How to Get a Greek Golden Visa: All You Need to Know

A Greek Golden Visa is one of Europe’s most popular Residence by Investment Programs. This article will highlight everything you need to know about the Greek Golden Visa and how you can qualify for this residence-by-investment program.

Overview Of Greece

Country Profile

Where in the World is Greece?

The southern tip of the Balkan Peninsula houses Greece. Head east to reach the Aegean Sea, south to get to the Mediterranean Sea, and west to hit the Ionian Sea. Its neighbours are Albania, Bulgaria, North Macedonia, and Türkiye.

How Big is Greece?

Imagine a land mass the size of Alabama or England comprising a mainland plus over 2,000 islands. Greece has roughly 10.4 million inhabitants.

What Language Do They Speak in Greece?

The official language is Greek, an ancient tongue dating back to around the 15th century BCE. About half of Greece’s population can speak English. This compares favourably with Italy and Spain but less so with Germany.

Which Currency Do They Use in Greece?

As Greece belongs to the European Union, they use the Euro.

Greece Golden Visa New Rules: Property Investment Latest Changes

Greece Golden Visa new rules have been officially announced by The Greek government. The government has decided to implement a second price change to its Golden Visa in as many years. This time, however, the price change will impact all of Greece, unlike the previous revision, which only raised prices in specific locations such as Athens, Thessaloniki, Santorini, Varos, and Mykonos.

Here is a quick sum up of the recent changes:

• The new minimum investment thresholds for the Golden Visa Program follows a previous increase in the minimum property investment from €250,000 to €500,000 in select areas.
• The minimum has been further increased to include two zones: €800,000 in select areas covering Attica, Thessaloniki, Mykonos, and Santorini, and €400,000 covering all other regions of Greece. The government has also provided two crucial exceptions, where the minimum investment amount will be €250,000.
• The transitory period has started, and applicants will be able to benefit from the current rates as long as they pay a 10% investment deposit before September 30th and complete the investment by New Year’s Eve 2024.

What are the Two Exceptions Offered by the Greek Government for Golden Visa Investment?

However, the government has introduced two exceptions to the EUR 400,000-800,000 range.

Investors can qualify with a minimum investment of EUR 250,000 in two cases:

• When acquiring commercial properties and converting them to residential use, or
• When purchasing properties in listed buildings and fully restoring or reconstructing them.

These exceptions apply regardless of the location and size of the property, but certain conditions, such as the completion of the conversion or restoration, must be met to maintain the golden visa status.

The government has also imposed restrictions on property use. Golden Visa investors are prohibited from placing their properties on the short-term rental market, such as through platforms like Airbnb.

Properties obtained through the conversion of commercial real estate to residential cannot be used as registered company headquarters. Failure to comply with these restrictions will result in the revocation of the residence permit and an administrative fine of EUR 50,000.

Why Greece Golden Visa Price Hike Makes Sense

The main purpose of Golden Visas is to attract sufficient capital to bolster a country’s economy, and to do that, they must align with the global economic landscape.

But Greece’s decision was not only motivated by inflation and a need for an update, but instead it was a carefully thought out change that addresses key areas within the Greek economy.

Here are the key elements behind the Greek government’s decision and highlight why the price hike makes sense for the country.

Inflation

Property prices in Greece grew 14.7% Y-o-Y between March 2022 and March 2023, a rate well above the EU average and nearly one and half times as much as fellow EU compatriots Belgium and Cyprus (7.4% and 7.7%, respectively).

Greek property inflation has been consistently growing, as the latest data follows a consistent growth trend of 11.32% in 2022 and 10.81% in 2021.

Athens, of course, has seen the highest property cost growth, as property prices increased 13.02% in 2022, cementing the Athenian housing market as the most dynamic – and expensive – in the country.

Thessaloniki witnessed the second highest average price increase during the same year at a rate of 11.07%, while the rest of the Greek cities saw an average of just 9.39%, emphasising the seriousness of the situation in Athens and Thessaloniki and the sheer amount of property sales in the two cities.

Demand VS Supply

Inflation, though, isn’t the main reason property prices are growing in Thessaloniki and, more importantly, Athens, as the supply is struggling to keep up with the demand.

This imbalance means that €250,000 is no longer a reasonable investment amount in Athens, and while the government wants to attract more investment, they want to dissipate it among other regions.

Average rents went up 35.4% Y-o-Y in Athens, which is undoubtedly good news for investors but bad news for locals looking for a place to rent. The Greek government has addressed this issue by amending the Golden Visa pricing in Athens before it becomes a major issue, like what happened in Lisbon.

This way, the government can curb the rent inflation before it gets too bad and maintain its Golden Visa in its current form rather than taking drastic measures such as those the Portuguese Government partook in.

Diversification

Golden Visas don’t only bring in money through direct investment. They create jobs by encouraging developers to create new projects, and they stimulate local manufacturing, construction, logistical, legal, and accounting sectors by creating more work.

By diversifying Golden Visa investments throughout the country, the Greek government has found a way to maintain a solid level of FDI in Athens and Thessaloniki – especially since the rush of applications has now injected massive amounts of money into these cities – while also setting the path for the development of other areas and cities within Greece.

For the Greek government, raising the minimum investment amounts in Athens, Thessaloniki, Mykonos, and Santorini not only makes financial sense, but it is a stroke of genius that will allow the country to continue reaping the rewards of the Golden Visa.

How Can I Apply Before the Government Implement the Changes?

1. Deposit 10% of the total investment by September 30th, 2024

The key to applying under the current regulations is quick action. If an investor manages to make a 10% deposit on a qualifying real estate before the deadline on September 30th, then they can still apply under the current laws only if they finalise the entire investment before April 2025.

2. Compile the documentation needed quickly and apply as soon as possible

On the other hand, there are some issues to consider, if a person makes a 10% deposit, they still need to compile their documentation quickly and apply as soon as possible. The average processing time for the Greek Golden Visa is three to four months, so to ensure ample time for investors to maneuver, quick action is needed.

3. Choose the right property to avoid forfeiting the deposit

Another important note is choosing the right property. If a person does make a deposit and then changes their mind and wants to pursue a different property, they may have to forfeit their deposit as some developers will not be keen on returning it if some time has elapsed.

The key aspect is finding the right property within a suitable timeframe, and that is where Savory & Partners comes in.

Through Savory & Partners, you can easily find the right property, make a deposit, and file your application within the suitable timeframe that allows you to qualify under the current regulations with the property of your preference.

If you are looking for more affordable investment options, we’ve also compiled a list of alternative areas in Greece to consider investing in:

The Emerging Market of Greece Real Estate: Alternative Areas for €400,000

Although the areas that underwent a price hike are considered the most popular areas for investment, several other areas that fall under the €400,000 valuation are worth considering.

Here are the highlights of some of the best real estate investment areas in Greece, excluding Athens, Vari, Thessaloniki, Mykonos, and Santorini, and why they are good investment opportunities.

Crete

Crete is the largest of the Greek islands and a popular destination for tourists. The island offers excellent investment opportunities in real estate due to its diverse landscape, beautiful beaches, and rich history. According to data from the Bank of Greece, property prices in Crete increased by 7.2% in 2020, despite the COVID-19 pandemic.

The western part of Crete, specifically Chania and Rethymno, are considered the most popular areas for real estate investment due to their picturesque villages, beautiful beaches, and rich history. The area attracts tourists all year round and offers excellent opportunities for rental income.

Corfu

Corfu is another popular island in Greece that attracts a large number of tourists every year. The island is known for its lush greenery, crystal-clear waters, and Venetian architecture. Property prices in Corfu increased by 6.9% in 2020, despite the COVID-19 pandemic, and grew to 8.5% in 2022. The housing market growth in Corfu during one of the most difficult financial times in recent memory highlights the growing global interest in the island and why it can be very profitable for investors.

The northern part of Corfu, specifically Kassiopi, is considered the most popular area for real estate investment due to its high number of tourists, which makes for significant profitability in short-term rentals. The traditional architecture in the area also attracts investors who have a keen eye for unique properties that offer a stellar living experience.

Chania

Chania is a city located in the northwest of Crete. It is a beautiful city with a Venetian harbor, narrow streets, and colorful buildings. The city has a strong tourism industry, with over 3 million visitors every year. However, it is also a great place to invest in real estate.

Property values in Chania increased by 12.2% over the past year. This is higher than the national average of 7.6%. Additionally, the city has a strong rental market, with a high demand for holiday rentals.

Rhodes

Rhodes is an island located in the eastern Aegean Sea. It is known for its stunning beaches, medieval town, and ancient ruins. The island has a strong tourism industry, with over 2 million visitors every year.

Moreover, it is also a great place to invest in real estate. The housing market in Rhodes grew by 11.1% year-over-year in 2022. Rhodes has a unique culture and is one of the most historically important areas in Greece, offering investors a unique asset that can help them claim a residence permit.

Kalamata

Kalamata is a city located in the southwestern part of the Peloponnese peninsula. It is known for its beautiful beaches, rich history, and vibrant culture. The city has a strong tourism industry, with over 500,000 visitors every year on average for the past decade.

The housing market in Kalamata grew by 5.2% more than the national average, and its local government body is putting a lot of effort into boosting its tourism sector, making it a great area for those looking to buy one or more smaller properties for short term rental income, either through a provider like Airbnb or by themselves.

Paros

The island of Paros is located between Mykonos and Santorini and hence offers an excellent alternative to both for investors who still want to apply for the Golden Visa under the €400,000 regulations.

Paros also has one of the highest rental yields in all of Greece, as investors can expect a return of 7.1% on average, making it an optimal option for those looking to make a profitable investment rather than using the property themselves.

Chalkidiki

Chalkidiki neighbors Thessaloniki and is one of the most exciting cities in Greece’s Macedonia region. It offers an excellent alternative to Thessaloniki at lower average property prices and similar short-term rental yields, although long-term rental income is still better in Thessaloniki.

Chalkidiki is dubbed the Monaco of Greece, as its high-end neighborhoods and newer infrastructure make it a great place to live and visit, and hence it is one of the strongest additions to this list.

Plenty Of Options

The new regulations only affect a minor part of the Hellenic Republic, as most of the country’s properties remain eligible for the Golden Visa at €400,000.

Benefits of Obtaining a Greek Golden Visa

There are numerous benefits to obtaining a Greek Golden Visa, some of which are:

1 - Residency and Travel Freedom

Obtaining a Greek Golden Visa grants individuals a five-year renewable residence permit in Greece, providing them with a stable and secure base in Europe. This residency status also allows for visa-free travel throughout the Schengen Area, which encompasses 26 European countries, enabling easy movement and exploration of the continent.

After seven years of residency, Golden Visa holders become eligible to apply for Greek citizenship and an EU passport, further expanding their travel and living opportunities.

2- Real Estate Investment Opportunities

The Greek Golden Visa program offers investors access to the Greek real estate market with a minimum investment of €250,000. This investment not only secures residency but also presents the potential for capital appreciation and rental income from the purchased property.

By investing in Greek real estate, individuals can diversify their investment portfolios with foreign assets, mitigating risk and opening up new financial prospects.

3- Family Benefits

One of the most appealing aspects of the Greek Golden Visa is that residence permits are extended to immediate family members, including the investor’s spouse, children, and parents. This allows families to stay together and enjoy the benefits of Greek residency collectively.

Living in Greece provides access to high-quality education and healthcare systems, both within the country and throughout the EU. The Mediterranean lifestyle and rich cultural heritage of Greece also offer improved quality of life and diverse opportunities for personal growth and enjoyment.

4- Non-Domiciled (Non-Dom) Taxation

A significant advantage of the Greek Golden Visa is the non-domiciled (non-dom) taxation status. By becoming a Greek tax resident, investors can avoid being subject to taxation on their worldwide income.

Foreign-sourced income is not taxed in Greece, provided it is not remitted to the country. Inheritance tax exemptions also apply to assets located outside of Greece, providing further financial benefits and flexibility for wealth management.

5- Business Opportunities

The Greek Golden Visa opens up a world of business opportunities for investors. With residency status, individuals can establish a business or expand existing operations in Greece and the EU, gaining access to a vast and diverse market.

Greece offers a skilled and educated workforce, making it an attractive location for entrepreneurs and businesses. The country’s strategic location at the crossroads of Europe, Asia, and Africa also presents unique advantages for trade and commerce.

6- Simplified Process

Obtaining a Greek Golden Visa is a straightforward and efficient process. The application procedure is designed to be user-friendly, with minimal paperwork and documentation required compared to other residency programs.

There are no language proficiency or minimum stay requirements, making it accessible to a wide range of investors. The streamlined nature of the program ensures a smooth and hassle-free experience for those seeking Greek residency.

7- Long-Term Perspective

Investing in a Greek Golden Visa offers a long-term perspective for individuals and families. The program provides a pathway to permanent residency and eventual citizenship in Greece, allowing for a secure and stable future in Europe.

After maintaining residency in Greece for seven consecutive years, Golden Visa holders become eligible to apply for Greek citizenship. Obtaining Greek citizenship grants individuals, the right to live, work, and study anywhere within the European Union, as well as access to all the rights and privileges enjoyed by EU citizens.

This includes the ability to pass on citizenship to future generations, ensuring a lasting legacy and connection to Europe. The route to citizenship through the Greek Golden Visa program is a valuable opportunity for those seeking a more permanent and integrated relationship with Greece and the EU.

What is the Greece Golden Visa Program Process?

Greece’s Golden Visa Program has a streamlined process consisting of a very short list of steps:

Step 1: Savory & Partners will conduct pre-signing due diligence on the investor and the case.

Step 2: Sign a contract with Savory & Partners.

Step 3: Choose the investment type and decide on which family members will be included.

Step 4: Collect the documentation.

Step 5: Savory & Partners will assist in filling out the application and the submission process.

Step 6: Make the investment, submit the application, and provide biometrics.

Step 7: Obtain a Greek Golden Visa (approximately ten weeks after Step 6).

The Greek Golden Visa program offers a straightforward application process, making it one of the simplest ways to obtain residency in the EU. The entire process is simple and takes just a few weeks of preparation.

One of the most attractive features of the Greek Golden Visa is that there is no residence requirement, meaning holders do not need to spend a minimum amount of time in Greece to maintain their status.

Greek Golden Visa Program FAQs

When Did They Start the Greece Golden Visa?

The Greek government launched the Golden Visa program in 2013.

What Are the Advantages of Getting a Golden Visa in Greece?

The Greek Golden Visa lets you live in Greece as a resident and gives you visa-free access to the Schengen region, among many other benefits.

How Long Does the Process of Obtaining Residency in Greece Take?

Submit your application form. Then you will have to wait no more than three months to receive your residence permits.

How Do You Get Greek Citizenship?

You will receive a Greek Golden Visa residence permit. This is not a citizenship-by-investment program. But, if you live in the country for seven years, you can become a Greek citizen through naturalisation. You will need to pass a Greek language test.

Which Family Members Can Go with Me on a Greek Golden Visa?

You can bring family members with you. These include spouses and dependent children up to the age of 21. Parents and grandparents can come too.

Will I Have to Pay Taxes in Greece?

It depends. If you are spending more than 183 days in the country, yes. If you are renting out your real estate investment, no. Greece has double taxation agreements with many countries. These include the United Kingdom and United States. So, you will only pay tax on your Greek property.

READY TO TAKE THE NEXT STEP?

The best way to approach the Greek Golden Visa is with the help of Savory & Partners.

All you need to do to begin your Golden Visa journey is contact Savory & Partners today to book a comprehensive consultation with one of our experts.