The Greece Golden Visa: A Complete Guide
APPLYING FOR THE GREEK GOLDEN VISA CITIZENSHIP BY INVESTMENT PROGRAM
What is the Greece Golden Visa?
Greece makes it easier to become a citizen if you’ve made an investment in the country. Many EU countries have something similar to this process—called “citizenship by investment” (or, in the case of Greece, the Golden Visa Program). However, many people are particularly drawn specifically to the Greece Golden Visa for a number of reasons.
The minimum investment to get a Golden Visa in Greece is the lowest in Europe. Once you buy, you hold property in a stable real estate market where you can get both residence status and often high returns on investment.
The guide below has everything you need to know about the Greek Golden Visa. Are you eligible? What do you need to get started? How do you apply? What fees can you expect? We answer all this and more explaining the Greek citizenship through investment program in detail.
Greece Golden Visa At a Glance
As of August 31, 2024, these are the different tiers for getting Greek citizenship through investment. Just to be clear, any tier will establish your residency, putting you on track for naturalization to become a Greek citizen, but it depends on where you buy, how you use your property, and how much you spend.
| Investment Tier | Minimum Investment Amount | Applicable Regions | Property Requirements | Additional Conditions |
|---|---|---|---|---|
| Tier 1 | €800,000 | - Administrative Region of Attica - Thessaloniki - Mykonos - Santorini - Islands with populations exceeding 3,100 | - Single property - Minimum size: 120 square meters | - Property cannot be used for short-term rentals or as registered company headquarters - Violations may result in a €50,000 fine and revocation of the residence permit |
| Tier 2 | €400,000 | All other regions of Greece | - Single property - Minimum size: 120 square meters | - Property cannot be used for short-term rentals or as registered company headquarters - Violations may result in a €50,000 fine and revocation of the residence permit |
| Tier 3 | €250,000 | Nationwide | - Commercial properties converted to residential use | - Conversion must be completed before applying for the visa - Property cannot be used for short-term rentals or as registered company headquarters - Violations may result in a €50,000 fine and revocation of the residence permit |
| Tier 4 | €250,000 | Nationwide | - Restoration of listed buildings | - Renovations must be finalized within five years of residency to renew the visa - Property cannot be used for short-term rentals or as registered company headquarters - Violations may result in a €50,000 fine and revocation of the residence permit |
September 2024 Update to the Greek Golden Visa:
Greek Prime Minister Kyriakos Mitsotakis announced in September 2024 that a new avenue could come soon for the Golden Visa Greece program. This would give five-year residence permits to people investing €250,000 in Greek startups, but we are far from knowing all the details or if the plan will successfully be put into place.
Explaining the the Greece Citizenship Through Investment Program
If you want to become a citizen of this beautiful and historic Mediterranean country, the Greece citizenship by investment program gives you a straightforward path.
In short, the Golden Visa program opens up permanent residence permits to non-EU/EAA citizens—as long as they buy property that meets certain requirements. The Golden Visa has immediate benefits, but its also a gateway to becoming a Greek citizen by naturalization and obtaining an EU passport.
The Greece citizenship through investment program was introduced in 2014 to encourage people to invest in Greek real estate. In the decade since it has become one of the most popular Golden Visa citizenship by investment programs in Europe.
So, if you get a Golden Visa, how do you become a full citizen? You’ll need to prove fluency in Greek, have a clean criminal record, and live in the country for 7 years (spending at least 183 days in Greece every single one of those years).
The exact amount you’ll need to invest depends on what property you buy, where the property is, and how it’s to be used. The table above lays out the requirements in detail. The minimum investment, however, is €250,000—requiring that you are restoring a building or converting a commercial building to residential use.
What Are the Benefits of Greek Citizenship by Investment?
So, what exactly are the benefits of Greek citizenship by investment? First and foremost, the Golden Visa in Greece gives you the right to live in the country with a renewable residency permit, which is the main way it helps you establish a path to full citizenship.
However, before establishing full citizenship you will have the ability to experience many benefits with your residency permit:
- Travel Visa-Free in Europe: The investment gives you a Schengen Visa for Greece—allowing you to freely travel throughout the European Union without the need for visas. That’s because the Schengen Area is a group of 29 states that no longer have internal borders with each other, allowing free travel.
The Schengen Area countries are Austria, Belgium, Bulgaria, Czechia, Croatia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and Switzerland.
- Great Education and Healthcare: Your family will immediately enjoy access to world-class education and healthcare.
- Tax Deductions: The Greek Non-Dom tax regime allows you to pay a lump-sum annual tax to avoid paying tax on foreign income, saving you lots of money.
- Family Members are Included: Your immediate family (including all of your children under 21 years of age and dependent parents of you and your spouse) are granted these benefits along with you.
So with a single investment, your entire family gets the incredible opportunities we listed above.
Am I Eligible for the Greek Golden Visa Program?
Eligibility for the Greece residency by investment program is fairly flexible. You must be:
- Over 18 years of age when you submit your application
- Be a citizen of a non-EU country
- Have a clean criminal record
- Pay for full private health insurance coverage
- Make a qualifying investment (see the table above)
Greece Golden Visa Program Requirements
As of August 31, 2024, Greece has implemented new regulations for its Golden Visa program, which vary based on the region and type of investment. Take time to look through the new tiers and familiarize yourself with them.
Tier 1: Prime Region Investment
At the very top of the list, you’ll find the highest investment threshold. And that’s because these properties center on the most coveted land in all of Greece. For these top-tier locations (including the Administrative Region of Attica, Thessaloniki, Mykonos, and Santorini, along with islands with populations over 3,100), the minimum to qualify for Greek citizenship through investment is €800,000.
This must be directed towards a single property with a size of at least 120 square meters (almost 1300 square feet). Restrictions prohibit using your properties for short-term rentals or as registered company offices—so no AirBnB’s, for instance.
Tier 2: General Regional Investment
If you aren’t looking for property in the creme de la creme regions, the minimum investment drops to €400,000. But it must be put toward a single property of at least 120 square meters.
The same rules apply regarding short-term rentals and business use. The idea here is to encourage solid, long-term investment or quick turnaround profit-seeking, stabilizing the housing market. This also minimizes the impact on communities while still attracting foreign capital.
Tier 3: Nationwide Investment in Converted Properties
By this tier, you’re starting to see a little more flexibility. Here, you need to convert commercial property to residential use, and your minimum investment has dropped to €250,000. The main caveat? Your conversion needs to be completed before applying for the visa.
This tier incentivizes reclaiming underused and abandoned properties to increase housing stock and stimulate the construction sector, so investing in this tier can be an effective way to contribute to the Greek economy.
Tier 4: Restoration of Historic Buildings
The final tier focuses on investments that preserve and restore listed historical buildings. Like tier 3, this limits the minimum investment to €250,000. While you don’t need to have the restorations complete to get your visa, you will need to have them done within 5 years so you can renew it (your residency requirement to become naturalized is 7 years, so you will need to renew your visa at least once).
This tier is a great way to sustainably develop Greece and help it maintain its profound historical legacy. It’s the heart of Greece citizenship by investment.
Compliance and Consequences
If you don’t hold to the use requirements, you could face fines up to €50,000—and you may even risk losing your residency rights.
Investment for the Greece Golden Visa
There are many paths to the Greek citizenship through investment. Below are some alternatives if you aren’t looking to buy a property outright.
1. Capital Investment in Greek Companies
This includes investing a significant sum in shares, bonds, or other financial products issued by Greek companies. Investments that qualify are:
- €500,000 in a company registered and/or operating in Greece
- €500,000 in an investment or mutual fund that works solely with Greek companies
2. Investment in Government Bonds
This requires purchasing €500,000 in Greek government bonds with at least 3 years remaining maturity when you buy it.
3. Corporate Bonds or Shares
Another alternative is investing at least €800,000 in shares or corporate bonds for a Greek company that trades on a regulated market or multilateral trading platform in the country.
4. Deposits in Greek Banks
This requires €500,000 placed in a bank or national credit institution. You’ll need to keep it here for at least one year and have a renewal arrangement.
5. Investing in Real Estate Funds and Investment Companies
Investing in securities or shares of real estate investment companies is a recognized pathway to obtain a Greece Golden Visa. The program offers specific investment options in this category:
- Alternative Investment Funds (AIFs): An investment of at least €400,000 in an AIF that focuses on immovable property in Greece qualifies for the Golden Visa.
- Real Estate Investment Companies: Alternatively, investing €500,000 in a real estate investment company with a portfolio entirely located in Greece is also an eligible option.
If all of these standards, tiers, and alternatives seem a little confusing, don’t worry. We offer a free consultation with a professional in the Greece citizenship by investment program to clarify if your investment plans qualify you for the Greek Golden Visa.
Greece Golden Visa Application Process
Below, you’ll find each step of the application process for the Greek Golden Visa, along with information on documentation, fees, and more.
- Pick an Investment: Find a qualifying investment. It’s worth taking time to know it both meets the requirements and is a sound investment with or without the Golden Visa being connected.
- Legal Representation: Bring in an expert to make sure you attend to every detail.
- Get a Bank Account: This allows you to make purchases and other financial moves in the country, but it will require getting a Tax Identification Number in the country.
- Invest: Finalize your investment.
- Document Preparation: You’ll need to have everything in place before submitting your application.
- Application Submission: Fill out proper forms at your local Alien and Immigration Department in Greece.
- Biometric Data Collection: This meets the latest requirements.
- Application Review and Approval: Authorities review the application, and upon approval, issue a five-year residency permit.
Documents Needed for Greece Golden Visa Application
- Valid Passport
- Proof of Investment
- Proof of Funds
- Health Insurance
- Approved Photographs
- Application Form
- Legal Documents
- Medical Confirmation
- Family Information
- Proof of Occupation
Greek Golden Visa Fees
- Government Fees: €2,000 for the main applicant and €150 for each dependent family member over 18 years old (children under 18 have no fees)
- Application Fee: €16 for the issuance of the electronic residence permit
- Legal Fees: Fees for legal representation (varies widely)
- Property Transfer Tax:09% of property value
- Land Registration: 6 to 0.8% of property value
- Notary Public Fee: 1 to 1.5% of property value
Getting Your Greek Golden Visa Renewed
- Application Submission: Submit a renewal application before the current permit expires.
- Document Submission: Provide updated documents, including proof of continued investment and valid health insurance.
- Biometric Data: Update biometric data as required.
- Fee Payment: Pay the applicable renewal fees—€2,000 for the main applicant and €150 for each dependent over 18 years old.
Who Counts as a Dependent for a Greek Golden Visa?
- Spouse: Legally married partner of the main applicant.
- Children: Unmarried children under 21 years old.
- Parents: Both the applicant’s and spouse’s parents.
What are Tax Breaks for Greek Golden Visa Holders?
The Greece Golden Visa program both grants residency to investors and offers “non-dom” tax incentives that can make it particularly appealing for high-net-worth individuals and international investors.
Greece’s non-domiciled (non-dom) tax regime allows new residents, including Golden Visa holders, to reduce taxes on their foreign income. It means moving your tax residency to Greece. You also must have not been tax residents in the country for at least 7 out of the last 8 years before applying.
Benefits of Non-Dom Status for Golden Visa Holders
- Flat Annual Tax Rate on Global Income: Pay a fixed annual tax of €100,000 on global income, irrespective of the actual amount earned abroad. If you have high international income, this could be a massive tax break.
- Exemption from Inheritance and Gift Tax: Non-dom status in Greece exempts you from inheritance and gift taxes on overseas assets.
- Extension to Family Members: Extends to the applicant’s family members for an additional flat tax of €20,000 per person.
- Retention of Foreign Assets: You aren’t required to transfer foreign-held assets to Greece to benefit from these tax breaks.
- Duration of Benefits: You can get these benefits for a total of 15 years.
Eligibility and Application Process for Non-Dom Status
To qualify for the non-dom tax status, applicants must meet the following criteria:
- Obtain Greek Residency: Must have residency—for instance, through the Greek Golden Visa.
- Minimum Investment Requirements: Make a qualifying investment as we described above in the Golden Visa scheme.
- Application Submission: You must approved before the end of the fiscal year to benefit from the tax status in that year.
Get Greek Citizenship by Investment
If you want to benefit from the Greek Golden Visa program, you’ll want a team of experts on your side who can navigate the difficulties of the process.
We can help you find the proper qualifying investments, take the legal and financial steps necessary, and identify your path for full citizenship.
Frequently Asked Questions:
What is the Greece Golden Visa?
The Greece Golden Visa initiative provides residency to non-EU individuals who invest significantly in the nation.
How do you qualify for a Golden Visa in Greece?
It starts by making an eligible real estate purchase or investment that meets the Golden Visa requirements. The cost ranges from €250,000 to €800,000, depending on the region and type of property. The process involves submitting an application through the appropriate Greek authorities, whether locally or via the apply for Greece visa from USA process.
How much does a Golden Visa cost in Greece?
The cost of obtaining a Golden Visa in Greece varies based on the type and location of the investment, and under the revised 2024 rules, that begins as low as €250,000 but goes up significantly to as much as €800,000.
What is the disadvantage of a Greece Golden Visa?
The Greece Golden Visa program restricts how you can use your properties. Properties purchased under this program cannot be used for short-term rentals or as registered company offices, especially in higher investment tiers. You are not guaranteed full citizenship. That still takes 7 years of continuous residency among other criteria. Learn more about the Greek citizenship requirements here.
Has the Golden Visa changed in Greece in 2024?
Yes, the Greek Golden Visa underwent significant changes in 2024, and more changes are likely coming soon. With new changes being announced, it’s important to always check updates to these rules.
This page was last updated by Marco Permunian
Contact Us
Contact us at (213) 636-8022 to start your free eligibility assessment and to learn more about the Greek Golden Visa Program.
