’s relationship with Greece regarding document authentication.

Timeline and Processing

The processing time for a Financially Independent Person Visa can vary depending on several factors, including the completeness of your application and the current workload of the Greek authorities. Generally, applicants can expect the following timeline:

• Application Submission to Initial Review: 2-4 weeks
• Document Verification: 4-6 weeks
• Interview (if required): Scheduled within 1-2 weeks of document verification
• Final Decision: 2-4 weeks after interview or document verification

In total, the process typically takes between 2 to 4 months from submission to decision. However, it’s advisable to start the application process well in advance of your intended move to Greece, as delays can occur. Once approved, you’ll generally have a specific timeframe in which to enter Greece and complete the final steps of obtaining your residence permit card.

Renewal and Permanent Residency

The initial FIP Visa is typically granted for two years. Before this period expires, visa holders must apply for renewal if they wish to continue residing in Greece. The renewal process involves demonstrating that you continue to meet the visa requirements, particularly regarding financial independence and health insurance coverage.

After maintaining legal residence in Greece for five consecutive years under the FIP Visa, you may become eligible to apply for permanent residency. This status offers additional benefits and security, including:

• Indefinite right to reside in Greece
• Easier travel within the EU
• Access to public services on par with Greek citizens
• Potential pathway to Greek citizenship (after an additional 2-3 years, depending on circumstances)

The application for permanent residency requires proof of continuous legal residence, ongoing financial stability, and integration into Greek society, which may include basic Greek language proficiency.

Living in Greece with an FIP Visa

Holding a Financially Independent Person Visa opens up a world of opportunities for experiencing life in Greece. As a visa holder, you’ll have the freedom to immerse yourself in the Greek way of life, explore the country’s diverse regions, and enjoy its rich cultural heritage.

Housing and Accommodation

FIP Visa holders have the option to rent or purchase property in Greece. Many choose to live in popular expat areas such as Athens, Thessaloniki, or the Greek islands. The Greek real estate market offers a range of options, from modern apartments in urban centers to traditional houses in picturesque villages.

Healthcare

With the required health insurance, visa holders can access Greece’s healthcare system, which includes both public and private facilities. Many expats opt for a combination of public healthcare and private insurance for comprehensive coverage.

Lifestyle and Culture

Greece offers a relaxed Mediterranean lifestyle, known for its emphasis on family, food, and social connections. Visa holders can enjoy the country’s famous cuisine, participate in local festivals, and explore ancient historical sites. The warm climate allows for outdoor activities year-round, from beach visits to mountain hikes.

Community and Integration

Many cities and regions in Greece have established expat communities, making it easier for newcomers to settle in and make connections. Learning Greek, while not mandatory for the visa, can greatly enhance your experience and integration into local society.

Comparison with Other Greek Visas

The Financially Independent Person Visa is one of several options for non-EU citizens looking to reside in Greece. It’s important to understand how it compares to other visa types:

• Golden Visa: Requires a significant property investment (€250,000 or more) but offers residency for five years.
• Digital Nomad Visa: Designed for remote workers, with potentially lower income requirements but shorter duration.
• Retirement Visa: Specifically for retirees, with similar financial requirements to the FIP Visa.
• Student Visa: For those enrolled in Greek educational institutions, with different financial and purpose-of-stay requirements.

The FIP Visa stands out for its flexibility in income sources and its potential pathway to permanent residency without the high investment requirement of the Golden Visa.

Potential Challenges and Considerations

While the FIP Visa offers many benefits, potential applicants should be aware of certain challenges:

• Language Barrier: Greek is the official language, and while English is widely spoken in tourist areas, day-to-day life may require basic Greek skills.
• Bureaucracy: Greek administrative processes can be complex and time-consuming.
• Cost of Living: While generally lower than in many Western European countries, expenses in popular areas can be significant.
• Healthcare Quality: Public healthcare can vary in quality and waiting times, especially outside major cities.
• Economic Stability: Greece has faced economic challenges in recent years, which may affect services and opportunities.

Careful planning and research can help mitigate these challenges and ensure a smooth transition to life in Greece.

Success Stories and Experiences

Many FIP Visa holders have shared positive experiences about their life in Greece. Common themes in these success stories include:

• Improved quality of life and reduced stress
• Rich cultural experiences and historical exploration
• Warm welcome from local communities
• Opportunities for personal growth and new hobbies
• Enjoyment of the Mediterranean climate and lifestyle

These stories often highlight the importance of embracing the local culture, learning the language, and being patient with administrative processes.

Legal and Tax Implications

FIP Visa holders should be aware of their legal status and tax obligations in Greece:

• Tax Residency: After 183 days in Greece, you may be considered a tax resident, potentially affecting your global tax situation.
• Income Reporting: While income earned outside Greece may not be taxed in Greece, it may need to be reported.
• Property Taxes: If you purchase property, you’ll be subject to Greek property taxes.
• Social Security: FIP Visa holders are generally not required to contribute to the Greek social security system unless they engage in local employment.

It’s advisable to consult with a tax professional familiar with both Greek and your home country’s tax laws to understand your specific obligations.

Conclusion

The Financially Independent Person Visa offers a unique opportunity for non-EU citizens to experience life in Greece without the need for local employment. With its relatively straightforward requirements and the potential for long-term residency, it’s an attractive option for retirees, remote workers, and anyone with sufficient independent means looking to embrace the Greek lifestyle.

While the application process requires careful preparation and the provision of comprehensive documentation, the rewards of living in Greece can be significant. From the rich cultural heritage and beautiful landscapes to the warm Mediterranean climate and renowned cuisine, Greece offers a high quality of life for those who choose to make it their home.

As with any major life decision, thorough research and planning are essential. Prospective applicants should carefully consider their financial situation, long-term goals, and readiness for the challenges of living in a new country. With the right preparation and mindset, the FIP Visa can be the key to unlocking a new chapter of life in one of Europe’s most historic and beautiful countries.

FAQs

1. Can I work in Greece with an FIP Visa?

No, the FIP Visa does not allow employment within Greece. It is designed for individuals who can support themselves financially without working in the country. However, you can continue to earn income from sources outside of Greece, such as remote work for non-Greek companies, pensions, or investments.

2. How often do I need to renew my FIP Visa?

The initial FIP Visa is typically granted for two years. After this period, you need to apply for renewal if you wish to continue residing in Greece. Renewals are usually granted for two-year periods, provided you continue to meet the visa requirements.

3. Can my family join me on an FIP Visa?

Yes, your spouse and dependent children can be included in your FIP Visa application. You will need to demonstrate sufficient financial means to support your entire family, and each family member will need to meet the general visa requirements, such as having health insurance.

4. Do I need to learn Greek to obtain an FIP Visa?

Knowledge of the Greek language is not a requirement for obtaining the FIP Visa. However, learning Greek can greatly enhance your experience living in Greece and may be beneficial if you plan to apply for permanent residency or citizenship in the future.

5. Can the FIP Visa lead to Greek citizenship?

While the FIP Visa itself does not directly lead to citizenship, it can be a pathway. After living in Greece for seven years (five years to obtain permanent residency, plus an additional two years), you may be eligible to apply for Greek citizenship. This process requires meeting additional criteria, including Greek language proficiency and integration into Greek society.

Article reviewed by Annice Schmeler, Head of Investment Properties | Commercial Real Estate Strategist | Delivering 20%+ Annual ROI for Clients, on March 2, 2025