Golden Visa in Greece
Eligibility criteria, investment options and thresholds for entry into the Greek Golden Visa Program are provided for in the older Immigration Code (Law 4251/2014) still in force and the new Immigration Code (Law 5038/2023) coming into force on 01.01.2024.
Your Entry Options – A Brief Presentation
Options for Investment in Real Estate
Foreign non-EU/EEA country citizens are granted a five-year residence permit (Golden Visa) for themselves and their family members, which can be permanently renewed every five years, in exchange for a real estate investment in Greece at a minimum value of 250,000 €, except in certain areas of the country, namely the Regional Units of the North, Central and South Sector of Athens and the Municipality of Vari - Voula - Vouliagmeni of the Attica Region, the Municipality of Thessaloniki of the Central Macedonia Region and the Regional Units of Mykonos and Santorini of the South Aegean Region, for all of which the minimum value of the investment in real estate property amounts to 500,000 €.
Another available option for obtaining Golden Visa via real estate investment is the conclusion of a long-term (10 year) contract for a complex tourist accommodation in accordance with article 8 par. 2 of Law 4002/2011, or of a contract for a timeshare tourist accommodation in accordance with the provisions of Law 1652/1986, both contracts at a value at least equal to the above values (as depending on the area).
Another available option for obtaining Golden Visa via real estate investment is the conclusion of a long-term (10 year) contract for a complex tourist accommodation in accordance with article 8 par. 2 of Law 4002/2011, or of a contract for a timeshare tourist accommodation in accordance with the provisions of Law 1652/1986, both contracts at a value at least equal to the above values (as depending on the area).
Options for Investment in Securities or a Bank Deposit
Other investment options that qualify foreign non-EU/EEA citizens for a Golden Visa are the following financial engagements:
• A capital contribution, amounting to at least 400,000 € currently / 500,000 € as of 01.01.2024, either to a company head-quartered or established in Greece, or to a Real Estate Investment Company, whose object is to invest exclusively in Greece, or to a Venture Capital Company or Venture Capital Fund (“Alternative Investment Funds”), whose object is to invest exclusively in companies head-quartered or established in Greece, in accordance with the specific conditions stipulated in the relevant law provisions for each one of the said financial engagements.
• Purchase of Greek Treasury bonds, with an acquisition value of at least 400,000 € currently / 500,000 € as of 01.01.2024 and a residual maturity, at the time of purchase, of at least 3 years, through a credit institution established in Greece, which is also their custodian.
• Term deposit of at least 400,000 € currently / 500,000 € as of 01.01.2024, in a domestic credit institution, for at least 1 year, with a standing renewal order.
• Purchase of shares, corporate bonds or Greek Treasury bonds, which are listed for trading or traded in regulated markets or multilateral trading facilities operating in Greece, of an acquisition value of at least 800,000 €, in accordance with the specific conditions stipulated in the relevant law provision.
• Purchase of shares of an acquisition value of at least 400,000 € (currently) / 350,000 € (as of 01.01.2024) in a Mutual Fund, which has been established in Greece or another country and whose object is to invest exclusively in stock, corporate bonds or Greek Treasury bonds, which are listed for trading or traded on regulated markets or multilateral trading facilities operating in Greece, in accordance with the specific conditions stipulated in the relevant law provision.
• Purchase of shares or stock of an acquisition value of at least 400,000 € (currently) / 350,000 € (as of 01.01.2024) in an Alternative Investment Fund, which has been established in Greece or another EU Member State and whose object is to invest exclusively in Greece, in accordance with the specific conditions stipulated in the relevant law provision.
• A capital contribution, amounting to at least 400,000 € currently / 500,000 € as of 01.01.2024, either to a company head-quartered or established in Greece, or to a Real Estate Investment Company, whose object is to invest exclusively in Greece, or to a Venture Capital Company or Venture Capital Fund (“Alternative Investment Funds”), whose object is to invest exclusively in companies head-quartered or established in Greece, in accordance with the specific conditions stipulated in the relevant law provisions for each one of the said financial engagements.
• Purchase of Greek Treasury bonds, with an acquisition value of at least 400,000 € currently / 500,000 € as of 01.01.2024 and a residual maturity, at the time of purchase, of at least 3 years, through a credit institution established in Greece, which is also their custodian.
• Term deposit of at least 400,000 € currently / 500,000 € as of 01.01.2024, in a domestic credit institution, for at least 1 year, with a standing renewal order.
• Purchase of shares, corporate bonds or Greek Treasury bonds, which are listed for trading or traded in regulated markets or multilateral trading facilities operating in Greece, of an acquisition value of at least 800,000 €, in accordance with the specific conditions stipulated in the relevant law provision.
• Purchase of shares of an acquisition value of at least 400,000 € (currently) / 350,000 € (as of 01.01.2024) in a Mutual Fund, which has been established in Greece or another country and whose object is to invest exclusively in stock, corporate bonds or Greek Treasury bonds, which are listed for trading or traded on regulated markets or multilateral trading facilities operating in Greece, in accordance with the specific conditions stipulated in the relevant law provision.
• Purchase of shares or stock of an acquisition value of at least 400,000 € (currently) / 350,000 € (as of 01.01.2024) in an Alternative Investment Fund, which has been established in Greece or another EU Member State and whose object is to invest exclusively in Greece, in accordance with the specific conditions stipulated in the relevant law provision.
Our services related to the realization of the above investment options and the granting of Golden Visa to you and your family members encompass all conceivable stages of actions, as follows:
Our Golden Visa-related Services
Preliminary Stage
Offering advisory support in defining and pursuing your asset investment & immigration plan in compliance with all applicable provisions of Greek law.
Action 1 – Tailor Made PoA
Drafting the Power of Attorney (PoA) required for enabling us to start implementing your asset investment & immigration plan.
Action 2 – Tax Registration
Obtaining a Greek tax identification number (Α.Φ.Μ.) for you and any other relevant natural or legal person, as well as appointing a person as your tax representative in Greece, in cooperation with the tax accountant office assigned by us.
Tailor Made PoA
Drafting the Power of Attorney (PoA) required for enabling us to start implementing your asset investment & immigration plan.
Action 1
Tax Registration
Obtaining a Greek tax identification number (Α.Φ.Μ.) for you and any other relevant natural or legal person, as well as appointing a person as your tax representative in Greece, in cooperation with the tax accountant office assigned by us.
Action 2
Action 3 – Opening a Bank Account
Opening one or several Greek bank accounts on your name and the name of any other relevant natural or legal person, arranging the functionality of these accounts (debit card, e-banking, supply of a pre-paid mobile phone number).
Action 4 – Looking for a Suitable Investment
In cooperation with local real estate agents, assisting you in finding the property of your preference in Greece, or in cooperation with a competent financial advisor, assisting you in identifying favorable opportunities for investment in securities or a bank deposit, reporting to you accordingly by fulfilling all safety (legal, technical and financial due diligence) standards.
Opening one or several Greek bank accounts on your name and the name of any other relevant natural or legal person, arranging the functionality of these accounts (debit card, e-banking, supply of a pre-paid mobile phone number).
Action 3
Looking for a Suitable Investment
In cooperation with local real estate agents, assisting you in finding the property of your preference in Greece, or in cooperation with a competent financial advisor, assisting you in identifying favorable opportunities for investment in securities or a bank deposit, reporting to you accordingly by fulfilling all safety (legal, technical and financial due diligence) standards.
Action 4
Opening a Bank Account
Action 5 – Executing your Investment Decision
Pursuant to your decision making and based on the respective special PoA granted by you, carrying out all arrangements required for the proper acquisition of the chosen real estate or for the legal execution of the selected financial investment.
Action 6 – Applying for Golden Visa
a. In case of real estate acquisition, preparing and submitting the application (documentation) file to the competent authority for granting residence permit (Golden Visa) to you and your family members, monitoring the progress of this application and settling all related issues.
b. In case of investment in securities or a bank deposit, at a first stage assisting with the preparation and submission of the application (documentation) file to the competent Greek Consulate for granting a national entry visa (type D) to you and your family members, at a second stage preparing and submitting the application (documentation) file to the competent authority for granting residence permit (Golden Visa) to you and your family members, monitoring the progress of this application and settling all related issues.
b. In case of investment in securities or a bank deposit, at a first stage assisting with the preparation and submission of the application (documentation) file to the competent Greek Consulate for granting a national entry visa (type D) to you and your family members, at a second stage preparing and submitting the application (documentation) file to the competent authority for granting residence permit (Golden Visa) to you and your family members, monitoring the progress of this application and settling all related issues.
Pursuant to your decision making and based on the respective special PoA granted by you, carrying out all arrangements required for the proper acquisition of the chosen real estate or for the legal execution of the selected financial investment.
Action 5
Applying for Golden Visa
a. In case of real estate acquisition, preparing and submitting the application (documentation) file to the competent authority for granting residence permit (Golden Visa) to you and your family members, monitoring the progress of this application and settling all related issues.
b. In case of investment in securities or a bank deposit, at a first stage assisting with the preparation and submission of the application (documentation) file to the competent Greek Consulate for granting a national entry visa (type D) to you and your family members, at a second stage preparing and submitting the application (documentation) file to the competent authority for granting residence permit (Golden Visa) to you and your family members, monitoring the progress of this application and settling all related issues.
b. In case of investment in securities or a bank deposit, at a first stage assisting with the preparation and submission of the application (documentation) file to the competent Greek Consulate for granting a national entry visa (type D) to you and your family members, at a second stage preparing and submitting the application (documentation) file to the competent authority for granting residence permit (Golden Visa) to you and your family members, monitoring the progress of this application and settling all related issues.
Action 6
Executing your Investment Decision
Action 7 – Completing the Application and Getting your Golden Visa
Assisting you and your family members in entering legally the country and providing all the biometric data to the relevant authorities – Receiving and delivering the issued Golden Visa residence card to you and your family members.
Action 8
– Renewing your Golden Visa
– Renewing your Golden Visa
Every five years, preparing and submitting the application (documentation) file to the competent authority for renewing the Golden Visa residence card of yours and your family members.
Assisting you and your family members in entering legally the country and providing all the biometric data to the relevant authorities – Receiving and delivering the issued Golden Visa residence card to you and your family members.
Action 7
Completing the Application and Getting your Golden Visa
Every five years, preparing and submitting the application (documentation) file to the competent authority for renewing the Golden Visa residence card of yours and your family members.
Action 8
Renewing your Golden Visa
Subsequent Support
In addition to preliminary advisory support and all above actions, our services may also include
- your timely information about upcoming or occurring legislative changes that may affect your asset investment & immigration plan
- the provision of advice and assistance in implementing any desired restructuring of your investment
- legal and technical support in matters concerning the utilization of the real estate you have acquired
- through the tax accountant office assigned by us, the preparation and submission of your tax returns for each year
- the settlement of any issue that may arise and is related to your claims or obligations towards the Greek state and third parties.
The above listed actions are based on the optional but frequent scenario in which the applicant decides to carry out the entire procedure of getting a Golden Visa due his real estate investment remotely, without entering Greece and staying in the country for a longer period of time. As regards the investment in securities or a bank deposit, before applying for the residence permit due to such investment, the applicant must first enter the country with a national visa (type D), unless he has already entered the country with any kind of visa or is legally residing in the country. The client decides on the range of services he wishes to receive from our office. The above listed actions are therefore not entirely mandatory for each case assigned to us.
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Message
The above listed actions are based on the optional but frequent scenario in which the applicant decides to carry out the entire procedure of getting a Golden Visa due his real estate investment remotely, without entering Greece and staying in the country for a longer period of time. As regards the investment in securities or a bank deposit, before applying for the residence permit due to such investment, the applicant must first enter the country with a national visa (type D), unless he has already entered the country with any kind of visa or is legally residing in the country. The client decides on the range of services he wishes to receive from our office. The above listed actions are therefore not entirely mandatory for each case assigned to us.