Greece Golden Visa Benefits

Dr. Antoine Saliba Haig | Published on 03 Jun 2019

Greece Golden visa benefits

The Greece Golden Visa was introduced by Law No 4251 of 2014. This law introduced the right for applicants who invest at least €250,000 in real estate in Greece to acquire permament residency in Greece granting the applicant and his family the right to live in Greece as well as to travel within the Schengen Area without a visa. The permit granted to the applicant is permanent but must be renewed every five years, subject that the applicant holds the property in Greece. Failure to keep the property for life, would result in the revocation of the residence permit. The main applicant may include in the same application the spouse, children up to the age of 21, as well as parents of the applicant and the spouse. 

Guiding you through your Application and the Greek Golden Visa Benefits

The Greek Golden Visa is open to all Non-European individuals with a clean criminal record and source of funds. It is one of the most popular programmes due to the fact that it requires no donations to the Government, and the investment apart from leading to a permanent residency also gives the applicant a good return. There are also many Greek Golden Visa benefits that investors will gain from.

As a law firm with years of experience with individuals obtaining either residency or citizenship by Investment we understand that applicants would have their own reasons which shape one's decision to apply for residency in another country. Below find the Greek Golden Visa benefits which range from more international mobility to financial gains.

Greek Golden Visa Benefits

  • The most affordable programme in the EU

Launched in July of 2013, and amended over the years, the Greek Golden Visa offers the lowest cost option for residency in the European Union by granting permanent residency for a real estate investment of at least €250,000. Portugal's Golden Visa programme starts at €280,000 however the property should be in a suburban area for an old property in need of renovation. In Greece, whether the property is old or new, in the city or countryside, the investment requirement is the same. Malta's Golden Visa programme also offer permanent residency at a cost of around €290,000 however it may be offered at a lower cost than the Greek Golden Visa where an applicant opts for a financing option.

  • Permanent Residency immediately

The Greek Golden Visa, together with the Malta Golden Visa are the only two permanent residence by investment programmes in Europe. The other residency programmes do not give a permanent residence status but only a temporary permit which may be converted later on to a long term residence permit. The residence permit given by the Greek authorities is a permanent one which remains valid unless the property is sold. The residence cars is however granted for a period of 5 years and is renewed every 5 years. 

  • Visa Free Travel within the Schengen Area

Greece is a member of the Schengen Area, and non-EU individuals obtaining permanent residency in Greece, enjoy the privilege of free movement within the Schengen Area. This means that a Greek Golden Visa holder may travel without a visa within the Schengen Area using the Greek residency card. The applicant may also reside in the Schengen Area for 3 months in every 6 months.

  • No Minimum Stay Requirement

The Greek Golden Visa programme does not require any minimum physical stay requirement as a requisite to maintain the permanent residency. As long as the investment is maintained for life, the permanent residency is valid.

This differs from other programme such as the Portuguese Golden Visa where a presence of 7 days in the first years, and 14 days in the subsequent years is required.

  • Return on Investment

The applicant in order to obtain residency in Greece must invest €250,000 in property. The applicant may invest both in residential as well as commercial property. The applicant is also free to purchase more that one property as long as he invests at least a minimum of €250,000. Following a recession in Greece, the property value has decreased but the prices although still low, are recovering, providing investors with a unique opportunity. Tourism in Greece is always booming and is one of the most important industry for the country. The short-term rental industry is benefeting from the huge influx of tourists and property in certain part of Greece may make returns exceeding 10% yearly. 

  • Inclusion of Family Members

In the same application, the main applicant can also include the following family members

  • The spouse of the main applicant 
  • Children up to the age of 21 (residency permit may be extended to the age of 24)
  • The parents of the Main Applicant (no age limit, no need to be dependent)
  • The parents of the Spouse (no age limit, no need to be dependent)

After the extension of the residence permit for children up to the age of 24, children may also apply for a work permit in Greece. 

  • Eligibility for Greece Citizenship

The Greek Golden Visa Programme is strictly a residency by investment programme which does not lead to citizenship automatically. After seven years of continuous residency in Greece one may, however, apply for citizenship by naturalisation. The requirements to apply for Greek citizenship are the following:

  • Knowledge of Greek language, culture and history
  • Applicant must reside in Greece
  • Evidence that the applicant has made Greece his/her home

Once applicants acquire citizenship in Greece, the investment can be sold as no further renewals of the residence permit will be required. 

 


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Key Contacts

Dr Jean-Philippe Chetcuti

Senior Partner, Global Residency & Citizenship

+356 22056411

Mr Kenneth Camilleri

Director, Tax & Immigration

+356 22056414

Dr Antoine Saliba Haig

Legal Associate

+356 22056446

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