Since 2014, the Hellenic Republic has been granting residence permits to foreign investors from countries outside the European Union. This includes Vanuatu, a remote island country in the Pacific Ocean.
The Greek investment residence permit is also known as the Golden Visa. The status of a Greek resident gives the investor a lot of opportunities – from free movement within the borders of the Schengen zone to the prospect of obtaining an indefinite residence permit and full EU citizenship. At the same time, the investment program of Greece imposes minimum requirements for participants and allows to issue long-term visas for the whole family.
7 key advantages of an investment residence permit in Greece
1. Visa-free travel to Europe
The Golden Visa of the Hellenic Republic allows the investor not only to freely cross the borders of 29 European jurisdictions within the Schengen area, but also to stay there without any additional registration for up to 90 days within six months.
2. Opportunity to move to another country
If you need an investment residence permit to move to Greece, the authorities of this hospitable and prosperous country will extend your honorary immigration status until you decide to withdraw your money or until you obtain permanent residence and citizenship.
Residents of the Hellenic Republic also have access to quality health care and the European system of school, higher and vocational education.
3. European citizenship
7 years of permanent residence in Greece combined with a sufficiently serious level of integration of the investor into Greek society (which is expressed in a good knowledge of the local language, culture, history and government) entitles the investor to obtain EU citizenship.
The Greek passport is consistently ranked in the top seven of various international rankings, which evaluate the number of independent jurisdictions that the holder of a particular citizenship can visit without a visa or under a simplified procedure, when the entry permit is granted on the spot, upon arrival. Citizens of Greece are able to cross the borders of 189 countries of the world without tedious bureaucratic procedures!
4. Minimum requirements to the investor
To obtain a Greek Golden Visa for investment, you are not required to learn a foreign language or become an expert in Greek history. Moreover, the investor does not have to reside permanently in this jurisdiction in order not to lose the residency card.
“Greece’s current immigration program offers foreign investors several promising options for investing in the country’s economy. One of the most affordable and at the same time profitable ways to invest in a European residence permit will be the purchase of real estate, which the program participant will be able to rent out“.
5. Residence permit for family
The participant of the investment program can apply for a Greek residence permit for his/her immediate family members: wife or husband, partner, as well as children and parents.
6. Regular income from the investment
By investing in Greek real estate, the immigrant acquires a growing asset in value. The increase in the value of the object purchased as an investment is guaranteed to compensate for possible inflationary losses of the investor.
Moreover, if you rent out your real estate property in Greece on a long-term basis, your additional passive income will amount to 3-5% per year.
7. Possibility to save on taxes
Wealthy foreigners, together with a Greek residence permit, have the unique opportunity to become a tax resident in Greece and reduce their fiscal costs by up to €100,000.
Requirements for the participant of the Golden Visa Greece program
To become a holder of a Greek residence permit for investment you only need:
to be of legal age;
Have no criminal convictions or immigration violations;
Have sufficient personal savings to make the investment, pay related taxes and fees, and pay an immigration attorney.
What are the requirements for the investor’s relatives?
One of the distinctive features of the Greek investment program is that not all of the immediate family members of the main applicant must be dependents.
An investor may include the following relatives in their application:
| Relativesoftheapplicant | Terms and conditions | |
| 1. | Spouses | Legal husband or wife or civil partner |
| 2. | Investor’s children | Age no older than 24 years old; Unmarried; A child over the age of 21 must be a student |
| 3. | Children of the investor’s spouse | Age 21 years or older; Unmarried; Dependents of the principal applicant |
| 4. | Parents | Parents of both spouses are eligible; There are no age restrictions; Parents who are financially independent of the investor may participate |
How many investment options does the program provide for in the Greek residence permit?
In the Hellenic Republic, a foreign investor can choose from 9 different ways to participate in the Golden Visa program:
€Acquisition of real estate in Greece – minimum participation threshold from 250,000.
Lease or timeshare agreement of a resort residence or hotel for a period of 10 years or more – minimum participation threshold of €400,000.
Equity participation in the share capital of an existing Greek company – from €500,000.
Equity participation in the share capital of an investment company that acquires only real estate in Greece with the funds of its shareholders – from €500,000.
Purchase of securities issued by a private or venture capital investment fund, provided that this organization invests only in shares of Greek companies – at least €400,000.
Purchase of bonds of the Hellenic Republic with a maturity of at least 3 years starting from €500,000.
Purchase on the stock market of securities issued by operating Greek companies – minimum €800,000.
Equity participation in a European mutual fund registered in Greece or in any other EU country, whose assets are invested in shares of Greek companies and public debt – from €350,000.
Opening a deposit account with a bank in Greece and depositing an amount of €500,000 or more for a period of at least 1 year.
The most popular investment option for Imperial & Legal clients is the purchase of Greek real estate.
How much do I need to invest in buying real estate in Greece to get a residency card?
The minimum threshold of participation in the investment program for those participants who plan to invest in Greek real estate depends on the location of the property and a number of other circumstances:
€250,000 – the amount of the main investment for those who buy an old property to be restored or reconstructed, or a commercial property that will be converted into a dwelling at the investor’s expense;
€400,000 is invested in properties of 120 square meters or more located in sparsely populated regions or rural areas;
€800,000 is the minimum required to purchase real estate in economically developed, densely populated or tourist areas of the Hellenic Republic.
Step-by-step plan for obtaining a Golden Visa for Greece
In our example, we will consider a Greek residence permit for an investor from Argentina or Turkey, who has already consulted our specialists when he obtained a second passport in Vanuatu.”
1. Investor verification (1 working day)
As a rule, we know enough about the clients already working with Imperial & Legal to carry out our own due diligence on a prospective participant in the Greek investment program. In case we need to verify any information with you, we reserve one business day for this operation.
Preliminary due diligence significantly reduces the likelihood of rejection by the Greek investment authorities.
2. Obtaining and preparing necessary documents (up to 2 weeks)
Together with the specialists of our company you collect all the necessary legal and financial documents. If you do not plan to visit Greece for the selection and purchase of investment real estate, a power of attorney is prepared for our lawyer who will represent your interests in the Hellenic Republic.
3. Registration with the tax service (1 working day)
As the purchase of real estate in Greece involves your tax registration in this jurisdiction, Imperial & Legal will assist you in preparing the appropriate application and obtaining a tax number.
4. Search and purchase of real estate (up to 2 months)
Together with our lawyers you will consider all available real estate options in Greece suitable for the investment program. You can buy both residential properties and commercial properties.
If you prefer to be personally involved in viewing and buying the homes and properties you like, Imperial & Legal can help you obtain a visitor’s visa.
When you have finally selected a suitable property, our lawyers will contact the seller’s representatives to conclude the transaction. The purchase of real estate in the Hellenic Republic is carried out in several stages:
As a rule, first a preliminary sale contract is drawn up and the buyer pays a deposit of at least 10% of the price agreed between the parties.
Our lawyers then draw up the final version of the agreement, which is signed by the investor or his authorized representative in the presence of a notary.
The investor deposits the remaining amount into the seller’s account. Our lawyers register the transaction at the Greek Land Registry.
The Greek real estate documents are handed over to the investor. If necessary, we make a certified translation for the client.
5. Submission of the application for a Golden Visa for Greece (1 working day)
By purchasing real estate in Greece for a certain amount of money, you have fulfilled the main condition for participation in the program and you are eligible to apply for a Golden Visa.
Our specialist sends the corresponding official form together with the rest of the documents via the official website of the Immigration Service of the Hellenic Republic. Competent legal support at the preparatory stage minimizes the probability of rejection. The maximum waiting time for the verdict on the investor’s application is 3 months. As a rule, investors from among the clients of Imperial & Legal receive a positive decision of the Greek authorities within 1-2 months.
All applicants for the Golden Visa who apply from abroad are granted a permit for to enter and stay in Greece for the next 12 months. If the foreign investor was already in the country at the time of application, he/she will be granted a residence permit for the time required to obtain a residence permit, i.e. for 2-3 months.
6. Biometric data submission (1-2 weeks)
It takes no more than 1 working day to take a photograph and fingerprints for the production of a biometric resident card.
However, in practice, the possibility to visit one of the immigration offices in Greece appears to the participant of the investment program no sooner than 1-2 weeks after the application is submitted.
7. Obtaining a Greek Resident Card (up to 2 months)
It takes about 2 months for the authorities of the Hellenic Republic to issue you a residence card. This document can be obtained either by the investor himself or by his legal representative. As a rule, the applicant’s passport is asked and the document for entry and residence in Greece, which was issued during the application process, is taken away.
How profitable is it to participate in Greece’s investment program compared to similar programs in other European countries?
The Greek Golden Visa program offers wealthy foreigners the largest number of investment options with a relatively low participation threshold and the possibility to recover a substantial part of the funds spent.
We have prepared a table comparing the conditions of the investment program of the Hellenic Republic with those of 4 other European jurisdictions of the European Union.
| Parameters | Greece | Malta | Spain | Portugal | Latvia |
| Investment options | 9 | 1 | 3 | 5 | 4 |
| Opportunity to invest in real estate | Yes | Yes* | Yes | No | Yes |
| Minimum investment amount** | €250k. | €330k. | €500k. | €250k. | €250k. |
| Validity period of the residence permit | 5 years | Indefinite | 2 years | 2 years | 5 years |
| Does the residence permit entitle you to visa-free travel to Schengen countries? | Yes | Yes | Yes | Yes | Yes |
Notes:
* – the purchase or long-term rental of real estate in Malta is part of the required investment for obtaining a residence permit;
** – the table considers only the amount required to make the investment itself, without taking into account related fees and duties.
Realize all the possibilities of the Greek investment program with the help of Imperial & Legal!
A Greek residence permit can be obtained for a relatively small investment, with the possibility of later returning the money spent on the purchase of real estate, if for some reason you do not want to be a resident of Greece or, on the contrary, go further and get a permanent resident card.
The investor will have the opportunity to include family members in their residence permit application and take advantage of unique tax benefits for new Greek residents.
With the reliable legal support of our staff, the process of obtaining a Golden Visa for Greece will not be marred by unforeseen expenses and long waiting times. To get professional advice on investment immigration issues make an appointment for the nearest consultation with Imperial & Legal lawyers!
