Things to Note When Applying for the Greece Golden Visa Program

Overview of the Greece Golden Visa Program 2024

Investors obtain a Greek Golden Visa by purchasing residential or commercial real estate worth over €250,000. Another option is to rent accommodation for tourists or conclude a time-sharing agreement.

Besides real estate investment, there is also the option of investing in the capital of local companies, buying securities and government bonds or opening bank deposits. In these cases, the minimum investment amount is €500,000.

Buying shares of mutual and alternative investment funds requires at least €350,000.

Residence permits are issued to the investor’s family: spouse, children under 24 years old and parents.

There is no requirement to pass an exam in Greek language or history. Living in Greece is only necessary if the investor plans to apply for citizenship.

Things to Note When Applying for the Greece Golden Visa Program

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New changes to increase the minimum investment in the Golden Visa program

The minimum investment depends on the location of the property:

• €500,000 in the northern, central and southern regions of Athens, the southern suburbs of Athens, Thessaloniki and on the islands of Mykonos and Santorini;
• €250,000 in all other areas.

If a spouse buys property under joint ownership, each partner must invest at least €250,000 or €500,000, depending on the region. For example, buy a villa in Mykonos worth €1,000,000.

Investors can purchase residential or commercial real estate, one or more real estate, either as an individual or through a legal entity.

Regulations to buy real estate until August 31, 2024

Investors can purchase a property for €250,000 or more and are eligible to apply under applicable regulations if they:

• Sign a preliminary purchase and sale agreement and deposit 10% of the property value by August 31, 2024.
• Complete the transaction and transfer the remaining balance by December 31, 2024.
• If investors put down a deposit but don’t complete the transaction before the end of 2024, they can buy another property for the same price. In this case, the entire investment amount must be deposited by April 30, 2025.

Investment threshold and duration after 31/08/2024

The minimum investment will be:

• €800,000 in Attica and Thessaloniki, on Mykonos, Santorini and islands with more than 3,100 inhabitants;
  €400,000 in all other areas.

The threshold of €250,000 will be retained as an exception for properties purchased for renovation or conversion into residential space.

• Number of assets. It is possible to purchase a property worth €250,000 – 800,000+.
• The area of the property reserved for purchases worth €400,000 or €800,000 must be at least 120 square meters.

These changes are stipulated in Law No. 5038/2023 and Article 64 of Law No. 5100/2024.

Golden Visa for financially independent people and digital nomads: terms comparison

In addition to investors, financially independent individuals and digital nomads can also obtain residence permits in Greece. These residence permits do not require investment; Applicants must earn income from abroad and verify their savings.

Financially independent individuals must earn more than €2,000 per month from sources outside Greece. They must also deposit at least €48,000 into a Greek bank account, an increase of 20% for adding a spouse and 15% for each child.

Digital nomads must prove a monthly after-tax income of at least €3,500+. The income requirement increases by 20% if a spouse is added and 15% for each child.

Obtaining Greek Citizenship by Investment

The Greek Golden Visa Program is not a citizenship by investment program. However, you may be eligible to apply for naturalization in Greece after seven years, provided you meet a set of criteria.

Here are the requirements to apply for Greek citizenship:

• Live in Greece for a minimum of seven years
• Be a tax resident in Greece during this period
• Enter and pass the Greek test
• There is a genuine interest or connection with Greece and Greek culture

Greece Golden Visa Extension Process – Required Documents

The Greek government issues Greek Golden Visa cards valid for a period of every 5 years. Every 5 years, you must renew your residence permit. To renew your license, you must meet the following conditions:

• The property must be wholly owned by you, the main applicant
• The relevant leases/contracts are still valid and meet the requirements

You will need the following documents to extend your Greece Golden Visa residence permit:

• A filled application
• Four recent color passport photos
• A physical copy of a valid Greek passport or travel document
• Certified copy of previous permanent resident card
• Confirmation by the insurance agency of the cost of hospitalization and medical care;
• The insurance contracts were concluded outside Greece, provided that they explicitly mentioned that they would cover the party concerned during their stay in Greece
• The insurance contract was concluded in Greece

Sometimes, the authorities may require additional documents to renew the license.

Applying for a Greek Golden Visa requires many complicated paperwork and procedures. Please make sure you prepare all the documents required by the Greek authorities to avoid unnecessary hassle.

Conclusion

Choosing real estate is an important factor determining the success of the Golden Visa application. Learn carefully about the Greek real estate market, choose projects with clear profit and legal potential. You should look to reputable consultants for support in this process. Choosing a reputable consultant will save you time and effort, and ensure your Golden Visa application is processed quickly and efficiently.

Portico & Bridge is proud to be a leading European immigration and investment solutions company, from Malta with nearly 40 years of experience in the industry and 5 representative offices worldwide: Malta, Vietnam, Singapore, China, Cyprus.

If investors want to invest in immigration or have questions about the immigration program, contact us immediately for detailed advice at hotline 0909 898 758!