Greek Golden Visa programme is one of Europe’s most popular and affordable permanent residence options. The programme was launched in 2013. It enables non-EU nationals to obtain a permit to live in Greece through sufficient investment.
Recently the Greece newly elected government has introduced some updates to the scheme in retaliation to ongoing COVID-induced economic situation.
The scheme offers applicants the following qualifying options:
- A real estate property purchase worth minimum EUR 250,000
- A 10-year lease agreement for a hotel or tourist accommodation
- A capital investment of minimum EUR 400,000 in a company registered in Greece
- A EUR 400,000 investment in Greek government bonds
- A EUR 400,000 investment in bonds or shares of Greek real estate investment companies
- A EUR 800,000 investment in shares or corporate bonds
- A EUR 400,000 deposit in a Greek credit institution (i.e. bank)
Residency and Citizenship in Greece
The Golden Visa for Greece is initially granted for five years and can be renewed indefinitely. After seven years of continuous residence in Greece the residence holder will be eligible to apply for citizenship.
However if you do not plan to eventually land the Greek passport, you are not required to stay in Greece for any time period to renew the residence permit. The main point is to provide proof that you still maintain your investment.
To qualify for citizenship application, you must be a tax-resident and live in Greece for at least seven years. You need to go through the process of naturalization and to prove your knowledge of the Greek language and culture.
Benefits of the Greek Golden Visa
The residence by investment programme of Greece is known for many benefits that set it off even in the wide range of other European Golden Visas.
The threshold investment options are relatively lower and affordable.
There is no requirements to live in the country for long periods to renew residence permit. The minimum stay requirement is one day per year for permanent residency holders.
Applicants’ family members can apply with them for a Greek residence card. This includes their spouse, unmarried children under 21 years old or studying dependent children under 24, dependent parents and grandparents.
Greece is an EU Member State and thus grants its residents access to the EU free market and visa-free travel to the Schengen Zone and many other countries.
Applicants are free to rent out their real estate property after purchase. Many investors prefer to buy hotels, hostels or other touristic accommodation and make profit.
Applicants get access to Greek education and healthcare.
2021 is looking promising for the Greek Golden Visa. The Greece government plans to actively support the programme and introduce some further tax breaks for the investors. For example, a flat tax rate incentive of 7% for 15 years is already in place for retired investors. Overall, all the above-mentioned perks and benefits make the Greek Golden Visa one of the most competitive residence programmes in Europe.