Opportunities with Greece’s New Golden Visa Program: Where to Invest
Are you ready to unlock the doors to one of the most exciting real estate markets in Europe? Greece's Golden Visa program has just become even more enticing, with a revamped structure that offers incredible investment opportunities! Whether you're drawn to the vibrant streets of Athens or the serene beauty of Greece's islands, now is the time to secure your residency in the European Union (EU) with some fantastic investment options!
A New Era for the Greek Golden Visa
The Golden Visa has been a game changer since it launched in 2013, but from September 1, 2024, things are getting even more interesting. Now, you can secure a five-year residence permit by investing in Greek real estate. If that’s not enough, visa-free access to the Schengen Zone sweetens the deal! The new regulations reflect Greece's booming real estate market and aim to channel investments into areas with the greatest potential for growth.
Notably, there are two attractive exceptions for investors concerning properties undergoing use change and listed buildings: the minimum investment amount remains at EUR 250,000 (detailed further in paragraph b of the explanatory circular of September 25, 2024), and this exception applies throughout Greece. This provides a strong incentive for affordable investments.
Attica: The Heart of It All
When we talk about investment hotspots, Attica takes the crown! Imagine owning prime real estate in Athens, the beating heart of Greece—an international business and tech hub that’s also home to ancient wonders like the Acropolis. With the minimum investment now set at EUR 800,000, this is your chance to be part of a thriving urban metropolis that seamlessly blends history and modernity.
Kolonaki, Plaka, Monastiraki—these names are music to the ears of savvy investors. The demand for real estate in these prestigious areas is skyrocketing, and the opportunities for long-term capital appreciation are immense. But that’s not all: districts like Piraeus and Koukaki are transforming into growth powerhouses, attracting businesses and residents alike.
Attica offers everything—strategic location, economic growth, and a rich cultural heritage. Investing in Athens isn't just a decision; it’s a declaration that you’re ready to tap into one of Europe’s most dynamic cities!
Other Opportunities Await
Outside the bustling capital, Greece still offers plenty of investment gems. For those looking for a more affordable entry, areas with thresholds of EUR 250,000 and EUR 400,000 await, from smaller cities to rural retreats. And let’s not forget restoration projects with historical charm—there’s still a place for dreamers looking to restore the past!
Conclusion
The new Golden Visa regulations open the door to high-value investments in Athens while also leaving room for more affordable options in other regions. Whether you crave the energy of Attica or the serenity of Greece’s hidden gems, now is the perfect time to make your move. Your future in Greece starts here!
Unlock the Golden Visa of Greece: Invest in Start-Ups and Discover Unmatched Opportunities
Why Invest in Greek Start-Ups?
Greek start-ups are at the heart of a thriving economy, with total capitalization now ranging between $8 and $10 billion—a remarkable increase compared to nearly zero levels just eight years ago! Particularly in sectors such as technology, innovation, and green energy, Greece is rapidly becoming a powerhouse for cutting-edge enterprises. With a minimum investment of €250,000 now qualifying for a five-year Golden Visa, you can immerse yourself in one of Europe’s most exciting entrepreneurial ecosystems. Thessaloniki is evolving into a tech hub, while Athens boasts world-class research centers. Greece is attracting global talent and investment, and you can be part of this next big wave of growth.
By investing in Greek start-ups, you’re not just pursuing returns—you’re fueling the future! With government support and tax incentives, these start-ups are creating jobs and driving innovation. For instance, under the new Startup Visa, investors must create two jobs within the first year, demonstrating a commitment to growth and development in the local economy.
Golden Visa Power: Benefits for Start-Up Investors
The Greek Golden Visa offers significant rewards. By investing in start-ups, you secure European residency with a visa free from restrictions in the Schengen Area, and you may open the door to Greek citizenship after seven years. Additionally, you’re investing in sectors at the forefront of innovation. You are growing your portfolio while contributing to the rapid development of technology and innovation sectors in Greece.
This bold move to include start-ups in the Golden Visa program showcases Greece’s commitment to promoting innovation and growth. Don’t miss this opportunity—this is the investment of the future, happening right here in Greece.
Invest in Innovation, Secure Your Future
With the introduction of the Startup Visa and a thriving ecosystem ready to support your ambitions, the time is NOW to become part of a community that transforms industries and creates the businesses of tomorrow.
Obtain the Greek Residency
The Greek Law No.4146/2013 grants residence permit to citizens of non-Schengen countries and their family members (children under 21 years old and spouses over 18 years), who buy property or properties in Greece, the value of which exceeds €.250,000.
In cases of joint ownership, where the value of the property is €.250,000, the residence permit is only granted if the owners are spouses with undivided ownership of the property.
In all other cases of joint ownership, the residence permit is only granted if the amount invested by each of the joint owners is at least €.250,000.
The duration of the permit is 5 years, renewable for another 5 years, as long as the property ownership remains unchanged.
The residence permit does not grant a right to employment of any kind nor nationality acquisition. The residence permit is targeted for non EU citizens.
If the property belongs to a legal entity the sole shareholder is entitled to apply for the permit. The permit holder is allowed to rent the property.
The members of the investor’s family may request separate applications for residence permit.
The investor’s family permit expires at the same date that the investor’s permit expires.
According to the law, family members of 3rd country citizens entering the country are:
- Spouses who are over the age of 18, as well as unwed children under the age of 21 where there is shared custody, including children that have been adopted.
- Other unwed children under the age of 21, of the other spouse, including children that have been adopted, provided that the applicant is their legal guardian.
An independent residence permit is issued for the children of third country citizens who have been accepted into Greece based on the terms and conditions of article 36A and turn 21 years old.
Advantages
The Advantages of the holder of a residence permit in Greece are:
He or she may stay continuously in Greece for its whole duration.
The residence permit and long-term visas are valid as far as the free movement of the person in the Schengen area is concerned. Any citizen who holds a long-term visa (such as the residence permits for real estate owners) which has been issued by a member state and is valid for one year or more, is able to travel to other member states for up to 3 months within a six month period, under the same conditions which apply to the holder of a residence permit, while they are also granted a right for multiple entries.
He or she may stay continuously in Greece for its whole duration.
The residence permit and long-term visas are valid as far as the free movement of the person in the Schengen area is concerned. Any citizen who holds a long-term visa (such as the residence permits for real estate owners) which has been issued by a member state and is valid for one year or more, is able to travel to other member states for up to 3 months within a six month period, under the same conditions which apply to the holder of a residence permit, while they are also granted a right for multiple entries.
He or she has access to health or education services, just like any European citizen. The holders of the residence permit have access to public education (all in Greek language except private international schools), similar to Greeks. Regarding access to health services, 3rd country citizens and their family members who fall under the regulations of the current law, must have insurance that covers their healthcare and medical care expenses.
He or she has access to:
- Good Mediterranean climate
- Beautiful environment
- Safety
- Economy rebound
Residence permits are issued within 2 months from the day on which the application is submitted and if all the supporting documents are submitted, a proof of submission is issued and the applicant is covered from that day onwards.
In order to buy a property in Greece a tax identification number must be obtained with the assistance of the tax representative. Tax identification number is necessary to open a bank account and purchase and then register a property. All property owners are forced by law to have due fiscal representation.
Useful Information
ENTRY VISA
An entry Visa is necessary to obtain a residence permit for owners of real estate. The investor must submit an application for an entry visa to the Greek Consulate Authority in their country of origin. The right to submit an application for a residence permit is available to any non EU citizen.
This includes those who hold a type C Visa.
Applicants for a residence permit must provide the following documents:
2 copies of the application document.
3 recent color photos.
Certified copy of a valid passport or travel documents recognized by Greece and with the relevant valid entry visa, where required. Health certificate from a Greek public hospital or private doctor, certifying that the applicant(s) does not have any condition which, according to international epidemiological standards and the World Health Organization, can pose a risk to public health. In order to obtain this certificate the interested party must undergo a clinical examination, a chest x-ray and a tuberculosis test (Mantoux).
3rd country citizens who enter the country with a type D Visa which has been issued according to the provisions of article 36A’ of law 3386/2005, are exempt from the obligation to submit a health certificate as a required document for the issuance of the residence permit, provided that they produce an exact and certified hard copy of the corresponding medical certificate which they have submitted to the competent consulate authority in their country of origin.
This exemption is allowed provided the corresponding copy of the medical certificate is completed from a recognized state or private institution, according to the degree of credibility of the health services of the third country, which certifies that the third country citizen does not have any condition which can pose a risk to public health, according to the international epidemiological standards and the World Health Organization, and does not have, as well, as any other infectious, contagious or parasitic diseases which necessitate the imposition of safety measures for the protection of public health, and hence fully correspond to the provisions of article 10, law 3386/2005, and Ministerial Decision 933/2009.
IN ADDITION TO THE ABOVE:
A. Residence permits for third country citizens who own and poses property in Greece must provide:
A copy of the contract for the purchase of the property or properties.
Notary certificate stating that the contract fulfils the conditions required by the law (the contract does not have any conditions, exemptions or deadlines and the full payment has been made) certificate from the land registry.
Certification by an insurance agency for the cost of hospitalization and medical care.
To certify that this condition is fulfilled, the following are accepted:
- Insurance contracts which have been signed outside Greece, provided that they explicitly mention that they cover the interested party for the duration of their stay in Greece.
- Insurance contracts which have been signed in Greece.
B. Residence permits for 3rd country citizens who own property in Greece through a legal entity, where the applicant owns all shares.
All of the above mentioned, plus a Copy of the statute of the legal entity which clearly indicates that the third country citizen owns all company shares.
APPLICATION PROCESS
All the procedures can be done either in person by the 3rd country citizen, or through a proxy.
This means that 3rd country citizens who have never entered Greece are not allowed to submit an application for a residence permit via a proxy.
The applicant is allowed to enter the country, to assign their representation to a lawyer, with a notarized power of attorney, and then depart from the country and not be present during the submission of the application for a residence permit and/or the granting of the relevant permit.
The authorities receiving the application will issue a confirmation that the application has been submitted, provided that all the necessary documentation has been submitted with the application.
The confirmation is valid for one year.
The owner of the real estate property is not affected by the duration of the processing of their application.
After the application has been submitted, the applicant receives a receipt confirming the submission of the application, which is valid for one year.
The time required to process the application depends on the volume of pending applications.
Authorities have been instructed to give priority to this type of application, and all efforts are made to process the applications within two months.
The third country citizen, who has submitted an application and received the confirmation receipt described above, can reside legally in Greece for the duration of the confirmation receipt.
The holder of the confirmation receipt is entitled to the benefits of the residence permit that they have applied for once the authority has verified that the application fulfils all necessary conditions, they will issue a five-year residence permit.
FAMILY MEMBERS
Family members can enter the country at a later date from the applicant, from whom they draw their residence rights.
These family members are issued with a residence permit of the same duration as the Applicant.
The children of the applicant, who have been originally admitted to the country under the terms and requirements of residence permits, are issued an independent residence permit when they reach the age of 18 which can be renewed annually up to the age of 21.
Further renewals are possible in accordance with immigration legislation.
CERTIFICATION & TRANSLATION
The documents that are required for the application for a residence permit must be submitted in Greek, except for the documents issued by foreign authorities, which need to be certified.
There are two types of certification:
The Apostille stamp for countries that are parties to the Hague Convention.
Certification by the Consular for any countries that are not parties to the Hague Convention, a certification by the Greek consular in the country of origin of the document is required.
The translation of foreign public documents can be done:
By the Translation Service of the Ministry of Foreign Affairs, or A Greek lawyer.
Click and Download the Greek Residence Permit Guide.
