Greece golden visa: Affordable residency with family reunification benefits, Schengen freedom

The Greece Golden Visa is a residency-by-investment program that offers non-EU citizens the opportunity to obtain Greek residency by investing in real estate or other qualifying assets in Greece. Since its launch in 2013, this program has attracted investors seeking to gain residency, access public healthcare, education, and enjoy visa-free travel across the Schengen zone.

Key Features of Greece's Golden Visa

Investment Requirements

The minimum investment required for the Greek Golden Visa is €250,000, making it one of the more affordable Golden Visa options in Europe. The investment can be in real estate, government bonds, or other eligible assets. Real estate investments can vary depending on the location:

• €250,000 for residential properties (commercial conversions or restoration projects).

• €400,000 for properties in rural areas or less populated cities.

• €800,000 for properties in popular cities like Athens and Thessaloniki.

Processing Time and Stay Requirements

Applications typically take about six months to process, and there is no minimum stay requirement, allowing applicants to travel freely within the Schengen area. Once approved, the Golden Visa is granted for five years and can be renewed without the need to stay in Greece permanently.

Family Reunification

The Golden Visa allows investors to include their spouse, children under 21, and even parents and parents-in-law, making it a highly attractive option for families. This feature ensures that the benefits of the visa are extended to all immediate family members.

Benefits of Greece's Golden Visa

Right to Live and Work in Greece

Golden Visa holders enjoy the right to live, work, and travel across Greece and the entire Schengen zone, providing immense flexibility and opportunities for business and leisure.

Tax Benefits

Greece offers various tax incentives, particularly for retirees and digital nomads. Additionally, through the Double Taxation Treaty, investors may avoid double taxation on income, especially for international business owners.

Property Market Growth

Greece’s property market, which suffered from the 2008 financial crisis, is now on an upward trajectory, making the Golden Visa a great investment opportunity. The program not only offers residency but also the potential for profitable property returns.

Who is Eligible?

To apply for Greece's Golden Visa, you must:

• Be a non-EU citizen.

• Be at least 18 years old.

• Have a clean criminal record and medical insurance.

• Meet the investment requirements set by the program.

Golden Visa Investment Options

In addition to real estate, there are several alternative investment options:

• Government Bonds: Invest €500,000 in Greek government bonds.

• Business Investments: Purchase €800,000 in shares or bonds of Greek companies.

• Hotel Leases: A lease agreement of at least €400,000 in tourist accommodation properties.

Timeline for Obtaining Greece's Golden Visa

The process involves several steps:

1. Choose Your Property: Select a qualifying property and make your investment.

2. Legal Process: Obtain a Greek Tax Number, open a Greek bank account, and conduct due diligence.

3. Application Submission: Submit your visa application along with the required documents.

4. Visit Greece: Submit biometric data to authorities.

5. Approval and Residence Card: Once approved, receive your Golden Visa.

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6. Renewal: The visa is valid for five years and can be renewed indefinitely.

A Popular Path for Investors

Greece's Golden Visa has been particularly popular among investors from China, Turkey, Russia, and Lebanon. Between 2014 and 2021, more than 9,600 main applicants received their Golden Visas, injecting over €2.6 billion into the Greek economy. As of 2023, more than 31,000 Golden Visas have been issued.

Recent Updates and Opportunities

Greece has extended the deadline for those who made a 10% payment towards property investments by August 31, 2024. These investors now have until February 28, 2025, to finalise their contracts under the prior thresholds.