Greek Golden Visa Program Changes That Happened in 2023
On 10 September 2022, Kyriakos Mitsotakis, Prime Minister of Greece, announced that the minimum investment amount for property acquisition under the Greece Golden Visa program will be raised to €500,000 in specified regions. In his speech, Mitsotakis emphasized that this change is to provide real estate affordability for Greeks.
Greece Golden Visa property acquisition investment amount will still remain €250,000 in certain areas and it is one of the lowest amounts among Europe’s popular residency by investment schemes. However, it jumped to €500,000 in the municipalities of Athens, Thessaloniki, Mykonos and Santorini after July 31st, 2023.
The cost of the Greece Golden Visa Program is set to rise from the current minimum investment of EUR 250,000 to a minimum of EUR 400,000.
Investors may still apply under the current EUR 250,000 minimum threshold, provided they pay a 10% deposit by 31 August 2024, and finalize the investment by 31 December 2024.
Visa-Free Travel With Greece Residence Permit
The Golden Visa gives you the freedom to travel across the Schengen zone without the need for an additional visa.
The Schengen zone consists of 26 European countries that have officially abolished visas and border control at their mutual borders.
Investment Options of Greece Golden Visa
Property
- .An investment in real estate property with a minimum value of EUR 250,000, plus the applicable taxes. Alternatively, a minimum of EUR 500,000 in Mykonos, Santorini, Thessaloniki, and most municipalities in Athens
- A 10-year lease agreement for hotel accommodation or furnished tourist residences in tourist accommodation complexes (Article 8 of Law 4000/2001)
- A 10-year time-sharing agreement for hotel accommodation (Law 1652/1986)
Capital Route
- Term deposit of a minimum value of EUR 400,000 to a domestic Greek credit institution, for at least one year, with a standing order for renewal
- A capital contribution with a minimum value of EUR 400,000 to a company that has its registered office or establishment in Greece (with the exception of portfolio investment companies and real estate investment companies) for the acquisition of shares in a share capital increase or bonds that are, at the time of issue, admitted for trading on regulated markets or multilateral trading mechanisms that operate in Greece
- A capital contribution with a minimum value of EUR 400,000 to a real estate investment company (Article 21 of Law 2778/1999) that will invest exclusively in Greece, for the acquisition of shares in a share capital increase
- A capital contribution with a minimum value of EUR 400,000 to a closed-end investment company (Article 5 of Law 2367/1995) for the acquisition of shares or to a closed-end mutual fund (Article 7 of Law 2992/2002) for the acquisition of shares, provided that the aforementioned alternative investment institutions have the intention to invest exclusively in companies that have headquarters or establishments in Greece
Bonds, Shares & Government Bonds
- Purchase of Greek government bonds with a minimum acquisition value of EUR 400,000 and residual maturity of at least three years at the time of purchase, via a credit institution established in Greece, which will also act as the custodian of these bonds
- Purchase of shares or corporate bonds with a minimum acquisition value of EUR 800,000, which are admitted for trading or are traded on regulated markets or multilateral trading mechanisms, operating in Greece
- Purchase of units with a minimum value of EUR 400,000 of a mutual fund incorporated in Greece or another country and with the intention to invest exclusively in shares, corporate bonds, and/or Greek government bonds that are admitted for trading or are traded on regulated markets or multilateral trading mechanisms, operating in Greece
- Purchase of units or shares with a minimum purchase value of EUR 400,000 of an alternative investment fund established in Greece or another country of the EU, which intends to exclusively invest in immovable property in Greece
Eligibility Criteria for Greece Golden Visa Program
In order to qualify for a Golden Visa in Greece, you must meet the following requirements:
- Be a non-EU/EEA country citizen
- Be at least 18 years of age
- Have a clean criminal record
- Have medical insurance for yourself and your family members
- Be of good character!
As of 2021, you no longer need to visit Greece in person in order to start your application.
Greece Golden Visa Renewal Process
Every five years, you are required to renew your residence permit.
In order to renew the permit, you must meet the following conditions: The real estate property must remain in the full ownership of yourself, the main applicant
Submission of the application through a proxy, without the obligation to previously enter Greece
Since 2021 you can apply via a Proxy for the program, this essentially means a lawyer would take “POA” ( power of attorney ) and act on your behalf, this is normal in most developed countries around the world.
Why the Greek Golden Visa?
The nation has a total of approximately 33 million tourists visiting every year with the majority originating from Europe and the United States.
The Greece passport is one of the most sought-after and powerful passports in the world. It provides its holders visa-free access to 190 countries and territories.
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Low Investment Threshold in a Promising Real Estate Market
First and foremost, it offers the cheapest property-based Golden Visa in all of Europe – priced from just €250,000. However, the minimum threshold has increased to €500,000 for properties in certain popular areas of Athens and Thessaloniki, as well as in Mykonos and Santorini.
Furthermore, the Greek program allows you to buy more than one property in any location to add up the requisite value. You can opt to buy either residential, agricultural or commercial RE, and you have the option to buy new off-plan properties or existing ones.
Family Reunification
Eligibility criteria for including family members in your application: the spouse of the primary applicant can be included in the golden visa application; unmarried children up to the age of 21 are eligible; parents without age limits
Does the Greek permanent residency give the holder the right to apply for citizenship?
After seven years of residency in Greece, you can apply for Greek citizenship, which grants you the benefits of being an EU citizen. As a Greek citizen, you will have access to the 5th most powerful passport in the world, allowing you visa-free travel to numerous countries.
Additionally, you will enjoy quality healthcare, free trade, world-class education, and various business opportunities within the EU. EU citizens can work and reside in any EU country without needing a work permit or residency visa, offering unparalleled flexibility and mobility. Moreover, EU citizens enjoy strong protection of their fundamental rights and freedoms, as well as access to social security benefits, such as healthcare, pensions, and unemployment benefits. Becoming an EU citizen through the Greek Golden Visa program opens up a world of possibilities, enhancing your quality of life and providing long-term security for you and your family.
What is the Golden Visa application fee?
The Golden Visa application fee for real estate investments is currently €1,910. For added family members, the cost is an additional €1,202. After this, there are standard legal costs, typically around €8,000 for a single applicant, €10,500 for a family of four, and an extra €2,500 for each renewal.
If I obtain the Greek Golden Visa and become a resident, do I have to pay taxes there?
No, you should take tax advice, but generally you are a tax resident in the country where you spend more than 183 days per year. Or it is the main centre of your cultural ( family) or business.
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Can UK Citizens apply for Greece Golden Visa after Brexit?
Yes of course. UK Citizens are especially big buyers of this, Spain & Portugal, since Brexit