Investors who wish to use investment programs to get European residence are increasingly choosing Greece. By making investments in Greece’s expanding real estate industry, non-EU nationals and their families are able to get residency under the Golden Visa program. This article will examine the benefits and operation of the Greek scheme for acquiring a residence permit through investment.

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How to apply for a Greek Golden Visa

Who is eligible to apply?

You have to fulfill the following criteria in order to be qualified for the Golden Visa program:

not hold a European Union citizenship

Invest in Greek real estate; we’ll go into further depth below.

Possess proof that the money for the investment was acquired lawfully

possess no criminal history, both in Greece and in their country of origin

Get coverage for family members and yourself with health insurance in Greece.

Make enough money to sustain your family and yourself in Greece

Pay the processing and application costs.

What is the price?

It is now required that you invest at least €250,000 in Greek real estate in order to be eligible for a residence visa. Investments must be kept up for at least five years to keep your status.

The minimum needed investment was raised to €500,000 in 36 areas of the nation by the Greek Parliament in 2022, and the new regulations are now in effect.

The initiative needs a minimum investment of €250,000. Investors buying property in certain localities who have previously paid 10% of the property value as a deposit by August 31, 2024, will be allowed to finish their contracts until December 31, 2024, and apply under the scheme.

If the transaction is completed before the end of the transition period, investors who have already paid their deposit may choose to switch the original property for a different one and still apply with an investment of €250,000 or more.

The new regulations specify that you can only get a Golden Visa if you buy one piece of real estate. If there is shared property ownership, the application for a Golden Visa must have a minimum property portion valued at €500,000 that is tied to a single property.

How does the procedure of applying look?

There are many steps involved in applying for a Greek Golden Visa.

Choose a property. Finding a Greek property that satisfies the program’s requirements is the initial step.

Engage legal counsel. We advise working with an attorney that is knowledgeable with the Greek Golden Visa program and has submitted applications on behalf of a range of clients.

Create a bank account. In order to acquire real estate, the investor has to create a bank account in Greece and transfer the required cash.

Make a residency permit application. The investor has to apply for a residency permit through a Greek lawyer in Greece or at the Greek embassy or consulate in his place of origin. The application must include all required paperwork, such as a certificate of no criminal record and proof of property ownership.

Hold off until permission is granted. Typically, the evaluation of an application takes forty to sixty days. After being accepted, the investor gets a residence visa that enables him to stay in Greece for a maximum of five years.

The residency permit needs to be renewed every five years in order to keep resident status.

With the assistance of an experienced attorney, the Greek Golden Visa application procedure is comparatively easy. Experts in expat law have years of expertise with the program and are available to assist with every step of the application procedure, as well as with the selection and acquisition of property.

The benefits of investing in the Greek Golden Visa

From the perspective of a family

The program’s ability to help investors get a residency permit for their family members—spouses, kids under 21, and the applicants’ parents—in Greece is one of its primary advantages. This implies that individuals are free to travel within the Schengen region and live, work, and study in Greece.

Greek residency visa holders have access to excellent medical care, educational opportunities, and a diverse range of cultural events. Greece is a popular destination for retirees and those seeking a more cost-effective, high-quality lifestyle due to its cheap cost of living.

Furthermore, education at Greece’s public universities may be obtained at a lower price. For families with children who choose to attend college, this may be a huge benefit because public colleges in other nations might have expensive tuition. Greece is home to a number of famous institutions offering courses in business, engineering, medical, and the arts among other subjects. Thus, for families with older children, acquiring a Greek residency permit might be a great alternative.

In relation to earnings

The chance to engage in the expanding and already flourishing real estate sector is a significant benefit of the Greek Golden Visa. A recent survey by Greece Sotheby’s International Realty found that, in comparison to the same period the previous year, demand for luxury homes rose by 67% in the first half of 2024. Greece is a well-liked travel and investment destination because of its stunning scenery, fascinating history, and dynamic culture. In recent years, the local real estate market has expanded gradually, and prices have remained cheap when compared to other European nations. This presents a special chance for investors to profit from a growing market and future capital gains.

From an outlook on the future

You can petition to become a Greek citizen once you have been in Greece lawfully for at least seven years. To be eligible for this chance, you have to fulfill the following conditions:

Preserve your Golden Visa status by keeping your investments and visiting the nation for at least 183 days annually.

capable of speaking Greek at least at an A2 level

Show that you have assimilated into Greek society by doing volunteer work or participating in other community activities.

possess a spotless criminal history

Make enough money to sustain your needs and those of others who rely on you financially

The freedom to live and work in any EU nation is only one of the numerous advantages of Greek citizenship, which also increases job chances. Furthermore, the Greek passport is a reliable travel document that allows you admission into numerous nations without the need for a visa. This is a big benefit for those who travel a lot. Individuals who choose to permanently reside in the EU also feel more secure and stable with Greek citizenship. Gaining citizenship will provide you the ability to launch your own company, enroll in cost-free college courses, and get a pension.