The Greek Golden Visa program continues to be a premier option for non-EU investors seeking European residency. Despite recent increases in specific real estate options, the program continues to offer a competitive and straightforward pathway to residency in Greece. As of September 1, 2024, the Golden Visa program is governed by new regulations, which require higher minimum investments. However, a variety of appealing opportunities remain available, providing clear and attainable routes to residency.
This overview provides insights into the updated legal framework governing the Greek Golden Visa program, highlighting key investment options, compliance requirements, and the new thresholds.
Real Estate Investment Options
- Purchase of real estate (residential or commercial)
- Property development
- Lease agreement for hotel accommodations or furnished tourist residences
- Timeshare lease agreement for the use of tourist accommodations
- Acquisition through inheritance or parental donation (min. tax value of €250,000)
Updated Investment Thresholds
- €250,000 minimum for commercial properties converted to residential use
- €250,000 minimum for listed buildings, with required restoration or reconstruction
- €400,000 minimum in most areas of Greece for a single property (min. 120 sq.m.)
- €800,000 minimum in specific areas of Greece, [i.e. Attica, Thessaloniki, Central Macedonia, Mykonos, Santorini and other islands with sizable populations (>3,100)] for a single property (min. 120 sq.m.)
- €400,000 – €800,000 minimum in lease agreements for hotel accommodations or furnished tourist residences (min. threshold depending on location).
- €400,000 or €800,000 minimum in timeshare lease agreement for the use of tourist accommodations (min. threshold depending on the location).
It’s important for investors to be aware that residential properties purchased under the Golden Visa program cannot be used for short-term rentals. Non-compliance can result in penalties or even revocation of residency permits. Long-term rental agreements, however, are permitted and can generate rental income.
Financial Investment Options
Beyond real estate, the Greek Golden Visa program offers a variety of financial investment options, tailored to those seeking more liquid or diversified investment portfolios, including:
- Fixed – Term deposit of at least €500,000, to a Greek banking institution, for at least one year, with a standing renewal order.
- Capital contribution of at least €500,000 to a company that has its registered office or establishment in Greece (excluding Portfolio Investment Companies and Real Estate Investment Companies), for the acquisition of shares in a share capital increase or bonds in the issuance of a bond loan, that are, at the time of issue, admitted for trading on regulated markets or multilateral trading mechanisms operating in Greece.
- Capital contribution, of at least €500,000 for the acquisition of shares in a share capital increase, to a Real Estate Investment Company (R.E.I.C.) whose purpose is to invest exclusively in Greece.
- Capital contribution, of at least €500,000 for the acquisition of shares to a Closed-end Investment Company, or to a Closed-end Mutual Fund, provided that these Alternative Investment Institutions aim to invest exclusively in companies that have headquarters or establishments in Greece.
- Purchase of Greek Government bonds, of at least €500,000 and a residual maturity of at least 3 years at the time of purchase, via a credit institution established in Greece, which will also act as the custodian of these bonds.
- Purchase of units or shares of an acquisition value of at least €350,000 in an Alternative Investment Fund (AIF) established in Greece or another EU Member State whose purpose is to invest exclusively in Greece.
- Purchase of shares, corporate bonds or Greek Government bonds, with a minimum value of €800,000, which are admitted for trading or are traded on regulated markets or multilateral trading mechanisms, operating in Greece.
- Purchase of units of an acquisition value of at least €350,000 of a mutual fund, incorporated in Greece or another country and whose object is to invest exclusively in shares, corporate bonds or Greek Government bonds that are admitted for trading or are traded on regulated markets or multilateral trading mechanisms operating in Greece.
Family Members Eligible for the Golden Visa
The Greek Golden Visa extends its benefits to the investor’s family members, allowing them to also gain residency. Eligible family members include:
- Spouse / Partner
- Unmarried children under the age of 21 (renewable until the age of 24)
- Unmarried children of the applicant’s spouse or partner under
the age of 21 - Parents
- Parents-in-law
Duration and Renewal of Residence Permit
The residence permit granted under the Greek Golden Visa program is permanent, with the requirement that it be renewed every 5 years.
The permit renewal is contingent upon the continued ownership of the real estate property or the maintenance of the financial investment.
Importantly, there is no minimum stay requirement, offering significant flexibility for investors looking to maintain global mobility.
The Greek Golden Visa program remains an exceptional opportunity for non-EU investors seeking residency in Europe, even with the new thresholds. Stay informed and compliant with the evolving legal landscape to fully benefit from Greece’s residency-by-investment opportunities.
Why Act Now?
With the updated thresholds now in place, Greece’s Golden Visa program remains a premier opportunity for securing European residency. As global interest in the program grows, now is the ideal time for investors to explore these opportunities and capitalize on Greece’s thriving real estate and financial markets. Don’t miss the chance to secure your path to residency in Europe’s most dynamic and welcoming destination.
You can also download our comprehensive brochure for the Greek Golden Visa.
DOWNLOAD
