BECOME A
GLOBAL CITIZEN
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Greece Golden Visa
Living by the sea and travelling
across Europe visa-free
The Greece Golden Visa program was launched in 2014. The most popular investment option is the purchase of a residential or commercial real estate for €250,000.
Greece requires the least amount of investments in real estate among EU countries granting residence permits by investment. Moreover, the property can be rented out. The investor can get permanent residence and sell the property in five years.
Investors don’t have to take Greek language proficiency tests or history exams. They are also not required to live in Greece to renew their residence permit.
Benefits of the Greece Golden Visa
to the Schengen countries
and creating a “safe haven”
Without the exemptions, the global income tax is levied on a progressive scale of up to 45%.
seven years
The applicant qualifies for citizenship if over 18 years old, has no criminal record or deportation history, and has integrated into Greek society. From 2021, all citizenship applicants hold a written exam in the language, culture, history, geography and governmental system.
Greece allows its citizens to hold several passports. Investors don’t have to give up their first citizenship if their country of origin doesn’t require it.
Who can get a Greece Golden Visa
- Over 18 years old
- No criminal records
- Capable of confirming the legality of the income
Unmarried
- Unmarried
- Under investor’s custody
No age limit
Investment options for the Greece Golden Visa
Greece offers investors seven options for getting a residence permit by investment. Six of them are related to the purchase or rental of real estate.
The investor can buy residential or commercial real estate in Greece. The property can then be rented out. Five years later, the investor can sell it and return the money.
The investor can own the property. Another option is to register real estate to an EU-based company of the investor owns 100% of its shares. A couple can own one property together only if each of them invests at least €250,000. For example, if a couple buys property for €500,000.
If the property was purchased before 2014, it could qualify for the program. The property price must have been at least €250,000 when the investor purchased it or applied for the Golden Visa.
Purchase of real estate
€250,000
Fees, taxes, translation of documents, and legal and notary services when buying real estate
About 10% of the property value
State fee
€2,000 for the investor,
+€150 per adult family member
Medical insurance
€300+ per applicant
Renting a hotel or tourist residence for 10 years
€250,000+Timeshare for 10 years
€250,000+Purchase of securities or opening a bank deposit
€400,000+Purchase of land plot for construction or agriculture
€250,000+Inheriting real estate or
receiving it as a gift
€250,000+Differences between the Golden Visa and a residence permit for financially independent people
Greece offers residence permits to financially independent persons. The path doesn’t require investments. The applicant only needs to receive an income of at least €2,000 per month and place €24,000 in a Greek bank account.
Residence permit by investment
Residence permit for a financially independent person
Obtaining a national D visa to enter the country
Not required if buying real estate
Required
Mandatory residing
Not required
At least 183 days a year
Residence permit validity period
5 years
2 years
Step-by-step procedure for obtaining the Greece Golden Visa by purchasing real estate
Obtaining permanent residence in Cyprus by investment takes about two months. Everything can be done remotely, so it is not necessary to fly to the island. The applicant will only need to collect documents and select an investment object.
A certified Anti Money Laundering Officer conducts a preliminary Due Diligence check. It allows to spot possible issues and reduce the rejection risk to 1%.
We sign an agreement with the investor only after the preliminary Due Diligence check. If there are risks, we offer an alternative solution: clarify the situation in an affidavit or choose another program.
Pass a quick test and learn the nuances that can prevent you from obtaining a second citizenship
Mckhavens consulting real estate experts help the investor find a suitable property. Then we proceed to the conclusion of the sales contract.
A lawyer acts on the investor’s behalf in Greece. Thus, the first step is to sign a power of attorney at a Greek bank or remotely. In the last case, a power of attorney is apostilled and sent to Greece. The investor’s lawyer uses a power of attorney to obtain an individual taxpayer number, then checks the legality of the transaction and prepares documents together with a notary.
The investor or the lawyer can sign a purchase and sale agreement. The lawyer submits the agreement to the Land Register and receives a certificate. The buyer gets the complete package of documents for the property with an officially certified translation.
The documents are prepared simultaneously with the selection and purchase of the real estate. The investor receives medical insurance and then provides the lawyers with documents and photographs. Mckhavens consulting lawyers fill out government forms, translate documents, certify copies, and help pay fees and duties.
The documents are submitted to a specialized department of the Ministry of Immigration and Asylum. The investor, spouse, an adult relative, or a lawyer applies in person. The investor gets a certificate after applying. The certificate allows its holder to stay in Greece for a year.
Fingerprinting takes place on the application day. If the investor could not come to Greece and the lawyer submitted the documents, the fingerprinting is scheduled for another day. The residence permit card is not issued without biometric data.
If investors have bought real estate, they need a tourist visa to enter Greece. In the case of other investment options, a national D visa is obtained.
An application for a Greece residence permit is processed within 1—2 months.
The family members can receive residence permit cards by themselves or entrust a lawyer to collect them. The investor’s international passport is required to get the residence permit. The certificate obtained during the application is returned.
The Greece residence permit is valid for five years, after which it can be renewed. The application and the documents are submitted within two months before the expiration date. If the investor plans to renew the residence permit, they cannot sell the investment property.
Investors can apply for permanent residence five years later. However, they need to live in the country for five years. They cannot leave Greece for more than six months in a row or ten months during the five years.
Golden Visa and Mckhavens consulting stay with you
After obtaining a Greece residence permit, the investor may decide to become a tax resident, buy another property, extend their residence permit card or obtain permanent residence. See how we continue to help our clients.
We help investors renew their residence permit cards after five years.
We help obtain residence permits for spouses, children and parents.
We prepare the required documents and fill out the forms.
We prepare an application and accompany the investor until a new residence permit card is received.
We help investors choose an apartment or villa or buy a property under construction. We follow the sale from start to finish.
We inform investors about the conditions and help to prepare documents and apply.
We help our clients become Greek tax residents and take advantage of benefits, provided that they spend at least 183 days a year in Greece.
Answers to frequently asked questions
An adult investor with legal income and no criminal record. Only non-EU citizens can participate in the program.
A spouse, children under 21 and parents can get residence permits with the investor. The investor’s partner can participate in the program if the couple has signed a domestic partnership agreement and registered it in Greece.
The minimum investment sum is €250,000. The applicant can buy residential or commercial real estate, a land plot, rent a hotel or conclude a timeshare agreement.
Investors can choose to invest €400,000 in economic activities, for example, purchasing stocks or bonds. But it is more challenging to get a residence permit this way because the applicant has to obtain a national D visa to come to Greece. Real estate investors get tourist visas to enter the country.
Yes, it is possible. The investor can return the money in 5—7 years under all investment options. However, the expenses of renting real estate are non-refundable.
The program rules allow the investor to rent out real estate and earn income during property ownership.
No, you don’t. The investor can rent a hotel or sign a timeshare agreement for 10 years. There is a capital transfer option with opening a deposit account at a Greek bank. Applicants also can invest in stocks, bonds or investment fund units.
The investor visits the country to open a bank account and submit fingerprints to get a Greece residence permit. As for the rest of the procedure, an investor’s lawyer can fulfil it by a power of attorney. The lawyer signs a purchase and sale agreement, submits documents for participation in the program and receives residence permit cards.
Investors need to live in the country for seven years to become Greek citizens. After five years, they can obtain permanent residence and apply for citizenship two more years later.
All applicants for citizenship take a written exam to confirm their knowledge of the Greek language, culture, history, geography and governmental system. They must also have no criminal records and deportations from Greece.
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Matthew Oke Havens
Senior Consultant & Partner (Africa)