Greece Golden Visa: The Complete Guide to Obtaining a Golden Visa in Greece

Over the past decade, Greece has become one of Europe’s leading countries for Golden Visa programs, offering investors and their families the option to obtain residency in exchange for a strategic investment. With a relatively low cost of living, diverse real estate opportunities, and a stable Greek economy, the program provides clear advantages for investors looking to diversify their portfolio.

Beta Real Estate, a leading real estate company in Greece, works with many service providers in this field – especially local Greek professionals – and knows the market in depth from all angles. We stay up to date with all regulatory and economic developments and changes. In addition, we have extensive experience selling properties under the Golden Visa framework, which gives us a deep understanding of the process. This experience allows us to help you avoid mistakes that could cost you valuable time and money.

In this article, we’ll break down everything you need to know – from investment options and the benefits you receive, to the approval and renewal process – to help you make the right choice when investing in Greece.

It is important to note that the information in this article may change, considering the dynamic regulatory changes that often take place in Greece. Many times, there are differences between initial announcements and the final information once a law comes into force. Therefore, we strongly recommend consulting with a local expert who is up to date with the latest regulatory developments in the market, to ensure that the information you rely on is as accurate as possible.

What Is the Greece Golden Visa?

The Greek Golden Visa program offers non-EU citizens the possibility to obtain a Greek residence permit in exchange for an investment in real estate or other investment vehicles. The program was launched in 2013 and allows investors, their spouses, and their families to receive a 5-year residence permit, with the possibility of unlimited renewal if the investment conditions are maintained.

In 2024, the program is undergoing changes, including an increase in the minimum investment amount for central areas such as Athens and Thessaloniki. For example, the minimum investment in central Athens now stands at €800,000, while in rural areas the minimum investment remains €400,000. It should be noted that agricultural land now also requires a minimum investment of at least €400,000.

Benefits of the Golden Visa

• Residence rights in Greece: Golden Visa holders can stay in Greece without time limitations.
• Freedom of movement in Europe: The visa allows free movement within the 26 Schengen Area countries, including Germany, France, Spain, and Italy.
• Real estate investment opportunities: Investment in a developing real estate market with ongoing price increases, especially in high-demand areas like Athens and Thessaloniki.
• Family inclusion: The program covers spouses, children up to age 21, and parents, subject to certain conditions.

Investment Options for Obtaining a Golden Visa

The program offers a variety of investment routes, from real estate to shares and bonds in the Greek market. Below is a table with the updated options:

Real Estate Investments vs. Investments in the Greek Capital Market

Real estate investments in Greece are considered relatively safe, with potential for capital appreciation in high-demand areas, especially Athens and Thessaloniki. In contrast, investments in the Greek capital market offer greater flexibility but involve higher risk due to market volatility.

For people who are interested in minimizing risk and prioritizing stability, real estate investment is the recommended choice. Real estate in Greece is a growing asset class, and in areas like Athens, rapid growth increases the likelihood of high returns and capital appreciation over time. In addition, Greek real estate prices are still relatively low compared to other European markets, allowing access to quality assets with significant future upside potential.

Breakdown of Areas and Cities by Golden Visa Investment Threshold

Property prices in Greece vary according to location, size, and condition. Below is a table explaining the main areas by investment thresholds for the Golden Visa:

Main Stages of the Golden Visa Application Process

The Golden Visa application process is structured and includes several key stages:

1. Property selection and initial preparation:
2. In the first stage, it is recommended to receive professional advice from lawyers and professionals specializing in the Golden Visa program. These advisors will help you choose the most suitable property and ensure that it meets the program requirements. In addition, you must open a bank account in Greece and obtain a Greek tax number (AFM), which is essential for making payments and submitting the application.
3. Property purchase and legal due diligence:
   After choosing the property, your lawyer will conduct legal due diligence to ensure that the property is free of third-party rights or debts and will proceed to signing the purchase agreement. It is important to verify that the property meets the program’s requirements in terms of value and usage.
4. Submitting the application:
   The application is submitted after preparing all required documents, including legal confirmations, certificates, and financial documentation. In most cases, the process can be carried out remotely via power of attorney to a lawyer in Greece.
5. Visit to Greece:
   This stage includes an in-person visit to Greece to provide biometric data to the authorities (fingerprints, photo, etc.). This is a mandatory step in the process, but it can be done after most of the steps have been completed remotely.
6. Receiving the visa:
   Once approved, the applicant receives a 5-year residence permit.
7. Renewal every 5 years:
   Every 5 years the visa must be renewed, if the original investment conditions are still met, such as continued ownership of the property and valid health insurance.

Important Things to Know When Applying for a Golden Visa

Because the process includes several bureaucratic stages, it is important to work with professional lawyers who know the process well and are experienced in handling Golden Visa applications. Here are some practical tips to help you avoid mistakes and save valuable time:

• Choose a property that meets program requirements:
  Not every property qualifies under the Golden Visa conditions. Make sure that the property you are buying meets the minimum requirements in terms of investment amount and location. For example, in Athens and Thessaloniki the minimum amount is €800,000, whereas in rural areas you can purchase a property at a minimum of €400,000. Local lawyers can help verify these requirements.
• Open a bank account and get an AFM:
  It is very important to open a bank account in Greece and obtain a Greek tax number (AFM) at the start of the process. Without a bank account, you will not be able to complete the purchase, so preparing these steps in advance can prevent significant delays.
• Prepare documents in advance:
  Many documents are required for the process, including a translated certificate of no criminal record, certificates, and health insurance confirmations. Preparing all of these in advance reduces the risk of delays, especially since verifying international documents takes time.
• Property due diligence:
  When purchasing a property in Greece, it is crucial to conduct legal due diligence to ensure that the property is free of debts or legal claims. A property with legal issues can delay the process and cause problems in getting approval.
• Power of attorney to manage the process remotely:
  If you do not intend to be in Greece regularly, you can carry out most of the process remotely using a power of attorney for a local lawyer. This helps streamline the process and avoids unnecessary trips to Greece.
• Payment via Greek bank account:
  Make sure that all payments for the property and related expenses are made through a Greek bank account. Payments from accounts outside Greece can cause delays and sometimes even lead to rejection of the application.
• Prepare for the waiting period:
  The Golden Visa approval process may take several months, so it’s important to prepare for this waiting period. During this time, you must maintain valid health insurance and track the status of your application via your lawyers.

List of Required Documents for the Application

Applying for a Golden Visa requires collecting and preparing various documents, some from the applicant’s country of origin and some from Greek authorities. Careful preparation is critical to success, as any delay or lack of order can slow down the entire process.

Meticulous and accurate document preparation will ensure that your application is submitted without unnecessary delays and help ensure a smooth process.

Preparing Documents for the Golden Visa Process

Documents such as criminal record certificates must be translated and notarized to be accepted by the Greek authorities. Therefore, it is recommended to start preparing them as early as possible, as the time required to issue such documents from the country of origin can vary.

Pre-checking the Documents

We recommend verifying that all documents have been properly collected, especially international documents that are submitted to the Greek authorities. Even the smallest details – such as a missing notarization or an inaccurate translation – can be decisive. There have been cases where a missing document or incorrect translation delayed applications for a long time.

Time saving and Efficiency Tips

• Check document validity:
  Make sure your passport is valid for at least six more months and obtain all required legal certificates in advance to avoid last-minute surprises.
• Prepare translated copies:
  Prepare several copies of all required documents (originals and translations) – especially if it’s a family applying for multiple people.
• Use professional translation services:
  Poorly translated documents or non-notarized translations may be deemed invalid. Make sure the process is handled by professional’s familiar with Greek authority requirements.
• Coordinate with your lawyer in advance:
  Make sure your lawyer helps you collect and review all required documents to prevent rejections or delays in submission.

Insights from Field Experience: How to Handle Challenges in the Golden Visa Process

Over the years, we’ve learned that the most critical points are efficient communication with local lawyers and careful document management. Small mistakes in the process – like failing to submit a single document on time – can cause significant delays and sometimes even lead to rejection. Therefore, we always recommend working with professionals experienced in the Golden Visa program who can support you throughout the way.

Some practical tips from experience:

• Start early with documents: don’t wait until the last minute to obtain certificates and translated approvals.
• Make sure you have a bank account and AFM; without them, you won’t be able to complete the property purchase.
• Conduct legal due diligence on the property to avoid future legal surprises.
• Pay via a Greek bank account to avoid delays in the process.
• Use a power of attorney for a local lawyer if you’re not planning to stay in Greece for the whole process.
• Visit several properties in one day with a certified engineer: especially if you are coming for a short visit, it’s worth combining several viewings per day. An engineer can assess the condition of the property and recommend necessary renovations. This service is not expensive in Greece and can save a lot of money in the future.

Golden Visa Renewal

After receiving the Golden Visa, each resident must renew the visa every five years. The renewal process is relatively simple but requires fulfilling several important conditions. Without these, the visa cannot be renewed. Renewal is done with the Greek authorities, and it’s important to complete all requirements precisely to avoid delays.

Conditions for Renewing the Golden Visa

To renew the visa, you must:

• Maintain ownership of the property: You must still own the property purchased under the Golden Visa program. If the property is sold or transferred, the visa cannot be renewed.
• Meet the minimum investment requirement: Make sure the property still meets the program’s minimum investment threshold, especially in cases of value changes or property status. In some cases where renovations are required, the property’s value may be relevant for renewal.
• Maintain valid health insurance: You must have valid health insurance for the entire period of your stay in Greece. This is required for all family members.
• Pay renewal fees: When submitting the renewal request, you must pay renewal fees and card issuance fees.

Stages of the Renewal Process

1. Collect updated documents: passport copy, health insurance proof, property contract copy, and proof of tax payments.
2. Submit the application to the authorities: via local authorities in Greece. If you work through a lawyer, the renewal can also be done remotely via power of attorney.
3. Biometric visit: in some cases, an additional visit may be required to submit biometric data (fingerprints and photos).
4. Receiving the new residence card: once approved, a new 5-year residence card is issued.

5 Practical Tips We’ve Learned Over the Years About Golden Visa Renewal

• Plan: Start the process early, at least six months before the visa expires, to avoid gaps and delays.
• Work with professionals: It’s recommended to work with a local lawyer who knows the Greek system and can manage the entire renewal process.
• Check property value: With rising property prices in Greece, especially in high-demand areas, verify that your property still meets the program’s minimum requirements.
• Pay taxes and maintain health insurance: Make sure all taxes are paid and health insurance is valid.
• Schedule biometric visits early: If a biometric visit is required, plan it in advance to avoid delays in receiving the new card.

Taxation on Real Estate Income in Greece

Golden Visa holders who rent out their property in Greece must pay tax on the rental income they earn. The tax rate is determined by the annual income from rent and is calculated progressively. The higher the income, the higher the tax rate. Here is a table explaining tax brackets on rental income:

The tax is progressive, meaning each bracket is taxed separately. It’s important to be aware of these brackets to plan.

Taxation on Foreign Income

If you are not considered a tax resident of Greece (i.e., you do not stay in the country more than 183 days a year), you are not required to pay tax on your foreign income. However, if you are considered a Greek tax resident, you must report global income and pay tax based on double taxation treaties between Greece and other countries.

Comparing Greece’s Golden Visa to Other European Programs

The Greek Golden Visa is one of the most attractive programs in Europe, but similar programs exist in countries like Portugal and Spain. Here is a comparison to highlight key differences and how Greece stands out.

Greece vs. Portugal – Golden Visa

Greece vs. Spain – Golden Visa

Key Points When Comparing European Golden Visa Programs

• Minimum investment amount: Greece offers the lowest minimum in rural areas, making it especially attractive compared to Portugal and Spain. But in cities like Athens and Mykonos, the minimum is higher (€800,000).
• Stay requirements: Greece does not require minimum stay to keep residency status, unlike Portugal, which requires 7 days per year.
• Time to citizenship: Portugal offers the shortest path (5 years). Greece allows citizenship after 7 years, and Spain after 10.

Why Greece? Advantages of the Greek Golden Visa vs. Other Countries

Greece offers several strong advantages that distinguish its program:

• Flexible stay requirement: No need to spend a minimum number of days in Greece to maintain the visa.
• Lower investment cost in rural areas: Real estate investment from €250,000 makes Greece more accessible than Portugal or Spain in many cases.
• Capital appreciation potential: The Greek real estate market is in an upward trend, especially in Athens and Thessaloniki. Prices are still relatively low vs. other European cities.
• Strong tourism market: Greece is a major tourist destination, which benefits investors who intend to rent out their properties short term.

Additional Questions That May Interest Readers About the Greek Golden Visa

What is the difference between a Golden Visa and a regular visa for Greece?

The Golden Visa is very different from a regular visa:

• It offers long-term residency in exchange for a significant investment.
• A regular visa is short-term and for specific purposes (tourism, study, work).
• Golden Visa allows unlimited stay in Greece and free movement in the Schengen Area.
• It covers the entire close family (spouses and children up to 21).
• It is a solution for those who want to live and invest in Greece with an option for citizenship later, whereas a regular visa is for short-term, limited purposes.

Can I invest in more than one property to reach the minimum Golden Visa investment amount?

Yes. You can invest in multiple properties to reach the minimum required investment. This gives flexibility and diversification:

• You can purchase several properties in lower-demand areas to meet the threshold.
• Spreading the investment across multiple properties can reduce risk.
• This is especially suitable for investors who want to diversify their portfolio.

Ultimately, investing in several properties allows more freedom in choosing assets and reduces reliance on a single property.

What are the steps to obtaining Greek citizenship after the Golden Visa?

• Hold the Golden Visa for at least 7 years.
• Demonstrate ties to Greece (business activity, residence, or studies).
• Pass basic language and culture exams to show integration into Greek society.

After meeting these requirements, you can apply for citizenship but be aware that the process may take a few more years.

Are there any additional tax benefits for investors who obtain a Golden Visa?

Greece offers a relatively friendly tax regime for foreign investors who become tax residents:

• The “non-Dom” regime: a flat €100,000 annual tax on foreign income.
• Double tax treaties with various countries.
• Certain reliefs on rental income and returns from properties purchased under the Golden Visa.

These advantages can significantly ease the tax burden and allow more efficient investment planning.

What are the pros and cons of investing in Greek real estate for Golden Visa compared to other countries?

Advantages:

• Flexible stay requirement (no minimum days).
• Lower real estate prices are relative to much of Europe, with strong upside potential.
• Freedom of movement within Schengen for the investor and family.

Disadvantages:

• Economic risk is associated with a market that is still recovering from past crises.
• Potential future legislative changes that could affect program benefits.
• Dependence on a certain level of bureaucracy that may take time and delay approvals.

In summary, Greece is an excellent choice for those looking for a relatively affordable and flexible path to real estate investment and long-term residency, but you must also be aware of the risks and act carefully.