The Complete Process of Applying for a Greek Golden Visa: A Practical Guide

Table of Contents

1. Introduction to the Greek Golden Visa Program
2. Benefits of the Greek Golden Visa
3. Eligibility Requirements
4. Investment Options
5. Step-by-Step Application Process
6. Required Documents
7. Processing Times and Fees
8. Legal Considerations
9. Living in Greece with a Golden Visa
10. Renewal and Permanent Residency
11. Potential Challenges and How to Overcome Them
12. Comparison with Other European Golden Visa Programs
13. Conclusion
14. FAQs

1. Introduction to the Greek Golden Visa Program

The Greek Golden Visa program, officially known as the Greece Residence by Investment Program, was introduced in 2013 as part of the country’s efforts to attract foreign investment and stimulate economic growth. This initiative offers non-EU citizens the opportunity to obtain a residence permit in Greece through strategic investments in the country’s real estate market or other approved sectors.

As one of the most popular residency-by-investment schemes in Europe, the Greek Golden Visa has attracted thousands of investors from around the world. Its appeal lies in the combination of relatively low investment thresholds, the beauty and rich culture of Greece, and the potential for eventual EU citizenship.

2. Benefits of the Greek Golden Visa

The Greek Golden Visa program offers numerous advantages to successful applicants:

• Residency rights in Greece for the main applicant and their family members
• Visa-free travel within the Schengen Area for up to 90 days in any 180-day period
• No requirement to reside in Greece to maintain the visa
• Access to high-quality healthcare and education systems in Greece
• Potential for real estate investment appreciation
• Path to permanent residency and citizenship after seven years
• Opportunity to live in a country with a high quality of life and rich cultural heritage

3. Eligibility Requirements

To be eligible for the Greek Golden Visa, applicants must meet the following criteria:

• Be at least 18 years old
• Have a clean criminal record
• Possess valid health insurance coverage
• Make a qualifying investment in Greece (more details in the next section)
• Prove the legal source of investment funds
• Not pose a threat to public order or national security

Family members eligible for inclusion in the application are:

• Spouse or registered partner
• Children under 21 years of age
• Parents and parents-in-law of the main applicant and spouse

4. Investment Options

The Greek Golden Visa program offers several investment routes:

4.1 Real Estate Investment

The most popular option is investing in real estate. Applicants can choose to:

• Purchase one or more properties with a minimum total value of €250,000
• Enter into a 10-year timeshare agreement for hotel accommodations or furnished tourist residences in integrated tourist resorts, with a minimum value of €250,000
• Lease a hotel or tourist residence for at least 10 years, with a minimum value of €250,000

4.2 Financial Investment

Alternatively, investors can opt for financial investments, such as:

• Purchase of Greek government bonds with a minimum value of €400,000
• Capital contribution of at least €400,000 to a Greek company
• Purchase of shares or bonds of real estate investment companies worth at least €400,000

4.3 Business Investment

For those interested in entrepreneurship, the program allows for:

• Investment of at least €400,000 in a new or existing Greek company
• Creation of at least 10 full-time jobs for Greek or EU citizens

5. Step-by-Step Application Process

The application process for the Greek Golden Visa involves several steps:

1. Investment Selection: Choose the investment option that best suits your goals and financial capacity.
2. Property Search (if applicable): If opting for real estate investment, conduct thorough research and select suitable properties.
3. Legal Representation: Engage a Greek lawyer to assist with the application process and property transaction.
4. Tax Registration: Obtain a Greek tax number (AFM) from the local tax office.
5. Investment Execution: Complete the chosen investment, whether it’s purchasing property, making a financial investment, or establishing a business.
6. Document Preparation: Gather all required documents, including those related to the investment and personal information.
7. Application Submission: Submit the application and supporting documents to the Greek immigration authorities.
8. Biometrics Collection: Provide biometric data (fingerprints and photographs) at a designated location in Greece.
9. Application Review: Wait for the authorities to process and review your application.
10. Approval and Visa Issuance: Upon approval, receive your residence permit card.

6. Required Documents

The following documents are typically required for a Greek Golden Visa application:

• Completed application form
• Valid passport with at least six months of remaining validity
• Recent passport-sized photographs
• Proof of investment (e.g., property purchase contract, investment certificates)
• Proof of income or sufficient financial means
• Criminal record certificate from the country of origin or residence
• Medical certificate proving good health
• Proof of health insurance coverage valid in Greece
• Marriage certificate and birth certificates of children (if applicable)
• Power of attorney for legal representation in Greece

All documents must be officially translated into Greek and apostilled or legalized, depending on the country of origin.

7. Processing Times and Fees

The processing time for a Greek Golden Visa application typically ranges from 2 to 4 months, depending on the completeness of the application and the workload of the immigration authorities. However, it’s important to note that the entire process, including property search and investment execution, can take longer.

Fees associated with the Greek Golden Visa program include:

• Application fee: €2,000 for the main applicant, €150 for each family member
• Residence permit issuance fee: €16 per person
• Legal fees: Vary depending on the complexity of the case and chosen service provider
• Property transfer tax (for real estate investments): 3.09% of the property value
• Notary fees and registration costs: Approximately 1-2% of the property value

8. Legal Considerations

When applying for a Greek Golden Visa, it’s crucial to be aware of several legal considerations:

• Due Diligence: The Greek authorities conduct thorough background checks on applicants to ensure the legitimacy of funds and personal history.
• Property Ownership: Non-EU citizens may face restrictions on purchasing properties in border areas or on certain islands. Consult with a legal expert to ensure compliance.
• Tax Implications: Understand the tax obligations in Greece, including property taxes and potential income tax if you become a tax resident.
• Inheritance Laws: Familiarize yourself with Greek inheritance laws, which may differ from those in your home country.
• Investment Maintenance: The investment must be maintained throughout the duration of the residence permit to ensure its validity.

9. Living in Greece with a Golden Visa

The Greek Golden Visa offers flexibility in terms of residency requirements. Unlike some other residency programs, there is no minimum stay requirement to maintain the visa. However, to fully enjoy life in Greece and potentially qualify for permanent residency or citizenship, consider the following aspects:

9.1 Healthcare

Greece has a public healthcare system, but many expats opt for private health insurance for quicker access to services and a wider range of options. Ensure your health insurance coverage is comprehensive and valid in Greece.

9.2 Education

If relocating with children, research the education options available. Greece offers public schools, private international schools, and universities with programs in English.

9.3 Language

While it’s possible to get by with English in tourist areas, learning Greek will significantly enhance your experience and integration into Greek society.

9.4 Culture and Lifestyle

Embrace the Greek way of life, including the Mediterranean diet, outdoor lifestyle, and strong sense of community. Participating in local events and traditions can help you feel more at home.

10. Renewal and Permanent Residency

The initial Greek Golden Visa is valid for five years and can be renewed as long as the investment is maintained. The renewal process involves submitting an application and updated supporting documents.

After seven years of continuous residency, Golden Visa holders may be eligible to apply for permanent residency or Greek citizenship. Requirements for citizenship include:

• Proof of sufficient knowledge of the Greek language, history, and culture
• Continuous legal residency in Greece for the required period
• Clean criminal record
• Demonstrating integration into Greek society

11. Potential Challenges and How to Overcome Them

While the Greek Golden Visa program offers numerous benefits, applicants may face certain challenges:

• Language Barrier: Engage professional translators and interpreters to assist with documentation and communication.
• Bureaucracy: Be prepared for potentially slow administrative processes. Patience and thorough preparation of documents can help smooth the process.
• Property Market Complexities: Work with reputable real estate agents and lawyers to navigate the property market and avoid potential pitfalls.
• Cultural Adjustment: Take time to learn about Greek culture and customs to ease the transition if you plan to spend significant time in the country.
• Economic Fluctuations: Stay informed about economic trends in Greece and the EU to make informed investment decisions.

12. Comparison with Other European Golden Visa Programs

While the Greek Golden Visa program is attractive, it’s worth comparing it to other European options:

• Portugal: Offers a similar program with a €500,000 real estate investment threshold, but with a faster path to citizenship (5 years).
• Spain: Requires a higher investment of €500,000 in real estate, with a longer path to citizenship (10 years).
• Malta: Offers a faster route to EU citizenship but requires a higher investment and includes a donation component.
• Cyprus: Recently terminated its citizenship by investment program but still offers a residency option with a higher investment threshold.

Greece’s program stands out for its lower investment threshold and the appeal of its Mediterranean lifestyle.

13. Conclusion

The Greek Golden Visa program presents a compelling opportunity for non-EU citizens seeking residency in a European country known for its rich history, beautiful landscapes, and high quality of life. With its relatively low investment threshold and flexible residency requirements, it has become one of the most popular golden visa schemes in Europe.

However, the process of obtaining a Greek Golden Visa requires careful planning, thorough research, and often professional assistance. Prospective applicants should carefully consider their investment options, understand the legal and financial implications, and be prepared for the bureaucratic processes involved.

By following the steps outlined in this guide and seeking expert advice when needed, investors can navigate the application process more smoothly and potentially enjoy the numerous benefits of Greek residency. Whether your goal is to secure a holiday home, diversify your investment portfolio, or pave the way for future EU citizenship, the Greek Golden Visa program offers a pathway to achieve these objectives in one of Europe’s most captivating countries.

14. FAQs

Q1: Can I work in Greece with a Golden Visa?

A1: Yes, Golden Visa holders are permitted to work in Greece. However, if you plan to engage in economic activities, you may need to obtain additional permits depending on the nature of your work.

Q2: Do I need to speak Greek to apply for the Golden Visa?

A2: Knowledge of Greek is not required for the initial Golden Visa application. However, if you plan to apply for citizenship in the future, you will need to demonstrate proficiency in the Greek language.

Q3: Can I buy multiple properties to reach the €250,000 investment threshold?

A3: Yes, you can purchase multiple properties as long as their combined value meets or exceeds the €250,000 threshold. This can include residential, commercial, or a mix of property types.

Q4: How often do I need to visit Greece to maintain my Golden Visa?

A4: There is no minimum stay requirement to maintain the Greek Golden Visa. However, if you’re aiming for permanent residency or citizenship in the future, you should plan to spend more time in the country.

Q5: Can I include my adult children in my Golden Visa application?

A5: Children over 21 years of age cannot be included in the main applicant’s Golden Visa. However, they may be eligible to apply for their own residence permit under certain conditions, such as being financially dependent on the main applicant.

Article reviewed by Charlotte Bennett, Senior Corporate Strategist | Mentor to Next-Gen Leaders | Navigating Business Transitions, on March 1, 2025