Greece's Golden Visa program is planning to raise the minimum investment again! Discover the new requirements, impact, and alternatives. Is it still worth it? This guide provides a comprehensive overview of Greece's planned revision of the Golden Visa program's minimum investment. Get the inside scoop & decide if Greece's Golden Visa suits you.

Greece's Golden Visa Program in Brief

Greece's Golden Visa program, initiated in 2013, has emerged as a significant avenue for foreign investment in the country's economy. The program offers residency permits to non-European Union citizens and their families in exchange for investments in Greece. However, amid concerns about potential abuse and the need to align the program with national economic priorities, the Greek government plans to implement revisions, including an increase in the minimum investment requirements.

New Minimum Investment for the Greece Golden Visa Program

The lowest investment requirement for the Greece Golden Visa program was €250,000 in real estate. However, As of July 31, 2023, a new threshold of €500,000 is applicable for obtaining the Greece Golden Visa by investing in Greek real estate. While the threshold update is implemented in the Greater Area of Athens, the Municipality of Thessaloniki, and the islands of Mykonos and Santorini, the €250,000 threshold stays constant for the remaining regions. In a recent instance, Speaking on Friday in parliament, Mr Kyriakos Mitsotakis stated that the administration was considering boosting it even higher(to 800,000 euros) in some cities and on islands. He did not mention the regions.

Benefits of the Greece Golden Visa Program

The Greece Golden Visa program, officially known as the Greece Residence Permit for Investment Activity, offers several benefits to foreign investors seeking residency in Greece. Here are some of the key benefits:

• Residency in Greece: The program allows investors and their families to obtain residency permits in Greece, granting them the right to live, work, and study there.
• Visa-free travel within Schengen Area: Holders of the Greek Golden Visa can travel freely within the Schengen Area, including 26 European countries, without additional visas.
• Flexible investment options: Investors can choose from various investment possibilities, such as real estate, company endeavours, and capital investments, depending on their tastes and financial capacities.
• No minimum stay requirement: Unlike some residency programs, there is no minimum stay requirement for holders of the Greek Golden Visa, making it suitable for investors who do not plan to reside in Greece full-time.
• Family inclusion: The program extends residency benefits to the investor's spouse, children under the age of 21, and dependent children over the age of 21, providing an opportunity for the entire family to reside in Greece.
• Path to citizenship: While the Golden Visa program does not directly lead to citizenship, investors may be eligible to apply for Greek citizenship after residing in the country for a certain number of years, typically seven years, subject to fulfilling specific requirements, such as language proficiency and integration.
• Favourable tax regime: Greece offers a relatively good tax regime for investors, including low property taxes and fair tax treatment for foreign income under certain conditions.
• Diverse lifestyle and amenities: Greece is renowned for its rich history, cultural heritage, beautiful landscapes, and Mediterranean lifestyle, offering investors and their families a high quality of life with access to amenities such as beaches, cuisine, and leisure activities.

Eligibility Requirements for the Greece Golden Visa Program

To qualify for the Greece Golden Visa program, applicants must meet specific eligibility criteria, including:

• Nationality and Interest in Investing: You must be a foreigner outside the EU or EEA who wants to invest in Greece. Alternatively, you could be an executive of a non-EU/EEA company involved in setting up or running an investment project in Greece.
• Age Requirement: You must be at least 18 years old.
• Legal Presence in Greece: You need to be legally present in Greece under one of the following conditions:
• Hold a national visa (Type D).
• Legally reside in Greece with a definite residence permit or a visa.
• Legally live in Greece with a residence permit granted by another EU Member State.
• Legally reside in Greece with a long-term residence permit (2003/109/EC) granted by another EU Member State.
• Good Character: You must follow immigration regulations and maintain a clean criminal record.
• Financial Stability: You should be able to support yourself and any dependents for your residency in Greece. Additionally, you need to maintain the investment amount throughout your residency.
• Legal Source of Funds: You must prove that the money you're investing was acquired lawfully.
• Documentation: You must be able to provide all necessary documents for the Golden Visa application.
• Insurance: You must have valid insurance certified by the national insurance agency.
• Minimum Investment Requirements: You must meet the minimum investment requirements in eligible categories, such as real estate, government bonds, or business ventures.
• Financial Stability: Throughout your residency, you must provide proof of your capacity to maintain yourself & your family financially.
• Additional Requirements: You must comply with any extra requirements of Greek authorities, such as language proficiency and integration measures.

Validity and Renewal for Greece Golden Visa Program

The first 5 years of a Greece Golden Visa are granted. After that, the residency permit can be converted to permanent residency for people pursuing citizenship or renewed for an additional year of the same term. 

If the investor keeps their original investment status, renewing a Golden Visa is simple. The Ministry of Migration Policy in Greece accepts renewal applications in person or through legal representation, which must be filed to the Directorate for Migration Policy. Applicants can use the procedures listed below to renew their Greece Golden Visa: 

• Complete the renewal form
• Gather all required documents
• Submit the renewal application
• Pay the processing fee
• Receive a decision

Investors, company executives, and their dependents must complete the renewal process promptly before their Golden Visa residency authorisation expires. If this is done, you can avoid losing your Golden Visa status and its benefits. Planning a few months for the renewal process is essential to ensure plenty of time to complete the required procedure.

Conclusion

Greece's planned revision of the Golden Visa program's minimum investment represents a strategic effort to enhance the program's integrity, effectiveness, and alignment with national economic priorities. As the proposed changes take shape, ongoing dialogue, stakeholder engagement, and transparent communication will be essential to ensure that the Golden Visa scheme continues to evolve to maximise benefits for all stakeholders involved. Investors considering participation in the program should carefully evaluate the revised requirements and assess their potential impact on investment decisions and long-term objectives.

FAQS

How much is the Greece Golden Visa program increasing?

During the International Exhibition of Thessaloniki, the Prime Minister, Mr Kyriakos Mitsotakis, declared that the threshold for obtaining a Golden Visa rose from 250.000 euros to 500.000 euros. Greece plans to raise the foreign investment threshold to 800,000 euros for real estate in cities and islands where demand is high.

When will the new minimum investment requirement take effect?

Speaking in parliament on Friday, Mr Kyriakos Mitsotakis said the government was considering raising the minimum investment for the Greece Golden Visa program further in certain urban areas and on islands. He did not name the areas.

Is the Golden Visa Program right for me?

The suitability of the Golden Visa Program depends on your circumstances and goals. Consider factors such as financial resources, investment preferences, desire for residency or citizenship in Greece, and risk tolerance. Speaking with an expert can assist in determining if the program aligns with your objectives.

Does the value-added tax amount of €250,000 or €500,000 include it? What should the investment's value be if both spouses' names appear on the ownership/sale document? 

The amount of €250,000 or €500,000 (depending on the location) refers to the price indicated on the contract. In joint ownership of the real estate property by spouses, the residence right is granted to both spouses.

What type of investment options Greece's Golden Visa program offers

The Greece Golden Visa program offers various investment options:

• Real Estate Investment
• Lease Agreement with Hospitality Establishment
• Investment in Alternative Investment Fund
• Investment in Greek Government Bonds
• Acquisition of Shares or Bonds
• Investment in Mutual Fund
• Corporate Government Bonds Investment