Greece’s Golden Visa Program

permanent residency permit for investors

Comprehensive Guides :

Benefits, Requirements and Investment Options

The Greek Golden Visa program offers a pathway to residence permits for non-EU citizens through various investment options in real estate, strategic investments, or financial instruments in Greece.

Here's an overview of the key provisions:

- Investment Threshold: The minimum property investment required is €500,000 or €800,000, depending on the property's location, or enter into long-term leases or time-sharing agreements.
- Property Ownership: The investor must own the property outright, or through a legal entity entirely controlled by them. Joint ownership is permitted only among spouses under certain conditions.
- Duration and Renewal: Residence permits are valid for five years and can be renewed as long as the property remains under the investor's ownership.
- Eligibility: Non-EU citizens can obtain a residence permit by investing in projects that significantly impact Greece’s national development.
- Permit Duration: These permits are also valid for five years and are renewable.
- Family Inclusion: Investors can bring their families under a family reunification permit, which expires simultaneously with the investor’s permit.
- Minimum Investment: A minimum of €400,000 is required for investments in securities or bank deposits. Several categories of financial instruments qualify, including Greek Treasury bonds, capital contributions to Greek companies, and shares in Greek mutual or alternative investment funds.
- No Work Rights: These permits do not grant the right to work in Greece.
- Residence for Family Members: In all investment types, family members can obtain residence permits, allowing them to live, study, and travel within the Schengen Area.
- Pathway to Citizenship: After seven years of continuous residence, investors and their families may be eligible to apply for Greek citizenship.
- No Minimum Stay Requirement: Investors are not required to reside in Greece for a minimum period, offering flexibility in how they manage their time between different countries.
These benefits make the Greek Golden Visa program versatile and appealing to a wide range of investors, depending on their financial goals and lifestyle preferences.

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BENEFITS per type of investment

1. Real Estate Investment

Investment Option:
Purchase of real estate property in Greece valued at a minimum of €250,000 (or €500,000 in specific areas as of August 2023).
Benefits:
Low Entry Threshold: The minimum investment amount is relatively low compared to other European Golden Visa programs.
Potential for Capital Appreciation: Greece's real estate market has shown growth potential, especially in popular tourist destinations and urban centers like Athens and Thessaloniki.
Rental Income: Investors can lease out their property and generate rental income, which can help offset the costs of the investment.
Diverse Property Options: Investors can choose from residential properties, commercial properties, or a combination of both, depending on their investment strategy.
Multiple Properties: The total investment can be spread across multiple properties as long as the combined value meets the minimum requirement.
2. Strategic Investment

Investment Option:
Investments characterized as "Strategic Investments" by the Greek government, often in key sectors like energy, tourism, technology, and infrastructure.
Benefits:
Longer Residence Permit: Strategic investments can qualify for a 10-year residence permit, which is renewable for another 10 years.
Fast-Track Processing: Strategic investments often benefit from expedited processing of the residence permit application.
Impactful Investment: Investing in strategic sectors can have a significant positive impact on Greece’s economy, potentially leading to additional government incentives.
Involvement in High-Growth Sectors: Strategic investments often align with Greece's long-term development goals, offering potential for higher returns.
3. Investment in Securities or Bank Deposits

Investment Option:
Investment of at least €400,000 in Greek government bonds, company shares, or a term deposit in a Greek bank.
Benefits:
Stable and Secure Investment: Investing in government bonds or term deposits is generally considered a safe investment with a stable return.
Portfolio Diversification: Investors can diversify their portfolio by including secure assets such as bonds and bank deposits.
No Physical Property Management: Unlike real estate, there is no need for the physical management of properties, making it a more hands-off investment.
Liquidity: Certain securities and bonds can be more liquid than real estate, allowing for easier conversion to cash if needed.
4. Investment in Greek Companies

Investment Option:
Capital contribution of at least €400,000 to a Greek company, Real Estate Investment Company (REIC), Venture Capital Company (VCC), or Venture Capital Fund (VCF).
Benefits:
Potential for High Returns: Investing in growing companies, especially in innovative sectors, can offer significant returns on investment.
Supporting Economic Growth: Contributing to the capital of Greek companies helps stimulate the local economy and create jobs.
Active Involvement: Investors can be actively involved in the companies they invest in, offering more control over the investment.
Tax Incentives: Depending on the nature of the investment, there may be tax benefits available to investors.
5. Hotel or Tourist Accommodation Lease

Investment Option:
A 10-year lease agreement for hotel accommodations or furnished tourist residences in tourist complexes.
Benefits:
Guaranteed Income: Long-term leases can provide stable and predictable income streams.
Tourism Sector Growth: Greece's tourism sector is robust, providing a solid foundation for investment in hotel and tourist accommodations.
Low Management Overhead: Leasing rather than purchasing means less responsibility for property management and maintenance.
6. Timeshare Agreement

Investment Option:
A timeshare agreement with a minimum duration of 10 years.
Benefits:
Lower Initial Investment: Timeshares often require a lower initial outlay compared to purchasing a property outright.
Access to High-Quality Resorts: Timeshare agreements often involve high-quality, fully managed resorts, offering an attractive lifestyle benefit.
Flexible Use: Timeshare agreements can offer flexibility in terms of vacation planning and the possibility of exchanging timeshares within a network of resorts.
7. Investment in Mutual Funds or Alternative Investment Funds (AIFs)

Investment Option:
Purchase of shares in a mutual fund or Alternative Investment Fund (AIF) with a value of at least €400,000.
Benefits:
Professional Management: Mutual funds and AIFs are professionally managed, potentially offering better returns due to expert investment strategies.
Diversification: Funds typically invest in a diversified portfolio of assets, reducing risk.
Ease of Investment: Investing in funds is generally less complex and requires less involvement than direct property or business investments.
Focus on Greek Market: AIFs that invest exclusively in Greek assets align your investment with the local market’s growth prospects.
8. Business or Investment Activity

Investment Option:
General investment in a business activity in Greece that positively impacts the Greek economy, potentially in any sector.
Benefits:
Wide Range of Opportunities: Investors can choose from various sectors based on personal interest and market potential.
Impact on Local Economy: Business investments contribute directly to job creation and economic development.
Entrepreneurial Flexibility: Investors can start or expand businesses in Greece, offering control over their investment’s direction and growth.

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requirements

Requirements:
- Minimum Investment: Purchase real estate property with a value of at least €250,000 (increased to €500,000 in certain areas as of August 2023).
- Property Location: The minimum investment amount varies depending on the property's location. For instance, in more desirable areas like Athens, the minimum investment may be €500,000.
- Ownership: The property can be owned either by an individual or through a legal entity (where the investor owns all shares).
- Full Payment: The investment must be paid in full upon signing the purchase contract.
- Proof of Payment: Payments must be made through a Greek bank account or a credit transfer that complies with Greek financial regulations.
- Joint Ownership: In cases of joint ownership, the right of residence is granted only if the property is jointly owned by spouses, with indivisible shares, or if each owner’s share meets the minimum investment threshold.
Requirements:
- Investment Characterization: The investment must be characterized as a "Strategic Investment" by the Greek government, often involving sectors like energy, tourism, or infrastructure.
- Investment Amount: There is no fixed minimum, but the investment must be significant enough to positively impact Greece’s national development.
- Government Approval: The investment must be approved by the Interministerial Committee of Strategic Investments.
- Application Submission: The application for the residence permit must include documents proving the strategic nature of the investment and its expected economic impact.
- Visa for Implementation: A D-type visa is required to enter Greece and start the investment process.
Requirements:
- Minimum Investment:
  - €400,000 in Greek government bonds.
  - €400,000 in shares or bonds of Greek companies.
  - €400,000 in a term deposit in a Greek bank.
  - €800,000 in shares, bonds, or other securities listed on regulated markets in Greece.
- Investment Period: Investments in government bonds must have a residual duration of at least three years, and term deposits must be maintained for at least one year.
- Banking Requirements: Investments must be made through credit institutions operating in Greece.
- Proof of Investment: Investors need to provide documentation proving the purchase and ownership of the securities or deposit.
Requirements:
- Minimum Investment: €400,000 as a capital contribution to a company established in Greece (excluding holding companies and real estate investment companies).
- Legal Entity: Investors can make the investment as individuals or through a legal entity where they own all shares.
- Proof of Investment: Investors must provide evidence of the capital contribution and ownership of shares.
Requirements:
- Lease Agreement: A minimum 10-year lease agreement for hotel accommodations or furnished tourist residences.
- Minimum Investment: The investment value for leasing must meet the €250,000 or €500,000 threshold, depending on the location.
- Legal Compliance: The lease agreement must comply with Greek tourism laws and be registered with the relevant authorities.
Requirements:
- Agreement Duration: A timeshare agreement with a minimum duration of 10 years.
- Minimum Value: The value of the timeshare must meet the required investment threshold.
- Legal Compliance: The agreement must be in line with Greek timeshare laws.
Requirements:
- Minimum Investment: €400,000 in a mutual fund or AIF that invests exclusively in Greek assets.
- Fund Requirements: The fund must be established in Greece or another EU country and be focused on investments in Greece.
- Approval: The fund must be included in a list compiled by the Foreign Funds Directorate of the Ministry of Development and Investment in cooperation with the Hellenic Capital Market Commission.
Documentation:
- Proof of Investment: Documentation proving the investment, such as contracts, bank statements, and receipts.
- Clean Criminal Record: Investors must provide a clean criminal record from their country of origin and from Greece.
- Health Insurance: Investors and their family members must have health insurance that covers their stay in Greece.
- Residence Permit Application: Submission of a completed application form, along with required documents, to the relevant Greek authorities (usually through a consulate or directly in Greece).
Power of Attorney (Optional):
- Application via Proxy: Investors can appoint a proxy to submit the application on their behalf. The Power of Attorney must be signed before a Greek Consular authority or a notary public and must be apostilled or certified as applicable.
Biometric Data Submission:
- Physical Presence Required: Investors must visit Greece within 12 months of receiving the confirmation receipt of their application to submit biometric data.
These requirements ensure that investments contribute positively to the Greek economy while providing investors with a straightforward path to obtaining residency in Greece.