The Greek Golden Visa: A SImplified Program Overview
August 8th, 2024
Greece, with its stunning landscapes, rich history, and vibrant culture, offers a unique opportunity for non-European Union (EU) nationals to obtain residency through its Golden Visa program. Launched in 2013, this program is designed to attract foreign investment into the country, primarily through real estate. Here’s a comprehensive look at the Greece Residence by Investment program, including its costs and benefits.
Overview
The Greek Golden Visa program allows investors and their families to live, work, and study in Greece. The primary requirement is a significant investment in real estate. The initial visa is granted for five years, renewable for another five years, and holders can apply for permanent residency and eventually citizenship, provided certain conditions are met.
Investment Options
Real Estate Investment: Purchase real estate worth at least €250,000.
Capital Investment: Invest €400,000 in Greek company shares, bonds, or in a bank deposit.
Business Investment: Undertake business projects in Greece that contribute to the national economy, subject to specific requirements.
Additional Costs
Legal and Administrative Fees: Costs for legal assistance, notary fees, and application processing.
Taxes and Maintenance: Real estate purchases attract property transfer taxes, ranging from 3% to 24%, and annual property taxes.
Renewal Fees: The initial visa has a government fee, and renewals every five years incur additional fees.
Eligible Family Members
Under Greek law, the following family members of the main investor are eligible to be included in the residence application:
Spouse or Partner: The law allows the main applicant's spouse to be included. Greece does not currently recognize non-marital partners for this visa.
Children:
Minor Children: Children under the age of 21 can be included in the application.
Dependent Adult Children: Adult children who are financially dependent on the main applicant can also be included. Dependency must be proven through appropriate documentation, such as evidence of financial support and cohabitation.
Dependent Parents: Parents of the main applicant or the applicant's spouse can be included if they are financially dependent on the main applicant. This dependency must be substantiated through documentation demonstrating financial support and cohabitation, if applicable.
To include family members in the residence application, the following documents are typically required:
Marriage Certificate: For spouses.
Birth Certificates: For children.
Proof of Dependency: For dependent children over 21 and parents, documents such as financial statements, cohabitation records, and affidavits may be required.
Health Insurance: Comprehensive health insurance covering all family members in Greece.
Clean Criminal Record: Police clearance certificates for all family members over the age of 18 from their country of origin and any country they have resided in during the past five years.
The above are only some, but not all of the required documents.
Family members included in the Golden Visa application enjoy the same rights as the main investor, including the right to live, work, and study in Greece. They are also subject to the same renewal requirements and must comply with Greek laws and regulations.
Benefits
Residency and Mobility
Residency Rights: The visa grants the right to live and work in Greece, with no requirement to live in the country to renew the visa.
Family Inclusion: The visa can include the main applicant's spouse, children under 21, and dependent parents.
Schengen Zone Access: Visa holders can travel freely within the Schengen Area for up to 90 days within a 180-day period.
Path to Citizenship
Permanent Residency: After five years of holding the Golden Visa, investors can apply for permanent residency, provided they have lived in Greece for a minimum of six months each year.
Citizenship: After seven years of residency, investors can apply for Greek citizenship, which requires a basic knowledge of the Greek language and culture.
Lifestyle and Economic Benefits
High Quality of Life: Greece offers a high standard of living, excellent healthcare, education, and a diverse and welcoming culture.
Business Opportunities: Greece’s strategic location in Europe provides a gateway to the EU market, presenting numerous business opportunities.
Real Estate Appreciation: The Greek real estate market has shown robust growth, offering potential capital appreciation and rental income.
Conclusion
The Greece Residence by Investment program presents a lucrative opportunity for investors seeking European residency, offering a blend of lifestyle, business potential, and the prospect of citizenship. While the initial investment and associated costs are substantial, the benefits, including residency rights, family inclusion, and access to the Schengen Zone, make it an attractive option for many global investors. Whether through real estate, capital investments, or business ventures, the program provides a pathway to enjoying the myriad benefits Greece has to offer.
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