The Golden Visa is a programme offered by various countries that are part of the EU that provides individuals and families with permanent residence in that country, as well as unrestricted and visa-less travel around the Schengen area.
Greece’s Golden Visa is a popular choice among nationals from a range of non-EU countries including China, Turkey and Russia due to the range of fantastic opportunities it provides for not just the applicant but all their immediate family members too.
MSC Notaries summarise the main benefits, investment requirements, who is eligible and how to apply.
What is the Golden Visa in Greece?
The Greece Golden Visa is a residence-by-investment programme that aims to generate income and boost the economy of Greece. The programme was first launched in 2013 and has generated tens of thousands of successful applicants since its inception.
This Golden Visa is aimed at non-EU nationals and their families, as a means for you to obtain permanent residence in Greece. The programme offers a five-year residence permit in exchange for a significant investment in the country, which can be done through real estate, capital investment, shares or capital transfer. You are not only provided with a residence permit, but holders can also travel visa-free throughout the entire Schengen region at their leisure.
What are the investment requirements?
The main requirement to be eligible for the Golden Visa in Greece is the investment you must make. There are various types of investment you can choose from, including:
Real estate investment options
- Invest in real estate property in Greece with a value of a minimum of €500k plus tax (this can be one property or multiple properties that amount to the minimum value)
- Commit to a 10-year lease agreement for hotel accommodation or tourist accommodation complexes in Greece
- Commit to a 10-year time-sharing agreement for hotel accommodation in Greece
It was announced on 10th September 2022, that the minimum investment amount was to be raised from €250k to €500k, with the exact date of this change being announced soon.
For purchasing a property or multiple properties, they must be owned by and in your possession, or you must own all the company shares if acquired through a legal entity.
For leasing a type of hospitality accommodation in a tourist resort, the contract must cover a minimum of 10 years and a minimum of €250k in rent, all of which must be paid in one single rent payment to cover the lease.
Capital investment options
- Capital contribution of a minimum of €400k in a company with its main registered office or establishment in Greece for the purchase of shares in a share capital increase or bonds that are admitted for trading in Greece.
- Capital contribution of a minimum of €400k in a real estate company that will invest exclusively in Greece for shares in a share capital increase.
- Capital contribution of a minimum of €400k euros in a closed-end investment company for the acquisition of shares, provided the institutions have the intention to invest in other companies with headquarters or establishments in Greece.
Shares, bonds or government bonds investment options
- Purchase of Greek government bonds with a minimum of €400k euros and a residual maturity of a minimum of three years at the time, must be done via a credit institution in Greece.
- Purchase shares or corporate bonds with a minimum of €800k for trading in regulated markets operating in Greece.
- Purchase units of a minimum of €400k of a mutual fund incorporated with the intention to invest for trading in regulated markets operating in Greece.
- Purchase units or shares of a minimum of €400k in investment funds in Greece or another EU country to invest exclusively in property in Greece.
Capital transfer
Make a minimum of a €400k deposit to a Greek bank.
Who is eligible for the Greece Golden Visa?
- Non-EU/EEA citizens
- 18 years of age and above
- Clean criminal record in all countries you have resided
- Medical insurance for the main applicant and family members obtained in Greece
How can you apply for the Greek Golden Visa?
- Decide on your investment method
For example, if you choose to go down the real estate route, you will need to search and find a property in Greece that meets the criteria. From there, you will need to follow the legal process of purchasing a property and acquiring the purchase agreement and execution of a public deed to use in your application.
- Prepare and submit your application
Prior to December 2020, applicants had to visit Greece prior to and when submitting their application, however now you can carry out the application completely remotely. To do so, you will need to grant Power of Attorney to your law firm in Greece.
Before you can submit your application, you should prepare all the necessary documents. There is a large amount of documentation involved in the application process so many people choose to work with lawyers to help them facilitate this and ensure they have everything they need.
The documents required for your application include:
- Two copies of the application document
- Four colour passport photos
- Passport and a certified copy of a valid passport or alternative travel documents recognised in Greece
- Proof of application fee and processing fees paid through the ‘e-Paravolo’ online government platform
- Certificate of private insurance for the main applicant and family members and contracts stating they cover the party for the duration of their residence in Greece
- Proof of funds of the main applicant
- Documents related to the type of investment you have made, for example, if you are buying property, you will need a proof of purchase of real estate stating the price, method of payment and Greek bank used to make the payment, proof of transfer of the property contract and a certificate from the Land Registry. The additional documents required will vary highly depending on your investment choice.
Once you have all the necessary documents, you will also need to make sure these are translated into Greek by an approved translator, notarised and legalised for use in Greece.
Whilst we cannot assist with the actual application process or advise on the documents required, we can offer a variety of services to support you in a successful Golden Visa application, including notary services for the personal and business documents required. We also offer apostille services to ensure documents are fully legalised for those whose national country is part of the Hague Convention.
We can also offer translation services in combination with notary or apostille services, however, it’s important to check the requirements of the visa you are applying for as some have specific regulations on who can translate your documents for them to be accepted.
- Have your visa verified
At this stage, your application will be reviewed by the Greek authorities and once approved you will be issued a Golden Visa residence card. You can expect to usually receive a decision about your application within three months. If you have applied and received your visa remotely, you will need to visit Greece within 12 months from the date your application was received to submit your biometric data.
What are the benefits of Greece’s Golden Visa?
- The Greece Golden Visa investment thresholds are relatively low in comparison to some of the other EU countries offering the scheme, however, the real estate threshold is due to increase from €250k to €500k soon.
- The right to live in Greece for as long as little as you choose. There is no maximum amount of time you can stay in Greece and no minimum requirement either.
- Access to public healthcare and education whilst residing in Greece.
- Visa-free travel within the Europe Schengen Area consisting of 26 European countries for the main applicant and family members.
- Residence can be extended to all family members including children under 21, married spouses, parents of the main applicant and parents-in-law.
- The opportunity for eligibility to apply for citizenship after seven years of residence in Greece, providing you meet other requirements.
- Tax benefits depend on your country of residence and how long you reside in Greece. Some can benefit from their international income not being subject to tax in Greece and the country also offers tax benefits for foreigners residing in Greece including incentives for the retired, digital nomads, and ex-pats.
- Ability to hold shares and receive income from a company registered in Greece without residing there.
- The option to rent out any of the real estates you invest in.
- Indefinite renewal of the visa providing you continue to meet the eligibility criteria.
Legalise your documents for the Golden Visa
At MSC Notaries, we offer a range of services to help you prepare a Golden Visa application, including notary services for business or personal documents, to ensure your documents can be used legally abroad and in foreign applications. In addition, where required, we also offer apostille services for those applying for the Golden Visa from a country that is part of the Hague Convention.
FAQs
How much does a Golden Visa cost in Greece?
The application fee itself is around €500 per Golden Visa residence permit and the processing fee is around €16. However, there is also the cost of the investment for you to be eligible for the visa, and the cost of any legal fees involved in the application process to consider.
How long does it take to get a Golden Visa in Greece?
Once you have prepared your application and submitted this, the Greek authorities will usually take around three months or less to review and verify your application, however, this is subject to change based on where you are applying from and certain other circumstances.
How long does the Greek Golden Visa last?
The Golden Visa permits in Greece last for a period of five years and can be renewed every five years, providing you still meet the eligibility requirements at the time of renewal. After a period of seven years, provided you spend sufficient time residing in Greece throughout the year, Golden Visa holders are eligible to apply for citizenship.
Can UK citizens apply for the Greece Golden Visa after Brexit?
As of 1st January 2021, British citizens are eligible to apply for the Golden Visa post-Brexit, after leaving the EU.
