The Golden Visa program in Greece offers an affordable real estate investment route to permanent residency in Europe. An investment of 250.000€ is required in real estate in Greece making the Greek programme the lowest investment level of any real estate residency visa scheme in Europe. The property, which can be located anywhere on the Greek mainland or the islands, can be either residential or commercial. Any number of properties can combine to make up the 250.000€ minimum investment. Joint buyers can combine investments into one property.
Generally, the following conditions must be fulfilled to receive a permanent residence permit of investor, which shall be renewed every five (5) years:
- The real estate property must be owned by and be in possession of its owners.
- In cases of joint ownership, where the value of the property is €250.000, the residence permit is only granted if the owners are spouses with undivided ownership of the property. In all other cases of joint ownership, the residence permit is only granted if the amount invested by each of the joint owners is at least €250.000.
- If the owner has acquired the property through a legal entity, the applicant must own 100% of the company shares.
- The residence permit is also granted in cases where the third country citizen is the owner, either directly or through a legal entity, of more than one real estate property with a combined value of at least €250.000.
- In cases where the applicant wants to enter the country with a type D visa, the documented intention to own property should be supported by documentation which prove the financial capacity (e.g., certificate of an A-class certified bank, or other recognised financial institution), which certify the existence of bank accounts or other mobile assets, such as bonds or shares, which can cover the cost of the investment of at least 250.000€, and which certify the intention of the applicant to purchase the property (contract with a law firm or with a real estate office). 6
- In the case of third country citizens who have signed a lease of at least 10 years for hotel accommodations or furnished tourist residences in integrated tourist resorts, provided the minimum value of the lease is €250.000, the contract must require a single payment of the lease for the equivalent of the ten year leasing of the property.
Applicants gain the right to live in Greece although there is no requirement to do this. With the residency card all family members will have freedom to travel to and throughout the EU Schengen visa zone with ease and without further visa applications.
This residence permit is permanent.. The holder of the residence permit is however required to renew it every five (5) years. Renewal of residence permits for owners of real estate – Preconditions. The residence permit shall be renewed every five (5) years. To renew the residence permit, the following conditions must be met: The real estate property must remain in the full ownership of the applicant. The relevant leases/contracts must be ongoing. If the resident sells the property to another non-EU citizen, the Greek residency becomes transferable to the new investor.
