Golden Visa in Greece: Requirements, benefits, procedure and documents

The Golden Visa is an opportunity for third country (non-EU) investors to obtain a residence permit in Greece through investment in real estate or business properties. This program has gained popularity as it offers a stable gateway to the European Union and additional benefits such as stunning coastal locations, cultural richness and diverse historical attractions. Below, we will look at the process of obtaining a golden visa in Greece, as well as the documentation required.

Golden Visa: What it is

It's not really a visa, but the Golden Visa is for the purchase of property. Specifically, it refers to a program that offers the possibility of issuing a permanent residence permit to third-country nationals from outside the European Union who either acquire real estate worth 250,000€, or invest capital from 3 to 100 million euros in infrastructure projects or in Greek companies, creating 150 jobs. Essentially, the program attracts people who wish to invest in Greece through the purchase of real estate or other investments, in exchange for a residence permit.

💡 The relevant provisions, regarding the possibility of granting a "permanent residence permit to an investor" (Property Owner), are set out in the articles below: Article 20, case B, of Law no. Article 8 (paragraphs 26-30) and Article 14 (paragraph 1) of the Law. ARTICLE 8 (8) AND ARTICLE 14 (14), PARAGRAPHS 8 AND 14 (14) OF ARTICLE 14 (1) (FEK A' 76) OF THE LAW 4332/2015).

What are the benefits of obtaining a Golden Visa?

Every third-country national who becomes a Golden Visa holder and his/her family members (spouse, children of the holder or his/her spouse up to 21 years of age, parents of the holder and parents of the spouse) receive the following benefits:

• Right to enter Greece for five (5) years.
• Permanent residence in Greece for five (5) years.
• Right to renew the Golden Visa every five (5) years under certain conditions.
• Right of free movement and residence for 180 days per year in the European countries belonging to the Schengen Treaty, inside or outside the EU (Austria, Belgium, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Lithuania, Luxembourg, Malta, Norway, Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland, Switzerland, Spain, Sweden and the Czech Republic).
• Access to education like any Greek citizen.

Golden visa: Beneficiaries & Requirements

For the issuance of the residence permit, specific conditions are set by law. In particular, the third country citizen must have legally entered the country using any type of entry visa (C or D), or legally reside in the country. Beneficiaries are third-country nationals and their family members who:

• have, personally or through a legal entity, full ownership, possession and ownership of immovable property in Greece, or have entered into a timeshare lease of hotel accommodation or furnished tourist accommodation in complex tourist accommodation for at least 10 years.
• reside legally, with a residence title, in Greece or wish to enter and reside in Greece and who have full ownership, possession and ownership of immovable property in Greece.
• have full ownership, possession and control of immovable property in Greece and the property has come to them by gift or parental provision.
• they purchase a plot of land and proceed to the construction of a building.
• they have entered into a ten-year timeshare lease.

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Procedure for obtaining a gold visa

The procedure for obtaining a residence permit for property owners is as follows:

• Issue of an entry visa to the Greek territory.
• Collection of documents for the issuance of a residence permit.
• Submission of the documents.
• Procedures up to the final issuance of the residence permit.

💡 The applicant, a third country citizen - investor, has the possibility to submit the application through a lawyer on the strict condition that the applicant has, within a reasonable period of time prior to the submission of the application for the residence permit, made an entry into the Greek territory.

Furthermore, the applicant must, in any case, should go to the Immigration Service either at the time of submitting the application or at a later time (at a predetermined appointment) to submit the biometric data required for the issue of the residence permit in the form of a separate document.

Golden Visa: Supporting documents

The documents required to obtain a Golden Visa are as follows:

• Application form for obtaining the Golden Visa
• Four (4) recent passport-type colored photographs in hard copy and on an optical storage disc (CD)
• Certified copy of a valid passport, or travel document recognized by our country with any required entry visa
• An electronic fee of 500€ and a fee of 16€ for the cost of printing the residence permit in the form of a stand-alone document
• Certificate from an insurance institution covering hospitalization and medical expenses (i.e. insurance policies taken out in Greece or abroad, provided that they expressly state that they cover the person concerned for the duration of his/her stay in Greece).
  

Depending on the case, the following may need to be presented: a residence permit, a purchase contract stating that the purchase contract of the property is not subject to conditions and heresies, the total price is more than 250.000€, which was paid in full by bank cheque or bank transaction and proof of transcription of the contract from the competent land registry.

💡 This permit can be renewed for 5 years at a time, as long as the third country citizen remains the owner of the property. However this may change over time, depending on changes in legislation.

For real estate acquired before the entry into force of 4146/2013 and the price is less than 250,000€, but the current objective value of the property exceeds or is equal to this amount, a notary's certificate must be submitted along with the current objective value of the property and proof of transcription of the contract from the competent mortgage office. In the case of a plot of land or the construction of a building, a contract for the purchase of a plot of land, a contractor's agreement for the construction/renovation of a house, a building permit, invoices of the contractor(s) and payment receipts must also be submitted.

In the case of leasing of hotel accommodation or tourist furnished houses, a notarial lease document must be submitted, proving the one-off payment of the amount of 250,000€ and mentioning the granting of a relevant operating label by the Greek National Tourism Organization and proof of transcription from the competent land registry. Similarly in the case of timeshare. Finally, with regard to the family members of the third country citizen, a certificate of family status from foreign authorities must be submitted, showing the family relationship.

Can you obtain a golden visa by purchasing a residence in any region?

Finding the most suitable area to purchase a residence (with or without a Golden Visa) is a big issue and certainly, thorough research should be done before making any decision. It is only natural that Athens and Thessaloniki, as major urban centers, attract the attention of many investors who wish to buy a residence and obtain a Golden Visa. Of course, not a few regions of the region are also winning over property buyers and thus raising their market value. Therefore, the houses for sales in Patras, Ioannina and Kalamata are increasing significantly. The same is an actual fact for a number of Greek islands, where the housing market is at its peak. At a quick glance, we would say that houses for sale in Rhodes, Crete, Mykonos and Santorini stand out.

📌 See more about Golden Visa Greece on the page of the Ministry of Immigration and Asylum.

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