Greece Golden Visa: A Comprehensive Guide
The Greece golden visa program, officially known as the Greek residency-by-investment program, was inaugurated in 2013. Designed to attract foreign investment, this program offers non-EU/EEA nationals a unique opportunity to obtain a five-year residency visa in Greece.
The primary condition is an investment in Greek real estate, with a minimum threshold of EUR 250,000 or EUR 500,000 (depending on the location). This investment amount is the lowest among all European ‘Golden Visa’ initiatives.
Brief history of the greek residency-by-investment program
The Greek government introduced the residency-by-investment program as a strategic move to boost the nation’s economy, especially the real estate sector. Since its inception in 2013, the program has gained significant traction among investors worldwide, thanks to its affordable investment threshold and the myriad benefits it offers.
Overview of the investment threshold and benefits
To qualify for the Greek golden visa, an individual must invest at least EUR 250,000 in Greek real estate (with a minimum investment of EUR 500,000 in 36 municipalities). This investment not only grants the investor a five-year residency visa but also extends this benefit to their family. Moreover, if the visa and property are maintained for seven years, the investor becomes eligible to apply for full Greek citizenship.
Benefits of Greece’s citizenship-by-investment program
Greece, often referred to as the ‘cradle of civilization’, boasts a rich tapestry of history and culture. It is the birthplace of numerous disciplines, including science, philosophy, literature, and Western democracy. Beyond its historical significance, Greece is adorned with breathtaking landscapes, from the azure waters of its Mediterranean islands to the ancient ruins that dot its mainland.
Practical and financial benefits for investors
Investing in Greece is not just about its history or scenic beauty. The country offers a plethora of practical and financial advantages to its investors. With its membership in the European Union since 1981, Greece has seen a boost in its economy, positioning itself as a high-income society with a commendable standard of living.
Greece’s position in the European Union and its modern economy
Being a part of the EU has significantly benefited Greece’s economy, providing it with various opportunities for trade, investment, and development. The modern Greek economy is vibrant and offers a plethora of opportunities for investors, especially in sectors such as tourism, real estate, and energy.
Safety, education, healthcare, and rule of law in Greece
One of the primary concerns for any investor or expatriate is the safety and well-being of their family. Greece excels in this regard, offering high safety levels and a secure environment for its residents. The country is also home to an excellent education system and boasts the world’s 14th-best healthcare system, as per the World Health Organization (WHO). Furthermore, the robust rule of law ensures that investors’ rights and interests are always protected.
Speed of the Greek residency-by-investment program
Time is of the essence for many investors, and Greece recognizes this. The Greek residency-by-investment program is one of the fastest of its kind. Successful applicants can receive their Greek Permanent Resident Cards in under 30 days. Moreover, after maintaining their residency for seven years, they can apply for full Greek citizenship.
Travel benefits and tax incentives
A Greek residency visa is a ticket to seamless travel across Europe’s Schengen Zone. It offers visa-free access to over 180 countries, making international travel hassle-free. Additionally, Greece provides potential tax incentives for various groups, including retirees and digital nomads. Notably, as a resident, one’s international income is often exempt from Greek taxes, further sweetening the deal for potential investors.
Greece citizenship by investment options
Real estate investment requirements
The cornerstone of the Greek golden visa program is its real estate investment criterion. To qualify for the residency visa, an individual must invest a minimum of EUR 250,000 in Greek real estate. This investment not only facilitates a fast-tracked five-year residence permit but also ensures its indefinite renewal on a five-year rolling basis, provided the property is retained.
Duration and renewal of the residence permit
Upon successful investment, applicants are granted a five-year residence permit. This permit is renewable indefinitely, as long as the real estate investment remains intact. It’s essential for investors to understand that the property must be maintained throughout the residency period and cannot be sold. Selling the property before the stipulated time can jeopardize the residency status.
Conditions for Employment in Greece
The Greek residency-by-investment program is primarily designed to attract foreign investment. As such, the residence permit obtained through this program does not immediately grant the right to employment in Greece. Employment opportunities become available only after achieving full Greek citizenship.
Path to full Greek citizenship and associated requirements
The journey from residency to full citizenship in Greece is a structured one. After holding a valid residency permit for seven continuous years, individuals can apply for Greek citizenship. However, the Greek Nationality Code (Law 3284/2004) stipulates certain conditions for this transition. Applicants must demonstrate strong ties to Greece, both financially and socially, indicating successful integration into Greek society. Additionally, there’s an examination to assess the applicant’s proficiency in the Greek language, ensuring they can effectively communicate and integrate into the local community.
Greece Golden Visa – new rules
Changes in the application process as of 23/12/2020
The Greek government, recognising the evolving needs of global investors, introduced significant changes to the golden visa application process on 23/12/2020. One of the most notable shifts is the ability for investors to apply for the Greek residency program remotely. This means there’s no longer a mandatory requirement for applicants or their families to visit Greece during or prior to the application process.
Remote application and no visitation requirement
The modernised application process emphasises convenience and efficiency. Investors can now initiate and complete their applications from anywhere in the world. This remote application system simplifies the process and reduces the time and costs associated with travel, making the Greek golden visa even more attractive to international investors.
Timeline from temporary to permanent residency and then citizenship
Once the application is approved, investors can obtain temporary residency in Greece within just four to five months. This temporary status grants visa-free access to the rest of the European Union. After five years of holding temporary residency, it transitions to permanent residency. Following seven years of residency (temporary and permanent combined), and provided all other requirements are met, investors can apply for full Greek citizenship. It’s worth noting that Greece permits dual citizenship, allowing investors to retain their original nationality alongside Greek citizenship.
Basic eligibility criteria for main applicants
While the golden visa program is designed to be inclusive and attractive, there are fundamental eligibility criteria that all main applicants must meet:
– Age requirement: Applicants must be over 18 years old.
– Citizenship: Only non-EU/EEA citizens can apply.
– Criminal record: Applicants must have a clean criminal record.
– Health insurance: Greek medical insurance is mandatory for everyone included in the application.
– Character assessment: Applicants must be of good moral character, a criterion that may be assessed through various means, including background checks and interviews.
Greece citizenship-by-investment eligibility requirements
Age and family inclusion criteria
The primary applicant for the Greek golden visa program must be at least 18 years old. However, the program is family-friendly, allowing the inclusion of the main applicant’s spouse and dependents up to the age of 21. Additionally, the program offers the unique advantage of including the parents of the main applicant, ensuring that extended families can benefit from the investment.
Health insurance and visa requirements
Health and well-being are paramount. As such, all applicants, including the main applicant, spouse, children, and parents, must have valid health insurance in Greece. This insurance should cover standard medical expenses and emergencies. Additionally, at the onset of the application process, a valid visa is required to enter Greece, ensuring legal entry and stay during the initial stages.
Documentation and translation requirements
The Greek government requires a set of specific documents when applying for a golden visa. These documents must be certified, ensuring their authenticity and validity. Furthermore, all documents must be translated into Greek. Organisations like Knightsbridge can assist applicants in navigating this intricate process, ensuring that all required documents are correctly prepared, certified, and translated.
Real estate investment conditions
The cornerstone of the golden visa program is real estate investment. If an applicant chooses this route, the property must be wholly owned by them. In cases where the investment involves leasing hospitality accommodations, such as hotels or resorts, the lease contract must span a minimum of 10 years. Moreover, the rental value over this decade should reach or exceed EUR 250,000 (EUR 500,000 in 36 municipalities). It’s crucial to meet and maintain these conditions, especially when renewing the residency permit.
How to apply for Greece citizenship – a timeline
Sign a retainer agreement
The first step in the application process involves signing a retainer agreement with a trusted advisor, such as Knightsbridge. This agreement allows the advisor to represent the applicant throughout the application, due diligence, and legal processes, ensuring that all steps are correctly followed.
Obtain a Greek Non-Resident tax number and open a Greek bank account
Before proceeding with the investment, applicants must obtain a Greek Non-Resident Tax number. This number is essential for tax-related matters in Greece. Additionally, opening a Greek bank account is necessary to facilitate investment transactions and other financial activities during the residency.
Arrange a visit to Greece for property acquisition
While the new rules allow for remote application, if an applicant chooses the real estate investment route, a visit to Greece is advisable to view and select the property. The chosen property must meet the minimum investment amount of EUR 250,000, excluding applicable taxes.
Transfer the investment amount
Once the property is selected, the next step is to transfer the investment amount and all related fees into an approved ESCROW account. This account ensures the secure and transparent handling of funds during the transaction.
Submit supporting documents and pay the application fee
With the investment amount secured, applicants must gather and submit various supporting documents required for the golden visa application. Alongside the documents, there’s an application fee that needs to be paid, covering the administrative costs of processing the application.
Wait for verification and approval
After submitting all necessary documents and fees, there’s a waiting period during which the Greek authorities verify the application’s details. This period allows the government to ensure that all criteria are met and that the applicant is eligible for the golden visa.
Biometric capturing in Greece
Upon receiving preliminary approval, applicants are invited to Greece for biometric capturing. This process involves recording specific biometric details, such as facial characteristics and fingerprints. Once this step is completed, the residency visa is issued, marking the successful end of the application process.
Greece citizenship by investment required documents
Application form
The foundational document for the golden visa application is the official application form. This form captures essential details about the applicant, their investment intentions, and other relevant information.
Passport and photographs
Applicants must provide recent, passport-size photographs to be used for identification purposes. Additionally, a valid passport, including a copy of the passport, is required. If an entry visa is necessary for Greece, this should also be included.
Proof of government fees payment
To process the application, the Greek government charges specific fees. Applicants must provide proof that they have paid all relevant government fees associated with the golden visa application.
Greek health insurance proof
As health insurance is a mandatory requirement for the golden visa program, applicants must submit proof of their Greek health insurance. This proof should cover the main applicant and all family members included in the application.
Proof of investment funds availability
To ensure the applicant’s financial capability, proof of the availability of investment funds is required. This can be in the form of bank statements, financial guarantees, or other relevant financial documents.
Property purchase contract
For those opting for the real estate investment route, a contract of purchase stating the total property price and method of payment is essential. This contract serves as evidence of the investment and its adherence to the program’s requirements.
Land Registry documentation
Two critical documents from the Land Registry are required:
- Proof of transfer of the contract by the accountable Land Registry, ensuring that the property transaction is officially recorded.
- A certificate issued by the Land Registry confirming that there are no impediments to the purchase, ensuring that the property is free from any legal issues or disputes.
Additional documents for hotel or tourist establishment investments
If the investment involves a hotel or tourist establishment, there are additional documentation requirements. These might include licenses, permits, and other relevant documents that validate the investment’s legitimacy in the hospitality sector.
Translation and certification
All documents submitted must be translated into Greek. This translation can be done by the Translation Service of the Ministry of Foreign Affairs in Athens, Greece, or by an authorised attorney. Furthermore, depending on the country of origin, the documents might need to be certified by an Apostille Stamp (for countries part of the Hague Convention) or by the local Greek Embassy or Consulate (for countries not part of the Hague Convention).
How much does Greece citizenship by investment cost?
Initial real estate investment
To be eligible for the program, applicants must invest a minimum of EUR 250,000 in Greek real estate. This amount serves as the base investment, granting the investor and their family a five-year residency visa. In 36 municipalities, the minimum investment is EUR 500,000.
Municipalities where the minimum investment is EUR 500,000
In the following municipalities, the minimum investment has risen from EUR 250,000 to EUR 500,000.
The Athens region: Agia Paraskevi, Agios Dimitrios, Alimos, Athens, Chalandri, Dafni-Imittos, Elliniko-Argyroupoli, Filadelfia-Psychiko, Galatsi, Glyfada, Ilioupoli, Irakleio, Kaissariani, Kifisia, Lykovrysi-Pefki, Marousi, Metamorfosi, Moschato-Tavros, Nea Ionia, Nea Smyrni, Palaio Faliro, Papagou-Cholargos, Penteli, Vrilissia, Vyronas and Zografou.
The Thessaloniki region: Ampelokipoi Menemeni, Kalamaria, Kordelio-Evosmos, Neapoli-Sykies, Pavlos Melas and Thessaloniki.
Islands: Mykonos and Santorini.
Applicable taxes and fees
Beyond the initial investment, there are additional costs in the form of taxes and fees. These might include property transfer taxes, notary fees, and land registry fees. The exact amount can vary based on the property’s location, type, and value. It’s essential for investors to be aware of these additional costs to budget accurately.
Agency and advisory fees
Engaging with a trusted advisor or agency, such as Knightsbridge, often incurs fees. These fees cover services like property scouting, legal advice, document preparation, and application processing. While these fees add to the overall cost, the expertise and guidance provided can be invaluable, ensuring a smooth and successful application process.
Maintenance and property management costs
Once the property is acquired, there will be ongoing costs associated with its maintenance and management. These might include property taxes, utility bills, and property management fees, especially if the investor does not reside in Greece full-time.
Renewal fees
The Greek golden visa grants a five-year residency, which is renewable. While the renewal process is relatively straightforward, there might be associated fees. These fees cover the administrative costs of processing the renewal and updating any required documents.
Path to citizenship costs
For those looking to transition from residency to full Greek citizenship, there might be additional costs. These can include language proficiency test fees, naturalization application fees, and other related expenses.
Conclusion and next steps
The Greek golden visa program is an unparalleled opportunity for investors seeking a foothold in Europe, offering both immediate benefits and long-term potential. From the rich tapestry of Greek history and culture to the tangible financial advantages, the rewards of this program are manifold.
However, navigating the intricacies of international investment and residency applications can be daunting. That’s where expert guidance becomes invaluable. Knightsbridge, with its wealth of experience and deep understanding of the Greek residency-by-investment program, is perfectly positioned to assist you at every step of your investment journey.
Don’t leave your European dreams to chance. Let Knightsbridge guide you through the process, ensuring a seamless and successful transition to Greek residency and, if desired, citizenship.
Contact Knightsbridge today and take the first, confident step towards a brighter future in Greece. Your journey to the heart of Europe starts here.
