Step-by-Step Guide to Obtaining a Greek Golden Visa

Table of Contents

1. Introduction to the Greek Golden Visa Program
2. Benefits of the Greek Golden Visa
3. Eligibility Requirements
4. Investment Options
5. Application Process
6. Required Documents
7. Costs and Fees
8. Timeline for Approval
9. Maintaining Your Golden Visa Status
10. Pathway to Greek Citizenship
11. Comparison with Other European Golden Visa Programs
12. Tips for a Successful Application
13. Common Challenges and How to Overcome Them
14. Conclusion
15. FAQs

1. Introduction to the Greek Golden Visa Program

The Greek Golden Visa Program, officially known as the Greece Residency by Investment Program, was introduced in 2013 as part of the country’s efforts to attract foreign investment and stimulate economic growth. This program offers non-EU citizens the opportunity to obtain a residency permit in Greece through strategic investments in the country’s real estate market or other approved sectors.

As one of the most popular residency-by-investment schemes in Europe, the Greek Golden Visa has garnered significant interest from investors worldwide. Its appeal lies in the combination of relatively low investment thresholds, the allure of the Mediterranean lifestyle, and the potential for long-term benefits, including access to the Schengen Area and a possible pathway to EU citizenship.

2. Benefits of the Greek Golden Visa

The Greek Golden Visa program offers a multitude of advantages to successful applicants. These benefits extend beyond mere residency rights and encompass various aspects of personal, professional, and financial opportunities:

• Residency in Greece: The primary benefit is the right to live in Greece, a country renowned for its rich history, stunning landscapes, and high quality of life.
• Schengen Area Access: Visa holders can travel freely within the Schengen Area for up to 90 days in any 180-day period.
• Family Inclusion: The visa covers the main applicant’s spouse, children under 21, and dependent parents.
• Minimal Stay Requirements: Unlike many other residency programs, there’s no minimum stay requirement to maintain the visa status.
• Potential for EU Citizenship: After seven years of continuous residency, visa holders may be eligible to apply for Greek citizenship.
• Investment Opportunities: The program allows investors to tap into the Greek real estate market or other approved investment sectors.
• Tax Benefits: Non-domiciled residents may benefit from favorable tax treatment on foreign-sourced income.

3. Eligibility Requirements

To be eligible for the Greek Golden Visa, applicants must meet certain criteria set by the Greek government. These requirements ensure that the program attracts genuine investors who can contribute positively to the Greek economy:

• Age Requirement: Applicants must be at least 18 years old.
• Clean Criminal Record: A clean criminal record from the country of origin and residence is mandatory.
• Health Insurance: Proof of health insurance coverage in Greece is required.
• Investment Threshold: Meeting the minimum investment requirement in one of the approved categories.
• Source of Funds: Ability to demonstrate the legal source of investment funds.
• No EU Citizenship: Applicants must be non-EU/EEA citizens.

4. Investment Options

The Greek Golden Visa program offers several investment options to cater to different investor preferences and objectives:

4.1 Real Estate Investment

The most popular option is real estate investment, which requires a minimum investment of €250,000 in Greek property. This can be a single property or multiple properties, as long as the total value meets or exceeds the threshold. The properties can be residential, commercial, or a combination of both.

4.2 Capital Contribution

Investors can choose to make a capital contribution of at least €400,000 to a company headquartered or established in Greece. This option is suitable for those interested in the Greek business landscape.

4.3 Government Bonds

Another option is the purchase of Greek government bonds with a minimum value of €400,000 and a residual maturity of at least three years at the time of purchase.

4.4 Bank Deposit

Investors can make a time deposit of at least €400,000 with a Greek credit institution for a minimum duration of one year with a standing renewal order.

5. Application Process

The application process for the Greek Golden Visa involves several steps and can take several months to complete. Here’s a detailed breakdown of the process:

1. Choose an Investment: Decide on the investment option that best suits your goals and financial situation.
2. Gather Required Documents: Collect all necessary documentation, including passport, proof of investment, and other supporting papers.
3. Appoint a Representative: If you’re not in Greece, appoint a legal representative to act on your behalf.
4. Make the Investment: Complete the chosen investment transaction.
5. Submit Application: File your application with the Greek authorities, typically through the local Aliens and Immigration Department.
6. Biometrics: Provide biometric data (fingerprints and photographs) at a designated center in Greece.
7. Application Review: The authorities will review your application and may request additional information if needed.
8. Approval and Issuance: Upon approval, your Golden Visa will be issued.

6. Required Documents

The documentation required for a Greek Golden Visa application is comprehensive and must be prepared meticulously. Here’s a list of the key documents typically required:

• Valid passport with at least six months validity remaining
• Completed application form
• Recent passport-sized photographs
• Proof of investment (e.g., property purchase agreement, bank statements)
• Criminal record certificate from the country of origin/residence
• Health insurance policy covering stay in Greece
• Marriage certificate (if applicable)
• Birth certificates of dependent children (if applicable)
• Proof of financial means to support living in Greece

All documents must be officially translated into Greek and appropriately authenticated (e.g., with an Apostille stamp for countries party to the Hague Convention).

7. Costs and Fees

When budgeting for the Greek Golden Visa, it’s important to consider not just the investment amount but also the associated costs and fees. These can include:

• Application Fee: €2,000 for the main applicant and €150 for each family member
• Visa Issuance Fee: €16 per person
• Legal Fees: Vary depending on the complexity of the case and the chosen legal representative
• Property Transfer Tax: 3.09% of the property’s value (for real estate investments)
• Notary Fees: Approximately 1-2% of the property value
• Property Registration Fees: Around 0.5% of the property value
• Translation and Authentication Costs: Vary based on the number and complexity of documents

8. Timeline for Approval

The timeline for obtaining a Greek Golden Visa can vary depending on several factors, including the completeness of the application, the chosen investment option, and the current workload of the Greek authorities. However, a general timeline might look like this:

• Investment and Document Preparation: 1-2 months
• Application Submission: 1-2 weeks
• Application Processing: 2-4 months
• Biometrics Appointment: Usually within 1 month of application approval
• Visa Issuance: Within 2 weeks of biometrics

In total, the process typically takes between 3 to 6 months from start to finish. However, it’s important to note that individual cases may vary, and some applications might take longer, especially if additional documentation is required.

9. Maintaining Your Golden Visa Status

Once you’ve successfully obtained your Greek Golden Visa, it’s crucial to understand the requirements for maintaining your status:

• Renewal: The initial visa is valid for five years and can be renewed for another five years if the investment is maintained.
• Investment Retention: You must retain your qualifying investment throughout the visa period.
• No Minimum Stay Requirement: Unlike some other countries, Greece doesn’t mandate a minimum stay to maintain the visa status.
• Property Rental: If you’ve invested in real estate, you’re allowed to rent out the property.
• Regular Checks: Be prepared for periodic checks by authorities to ensure compliance with program requirements.

10. Pathway to Greek Citizenship

For many investors, the Greek Golden Visa is not just about residency but also a potential pathway to Greek citizenship. Here’s what you need to know:

• Residency Requirement: You must have legally resided in Greece for seven consecutive years before applying for citizenship.
• Language Proficiency: A good command of the Greek language is required, demonstrated through a language test.
• Integration: Familiarity with Greek history and culture is assessed as part of the citizenship application.
• Character Assessment: Continued good character and contribution to Greek society are considered.
• Dual Citizenship: Greece allows dual citizenship, meaning you may not have to renounce your current nationality.

11. Comparison with Other European Golden Visa Programs

While the Greek Golden Visa program is highly attractive, it’s worth comparing it with other European options to ensure it’s the best fit for your needs:

• Portugal: Requires a higher investment (€500,000 for real estate) but offers a faster route to citizenship (5 years).
• Spain: Similar investment threshold (€500,000) but with a longer path to citizenship (10 years).
• Malta: Higher investment required (€600,000+) but offers faster processing times.
• Cyprus: Has suspended its citizenship by investment program but still offers residency options.

Greece stands out for its lower investment threshold and the absence of a minimum stay requirement, making it particularly appealing for investors seeking flexibility.

12. Tips for a Successful Application

To maximize your chances of a successful Greek Golden Visa application, consider the following tips:

• Work with Experienced Professionals: Engage reputable lawyers and real estate agents familiar with the Golden Visa process.
• Conduct Due Diligence: Thoroughly research your investment options, especially for real estate purchases.
• Prepare Documentation Early: Start gathering required documents well in advance to avoid delays.
• Be Patient: Understand that the process can take several months and plan accordingly.
• Consider Future Plans: Think about long-term goals, such as potential citizenship, when making your investment decision.
• Stay Informed: Keep up-to-date with any changes to the program requirements or processes.

13. Common Challenges and How to Overcome Them

While the Greek Golden Visa program is well-structured, applicants may face certain challenges. Here are some common issues and strategies to address them:

13.1 Language Barrier

Many official processes in Greece are conducted in Greek. To overcome this:

• Hire a bilingual lawyer or translator
• Consider learning basic Greek to facilitate day-to-day interactions

13.2 Bureaucratic Delays

Greek bureaucracy can sometimes be slow. To mitigate this:

• Start the process early and be prepared for potential delays
• Ensure all documents are complete and accurate to avoid additional processing time

13.3 Property Market Complexities

Navigating the Greek real estate market can be challenging. To address this:

• Work with reputable local real estate agents
• Conduct thorough due diligence on properties and their legal status

14. Conclusion

The Greek Golden Visa program offers a compelling opportunity for non-EU citizens to gain residency in a beautiful Mediterranean country with a rich cultural heritage. With its relatively low investment threshold, minimal stay requirements, and potential pathway to EU citizenship, it’s an attractive option for many international investors.

However, the process requires careful planning, thorough preparation, and often, professional assistance. By understanding the requirements, following the steps diligently, and being prepared for potential challenges, applicants can navigate the process successfully and enjoy the numerous benefits that come with Greek residency.

Whether you’re seeking a second home in Europe, looking for new investment opportunities, or planning for a potential future move to the EU, the Greek Golden Visa program could be your gateway to achieving these goals. As with any significant investment and life decision, it’s crucial to conduct thorough research, seek professional advice, and carefully consider your long-term objectives before proceeding.

15. FAQs

Q1: Can I bring my family with me under the Greek Golden Visa program?

A1: Yes, the Greek Golden Visa program allows you to include your spouse, children under 21 years of age, and dependent parents in your application. They will receive the same residency rights as the main applicant.

Q2: Do I need to speak Greek to apply for the Golden Visa?

A2: Knowledge of Greek is not required for the Golden Visa application. However, if you plan to apply for citizenship in the future, you will need to demonstrate proficiency in the Greek language.

Q3: Can I work in Greece with a Golden Visa?

A3: The Greek Golden Visa primarily grants residency rights and does not automatically include work rights. However, visa holders can apply for a work permit separately if they wish to engage in employment in Greece.

Q4: How often do I need to visit Greece to maintain my Golden Visa status?

A4: One of the advantages of the Greek Golden Visa is that there is no minimum stay requirement to maintain your status. You only need to visit Greece once every five years to renew your visa.

Q5: Can I sell my property after obtaining the Golden Visa?

A5: You must maintain your qualifying investment throughout the duration of your Golden Visa. If you sell the property, you would need to make another qualifying investment to maintain your visa status. It’s advisable to consult with a legal professional before making any changes to your investment.

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