GreeceResidency By Investment
- Investment starting from EURO 250,000
- Residence Permit in EU
- Visa free travel to the Schengen Zone
- Minimum Physical stay requirement
- Path to Greek citizenship
Overview
The Greek Residency by Investment, or ‘Golden Visa’ Program is one of the most cost-effective routes to secure EU residency for foreign investors and their families. Investments starting from EUR250,000 open a path leading to a permanent residence permit in Greece, the EU-member country, part of the Schengen Zone.
Along with Real Estate, the program offers the following investment options:
Effective March 31st, 2024, the minimum investment threshold for the Real Estate investment option is changed and multiple price tiers based on location are introduced: In tourist areas such as the Attica region, Thessaloniki, Mykonos, Santorini, and islands with populations exceeding 3,100 inhabitants, the minimum real estate investment threshold is set at EUR800,000. Elsewhere the minimum value of real estate must be at least EUR400,000.
The minimum property size for the investment is 120 sq. m., and it must be a single unit. In case the Golden Visa property is converted from commercial (i.e. industrial etc.) into residential use, the minimum threshold is set at EUR250,000, regardless of the location and the size of the property. The investment must be carried out on a single property, and the conversion of the use must be completed before submitting the golden visa application.
The EUR250,000 investment threshold applies to properties located in listed buildings (i.e. buildings with historic interest under special protection) that are to be fully restored or reconstructed by the Investor, regardless of the location and the size of the property. The single property rule also applies, and the full restoration is a prerequisite for the first renewal of the golden visa after five years. Golden visa properties cannot be rented short-term or used as a company HQ. Non-compliance leads to residence permit revocation and a EUR50,000 fine.
Old thresholds will apply if applicants make a 10% deposit by September 30, 2024, and finalize the investment by December 31, 2024. In case the purchase of the property is not completed on time, the investor is allowed to complete their investment in another property no later than April 30, 2025.
Along with Real Estate, the program offers the following investment options:
- Capital transfer
- Purchase of Government bonds
- Deposit in a bank
- Purchase of shares, corporate bonds, or bonds of the Greek Government
- Investment in an equity fund, or shares in an Alternative Investment Firm (AIF)
Residence Permit Validity
Initial Residence Permits are issued with a five-year validity period. Renewals are available every five years following, as long as the applicant retains the investment.Family Inclusion
The Greece ‘Golden Visa’ program extends to the main applicant’s spouse or civil partner, children under 21 years old, and parents of the main applicant and the spouse.Permanent Residency & Citizenship
After seven years of residency, it is possible to apply for permanent residency in Greece. Citizenship can be obtained after living in Greece for at least seven years and meeting additional requirements, including knowledge of the Greek language.Effective March 31st, 2024, the minimum investment threshold for the Real Estate investment option is changed and multiple price tiers based on location are introduced: In tourist areas such as the Attica region, Thessaloniki, Mykonos, Santorini, and islands with populations exceeding 3,100 inhabitants, the minimum real estate investment threshold is set at EUR800,000. Elsewhere the minimum value of real estate must be at least EUR400,000.
The minimum property size for the investment is 120 sq. m., and it must be a single unit. In case the Golden Visa property is converted from commercial (i.e. industrial etc.) into residential use, the minimum threshold is set at EUR250,000, regardless of the location and the size of the property. The investment must be carried out on a single property, and the conversion of the use must be completed before submitting the golden visa application.
The EUR250,000 investment threshold applies to properties located in listed buildings (i.e. buildings with historic interest under special protection) that are to be fully restored or reconstructed by the Investor, regardless of the location and the size of the property. The single property rule also applies, and the full restoration is a prerequisite for the first renewal of the golden visa after five years. Golden visa properties cannot be rented short-term or used as a company HQ. Non-compliance leads to residence permit revocation and a EUR50,000 fine.
Old thresholds will apply if applicants make a 10% deposit by September 30, 2024, and finalize the investment by December 31, 2024. In case the purchase of the property is not completed on time, the investor is allowed to complete their investment in another property no later than April 30, 2025.
Benefits
Visa-free travel
Visa free access to Schengen Zone for three (3) months within a 6-months period.
Potential ROI (Return on Investment)
The purchased property can be rented out to generate yields. There is no income tax for non-residents.
Healthcare and Education
Access to premium healthcare and education after getting a residence permit in Greece.
Simple and Fast Procedure
Attaining the residency in Greece typically takes around 50 to 60 working days. No interview or language test, and education or managerial experience required.
No Residency Requirement
There is no physical residency requirement prior to or after residence permit has been issued.
High Living Standards
Greeks enjoy secure environment and high-quality lifestyle.
Investment Options
| Purchase of real estate with a minimum value of EUR 400,000 outside Attica, Mykonos, Santorini, and Thessaloniki. |
| Purchase of real estate with a minimum value of EUR 800,000 in Attica, Mykonos, Santorini, Thessaloniki, or Islands with more than 3,100 inhabitants |
| EUR250,000 minimum investment for converting commercial property to residential, or for financing the restoration of listed buildings (premises with historic interest and under special protection), regardless of the size and location of the property. |
| A capital transfer of at least €400,000 into a company registered in Greece; |
| Purchase of Greek government bonds with an acquisition value of at least €400,000; |
| Bank deposit of at least €400,000 to a Greek credit institution of at least one-year duration with a standing renewal order; |
| Purchase of shares, corporate bonds or bonds of the Greek government at a minimum value of €800,000; |
| Purchase of at least €400,000 worth of equity shares in an equity fund; |
| Purchase of at least €400,000 worth of shares in an Alternative Investment Firm (AIF), which is incorporated in Greece or in another EU Member State and is intended to invest exclusively in real estate in Greece |
Applicable Fees
The following fees apply for the Greece ‘Golden Visa’ program:
| Due diligence fee for main applicant | USD 7,500 |
| Due diligence fee for any dependent above 16 | USD 4,000 |
| Application forms per applicant | USD 250 |
| Passport fees | USD 300 |
Application Process
Bayat Legal Services’ compliance team will conduct an internal due diligence check, which entails a background security screening of the applicant, Preparation of KYC (Know Your Client) and a qualification assessment.
Bayat Legal Services will meticulously analyze the client's application. Once this is done, the client will proceed to sign a retainer agreement with the firm. Subsequently, Bayat Group will curate a customized list of necessary documents – recognizing that each client's situation is unique – to facilitate the application preparation process.
The application for the Greece Golden Visa, along with all the necessary documentation, will be submitted to the pertinent Greek authorities.
Applicants will choose their preferred investment option and open a bank account in Greece to streamline future financial transactions related to the application.
While the processing time for the application can vary, once approved, applicants will receive residence permits allowing them and their family members to enter and live in Greece. It's important to monitor the residence permit's expiration date and renew it promptly every five years.