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Are you thinking about relocating to Greece? If so, after looking for the most effective methods to get a Greece residence permit you’ll come across the Greece Golden Visa. The program provides a special opportunity for investors who wish to live in the heart of the Mediterranean. Greece's rich history, breathtaking landscapes, and vibrant culture make it a desirable destination for those seeking to improve their quality of life. Besides, there are lots of other benefits and opportunities as well. In this comprehensive guide, we will list the advantages of the Greece Golden Visa program, the available investment options, the necessary documentation, and much more.
Key Takeaways:
- Greece Golden Visa is a program that allows people to get a residence permit in Greece by investing at least €250,000 in real estate or other investment opportunities (mentioned in the article).
- The program is for non-EU/EEA citizens, who are at least 18 years old, have a clean criminal record, and good health.
- The program has many benefits such as the right to live in Greece, access to all the Schengen countries, an optimized tax system, family reunification, opportunity to obtain Greek citizenship.
What is a golden visa in Greece and how it works?
The Greece Golden Visa, also known as the Greece investment visa, is a program that allows non-EU residents to get Greek residence permits by investing in real estate or other assets in Greece. Applicants can also include their spouse and children under the age of 21 in the program. Parents and parents-in-law can receive cards as well. A Golden Visa in Greece allows you to live there with your family and enjoy public healthcare and education benefits, too.
The program was launched in 2013 and in 2022, more than 31,000 Greek Golden Visa permits were issued to main applicants and their dependents combined. These applications resulted in over €2.6 billion in global funds inflow into Greece.
At first glance, the Greece Golden Visa program may look like lots of research and paperwork, but once you find your ideal consulting agency, everything will fall into place.
5 Benefits of getting a Greece golden visa as an investor
As we’ve already mentioned before, one of the most effective methods of getting a Greece residence permit is acquiring a Greece Golden Visa. The main beneficiaries of the program are investors. It grants a five-year residency permit to non-EU citizens who invest in Greek real estate or businesses. Let’s explore some key benefits of the program.
1. Right to live in Greece
Greece residency by investment grants you and your family the right to live in Greece without minimum stay requirement, allowing you to maintain flexibility in your residency. This right includes access to Greece's public healthcare and education systems, ensuring your family's well-being and educational needs are met.
2. Access to all the Schengen countries
With a Greece investment visa, you can travel to all 29 Schengen countries. The main limitation is that you can have only short visits for 3 months (90 days) every 6 months. This provides a good opportunity for travel and exploration across Europe's diverse destinations.
3. Optimized tax system
As there’s no minimum stay requirement, you don’t need to pay taxes in Greece unless you live there more than 183 days a year. If you spend more than the specified period in Greece, you’ll become a tax resident.
There’s a special low pensioner tax law for people who moved their tax residency to Greece. During the next 15 years, they’ll be taxed the 7% of their income.
4. Family reunification
With Greece permanent residency by investment, your spouse and children under 21 can join you in Greece and enjoy the benefits of it. The program also offers an Extended Family benefit, allowing the principal applicant's parents and parents-in-law to also receive residency permits without additional requirements. This means that the Golden Visa extends its benefits to your immediate family as well as your extended family members.
5. Option to obtain Greece citizenship
After living in Greece for seven years, you’ll be eligible to apply for Greek citizenship, which requires demonstrating proficiency in the Greek language as well as knowledge of its history and culture. With Greek citizenship, you’ll have an EU passport and will enjoy visa-free or visa-on-arrival travel to over 180 countries worldwide. As a Greek citizen, you’ll be eligible to live, work, and study in Greece or another EU country. Once you receive citizenship, you no longer need to maintain your investment.
6 investment opportunities: How can you become an investor in Greece?
You can invest in Greece's golden visa program by choosing one of these options:
Real Estate Investment Options:
- Minimum €250,000 investment in real estate, except in municipalities in Athens, Thessaloniki, Mykonos, and Santorini. This investment can be in one or across multiple properties. (Important: This investment threshold is about to be increased to €400,000 by the Greek Government by Q4-2024)
- Minimum €500,000 investment in real estate in municipalities in Athens, Thessaloniki, Mykonos, and Santorini, as of July 31st, 2023. This investment needs to be in one single property. (Important: This investment threshold is about to be increased again, now to €800,000, by the Greek Government by Q4-2024)
- 10 years of a lease agreement, whether signed for hotel accommodations or furnished tourist residences in integrated tourist resorts.
Other Investment Options:
Minimum €400,000 investment in
- Greek government bonds,
- Bonds or shares of real estate investment companies in Greece,
- Shares and bonds of venture funds and private equity firms headquartered in Greece.
Eligibility Criteria
A clear understanding of the eligibility criteria is the key to the process of obtaining a Greece Golden Visa. Let's break down what are the Greece golden visa requirements.
Requirements for the Greece Golden Visa:
- Be a non-EU/EEA country citizen,
- Be at least 18 years of age,
- Have a clean criminal record,
- Have medical insurance for yourself and your family,
- Be of good character.
Documents needed for the Greece Golden Visa Application:
- Two copies of the application form,
- 4 recent, colored passport pictures following the Schengen Visa photo requirements,
- A certified copy of all the pages of the valid passport,
- Certified proof of an active Schengen Visa (if applicable) for applicants and their family members,
- Certified evidence of active Greek health insurance for all applicants and their family members,
- Certified proof of payment of processing fees and relevant government fees,
- Proof of sufficient funds in bank accounts,
- Notarized real estate purchasing agreement or documents related to the investment that can be used as proof of completion of the investment.
Greece Golden Visa is initially issued for 5 years. After that, you need to renew your residence permit, which can be done, if:
- The real estate property remains in the full ownership of the applicant,
- The relevant leases/contracts still are valid and meet the requirements.
For the Greece Golden Visa renewal process you need:
- A completed application form,
- Four recent color passport photos,
- A true copy of a valid passport or other travel documents recognized by Greece,
- A certified copy of your previous permanent residency card,
- Certification by an insurance agency for the cost of hospitalization and medical care,
- Insurance contracts signed outside of Greece, explicitly mention coverage for your stay in Greece,
- Insurance contracts signed in Greece.
How to get a Golden Visa in Greece?
We’ve already mentioned the benefits, opportunities, investment options, and required documentation for getting a Golden Visa in Greece. Now let’s move forward and explore the process of getting the Greece Golden Visa with a structured approach:
Step 1. Consult with an agency and Select Your Property
In this initial phase, you must understand the investment criteria and choose a property that meets the minimum investment amount (€250,000 or €500,000, depending on the location). The team behind Mirabello Consulting Agency is equipped to assist you in finding the ideal property from a range of Greece Golden Visa properties available.
Step 2. Complete Legal Procedures
Completing the legal procedures for obtaining a Greece Golden Visa involves several key steps, each critical to the success of your application. First, you'll need to obtain a Greek Non-Resident Tax number, a fundamental requirement for any financial transactions or investments in Greece. Next, opening a Greek bank account is essential, as it demonstrates your commitment to investing and residing in the country. Additionally, you may choose to execute a power of attorney, granting someone else the authority to act on your behalf in specific legal or financial matters related to your Golden Visa application.
Step 3. Finalize Property Acquisition
Finalizing the acquisition of your chosen property in Greece is an important step towards obtaining your Golden Visa. To begin, a lawyer will conduct a thorough 'Legal Due Diligence' on the property, ensuring that it meets all legal requirements. Once this is completed satisfactorily, you will proceed to acquire the promissory sale and purchase agreement, outlining the terms of the transaction. Finally, you will execute a public deed, officially transferring ownership of the property to you.
Step 4. Initiate the Application Process
Initiating the application process for your Greece Golden Visa requires the preparation of all necessary documents. This includes gathering personal identification documents, proof of investment funds, a valid passport, health insurance coverage, and any other required paperwork (listed above). Ensuring that all documents are complete and in order is crucial for a smooth application process.
Step 5. Submit your data
Submitting your biometric data is a key requirement in the application process for the Greece Golden Visa. This stage involves providing your fingerprints and possibly other biometric information to the relevant Greek authorities. This data is used to verify your identity and process your application.
Step 6. Receive Your Greece Golden Visa Approval
Upon completion of the previous steps, your Golden Visa application will be reviewed and approved, leading to the issuance of a Greece Golden Visa.
Conclusion
In summary, the Greece Golden Visa program opens new doors and opportunities in Europe for individuals and their families. The program's straightforward application process, tax advantages, and access to the Schengen Area make it an attractive option for many. To reduce the overwhelming process of research, documentation, and paperwork, Mirabello Consulting Agency has listed the key benefits, and investment opportunities and described the process of obtaining a Greece residence permit with a Golden Visa Card.
