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

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.

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

Several attachment 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.

Why did Greece increase the minimum amount of investment when buying real estate to obtain a "Golden Visa"?

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 May this year, Greece's Ministry of Migration and Asylum reported that a total of 9,478 golden visa requests were still being processed, with a total of 6,228 applications registered last year.

Also 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).

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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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