The golden visa program was introduced by Law 4146/2013.

In fact, it is not a visa but a 5-year residence permit granted to third-country nationals who either acquire real estate worth 250,000 euros, or proceed to invest capital from 3 to 100 million euros in infrastructure projects or in Greek companies, creating 150 jobs.

Third-country nationals who are subject to one of the above categories may obtain a residence permit by submitting an application and submitting the necessary supporting documents.

GOLDEN VISA BENEFICIARIES – CONDITIONS

  • Have legally entered the country with any entry visa or legally reside in the country even if the residence permit they hold does not allow for a change of purpose.
  • The properties should be owned by ownership, administration and occupation by their owners.
  • In the case of co-ownership of a property, worth €250,000, -INITIAL LIMIT OF THE LAW-the right of residence is granted only if the owners of the property are spouses who own the property undivided. In all other cases of co-ownership, the right of residence is granted only if the amount invested by each co-owner amounts to €250,000.
  • If the owner of the property has acquired it through a legal entity, he or she must own the shares or company shares entirely.
  • The right of residence is also granted in cases where the third-country citizen owns, either personally or through a legal entity, more than one immovable property, with a total value of at least €250,000.
  • In case the interested party wishes to enter the country with a type D visa, the documented intention to purchase a property must be proven by documents proving the financial ability (e.g. a certificate from a recognized Class A bank or official financial institution or other recognized securities custody organization) certifying the existence of bank accounts or other securities.  in particular, bonds or shares, to cover the capital of the investment, at least €250,000 -INITIAL LIMIT OF THE LAW-and the applicant's intention to purchase the property (assignment contract to a lawyer or a real estate agency).
  • For third-country nationals who have entered into a ten-year lease of hotel accommodation or tourist furnished residences in complex tourist accommodation, provided that the minimum amount of the lease amounts to €250,000, the contract must result in a one-off payment of the rent corresponding to the ten-year lease of the accommodation or tourist furnished residences.
  • For third-country nationals who either legally reside in Greece with a residence permit or wish to enter and reside in the country and have full ownership, possession and possession of real estate in Greece, which they purchased before the entry into force of 4146/2013, the price they had paid during the purchase should amount to two hundred and fifty thousand euros or the current objective value of their real estate should amount to two hundred and fifty thousands (250,000) euros.-INITIAL LIMIT OF THE LAW-
  • Beneficiaries are also citizens of third countries who have full ownership, ownership and possession of real estate in Greece, the minimum amount of which amounts to two hundred and fifty thousand (250,000) euros – INITIAL LIMIT OF THE LAW – and which property has been transferred to them by donation or parental benefit. The right of residence in this case is exercised only by the recipient of the donation or the recipient of the parental benefit;
  • For third-country nationals who purchase a plot of land or land and proceed to the construction of a building, the sum of the value of the purchase contract and the contract for the construction of a building must amount to at least two hundred and fifty thousand (250,000) euros.

As of March 31, 2024, the  following conditions will apply:

-In the region of Attica, the regional units of Thessaloniki, Mykonos and Santorini and on the islands with a population of more than 3,100 inhabitants, the value of the real estate that the interested party must own increases to 800,000 euros. In the rest of the country, the value of real estate is 400,000 euros. In any case, the investment must be made in a property (not in more properties of lower value) with an area of at least 120 sq.m. It is allowed to purchase a percentage of the undivided co-ownership of a property, the minimum value of which is 800,000 and 400,000 euros respectively.

The other provisions

In the other provisions of the legislative regulation, the following are provided:

-For buildings that currently have a different use and are converted into residences, the minimum investment amount is 250,000 euros. The conversion of the use must be completed before the submission of the request for the granting of the residence permit.

-The limit is also set at 250,000 euros if it is an investment in a listed building that is to be restored. According to real estate market executives, the exemption for listed properties, for which a lower minimum investment threshold will apply, aims to incentivize foreign investors to invest in this specific category of real estate, in which capital is required to develop. Today, many owners are unable to undertake the huge cost of restoring a listed building, resulting in these buildings, in a large percentage, being in poor condition.

-Residence permits can be renewed for the same period of time (five years), as long as the real estate remains in the ownership of the investor. If it is an investment in a listed building, an additional condition for the renewal of the residence permit is that the restoration of the building has been completed. If the investor sells the property, then his residence permit is revoked and the buyer acquires the right to obtain a residence permit.

-Investors can lease the buildings they acquire, but their disposal through short-term leases is not allowed, while in cases of conversion into a residence, their use as a company's headquarters or branch is prohibited. In case of violation, the residence permit is revoked and a fine of 50,000 euros is imposed.

-In addition to the purchase of real estate, third-country nationals also acquire a residence permit by concluding a long-term contract for complex tourist accommodation or a timeshare lease contract for tourist accommodation, corresponding to each area of value (800,000 euros in Attica, etc., 400,000 euros in the rest of the country, etc.).

Transitional period

In order not to disrupt the functioning of the market, a transitional period is provided for under the following conditions:

Third-country nationals who will pay the price, or pay a 10% deposit, or sign a preliminary agreement or private purchase agreement, proving the relevant credits by 30 September 2024, can complete their  investment by 31 December 2024 under the conditions that applied until now. In these cases, if the purchase of the property is not completed,  the buyer can complete his investment in another property, always under the conditions that applied until now, but in any case not after April 30, 2025.

Based on real estate market executives, the Greek Golden Visa was the most sought-after globally last year. This is supported by data from the Ministry of Migration Policy, according to which throughout 2023 demand hit "red", as requests (initial granting and renewal) amounted to 10,214, recording a 5-year high. At the same time, in the last 12 months, 5,701 permanent investor licenses (4,231 initial and 1,470 renewals) were issued, based on the date of the decision on applications filed from 2018 to December 2023. It is estimated that investments of at least 1 billion euros have been made. In one year, given that 4,231 permanent investor licenses were issued, corresponding to the same number of real estate purchases, with a minimum amount per transaction of 250,000 euros. In addition, 8,800 applications are pending.

FAMILY OF BENEFICIARIES

The above third-country nationals may also be accompanied by their family members who are granted, upon their application, an individual residence permit that expires at the same time as the residence permit of the dependants.

Family members include:

  1. a. The spouse
    b. the other of the spouses or partners with whom the third-country national has entered into a civil partnership agreement in Greece
     c. the unmarried joint children of the spouses or partners under 21 years of age
    d. the unmarried children of the dependent or the other spouse or partner,  provided that custody has been lawfully entrusted to the children of his/her dependant and to the children of the other of his/her spouses or partners under the age of 21
    e. direct ascendants of the spouses or partners

Family members have the possibility to enter after the entry of the third-country citizen, from whom they derive the right of residence. These family members are granted a residence permit equivalent to that of the sponsor, which likewise does not grant access to the labour market. The children of third-country nationals who have been admitted to Greece under the terms and conditions of residence permits for property owners are granted a residence permit for family reunification until the age of 21. After the age of 21, it is possible to further renew them with a three-year independent residence permit until the age of 24 and then it is possible to renew them further in accordance with the provisions of the immigration legislation.

DURATION OF RESIDENCE PERMIT FOR PROPERTY OWNERS.

  • Five-year duration  .
  • They have free access and movement in all Schengen countries for a period of ninety (90) days per semester.
  • The residence permit granted does not establish the right of access to any form of work and only the exercise of economic activity in the capacity of a shareholder of a company, a member of the Board of Directors or the CEO of a company is allowed.

 

Possibility of renewing a residence permit for property owners – Duration and conditions.
The residence permit can be renewed. In particular, residence permits are renewed for an equal duration and for as many times as the interested party wishes.

For the renewal of the residence permit, the following conditions must be met:
• The immovable property must remain in the ownership and administration of the interested party,• The contracts/leases provided for remain in force.Any periods of absence from the country are not an obstacle to the renewal of the residence permit. The resale of the immovable property during the validity of the residence permit to another citizen of a third country does not confer the right to grant a permit residence to the new buyer.