Greece is one of the last countries in Europe that offers "golden visas". However, in recent months, the state has been working on making changes to the permit issuing procedure. Find out which rules for obtaining a golden visa of Greece will be relevant in 2025

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.

However, starting January 1, 2025, Greece is likely to end real estate investment in its Golden Visa program in an effort to address the country's escalating housing crisis.

We will talk about the conditions for obtaining a permit and the changes that await foreigners in 2025 below.

How will Greece's Golden Visa program work in 2025?

From January 1, 2025, Greece intends to stop granting "Golden visas" for the purchase of real estate. This decision is related to an attempt to solve the problem of rising housing prices and the lack of affordable housing for local residents.

Thus, Greece will become the third European country after Portugal and Spain to stop this method of obtaining residency for similar reasons.

The Greek government is proposing to change the "Golden Visa" program, shifting the focus from investments in real estate to investments in startups and businesses. Despite upcoming changes, interest in the program remains high. This year, the total amount of investment through the "Golden Visa" is expected to reach a record 3 billion EUR.

Changes to the Golden Visa program in 2025 (if the law is passed)

- Foreign investors will be able to buy shares in companies, but not more than 33% of the capital or voting rights.

- The invested company must create at least 2 new jobs in the first year after the investment.

- The company must keep these jobs for at least 5 years.

Why is Greece planning to end the "investment in real estate" option?

Buying real estate was the most popular way to get a "Golden Visa" in Greece. However, this caused housing prices to rise, making it more difficult for local residents to afford a home. Earlier, the government tried to solve the problem by increasing the minimum amount of investment in real estate to EUR 800,000 in some regions of the country, but this did not have the desired result.

In its decision, the state leadership follows other countries. Earlier, Portugal and Spain already canceled the possibility of obtaining a "Golden Visa" due to investments in real estate. They decided that housing should be available for citizens, and not become an object of speculation. Greece is looking to do the same to solve its housing problems.

Golden visa program in Greece: basic provisions in 2024

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.

Pluses of the Golden Visa program to Greece

- 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.

-Housing can be rented out and make a profit.

Ways to invest to get a golden visa in Greece

As of November 2024, several investment options are available:

1. Real estate is the most common investment option in the Greek economy.

From September 1, 2024, the minimum amount required for real estate investment in Thessaloniki, Mykonos and Santorini, as well as on islands with a population of more than 3,100 people, has increased from 500,000 to 800,000 euros.

In other regions, wealthy foreign investors will have to pay 400,000 euros instead of 250,000 euros when buying real estate.

All purchased real estate must have an area of ​​at least 120 square meters. In addition, only one real estate object can be purchased to reach the set threshold.

At the same time, non-residential properties will have a threshold of €250,000, the same for properties in need of restoration.

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. Time deposit

Minimum investment amount 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

The minimum cost is 400,000 euros.

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Greece's golden visa for entrepreneurs who invest in startups is a new way of investing

Prime Minister Kyriakos Mitsotakis announced that Greece's "Golden Visa" program will be expanded through investments in startups. The recent changes were part of an economic strategy introduced during the 88th Thessaloniki International Fair to further stimulate the country's economy.

Wealthy foreign citizens will be entitled to a five-year residence permit if they invest at least 250,000 euros in Greek startups. However, the government has not yet announced any additional conditions.

The proposed option of investing in a startup indicates the desire of the Hellenic Republic to promote innovation and attract international talent.

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.

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).

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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.

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Products from Visit World for a comfortable trip:

Checklist for obtaining a visa and necessary documents in Greece;

Legal advice on immigration to Greece;

Travel insurance for foreigners in Greece;

Medical insurance around the world.

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