What is a Golden Visa?
“Golden Visa” is the residency permit granted by some countries to investors. The investment is usually real estate, but it can also be an investment into securities, bank deposits or businesses.
In Greece it is called Residence Permit for Investors.
How much money do I need for a Golden Visa?
In Greece the minimum amount required to be invested is 250,000 euros, which is the most affordable one. This concerns investment in certain real estate properties (properties converted into residences and properties of a particular historical interest under restoration) and in start-ups.
Depending on the type of investment the minimum amount of investment required may vary. Some examples:
| Investment type | Minimum amount |
| Real estate in Athens, Thessaloniki, Mykonos, Santorini, Crete, and larger islands | €800,000 |
| Real estate in other regions | €400,000 |
| Commercial-to-residential conversion or heritage restoration properties | €250,000 |
| Start-up business investment | €250,000 |
| Bank term deposits | €500,000 |
| Alternative Investment Fund | €350,000 |
| Government bonds | €500,000 |
Do I need to live in Greece?
No, the Golden Visa program in Greece does not require any minimum stay either before filing the application or after obtaining the residency. In practice, one trip to Greece is required as a minimum, in order to complete the application process.
What are the benefits of Golden Visa?
Besides residency- the right to reside in Greece permanently for the entire duration of the residence permit- Schengen access is a big draw for most investors. Greece being a member State of the Schengen area, the residence permit allows you to travel across the 26 Schengen countries visa- free.
What happens to the Golden Visa property?
After completion of the purchase, the property must be registered in your name at the land registry and with the tax authorities. There is an annual property tax, payable by the person who is owner of real estate on 01/01 of each year.
The real estate property may thereafter be leased (long-term lease, not short-term/ Airbnb) and generate income (rents) for the investor. This income is taxable in Greece.
In case the investor no longer wishes to maintain the Golden Visa, the property may be sold.
How long does the Golden Visa last? Is the permit permanent?
The Greek Residence Permit for Investors is granted for 5 years and it can be renewed indefinitely as long as you keep the qualifying investment in place.
What is the process to obtain a Golden Visa in Greece?
The first step is to find a suitable investment and trusted professionals to assist in the investment process (real estate brokers, lawyer, bank).
The second and most important step is to effect the investment and this is the most important step, as the investment as well as the manner in which it is effect must qualify for Golden Visa (minimum amount to invest, type of investment and type of property, manner of investment and of transfer of the investment funds, etc). This is where trusted and experienced professionals are very useful.
The thirst step is to apply for the residency permit: first submit the application along with the supporting documentation and then complete the process by providing biometrical data (fingerprints and photos).
The final step is to collect the residence card.
How long does the whole process take?
The processing time varies depending on the local authority, the type of investment and the preparation of the application. Complete and well-prepared application files are moving faster.
Do I need to be in Greece or travel to Greece for the process?
No, you do not need to be physically in Greece throughout the process. Especially in case you hire a lawyer, the lawyer will typically handle all the process through a power of attorney. It is therefore very important to hire a trusted and experienced professional.
Typically, you only need to travel to Greece once, in order to file your biometric data: fingerprints and photos.
Does Golden Visa lead to citizenship?
The path to Greek citizenship requires seven years of continuous legal residence. However, solely holding the residence card is not sufficient. In order to qualify for citizenship, the applicant must additionally pass a test to show sufficient knowledge of the Greek language and culture, and demonstrate that he/ she has integrated into the Greek community.
Can family members be included in Golden Visa?
Yes, family members of the investor may also apply and receive a residence permit. Family members include: the spouse, children under the age of 21 years old and the parents of both spouses.
Does Golden Visa affect tax residence?
In order to invest in Greece, a Greek tax number is required. Golden Visa however does not automatically affect the tax residency. A tax number as a non- tax resident is often issued. Find out more about Greek tax residence here.
Do I need a lawyer to apply for Golden Visa?
Technically and legally it is not mandatory to hire a lawyer for this process, but it is highly recommended to hire a lawyer as the requirements, the process, the language and the bureaucracy can render the process quite complex, especially for foreigners. The risks of trying to handle the process without a lawyer are high, in that your investment may not qualify for the Golden Visa, the application file may not be complete, the process may be delayed unnecessarily and communication may be difficult, both with the counter-parties and the authorities.
What does a Greek lawyer do in the Golden Visa process?
A Golden Visa lawyer advises and assists both at the level of the investment and at the level of the residency application and renewal.
The lawyer will advise you on qualifying investments, review suitable options, draft and prepare the required paperwork, ensure your interests are safeguarded, the property is clear of encumbrances, the ownership title is properly registered in your name, the documents are legal and translated into Greek, collect the supporting documents and prepare the application file, submit the application and liaise with all parties involved (bank, seller, accountant, immigration authorities), provide additional information and clarifications where required by the immigration authorities.
Very often, lawyers handle also the issuance of a Greek tax number for non- tax residents and may assist as well for the opening of a bank account and the management of the property after the purchase.
In case you reside abroad, the lawyer can handle the entire process without requiring you to travel to Greece, through a notarial power of attorney.
ILAG Tanasidou Synodinou Law Firm provides a full range of services to investors wishing to apply for Golden Visa in Greece.
We aim to provide a one- stop shop experience, transparent, comprehensive and with minimum effort for our clients.
The above is provided for informational purposes. Individual legal advice should be sought before proceeding to any actions.
Should you require additional information about our services, please do not hesitate to contact us.
