Greece Golden Visa

The Greek Permanent Residency Program offers the lowest cost entry route to obtain EU residency for the entire family. Invest in real estate from a minimum of €250,000 and relocate in just 60 days, with visa-free travel access within the Schengen Zone.

The Greece Residency by Investment Program was introduced by the Greek government in 2013 to enable genuine investors to acquire residency in Greece by investing in real estate. The five-year residence permit may be renewed every five years thereafter provided the applicant still owns the property. Greece offers a straightforward residency route, with no minimum stay requirement. The application process is quick with further opportunities to apply for citizenship after a set period.

The Immigration and Social Integration Code (Law 4251/2014, Government Gazette 1, no 80) contains provisions that facilitate the stay of third-country investors, whose investments are characterized as strategic investments, via the provision of extended stay time limits for the representatives of investment bodies and their partners.

Moreover, it allows the granting of residence permits to third country nationals and to members of their families, who purchase real estate property in Greece, the value of which exceeds € 250,000.

Specifically:

"Permanent residence permit of the investor." (Article 20)

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:
   1. has legally entered the country with any type of visa or legally resides in the country, even if the type of residence permit that he possesses, does not permit change of purpose.
   2. has personally the full ownership, possession and peaceful enjoyment of real estate property in Greece. In the case of jointly owned property, worth 250,000 euro, the right of residence is granted only if the owners of the property are spouses with indivisible shares in the property. In all other cases of joint ownership, the right of residence is granted only if the joint ownership rate of each joint owner is worth 250,000 euro.
   3. has the full ownership, possession and peaceful enjoyment of real estate property in Greece via a legal entity, whose shares are fully owned by him.
   4. has concluded an agreement for at least a ten year lease of hotel accommodation or furnished tourist residences in tourist accommodation complexes, pursuant to Article 8 par. 2 of Law 4002/2011 (Government Gazette 1, no 180).
   5. has concluded a time sharing agreement pursuant to the provisions of Law 1652/1986 "Time sharing agreement and related issues" (Government Gazette 1, no 167), which is in force.
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. Το 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.
   1. Spouses
   2. the other spouse or partner with whom a third-country national has a cohabitation agreement in Greece
   3. The direct unmarried descendants of the spouses, who are under the age of 21
   4. the direct unmarried descendants of the supporter or of the other spouse/partner, provided that their custody has been legally entrusted to the sponsor (for his/her children) and to the other partner (for his/her children), under 21 years of age
   5. the direct relatives of the spouses in the ascending line.
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.

New rules for the Greek Golden Visa

MAIN POINTS OF NEW CHANGES:

The Greek Parliament voted on the long-awaited amendments to the Greek Golden Visa program, which are detailed below.

TWO ZONES 800/400k:

For the Region of Attica, the Regional Units of Thessaloniki, Mykonos, and Santorini, and the islands with a population of more than 3,100 inhabitants, the minimum value of real estate at the time of acquisition is 800,000 EUR. For all other regions of the country, the minimum value of real estate at the time of acquisition is set at 400,000 EUR. The investment must be carried out in a single property with a minimum surface area of 120 square meters.

The minimum threshold in Mykonos and Santorini will be increased from 500k to 800k EUR. Additionally, 32 more islands have been added to the same 800k investment list, but the minimum threshold for these islands will be raised directly from 250k to 800k EUR, as follows:

However, thirty two (32) more islands are added to the same list, the minimum threshold will be increased from 250k to 800k are the followings:

1. Crete
2. Euboea (Evia)
3. Rhodes
4. Corfu
5. Lesbos
6. Chios
7. Zante (Zakynthos)
8. Salamis(Salamina)
9. Kos
10. Kefalonia
11. Samos
12. Lefkada
13. Syros
14. Naxos
15. Kalymnos
16. Lemnos
17. Paros
18. Thassos
19. Aegina
20. Tinos
21. Ikaria
22. Andros
23. Leros
24. Karpathos
25. Skiathos
26. Milos
27. Skopelos
28. Spetses
29. Kythera
30. Patmos
31. Poros
32. Alonissos

EXCEPTIONS:

1. Conversion from commercial to residential: In case the Golden Visa property is converted from commercial (i.e. industrial, etc.) into residential use, the minimum threshold remains250,000 EUR, regardless of the location and the size of the property. The above investment is carried out on a single property, and the conversion of the use must be completed before submitting the golden visa application.
2. Restoration of listed buildings: In case the Golden Visa property is located in listed buildings (i.e. buildings with historic interest under special protection) that are to be fully restored or reconstructed by the Investor, the minimum threshold remains 250,000 EUR, regardless of the location and the size of the property. The above investment is carried out on a single property, and the full restoration is a prerequisite for the first renewal of the golden visa after five (5) years. The property cannot be sold until restoration is complete. Failure to restore will result in a revoked residence permit and a 150,000 EUR administrative fine.

USE RESTRICTIONS – NO AIRBNB:

All golden visa properties are prohibited from being rented out short-term in the context of the sharing economy, even by third parties under sublease agreements. It is not yet clear whether this provision will be finally voted on with retrospective effect for all individuals who currently hold a Golden Visa.

Golden Visa properties under the “conversion” scheme (from commercial to residential) are also prohibited from being used as a Company Registered Seat. In the event of non-compliance with the above provisions, the residence permit is revoked, and an independent administrative fine of 50,000 EUR is imposed on the property owners.

TRANSITIONAL PERIOD:

However, investors may apply under the current 250k minimum threshold, provided that they pay a 10% deposit by August 31, 2024, and finalize the investment by December 31, 2024. In case the purchase of the property is not completed on time, the investor is allowed to complete their investment in another property no later than April 30, 2025. All other provisions of the current Golden Visa Law remain unchanged.