The ability to move freely throughout much of modern Europe without visas and bureaucratic restrictions is provided either by citizenship or residence in one of the countries of the European Union. Unfortunately, in today’s world there are fewer and fewer opportunities to obtain a residence card of an EU state for investments in the economy.
One of these few programs is the “Golden Visa Greece”, which has been running since 2013. After spending only €250,000 to buy real estate, you will get a Greek residence permit. The immigration status of a foreign investor can be extended an unlimited number of times, and if the residence card was made to move to Greece, the next logical step is to obtain an indefinite residence permit and European citizenship.
Why will it be beneficial for you to buy real estate to obtain a Greek residence permit?
1. Accessibility
Investing in real estate in Greece will allow you to become a resident of the EU country for as little as €250,000, excluding additional fees.
2. Simplicity of procedure
The process of applying for a Golden Visa in Greece is streamlined and is not complicated by complicated bureaucratic procedures, even if you need to buy local real estate. With the help of Imperial & Legal’s lawyers, a turnkey Greek residence permit will take no more than 4 months.
3. absence of significant restrictions
The Greek immigration program is convenient because there are minimal requirements for new residents. To be able to extend your visa, you will not need to move to Europe or stay in the homeland of Aristotle and Socrates for a long time.
Essentially you can invest in Greek real estate just to be able to travel seamlessly through Schengen jurisdictions, without changing your place of residence.
4. Residence permit for relatives
The participant of the investment program in Greece has the possibility to obtain a European residence permit not only for himself, but also for his immediate family members: spouses, partners, unmarried financially dependent children under the age of 21, as well as dependent parents.
5. Financial benefit
Due to investment activity, real estate in the Hellenic Republic is steadily increasing in value, even those properties that are located in remote parts of the country. Therefore, you will get significantly more money than you spent when you sell your Greek real estate.
If the real estate property is purchased only for the purpose of obtaining a residence permit in Greece, without plans to relocate, you will be able to rent out your Greek property. The average rental income is about 5% per annum in euros. The proceeds from this will cover all your expenses for the maintenance of your property many times over.
6. Possibility of extension
The Greek Resident Card issued to a foreign investor is valid for a maximum of 5 years. But you can always extend your residence card for the same period of time if you remain a Greek property owner. In other words, your residence permit in Greece will be extended because you fulfil the main condition of the investment program.
7. EU citizenship
If the investment is in a residential property, or to put it simply, if you are not only buying a house or apartment for visa-free travel to Europe, but also plan to settle in Greece, after 5 years you will have the opportunity to apply for permanent residence. And 7 years of permanent residence on Greek soil combined with a high level of your integration into the local society opens the way to Greek citizenship.
Advantages of Greek residency status
Our story would be incomplete if we did not tell you about the opportunities of this wonderful country for those investors who are planning to immigrate to Europe:
Modern Greece is a prosperous European country with a good climate, as well as high safety standards, quality medical care and good education.
Since Greece is a full member of all significant integration processes in Europe, the holder of a residence card does not need to obtain a visa for travel within the Schengen area.
Entrepreneurs value Greece for its unique business opportunities, which include tax incentives, state support, a developed financial sector of the economy and access to solvent EU markets.
Significant tax benefits for foreigners with Greek residency status are another strong argument in favour of participating in the investment program.
Buying real estate in Greece opens the way to obtaining a European residence permit for you and your family. This status entitles you to free movement in the Schengen area, residence in the country and profitable investments. Imperial & Legal experts will help you at every stage – from choosing a property to obtaining a residence permit, providing legal support and professional advice for a comfortable move and successful investment in the EU.
Depending on the category to which a foreign tax resident classifies himself, he may use the following optimization tools:
A wealthy foreign investor is not considered a Greek domicile for the first 15 years of his residence, so he can pay a fixed amount of tax on all his foreign income, which leaves €100,000 per year.
Those who call themselves digital nomads, as well as aspiring entrepreneurs and salaried employees in Greek companies can get a 50% discount on their income tax for the first 7 years of their residence in Greece.
Foreign pensioners as well as financially independent persons can benefit from a preferential regime in Greece and pay only 7% tax on their income abroad in Greece.
How many countries can an investor with a Greek residence permit visit without a visa?
The Hellenic Republic is part of the Schengen area. It should be recalled that within the Schengen area citizens of different European countries cross state borders without visas and passport control.
Holders of the Greek Resident Card can travel freely within the territory of 29 countries. This number includes almost the entire European Union – 25 countries, except for Cyprus and Ireland, as well as several independent jurisdictions, including Switzerland, Liechtenstein, Norway and Iceland.
With a Greek investment residence permit you will not only visit most of modern Europe without any visas and additional permits. The total time of your stay without registration in other Schengen jurisdictions within six months can be up to 90 days.
If you need more opportunities for traveling, after 7 years of residence you can apply for Greek citizenship. The Greek passport ranks 6th in international rankings, as its holders can visit 189 countries around the world without prior bureaucratic red tape.
Three options for investing in real estate to obtain a residence permit in Greece
The Greek government uses the investment program as an effective tool to improve life in the country. Depending on the “investment zone” your real estate purchase costs will be:
€250,000 – funds are only allocated to specific properties. There is no connection to the area and location of the property to be purchased. As a rule, it is a question of converting commercial real estate into residential real estate or acquiring buildings for restoration from a list approved by the authorities.
€400,000 – the entire amount is allocated for the purchase of a single property in Greece, which must not be smaller than 120 square meters. Often such properties are located in rural areas or in sparsely populated regions of the country.
€800,000 or more will be required to invest in real estate located in developed and well-populated areas of the Hellenic Republic. These include Athens, Thessaloniki, Attica, Santorini, Mykonos and Greek islands with a population of more than 3,100 people.
Alternative ways to invest in a Greek residence permit
If buying real estate does not suit you, there are several other investment mechanisms for obtaining a residence permit in Greece.
| Option | Type ofinvestment | Amount | Terms and conditions |
| 1. | Buying shares | €500 000 | Increasing the share capital or acquiring bonds of companies operating and based in Greece. |
| 2. | €500 000 | Increase in the share capital of an investment company investing only in real estate in Greece. | |
| 3. | €400 000 | Shares in a private investment fund or venture capital fund that invests its cash only in Greek companies are purchased. | |
| 4. | Buying Greek Debt Obligations | €500 000 | The bonds are purchased through Greek financial institutions. The maturity of government bonds purchased as an investment must be at least 3 years from the date of purchase. |
| 5. | Purchase of shares and bonds of companies registered in Greece | €800 000 | All securities are purchased in Greece either on a regulated stock market or on multilateral trading venues. |
| 6. | Purchase of a share in a mutual fund | €350 000 | Equity participation in a mutual fund that is registered either in Greece or in an EU country and invests unit holders’ funds in securities of Greek companies and Greek government bonds. |
| 7. | Term bank deposit | €500 000 | It is opened in one of the financial institutions in Greece for a period of 1 year or more, with regular renewals. |
| 8. | Rent or timeshare | €400 000 – €800 000 | The lease or timeshare agreement is for 10 years with furnished tourist residences or a hotel. The exact amount of the deal depends on the region of investment. |
Algorithm of obtaining a Greek residence permit for the purchase of real estate
The whole procedure of obtaining the status of a resident of Greece for the purchase of real estate is conditionally divided into 7 steps:
1. Consultation with Imperial & Legal
It will be much easier for an investor to obtain a residence permit in Greece if he/she applies for legal support from the very beginning.
At the first consultation, which can be held either directly at Imperial & Legal’s London office or remotely via video link, we carefully consider all your circumstances and wishes to draw up the optimal algorithm for obtaining a Greek residence card.
As a rule, a service agreement is also concluded with our client at the first consultation. For this purpose, you only need to send our lawyers a minimum set of copies of documents.
2. Searching for suitable real estate
Together with our specialist you consider all available real estate options in Greece at the time of your application to invest in the most suitable property for your needs.
At the search stage, the applicant decides how he/she will view and buy Greek real estate – personally or trust our lawyers in these matters.
In the first case, we help you to apply for a visitor’s visa and organize a viewing of your preferred properties in Greece. If you are not planning a trip abroad, we prepare a power of attorney and become your reliable legal representatives.
3. Making an investment
Once you have decided on a property option, our lawyers contact the seller’s representatives in Greece so that you can finalize the purchase.
We thoroughly review the purchase agreement so that you can sign the final version, transfer funds, pay associated fees, and thereby realize the investment.
4. Preparation of documents
Although this item comes after investing, in fact, both the preparation of the documentation package and health insurance start in parallel with the search and purchase of real estate in Greece.
5. Applying for a Golden Visa for Greece
Once the preparation has been successfully completed, Imperial & Legal will submit the completed residence permit application with accompanying documents, including proof of investment, to the Greek immigration authorities. As the entire process has been carried out with the reliable legal support of Imperial & Legal lawyers, the likelihood of being rejected is extremely low.
If the applicant applies for a visa in Greece, while waiting for the decision of the authorities, which often takes 2-3 months, he can be provided with a document that allows him to legally stay in the country.
If the investor applies for a Greek residence permit remotely, he/she will be granted a 12-month permit to enter and stay in Greece once the application is approved.
6. Provision of biometric data
The Resident Card contains the biometric data of the immigrant. Our employee organizes your trip to Greece so that the immigration authorities take your photo and fingerprints.
7. Obtaining a Greek Resident Card
Once your biometrics have been taken, the Greek authorities take a pause of up to 2 months for the production of your residence card. The procedure for obtaining an investment residence permit is considered to be successfully completed when you are issued a biometric card.
Renewal of Greek residence permit
“The Greek Golden Visa is issued for a period of 5 years. The investor has the possibility to extend his residence card for the same period if he still owns real estate in the country.
Under the new rules, if you bought a house for restoration for the minimum €250,000, all restoration work on the property must have been successfully completed by the time you apply to extend your immigration status.
The package of documents required for visa extension will be the same as in the case of the first application to the immigration service. Taking into account the timeframe for processing applications in the Hellenic Republic, our attorneys recommend investors to apply for an extension in advance – at least 2 months before the date when your visa will cease to be valid.
If you have been a permanent resident of Greece for the last 5 years, have mastered the Greek language at an intermediate level (B1 category according to the European classification) and are willing to pass a written test on the knowledge of the local culture, you will be able to obtain an indefinite residence permit.
The Greek immigration authorities require that the applicant for a residence permit does not leave the country for more than 6 consecutive months, and the total time of his/her stay outside Greece should not be more than 10 months in the 5 years preceding the application. After 7 years of residence in the Hellenic Republic, the foreign investor is able to apply for European citizenship.
Imperial & Legal’s lawyers has successfully solved the problems of participants of the Greek investment program: from extending the current immigration status to obtaining an indefinite residence permit and an EU passport.
