Greece (2024)

Programme Overview

Launched in July 2013 the Greek Golden Visa programme grants a five-year residency visa in return for an investment in real estate. There is no minimum stay requirement and children up to the age of 21 are included in the family application. The visa is granted for five years and renewed every five years if the property investment is retained. It is not necessary to live in the country in order to retain and renew the investor visa. However, citizenship can only be granted after seven years of residency.

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Benefits

Greece offer one of the most cost-effective Golden Visa programmes in Europe. The main benefit of the programme is that applicants will be granted Greek Permanent Residency within just a few months, following a real estate investment of €250,000. A Greek residency permit will enable the holder to live, work and study in Greece, should they wish to, although this is not a requirement of the Golden Visa programme. As Greece is part of the Schengen Zone, Greek residents can to travel visa-free to the rest of the EU Schengen Zone, with the ability to spend up to 90 days every 180 days in other Schengen states.

Key Benefits:

• Fast processing of residency permit
• Low government fees
• Low renewal fees
• Own Greek real estate – diversify your assets
• Visa-free travel throughout the EU Schengen zone

Permanent Residency and Citizenship in Greece

Greece’s Golden Visa programme grants Permanent Residency from the start. Permanent Residency permits need to be renewed every five years through retaining the property investment.

Although it is technically possible to apply for citizenship in Greece after seven years of full-time residency, Greek law also requires citizenship applicants to speak fluent Greek, which makes this process difficult for most. Investors looking for potential European citizenship are advised to consider alternative options such as the Portugal Golden Visa programme, which provides a more flexible route to citizenship.

How Much Does a Greek Golden Visa Cost?

Following an investment of €250,000 into real estate the process for obtaining a Golden Visa is relatively straightforward and quick.

From May 2023, the real estate requirement increased from €250,000 to €500,000 in certain Municipalities of Greece, such as Athens, Thessaloniki, Glyfada, Mykonos and Santorini. Further increases are due in 2024.

Government, notary and legal fees for the property purchase and visa application will amount to around €15,000. In addition, there is VAT to pay in Greece on the property purchase.

Golden Visa Requirements

In addition to making the necessary real estate investment there are several requirements that applicants must meet:

• A clean criminal record
• Sufficient funds and healthcare to cover their stay
• No previous Schengen visa refusals
• Applicants will need to be non–EU residents

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Greece Golden Visa through Property Investment

Real estate investors in Greece must also budget for the additional taxes on real estate at 3%- 24%. At €250,000 + taxes and fees (just over €300,000 in total) this programme offers one of the lowest cost residency programmes in Europe. La Vida offers real estate options in several locations in Greece. Athens has proven to be one of the most popular locations for foreign investors due to its international flight connections, and strong ROI’s.

For further details on the procedures and to see our property portfolio enquire here.

Greece FAQ's

How does the Greek Golden Visa compare to Portugal?

La Vida has more than 10 years’ experience dealing with both the Greece and Portuguese golden visa programmes. The main difference between these programmes is that Portugal offers a more flexible path to citizenship. Greece’s Permanent Residency programme is better suited to those who specifically want real estate in Greece, with the added advantage of a residency permit. If your end goal is citizenship in the EU, then Greece may not be the most suitable option as you must reside full time for seven year and speak fluent Greek.

Where do applicants invest for the Greek Golden Visa?

Athens is one of the most favoured areas for investment for the golden visa in Greece. However, as of May 2023, the required investment in Athens and 35 other municipalities in Greece will double to €500,000. The government are introducing this law in a bid to spread foreign investment more equally across the country. Elsewhere the investment remains at €250,000.

How do I obtain citizenship in Greece through investment?

It is not possible to obtain citizenship through investment in Greece without a period of residency. Investment in real estate can obtain a golden visa, a permanent residency permit, and the right to live full time in Greece. Following seven years of residency, Greek citizenship can be applied for, providing the applicant can speak fluent Greek. Note that Greek is considered one of the world’s hardest languages to learn and for many this factor will stop them applying for Greek Citizenship. If your end goal is to secure citizenship in Europe, then you may wish to consider another programme.

Who can apply for a Greece Golden Visa?

Anyone can apply for Greece’s Golden Visa Programme. La Vida has handled applications from over 150 countries worldwide. As with any programme, certain nationalities, such as Iranians and Russians, face banking sanctions so will be prohibited from transferring their funds to a Greek bank. La Vida can advise on a case-by-case basis.

Do you pay tax in Greece if holding a Golden Visa?

Non-residents in Greece will pay tax on their income derived in Greece but not on income from outside of the country. Income tax starts at a rate of 22%. Rental income from property in Greece is taxed at rates, from 11% to 33%. Certain expenses are deductible from the gross income. Capital gains tax (CGT) is charged at 15% on property sales.

Can I apply for a Golden Visa in Greece with a mortgage?

Yes, however you must have invested a minimum of €250,000 equity in the property. So, for example, a purchase of €750,000 with a €500,000 mortgage will qualify for the golden visa application.

Are there disadvantages to the Golden Visa in Greece?

The key disadvantage is the inability to apply for Greek citizenship without a period of residency in Greek and the ability to speak fluent Greek. Our clients are not usually looking to relocate countries and that is one of the key reasons why Portugal remains more popular than Greece for Golden Visa investors.

How long can you stay in Greece with the Golden Visa?

You are allowed to live full time in Greece if you wish. But there is also no minimum stay requirement for the Permanent Residency permit.

How long does the Greek Golden Visa residency permit last?

The Greek permanent residency permit is issued for a period of five years. Beyond that the investor can then extend for a further five years provided they retain their investment and meet the criteria.

Is the Greek Golden Visa investment worth it?

With Greece, a €250,000 investment in real estate it is one of the cheapest golden visa programmes available for European residency.

Can I get Permanent Residency in Greece by buying a house?

Yes. This is exactly what the golden visa scheme in Greece offers. If you invest €250,000 in real estate, a villa or apartment then you can apply for a permanent residence visa lasting five years and renewable if you retain the property investment. Note this rises to €500,000 for certain areas, including Athens, from mid 2023.

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How Can La Vida Help You?

La Vida has extensive experience of all the Golden Visa programmes in Europe. In addition to Greece we can advise on Portugal, Malta, Spain and Turkey. We also offer citizenship by investment options in the Caribbean. La Vida has extensive global reach with our expert team having helped clients in over 150 countries worldwide.

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