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Understanding the Greek Golden Visa
The Greek Golden Visa is a residency-by-investment program offering a five-year residency permit to non-EU citizens who invest in Greek real estate. This permit is renewable indefinitely as long as the investment is maintained. Additionally, it allows visa holders to travel freely within the Schengen Zone, making it an attractive option for those seeking broader European access.
Key Changes in 2024
One of the most notable updates to the Greek Golden Visa program in 2024 is the increase in the minimum real estate investment amount. In high-demand areas such as Attica, Thessaloniki, Mykonos, Santorini, Paros and 31 other islands, the investment threshold has been raised to €800,000. For other regions, the threshold is set at €400,000. These changes aim to balance demand and ensure sustainable growth in the real estate market.
Special conditions have been introduced for properties that are converted from commercial to residential use or are located in listed buildings. These properties now require a minimum investment of €250,000. This exception provides a unique opportunity for investors interested in preserving and revitalizing historic or otherwise significant buildings.
Another important aspect of the new rules is the restriction on property use. Properties purchased for the Golden Visa program cannot be rented out on short-term rental platforms such as Airbnb. This measure is intended to regulate the rental market and ensure that the properties contribute positively to the local housing stock.
To accommodate those who were planning to invest under the previous regulations, a transitional period has been established. Until April 30, 2025, investments under the previous €250,000 threshold are still allowed, provided certain conditions are met. This transition period allows potential investors to adjust to the new rules without facing immediate disruption.
Benefits of the Greek Golden Visa
Obtaining a Greek Golden Visa offers numerous benefits. Firstly, it grants residency rights in Greece, allowing visa holders to live in the country with their families. The visa covers the main applicant, their spouse, children under 21, and dependent parents. This family inclusion makes it an attractive option for those looking to relocate with their loved ones.
The Golden Visa also provides freedom of movement within the Schengen Zone. Visa holders can travel to and stay in any of the Schengen countries without needing additional visas. This benefit is particularly valuable for businesspeople and frequent travelers who require seamless access to multiple European destinations.
One of the standout advantages of the Greek Golden Visa is the absence of a residency requirement. Visa holders are not required to live in Greece for any specific period to maintain their residency status. This flexibility allows investors to maintain their primary residence in another country while enjoying the benefits of Greek residency.
In addition, the Golden Visa can pave the way to Greek citizenship. After seven years of continuous residency, visa holders may apply for Greek citizenship, provided they meet other eligibility criteria. Greek citizenship offers the added benefit of EU citizenship, which comes with extensive rights and freedoms within the European Union.
Steps to Obtain the Greek Golden Visa
The process of obtaining a Greek Golden Visa involves several key steps. The first step is to choose an eligible real estate investment. Prospective investors should ensure that the property they select meets the new investment thresholds and any other applicable conditions.
Engaging a legal expert is highly recommended to navigate the complexities of Greek regulations and ensure compliance with all requirements. Legal consultants can provide valuable guidance and support throughout the application process.
Once the investment is secured, the next step is to prepare and submit all required documentation. This includes proof of investment, a valid passport, and health insurance. Accurate and complete documentation is crucial for the smooth processing of the visa application.
The formal application for the visa is then submitted to the relevant Greek authorities. Following submission, applicants are required to provide biometric data at designated Greek offices. This step is necessary to complete the identification and verification process.
Upon approval, the applicant will receive their five-year residency permit. This permit grants the holder and their family members the right to reside in Greece and enjoy the associated benefits.
