Freedom of travel with the Greek Golden Visa

Freedom of travel with the Greek Golden Visa

The Greek Golden Visa allows visa-free travel within the Schengen area, including 29 countries in Europe (Bulgaria and Romania have only joined Schengen from March 31, 2024). You are allowed to stay up to 90 days in each 180-day cycle in any country in the Schengen area.

In particular, investors can apply for citizenship after at least 7 years of living in Greece. When acquiring Greek citizenship, the investor’s family has the right to live in any of the 27 member states of the European Union (EU).

When having Greek citizenship, they are free to travel visa-free or only apply for an e-visa in 175 countries and territories, including all European countries, Japan, South Korea, Taiwan, Hong Kong, Australia, Russia, the United States (eTA), Canada (eTA), New Zealand (eTA)…

This brings many benefits to investors and their families:

• Travel and Explore: Enjoy great vacations in famous cities, explore diverse cultural heritage, and experience each country’s unique lifestyle.
• Expand business opportunities: Find business partners, participate in international conferences and exhibitions, expand markets, and develop business networks across Europe.
• Access to top-notch education: Your children can study at prestigious universities in Europe, experience an international educational environment, and broaden their horizons.
• High-quality healthcare: Access to advanced health systems and high-quality healthcare services in developed countries.

Other advantages of the Greek Golden Visa program

Investment from 250 000 EUR: No additional investment, no government award. This is the lowest-cost European permanent resident real estate investment program at the moment.

Fast application processing time: about 12 months.

The real estate buying and selling process: is carried out entirely in Vietnam. After buying real estate and submitting documents, investors will be issued a green paper to go to Greece to get a biopsy and complete the procedures for applying for a permanent residence card.

Owning real estate permanently: There are no requirements for the type of property (new, old). This property can be used for living, doing business, and renting.

Right to reside in Greece: Successful applicants and family members will receive a permanent residence card, renewed once every 5 years.

Education and healthcare: Access to Greece’s quality education system and healthcare, both of which are recognized within the European Union.

Profits from real estate: Investors can get a lucrative investment, as the Greek real estate market has started to recover and grow in recent years.

Business opportunities: Greece’s strategic location in the Mediterranean connects Europe with Asia and Africa, opening up many business opportunities and the ability to conduct business throughout the EU and the world.

Significant changes to the Greek Golden Visa Program 2024

The Greek finance minister has announced important changes to the Golden Visa Program, which is expected to come into effect on August 31, 2024. The most notable change is the adoption of a dual-zone system for real estate transactions, which creates two different minimum investment levels depending on the location of the property.

Concrete:

• Tier 1: A minimum investment of EUR 800,000 applies to real estate in the areas of Attica, Thessaloniki, Mykonos, Santorini and islands with a population of more than 3,100 people.
• Tier 2: A minimum investment of EUR 400,000 applies to all the rest of Greece.

General requirements for both levels:

The investment must be made in a single property.
The minimum area of the property is 120 square meters.

New changes and opportunities:

• Conversion and Restoration Initiative: Properties converted from commercial to residential or heritage building restoration projects are still eligible for an investment of EUR 250,000 after August 31, 2024. This is an attractive opportunity for investors who are interested in heritage preservation and real estate development.
• Geographical Diversity: The two-tier system encourages investors to explore new areas in addition to well-known locations such as Athens, Thessaloniki, Mykonos, and Santorini. This opens up many potential investment opportunities in other areas of significant cultural and economic value throughout Greece.

These changes will directly impact the investment decisions of potential investors. A doubling of investment in expensive areas such as Athens, Thessaloniki, Mykonos and Santorini could cause many investors to turn to other regions with lower levels of investment.

However, the split into two tiers of investment also opens up opportunities for investors with more limited budgets, making it easier for them to access the Greek Golden Visa program.