Greece Golden Visa Explained: How to Obtain a Residence Permit by Investment?

The Greece Golden Visa program is a well-known residency-by-investment scheme offering non-EU nationals the opportunity to apply for a residence permit in Greece. Greece undoubtedly has a lot to offer for an investor looking for quality of life combined with natural advantages as well as financial ones.

This blog post dives deeper into the Greek Golden Visa program: who can apply, how to do so, along with some upcoming changes.

What is the Greek Golden Visa?

The Greek government launched the residency by investment program called Golden Visa Greece in late 2013 to attract foreign direct investments into the country. The Greece residence permit is for non-EU citizens who invest in real estate; this program grants its holders free access and movement among European countries. It comes with residency rights in Greece for investors and their families as well, offering the right to travel freely across Schengen nations.

Eligibility Criteria for the Greek Golden Visa

To qualify for the Greek Golden Visa, applicants must meet specific investment and legal requirements:

•  Investment Options

The Greek Golden Visa offers several investment routes:

1. Real Estate Investment: The most common choice mandates a minimum real estate investment of €250,000. It now represents one of the lowest thresholds in Europe to be able to qualify for obtaining residency by investment
2. Lease Agreement: A 10-year lease agreement for hotel accommodations or furnished tourist residences worth at least €250,000 is also eligible
3. Capital Investment: On the other hand, a minimum of €400,000 allocation in Greek government bonds, stocks, or bank deposits can be eligible

• Legal and Financial Requirements

1. Clean Criminal Record: Applicants must have no criminal record in their home country as well as Greece
2. Health Insurance: All the applicants and their dependents must possess full medical insurance
3. Proof of Funds: Applicants must prove they are in possession or control of the legal investment funds necessary to make their investment

Application Process for the Greece Golden Visa

The process of obtaining a Greece residence permit by investment involves several steps:

• Choose Your Investment

The first thing is to choose the right investment. Real estate is the most followed option as it has a lower minimum investment threshold and property can appreciate over time.

• Preparation of Documents

Collecting required documents is very important. It includes your passport, evidence of legal income, proof that you are making it—an existing property purchase agreement as well as health insurance and no criminal record. All the translations and preparations of documents must be in Greek for an effortless application process.

• Make the Investment

Once your papers are sorted, go ahead with the investment. You will be required to sign a purchase agreement and complete the transaction, ensuring that property obtained by you is free of any legal encumbrances.

• Submit Your Application

Your Greece Golden Visa application can then be made to the appropriate government agency in Greece, either directly or through a lawyer. You will also have to upload all necessary documents and pay the application fee. 

• Biometric Data Collection

You and any dependents you are applying with will have to go to Greece in order for your biometric data, i.e., fingerprints and photographs, to be collected as part of the process. 

• Issuance of the Residence Permit

If your application is approved, you will receive a five-year residence permit. This license can then be renewed for another five years, maintaining the investment requirements.

Benefits of the Greek Golden Visa

The Greek Golden Visa offers numerous benefits, making it an attractive option for non-EU citizens:

• Visa-Free Travel in the Schengen Zone

Through the Greek Golden Visa, one has access to free travel around in 26 Schengen Area states, making commuting a facile task throughout Europe.

• Residency for the Entire Family

The visa includes the spouse of the investor, children under 21, and even their parents-in-law, thus providing a European residency to your entire family.

• No Minimum Stay Requirement

Unlike most other residency programs, the Greek Golden Visa scheme does not require you to spend any specific amount of time within Greece and is very content for their primary residence status outside of the country.

• Path to Citizenship

The Greek Golden Visa does not offer automatic citizenship, although it lays a clear path to gain the entitlement after seven years of unbroken residency and fulfillment of other key conditions besides proficiency in language as well as integration.

• Real Estate Investment Potential

The property market in Greece offers great prospects for capital gains and rental yields, particularly appealing to the large number of tourists visiting regions from Athens, Crete, or investing on islands like Cyclades.

Upcoming Changes to the Greece Golden Visa Program

Important Update:

The Greece Golden Visa Program is going to be subjected to great alterations. Effective from 1 September, the minimum real estate investment threshold will rise from €250,000 to €800,000. But investors can still apply at the existing rate if they put a 10% deposit down by August 31, 2024. 

This is a rare, time-sensitive opportunity, and it offers clear visibility to what must be done in this existing, less favorable investment environment. Ideal applicants are advised not to delay in applying for a Golden Visa at the present investment amount.

How FRR Immigration Can Help Indian Investors with the Greek Golden Visa?

The Greek Golden Visa program can be difficult to navigate, especially with the changes in investment thresholds on the horizon. At FRR Immigration, we have expertise in residency-by-investment programs and are here to help the Indian investors.

FRR Immigration provides end-to-end support in order for you to apply under this category and make your application process easier, which includes choosing the suitable investment option, preparing necessary documents, and submission of an application. Our team knows what Indian investors need, and we can offer personalized guidance based on your situation.

If you are also thinking of applying for a Greece Residence Permit by Investment, then the FRR Immigration team is here to support and assist like a professional. 

Contact us now to learn more.