Become an EU resident – Golden Visa for Greece

Are you a non EU citizen looking for investment opportunities?
Do you ever dream about moving to Europe? Do you want to have the option open for whenever you would like to?
Are you aware of the benefits that come along with an EU residence permit?
Are you having a hard time choosing the perfect European country to invest it?

The following article aims to answer all the aforementioned questions by providing all the necessary information regarding the Golden Visa program. We will guide you through the application process, fill you in on the perks that come along with an EU residency and discuss why Greece is one of the best cases for your investment.

WHAT IS A GOLDEN VISA?

The Golden Visa program is one that has been adopted by many countries worldwide during the past decade and serves the purpose of either migrating or acquiring residency (and eventually citizenship) through investment.

Between countries that participate in the program are: Antigua and Barbuda, Canada, New Zealand, Singapore, Kitts and Nevis, Lucia, USA, Turkey, Vanuatu, Grenada and Dominica. In the EU: Austria, Belgium, Bulgaria, Germany, Greece, Ireland, Italy, Portugal, Spain and Switzerland.

Each country offers a different set of requirements to obtain the Visa.

Greece, as well as most of the European countries in the program, offers a 5 year residence permit that is renewable indefinitely – as long as the investment stays in place. What is more, there is the possibility to be granted citizenship after 7 years of residence. Since 2013, there are four investment options for the Golden Visa Greece that will be discussed:

Capital contribution to any approved company (by the Greek government), worth at least €400,000.
Bank deposit of at least €400,000.
Intangible assets (shares, stakes or bonds) worth at least €400,000.
Real Estate property worth at least €250,000.

WHY EU RESIDENCY?

The Golden Visa programs are addressed to wealthy foreign nationals who seek an opportunity to invest abroad. Most Golden Visas allow for a permit of residency, whilst in some cases they may lead to citizenship. Consequently, by obtaining a Visa for a country, you are eligible to move, live and work in the country, have access to healthcare and education. Nevertheless, in order to be qualified for a passport you would have to take some extra steps, depending on the country (for instance spend a minimum amount of time living in said country). Moreover, the residence permit applies to the beneficiary’s family as well (children and spouse).

An EU residency comes with some great extras for third country citizens. As an EU resident, you are granted freedom of movement across the Schengen zone. This means allowance to travel among 26 European countries without the need for an additional visa, passport or any other type of border control.

In addition, you gain access to the EU’s internal free market, characterized by the 4 freedoms: Freedom of movement of people, goods, services and capital between all EU member states.

At last, Europe’s quality of life is one of the biggest advantages. From employment conditions, education and health insurance, to social security, civil rights protection or Europe’s growing and strong economy, there is plenty of good reasons why many European countries constitute a desirable place to live in.

WHY GOLDEN VISA GREECE?

Needless to say that Greece being an EU member state, all the above mentioned perks follow along with a Greek residency . Now let’s take a further look at the reasons why a GV for Greece is such a popular choice.

To begin with, Golden Visa Greece has one of the lowest investment thresholds as a prerequisite, as far as EU countries are concerned. Investing in as low as €250,000 worth of real estate property qualifies you as an applicant. Either you are searching for your dream house, or just speculating for a prosperous investment, real estate is a promising, constantly growing market in Greece. AS & U’s property experts are here to guide you through the Greek property market and help you make the right pick based on your real estate needs (check out our main page at: asandyou.com/).

LIFE IN GREECE

Greece’s landscape is a unique conglomerate of all nature’s magic, combining an exquisite variety of islands and mountains, rivers and lakes, flora and fauna. Hosted under the sweet Mediterranean climate, Greece provides a diverse amount of idyllic vacation destinations for all seasons.

Besides holidays, Greece consists of numerous great urban and rural living environments, depending on your preferences. You might be the kind of person who wants to spend some time closer to nature, somewhere remotely and peacefully, together with their family. Or, you might prefer the vibrant pulse of a never sleeping big city. Whatever the occasion, there are plenty of Greek locations, that would match your desires perfectly.

Furthermore, the Mediterranean lifestyle is an one of a kind blend of high quality life with low cost living expenses. Free, yet rich education for your children, endless work opportunities in competitive, growing businesses and above all, plenty of ways to have fun! All under the secure environment guaranteed by the EU.

Even if you are not the type that enjoys spending much time in one place, Greek airports connect you with countless international destinations, including some of the major European cities, in favorable proximity. Due to Greece’s geographical location, most of the leading airlines have connections to it, granting traveling convenient, fast and within budget.

If this is still not enough to convince you, also note that since 2020 it is not required to be in the country to apply, nor to relocate, in order to acquire your Golden Visa for Greece. AS & U will find for you the right property, or multiple properties, that will enable you to apply for the Visa with minimum effort and that you can rent out from day one.

With the rise of remote work, Greece has become a hot spot for digital nomads. If that sounds interesting to you and you would rather not commit too early, take a look at our guide on Becoming a Digital Nomad in Greece.

ELIGIBILITY AND APPLICATION

Going through the procedural part, firstly let’s see who is eligible to apply. Any third country national can be an applicant, as long as they can prove that:

They own the money for an investment and to maintain the investment
The money has been acquired legally
Do not have a criminal record
Be at least 18 years of age
Have medical insurance for you and your family

The easiest way to proceed with the application, is via a third party proxy such as a lawyer, or a consulting agency. This way, you will not have to deal as much with the bureaucracy, while making sure that you provide the necessary documentation validly.

As previously mentioned, the most preferable investment option is real estate. It has the lowest investment threshold (€250,000) and it is versatile since it allows you to purchase multiple properties. It’s your decision whether you choose to live in your property, use it as a summer house, rent it or keep it as a stable investment. An alternative to buying real estate, is to lease hospitality accommodation such as a hotel or a tourist resort, for which you would need to sign a 10 year contract.

Another option is capital investment that amounts to at least €400,000. The investment can be in any registered company in Greece, such as real estate companies.

Moreover, government bonds is a also an alternative. The bonds must be valued at least €400,000 as well. It can also be equal worth of corporate bonds or shares.

Lastly, there is the option for a deposit in a Greek bank at least €400,000 of value, maintained for at least a year.

In summary, the Golden Visa program is becoming all the more popular and especially the Golden Visa for Greece. As we saw, there is a plenty of good reasons that qualify Greece as one of the top European countries to invest in and why not, migrate to. If you are searching for opportunities to invest abroad, or just longing for that Mediterranean lifestyle, Greece is a priority to take into consideration.

Do not forget! Real estate is the optimal route to obtaining a Greek Golden Visa and that AS & U’s expertise is at your service!

We are located at the beautiful seaside town of Porto Rafti, only a 15-min drive from Athens International Airport. We love the area, so feel free to contact us anytime, even if it is just to discuss. Not convinced? Read more about what it’s like to live in Porto Rafti.