The Golden Visa program in Greece offers a five-year residence permit to non-EU nationals who invest in real estate within the country. This initiative has become increasingly attractive to international investors, especially with the recent legislative changes aimed at regulating the market and encouraging substantial investments.
What is the Golden Visa?
The Golden Visa is essentially a residence permit granted to individuals who make significant investments in Greece, primarily in real estate. This permit allows holders and their families to reside in Greece and travel freely within the Schengen Zone. Notably, there is no obligation for the investor to reside permanently in Greece; the permit provides the flexibility to live in the country at the investor’s discretion.
Updated Investment Requirements for 2025
As of 2025, the Greek government has revised the investment thresholds for the Golden Visa program:
- €800,000 Investment: Required for properties located in high-demand areas such as Athens, Thessaloniki, Mykonos, Santorini, and other islands with populations exceeding 3,100 residents.
- €400,000 Investment: Applicable to properties in other regions of Greece. In both cases, the investment must be made in a single property with a minimum size of 120 square meters.
- €250,000 Investment: This reduced threshold is maintained for specific categories:
- Properties designated as listed buildings requiring restoration.
- Properties converted from commercial to residential use, provided the conversion is completed before the application.
Restrictions on Property Usage
To ensure that properties acquired through the Golden Visa program serve their intended purpose, certain restrictions have been implemented:
- Short-Term Rentals Prohibited: Properties purchased under the program cannot be used for short-term rentals (e.g., Airbnb). Violating this condition may lead to the revocation of the residence permit and a fine of €50,000.
- Business Use Limitations: Properties intended for residential purposes cannot be repurposed as business premises or company headquarters.
Family Inclusion
The Golden Visa program extends its benefits to the investor’s immediate family members, including:
- Spouse
- Children under the age of 21
- Parents of both the investor and the spouse
Each family member must submit a separate application but can enjoy the same rights and privileges as the primary investor.
Required Documentation
For the Investor:
- Four recent passport-sized photographs and a digital copy.
- Valid passport or equivalent travel document.
- Proof of legal entry into Greece.
- Private health insurance coverage, preferably from a Greek provider.
- Property purchase agreement and proof of payment.
- Notarial deed confirming the transaction.
- Certificate of property registration from the Land Registry.
For Family Members:
- Four recent passport-sized photographs.
- Valid passport with entry visa.
- Birth certificate (if applicable).
- Private health insurance coverage.
- Marriage certificate or proof of family relationship, duly certified and translated.
Additional Requirements for Greek Golden Visa
Greek Bank Account: Investors must open a bank account in Greece. This process requires personal presence and submission of various documents, including proof of income, utility bills, and tax identification numbers.
Legal and Notarial Fees: Additional costs include transfer taxes (approximately 3.09%), notary fees (around 1.5% plus VAT), legal fees (approximately 1.5% plus VAT), and real estate agency fees (typically 2%).
Role of Greca House Real Estate Agency in Greece
Navigating the complexities of the Golden Visa application can be challenging. Greca House, a reputable real estate agency in Greece, specializes in assisting investors throughout the entire process. Their services encompass property selection, legal assistance, and coordination with relevant authorities to ensure a seamless experience.
Frequently Asked Questions
How long is the Golden Visa valid?
The residence permit is valid for five years and can be renewed indefinitely, provided the investment is maintained.
Can family members work in Greece?
The Golden Visa does not grant the right to work in Greece. However, family members can reside and study in the country.
Is there a residency requirement?
There is no obligation to reside in Greece. However, for those seeking citizenship, a minimum residency period of seven years is required, along with other criteria.
How long does the application process take?
The processing time varies but typically ranges from two to six months, depending on the completeness of the application and the responsiveness of the relevant authorities.
For personalized assistance and more information on the Golden Visa program, consider reaching out to Greca House. Their expertise can guide you through every step of the investment and application process.
Image: Unsplash, Dimitris Kiriakakis
