Greek Golden Visa : 2024

Greek Golden Visa Ultimate Guide For 2024

As a member state of the EU, Greece provides its residents and citizens with numerous reassuring benefits, including a high level of safety and security, excellent educational opportunities, strong healthcare options, and a reliable rule of law.

Break Front has a team of legal experts that can guide you through the process.

Country Info

Population: Approximately 10.3 million (as of 2023).
Economy: Greece has a mixed economy, with major industries including tourism, shipping, agriculture, and services. In recent years, the country has focused on recovery and growth following economic challenges, and it remains a key player in the European Union, benefiting from EU funds and support.
Government Type: Unitary parliamentary republic.
Official Language: Greek.
Geographic Position: Located in Southern Europe, Greece is bordered by Albania, North Macedonia, Bulgaria, and Turkey. It also has an extensive coastline along the Mediterranean, Ionian, and Aegean Seas, including thousands of islands.
Currency: Euro (€).
Capital: Athens.
Time Zone: Eastern European Time (EET), UTC +2; Eastern European Summer Time (EEST), UTC +3 during daylight saving time.
Climate: Greece enjoys a Mediterranean climate, with hot, dry summers and mild, wet winters, particularly in coastal areas.

Life Quality Index

Safety Index: 60.7 (Moderate)

Healthcare Index: 70.5 (High)

Cost of Living Index: 55.0 (Moderate)

Pollution Index: 56.3 (Moderate)

Climate Index: 92.0 (High)

Traffic Index: 36.0 (Low to Moderate)

Property Price to Income Ratio: 9.2 (Moderate)

Golden Visa Programme

The Greece Golden Visa Program, also referred to as the Greece Investment Visa, is an ideal choice for those seeking to acquire EU residency and broaden their global access. This program offers numerous advantages, including entry to a flourishing real estate market, significant returns on investment, visa-free travel within the Schengen Area, and attractive tax incentives.

Whether you're a non-EU/EEA expatriate looking to secure Greek residency and enjoy excellent healthcare and education, an astute investor aiming to diversify and grow your portfolio, or a retiree searching for a picturesque holiday home to spend your golden years in peace and comfort, the Greek Golden Visa program appeals to all types. It offers the chance to embrace a fulfilling and profitable lifestyle, featuring exquisite cuisine, favorable weather, high investment returns, and extensive family benefits.

This article provides a thorough guide on the advantages of the Greek Golden Visa and the key eligibility criteria. While direct citizenship through investment isn’t an option, you can gain Greek residency by investing a minimum of €500,000 in real estate. After obtaining a Greek residence permit, you can apply for citizenship following a minimum of seven years.

Key highlights of the Golden Visa Greece include:

A variety of affordable investment options, including real estate
Minimum investment requirements starting at €500,000
No mandatory stay requirements
Inclusion of family members in the application (spouse and dependent children)
A pathway to Greek citizenship after seven years of residency
Visa-free travel within the Schengen Area
Reside in a secure European country with a high quality of life and affordable living costs

About Golden Visa

Launched by the Greek government in 2014 to stimulate the country's economy, the Greece Golden Visa program is a residency-by-investment initiative designed to allow non-EU/EEA nationals and their families to obtain permanent residence permits in Greece. It stands out as one of the most successful investment programs in Europe.

To be eligible for the Greek Golden Visa program, applicants must possess a clean criminal record and make an investment in Greece with a minimum value of €500,000, specifically in real estate.

The Greece Golden Visa’s qualifying investment of €500,000 in real estate applies to purchases in northern and central provinces, the South Athens Attica region, as well as the municipalities of Thessaloniki, Mykonos, and Santorini.

Holders of the Greece Golden Visa can become Greek citizens through naturalization after seven years of continuous residence in Greece, provided they spend at least 183 days in the country each year. Additionally, Greece’s naturalization process requires applicants to demonstrate proficiency in the Greek language. The Greece Golden Visa 2024 is particularly suited for those seeking European citizenship, as it offers the benefit of permanent residency, ensuring applicants can stay in the country long enough to qualify for naturalization.

Important update: March, 2024.

After evaluating various proposals, the government has opted to establish different investment tiers based on geographic zones and to impose certain lease restrictions. These updates are intended to enhance the program's accessibility and benefits for potential investors.

The newly defined criteria, announced by the Ministry of Finance in March 2024 and pending parliamentary approval, introduce two distinct investment zones for the Greece Golden Visa, each with specific thresholds:

€800,000 for regions that include the entire Administrative Region of Attica, Thessaloniki, Mykonos, Santorini, and islands with populations exceeding 3,100.
€400,000 for other regions of Greece. These investments are limited to single properties with a minimum size of 120m².

Two significant exceptions to these thresholds have also been introduced. First, a minimum investment of €250,000 is required for commercial properties converted to residential use, applicable regardless of the property’s location or size, with the conversion needing to be completed before visa application.

Second, a similar €250,000 threshold applies to the restoration of listed buildings, with renovations needing to be completed within five years of residency to renew the visa.

Additional regulations prohibit the use of golden visa properties for short-term rentals like AirBnB or as registered company headquarters. Violations of these regulations will result in the revocation of the residence permit and a fine of €50,000.

These changes will take effect at the end of March 2024, with a transitional period allowing applicants to qualify under the current thresholds if they pay a 10% deposit by September 30th and complete the full investment by the end of 2024.

Benefits of Golden Visa

Visa-Free Travel to EU and Schengen

Citizenship by naturalisation after 7 years

Favourable market

Free Healthcare and other public services

Additional benefits of the Greek Golden Visa include:

Inclusion of immediate family members: Residency extends to the entire family, including children under 21 and dependent parents of both the applicant and their spouse.
Access to high-quality healthcare: Permanent residence visa holders can access Greece’s top-rated healthcare system (provided they meet the eligibility criteria) and benefit from free and equitable services, along with excellent medical insurance across both public and private sectors.
Access to a superior education system: Applicants’ children can take advantage of Greece’s highly regarded education system, available to all residents and citizens.
Visa-free travel within the Schengen Area: As part of the European Union and a Schengen Area member state, Greek residence permit holders can travel freely within the EU and Schengen Area.
Tax deductions and benefits through the non-dom regime for investors: The Greece Golden Visa offers tax advantages through the Greece Non-Dom tax regime. This unique scheme allows foreign nationals who relocate their tax residence to Greece to avoid taxation on foreign income by paying an annual lump-sum tax.
High returns on investment: Golden Visa holders in Greece can rent out their investment property or hold shares in a Greece-registered company, earning dividend income. This allows them to maintain a positive cash flow while sustaining their investments.

Eligibility requirements

To be eligible for applying for Greeg Golden Visa Programme an applicant must meet the following criteria:

Be over the age of 18
Have a Greek private insurance
Make a significant investment and provide the proof of the respective financial investment
Posses a clean criminal record (If you have one it's best to consult with a lawyer)

Required documents

The legal requirements for the Greek Golden Visa include several necessary documents that must be submitted by an investor to be considered for a permanent residence permit. These documents must first be certified with an apostille stamp or by the nearest Greek Embassy or consulate and must be translated into Greek before submission. Certified translations can be done by the Translation Service of the Ministry of Foreign Affairs or by an attorney who is a member of the Greek Bar Association.

The current required documents for the Greece Golden Visa application are:

Two copies of the completed application form
Four recent, colored passport-sized photos that meet the Schengen Visa photo requirements
A certified copy of all pages of the valid passport
Certified proof of an active Schengen Visa (if applicable) for both applicants and their family members
Certified evidence of active Greek health insurance coverage for all applicants and their family members
Certified proof of payment for processing fees and relevant government charges
Proof of sufficient funds in bank accounts
A notarized real estate purchase agreement or documents related to the investment that serve as proof of the investment's completion

Applicants may also be asked to provide additional documents, such as marriage certificates and birth certificates, related to their family members or investments included in the application.

Investment requirements

The investment requirement for the Greece Golden Visa in real estate is set at €500,000 if the investment is made in the northern and central provinces, the South Athens Attica region, and the municipalities of Thessaloniki, Mykonos, and Santorini. There are also alternative investment options for the Greece Golden Visa, including government bonds, venture capital fund shares, and investments in shares of real estate investment companies.

Real Estate Investment Options:

Purchase property in Greece valued at a minimum of €500,000. Qualifying real estate for the Golden Visa in northern and central provinces, the South Athens Attica region, and the municipalities of Thessaloniki, Mykonos, and Santorini currently require an investment of at least €500,000, although this may soon increase to €800,000.
Enter into a ten-year lease agreement of equivalent value for either hotel accommodations or furnished tourist residences within integrated tourist resorts.
Enter into a ten-year time-share agreement valued similarly to a property purchase for hotel accommodation.

Greek Region Attlatica

Greece-Golden-Visa-Regions-of-Attica 2024

Other Investment options

Capital Contribution

A minimum investment of €400,000 in a company registered or operating in Greece (excluding portfolio and real estate investment firms). This investment can be utilized to acquire shares during a capital increase or purchase bonds listed on regulated markets or multilateral trading platforms within Greece.

A minimum investment of €400,000 in a real estate investment company focused solely on Greece, specifically allocated for acquiring shares during a capital increase.

Investing at least €400,000 in a closed-end investment company or closed-end mutual fund, provided these alternative investment entities are exclusively committed to investing in companies based in or established within Greece.

Shares, Corporate Bonds, or Government Bonds

Acquiring shares or corporate bonds with a minimum investment threshold of €800,000, listed for trading or actively traded on regulated markets or multilateral trading platforms operating in Greece.

Acquiring Greek government bonds with a minimum investment threshold of €500,000 and a remaining maturity of at least three years at the time of purchase, facilitated through a domestic credit institution established in Greece, which will also act as the custodian for these bonds.

Acquiring units valued at €350,000 from a mutual fund incorporated in Greece or another country, with the specific purpose of investing exclusively in shares, corporate bonds, and/or Greek government bonds that are either listed for trading or actively traded on regulated markets or multilateral trading platforms in Greece.

Acquiring units or shares with a minimum purchase value of €350,000 from an alternative investment fund established in Greece or another EU country, dedicated solely to investments in immovable property within Greece.

Capital Transfer

A fixed-term deposit of at least €500,000, held in a Greek bank account or another national credit institution, maintained for a minimum of one year with an automatic renewal arrangement.

Conditions

Specific conditions must be met for an investor to proceed with the purchase of a property, including:

Being the sole and rightful owner of 100 percent of the company's shares if the property was acquired through a legal entity.
Ownership of the property.

Regarding property investments for the Greek Golden Visa, if investors choose to enter into a lease for hospitality accommodation, the contract must cover a minimum of ten years with a rental sum of €250,000. This sum must be paid in a single installment equivalent to the ten-year lease of the property. Once these requirements are satisfied, investors can maintain their permanent residency by retaining their investment and renewing their investment residence permits under the Golden Visa program every five years. For Athens, Thessaloniki, Mykonos, and Santorini, the total contractual rent for hotel accommodation or tourist residence rentals must be at least €500,000 and must be paid in full before submitting the request for a permanent investor residence permit.

Step-by-step how to get Golden Visa

1. Get a Greek Tax Identification Number

Also known as AFM, this process can be done remotely.

4. Make the investment

Choose the desired investment type and finalise it.

2. Open a Greek bank account

After getting tax number next step is to open a bank account this can be done remotely.

5. Request the Golden Visa

After submission it's necessary to go and have a meeting in person where the government will take your biometrics.

3. Gather all documents

Make sure you have all the neccessary documents (can be seen above).

6. Receive Golden Visa

Enjoy the benefits of Visa-Free travel and free public services

Golden Visa Fees

There are additional fees to consider beyond your investment amount, including legal fees, translation costs, tax fees, and other administrative expenses. If you opt for the real estate property investment route, you should anticipate paying approximately 11 to 12 percent of the property's value in these costs.

Some estimated costs to consider for real estate property investments:

Property transfer tax: Approximately 3.09 percent of the property’s value
Notary public fees: Around 1 to 1.5 percent of the property’s value
Land registry fee: Roughly 0.6 to 0.8 percent of the property’s value
Payment to the Greek government: About €2,000 for the primary investor and €166 for dependents
Greek healthcare insurance: Approximately €200 per applicant
Appointed lawyer fees: Varies depending on the lawyer and the services provided

*Fees are estimated

Taxes and deductions

In December 2019, Greece introduced a new non-domicile tax regime, recognized as one of the best tax incentive programs available.

This program allows foreign nationals who relocate their tax residency to Greece to exempt foreign income from taxation by paying a fixed annual tax of €100,000.

This regime is available to taxpayers who were not Greek tax residents for seven of the eight years preceding the transfer of their tax residency to Greece and who have invested at least €500,000 in real estate, businesses, or transferable securities, or shares in legal entities based in Greece. These investments can be made by the individuals themselves or their relatives (e.g., spouses or those in the ascending or descending line) or through a legal entity in which they hold the majority of shares.

A unique aspect of the non-dom regime is that this tax exemption can be extended to the non-dom resident's relatives, provided an additional annual fee of €20,000 per resident is paid. Furthermore, Greece has a double taxation treaty with 57 countries, allowing many Golden Visa holders to avoid double taxation.

The country has also introduced various incentive programs for foreigners living in Greece as tax residents. Retirees, digital nomads, and other expatriates may qualify for exemptions from certain taxes or benefit from reduced tax rates. However, investors will be required to pay a specific percentage of tax on income earned within Greece. Real estate property owners must pay any taxes incurred from their acquisitions, including property tax and rental income tax.

Countries that have a double taxation treaty with Greece include:

Although the tax benefits for part-time residents are appealing, the longer investors stay in the country, the more likely they are to apply for citizenship through naturalization and obtain Greece's golden passport. By securing permanent residency and establishing continuous domicile in Greece, Golden Visa holders and investors become tax residents and are therefore required to adhere to Greece’s tax laws.

Income taxation applies to all tax residents in Greece, including Golden Visa holders who have established indefinite residency in the country. This includes taxes on foreign income, such as investments, pensions, and other types of income generated abroad. However, there is a flat tax rate of seven percent for the first ten years on all foreign income brought into Greece. Additionally, as mentioned earlier, foreign investors can opt for the non-dom tax status, which allows them to pay a fixed lump-sum tax instead of the standard tax rates on foreign income.

Beyond property taxation, Greece also imposes gift and inheritance taxes based on kinship, with different categories:

Category A: For spouses, parents, children, and grandchildren
Category B: For siblings, grandparents, great-grandparents, and great-grandchildren
Category C: For all other relatives

To ensure you are aware of which tax laws apply to your situation, it is recommended to seek advice from an international migration agency or a local tax lawyer.

Why choose Break Front?

Global expertise with local insight: A team of seasoned local case executives, immigration lawyers, and investment specialists.
Independent service: We are not affiliated with any marketing agencies or specific projects. You’ll have access to all eligible Golden Visa options, allowing you to choose the best path for your needs, supported by the legal due diligence services of a reputable law firm.
High approval: High approval rates while having successfully assisted hundreds of clients from over 25 countries.
Comprehensive support: Our dedicated onboarding and immigration teams guide you through the entire process, providing a seamless experience with a single point of contact.
Transparency: Our fees are clearly outlined and comprehensive, with no hidden costs involved in the entire process.
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