Greece is one of the last countries in Europe to offer golden visas. The country launched its program back in 2013 during the 10-year financial crisis. Find out more about the changes that foreigners can expect in the Greek Golden Visa program in 2024

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Many EU countries have canceled their Golden Visa programs in recent years due to inflation and security concerns. Greece is one of the few European countries that still offers foreigners long-term residence in exchange for investments.

The conditions for obtaining a permit and the changes that await foreigners in 2024 are discussed below.

Golden visa program in Greece: basic provisions

Greece launched its program in 2013, during a 10-year financial crisis. Its main goal was to attract money to the state and protect the housing market, which at that time was on the verge of collapse.

"Golden visa" allows citizens of non-EU countries and their family members, having invested in the country's economy, to obtain a residence permit in Greece for a period of 5 years, with the possibility of extension every five years, if the investment is maintained.

  There are no minimum stay requirements. Also, children under the age of 21 can be included in the family application.

In order to keep and extend the investor visa, it is not necessary to live in the country.

However, citizenship can only be obtained after seven years of residence.

Advantages of the Golden Visa program to Greece

Among the EU countries that grant residence permits for investments, Greece requires the lowest investments. In addition, housing can be rented out and earn income.

Key advantages:

- Allows the holder to live, work and study in Greece.

- Access to a quality health care system.

- Visa-free regime within the Schengen zone.

- No residency requirements in Greece.

- A residence permit can be obtained within 90-120 days.

- The residence permit is valid for an unlimited period of time.

- Residency applies to the entire family (husband/wife, children under 21 and parents of the main applicant and partner).

- The right to obtain citizenship after seven years of residence.

- The ability to own shares and receive income from dividends of a company registered in Greece.

- Optimization of taxes.

Investment options for obtaining a golden visa in Greece

Several attachment options are available:

1. Real estate is the most common investment option in the Greek economy, the minimum investment amount is 250,000 euros.

In some Greek municipalities, such as Athens, Thessaloniki, Glyfada, Mykonos and Santorini, from May 2023 the property value requirements have increased from €250,000 to €500,000.

State, notary and legal fees for the purchase of real estate and the application for a visa will amount to about 15,000 euros. In addition, VAT is payable when buying real estate in Greece.

2. A term deposit with a minimum value of €400,000 in a national Greek credit institution for at least one year.

3. Capital contribution with a minimum value of 400,000 euros to a company whose registered office or representative office is located in Greece.

4. Purchase of Greek government bonds with a minimum value of 400,000 euros.

Requirements for the applicant

In addition to making the necessary investments in real estate, applicants must meet several requirements:

- Be non-residents of the EU.

- Confirm the absence of criminal records.

- Have no previous refusals for a Schengen visa.

- Purchase an insurance policy.

- Age – older than 18 years.

- Confirm the legality of the income.

Changes to the Greece Golden Visa program in 2024

A new property value threshold for obtaining a visa is likely to come into effect on May 1, 2024. It is predicted that the amount of minimum investments will be increased to 800,000 euros.

Because about 7% of real estate sales in Greece in recent years have been linked to the Golden Visa. This has resulted in Greeks, with their current economic conditions, unable to purchase housing for their personal needs. For example, from 2017 to the second quarter of 2023, a 71% increase in the sale prices of new buildings in Attica was recorded.

However, the news of an increase in the minimum amount of investment in real estate to obtain a permit led to an increase in the demand for housing in Greece among foreigners by almost three times. In particular, foreign direct investment in the real estate sector reached €2 billion in 2022.

Therefore, the Greek government is considering the possibility of using the program to develop certain regions and create new jobs. For example, lowering the threshold for those investing in small villages to develop tourism or create student or affordable housing.

Hence, the Golden Visa program in Greece allows the applicant to obtain a residence permit in a country with a high level of security, excellent educational opportunities, reliable health care options and the rule of law with minimal investment (as of February 2024).

For a safe move to Greece, obtaining citizenship and employment, use the advice of an international lawyer.

We help to solve complex and simple issues for your comfort and safety in Greece.

Products from Visit World for a comfortable trip:

Checklist for obtaining a visa and necessary documents in Greece;

Legal advice on immigration in Greece;

Travel insurance for foreigners in Greece;

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