How to get Residency by Investment in Greece

Greek residency by investment program also known as Golden Visa was launched in 2013. It is the most affordable option for investors,
who seek access to the EU, Canada, and the USA. After 7 years of residence, an investor can apply for citizenship.

About the residency program

Greek Golden Visa is the most affordable of all EU residency programs, has a short timeline, and gives free travel to Schengen Area and a possibility to gain Greek citizenship. The minimum investment is €250,000 in real estate. The purchase must be completed before applying for Golden Visa.

Greece is a vibrant, colorful country. It is one of the best tourist destinations. It is also attractive for life with its numerous advantages, being part of the EU. It has a population of 10,72 million or 86 per Km 2 , which is not dense. The currency is Euro  (EUR). The national language is Greek, but English is also widely spread, as it is a touristic country. The capital is Athens.

Greece is home to many cultural attractions and beautiful vacation spots, including stunning islands, manicured beaches, world-class museums, and more.

Here are a few pros of getting a Greece residency permit and living in there.

• Greeks are very sociable and friendly people who love to have fun with family and friends outdoors.
• The country has good ecology and delicious healthy cuisine.
• According to numerous surveys of tourists and immigrants from around the world, Greece ranks first among the countries with
  the best climate to live in in the world.
• There is a low crime rate and good medicine.

Benefits of Greece Golden Visa

• Processing time. Depending on the case and type of investment, the Greece Golden Visa process might take from 2 to 4 months.
• Visa-free travel. Greek Golden Visa gives access to all 26 countries in the Schengen Area of Europe. Greek Passport opens door to 186 countries for visa-free or visa-on-arrival travel.
• Getting a Greek residency permit by investment program is ideal for individuals who love comfortable and secure time-spending, freedom of travel, and high standards of living.
• Open door to EU. You can travel in Europe without a visa and stay in other countries of the European Union for up to 3 months in 6 months period
• Simple process. Short timeline, there is no requirement to stay, no language tests or interviews, and renewal of the Greek Golden Visa is only after 5 years.
• Greek Passport. You can apply for Greek nationality if you have Golden Visa for 7 years and you reside in Greece at least 183 days per year.
• Comfortable life. Greece is an attractive country to visit and live in. You will enjoy astonishing nature, the international community, rich culture, and security.

Type of Investment for Greece Golden Visa

Greek residency by investment program offers various options for investing. The most common choice is purchasing the property with guaranteed income. In all cases, an individual has to keep an investment minimum of 5 years. Here are 4 options for obtaining permanent residency in Greece by investment.

1. €250,000. A specialized real estate investment focused on converting commercial properties into residential spaces or restoring listed buildings, irrespective of their location or size.
2. €800,000. Real estate investment in high-demand areas, Attica, Thessaloniki, Mykonos, Santorini, the islands, which have a population of more than 3,100, and most municipalities in Athens.
3. €400,000 in real estate in all other regions of Greece. Each investment must be in a single property with a minimum area of 120m². The use of properties for short-term rentals is prohibited, reflecting Greece’s broader housing policy objectives.
4. A minimum of €500,000 investment in: a) a fixed-term deposit in a Greek credit institution; b) a public limited real estate investment company investing exclusively in Greece, c) a closed-end investment company or mutual fund, d) a Greek-based company for a share capital increase or bonds issued for trading on regulated Greek markets or multilateral trading facilities; e) the purchase of Greek government bonds with a remaining maturity of at least three years, through a Greek credit institution.
5. €350,000. Acquisition of shares or stocks in a mutual fund that invests exclusively in shares, corporate bonds, or Greek government bonds traded on regulated markets or multilateral trading facilities in Greece, or in an alternative investment fund established in Greece or another EU member state, exclusively focused on investing in Greece.
6. A 10-year timeshare or lease agreement for hotel accommodations or furnished tourist residences valued at a minimum of €400,000 or €800,000, depending on the designated threshold zone.
7. €800,000. Acquisition of shares, corporate bonds, or Greek government bonds traded on regulated Greek markets or multilateral trading facilities.

Who can apply for the Greece Golden Visa program? Here are Greece residency requirements for an investor:

• Any citizen of a non-EU and EFTA country
• Age above 18 years old
• Clean criminal record
• Medical insurance

Investors can obtain a Golden Visa for their family, but not in all cases is possible. Here is information, on who can apply as a relative of the main applicant. Greece residency requirements for a family:

• Spouse
• Children under 21 years old
• Parents and grandparents of the main applicant and spouse

Timeline and steps for obtaining permanent residency in Greece

Obtaining permanent residency in Greece through an investment Program is easy. The whole process with each step is listed below. One of the most important stages is paperwork. Invest Citizenship will recommend you a local lawyer with great experience who will guide and support you until you receive your residency card. Please see here the full scale of our services.

Step 1. (1 week). Get the Greek non-resident tax number, AFM. You can do it in person or remotely with Power of Attorney, but it has to be signed in presence of the Greek consulate.

Step 2. (1 month). Choose the right type of Investment and transfer the funds. You are not obliged to open a bank account in Greece and can make payments from your country account, but in the future Greek account will be useful.

Step 3. (2 months). Prepare necessary documents and apply for residency to the Alien and Immigration Department at the Decentralized Authority where the investment is located. It can be done remotely by lawyers.

Step 4  (1 week). You will get approval, it will be a temporary residency, this gives you the right to live in Greece. You need to visit Greece for submitting biometric information. You have up to 1 year to do this.

Step 5 (1-2 months). The resident permit is issued by the Secretary General of the Decentralised Authority. A Residency card is valid for 5 years, to renew the Golden Visa you need to keep your investment.

Step 6 (After 7 years). If you plan to obtain Greek citizenship, after 7 years of Golden Visa you can apply for a passport. Additional requirements are a language test, a Greek citizenship test, and living in Greece for at least 183 days/year.

 

Summing up

The Golden Visa of Greece is a temporary residence permit in the country, obtained in exchange for an investment in the economy. Anyone over the age of 18 with no criminal record can become an investor. It takes three months to collect the documents, pass a background check and get a residence permit card. To obtain a residence permit in Greece, an investor invests at least 250,000 € in the economy of the country. One can invest in real estate, deposit 400,000 € in a Greek bank or invest in securities.

We hope this guide has been helpful. If you are interested in this Visa, we are happy to give you detailed information via call or Zoom meeting. We analyze your situation from different perspectives, give full support in the process. We advice you about the optimal investment and best strategy to use in your case. You can schedule a meeting at a suitable time here.