Greece has long been a popular place for people to move to because it has beautiful scenery, a lot of history, and a lively way of life. The Greece Golden Visa is a residency-by-investment program that gives people from outside the EU a great chance to live in Greece by investing in real estate.
One of the best things about this program is that owners can bring their families with them. This makes it possible for people to live in Greece and travel around the whole Schengen Area without a visa. Also, Greece’s Golden Visa is different from other EU Golden Visas because it has a lower spending requirement and better terms.
The article will talk about the pros and cons of the Greece Golden Visa, the most recent changes, and how to apply for it in 2024.
Purpose of Greece’s Golden Visa Program
The Golden Visa program was made in Greece to help the economy by attracting foreign investment in real estate. The program helps the housing market and overall financial health by giving people the right to live in the country in return for big investments in real estate. In exchange, investors get all the perks of living in an EU member state, such as the freedom to live in Greece, get medical care, go to school, and travel within the Schengen Zone without a visa.
Can You Bring Your Family to Live in Greece?
Yes, one of the best things about the Greece Golden Visa is how easy it is for families to get back together. Along with the main application, the Golden Visa lets the following people join:
- Spouse: Your spouse is eligible to join you under the Golden Visa.
- Dependent Children: Children under 21 years old can be included, and even up to 24 if they are full-time students.
- Parents: Both your parents and your spouse’s parents can also be included.
The Greece Golden Visa is a good option for people who want to move to Greece and make sure their family can enjoy the benefits of living in a European Union country.
Can You Work in Greece with a Golden Visa?
The Golden Visa lets you live in Greece, but it doesn’t instantly give you the right to work there. You can, however, do business-related things like starting a company, and you may even be able to do independent work in some situations. The Greek labor law says that if you’re a leader of a company in which you’ve invested, you might be able to work in that role. For regular jobs, however, you would need more work permits.
Minimum Investment for the Greece Golden Visa (New 2024 Changes)
The Greece Golden Visa program added new investment limits on August 31, 2024. These limits depend on the type and area of the property:
- €800,000: This investment applies to properties located in high-demand areas, including:
- Athens
- Thessaloniki
- Mykonos
- Santorini
- Larger islands
- €400,000: This is true for homes in other parts of Greece besides the popular ones.
- €250,000: This minimum investment remains for specific property types, such as:
- Commercial buildings that have been turned into homes
- Industrial buildings that haven’t been used in five years are being turned into homes.
- Listed houses that are being fixed up
Additional details:
- Homes that cost between €400,000 and €800,000 must be at least 120 square meters in size.
- For the €250,000 investment, the property doesn’t have to be a certain amount.
- For homes bought through the Golden Visa program, short-term rentals like Airbnb are not allowed. However, long-term renters are still allowed.
Read Also: Greece Work Visa Process – Types of Visa
Step-by-Step Application Method for Greece’s Golden Visa
1. Choose Your Investment Path
- Choose whether you want to put your money into real estate, government shares, a business, or something else.
- You can choose between €250,000, €400,000, or €800,000 for real estate, depending on your needs and where the house is located.
2. Set Up Legal and Financial Infrastructure
- Obtain a Greek Tax Identification Number (AFM).
- Open a Greek bank account for handling transactions.
- Hire a lawyer to help you buy a house and apply for a Golden Visa.
3. Make the Investment
- Do your research on the land you want to buy if you decide to buy real estate.
- Finish buying the land and get the title deed to ownership.
4. Prepare Documentation
Gather the necessary documents, including:
- Passport and recent passport-sized photos.
- Proof of health insurance.
- Financial documents proving the investment.
- Criminal record certificate.
- All documents must be translated into Greek and certified.
5. Submit the Application
- Use the website https://migration.gov.gr/en/golden-visa to send in your application.
- Give your biometric information and the necessary paperwork to the local customs office.
6. Await Decision
- Expect a decision within a few months.
- At that point, you will get a residence pass that is good for two years and can be renewed every two years.
7. Maintain the Golden Visa for 7 Years
- To keep the visa, you must stay in Greece for at least seven days every year.
- Make sure you keep meeting the standards for residency and investment in order to renew.
8. Pathway to Citizenship (Optional)
- If you live in Greece legally for seven years, you can apply for Greek citizenship as long as you meet the language and integration standards.
How Greece’s Golden Visa is Better Compared to Other EU Countries?
Greece’s Golden Visa offers several advantages compared to other EU countries’ residency-by-investment programs:
- Lower Investment Threshold: In Greece, the lowest amount you can invest in real estate is €250,000, but in some places, it goes up to €500,000. This is a lot less than the minimum amounts needed in other EU countries, like Spain or Portugal, where investments usually start at €500,000 or more.
- Fast Processing: Applications for a Greek Golden Visa are handled quickly—usually in a few months. Other EU countries, on the other hand, may take longer, sometimes over a year.
- Minimal Residency Requirements: For the investor to keep their visa, Greece only needs them to be in the country seven days a year. Other EU programs may have stricter residency requirements, sometimes needing up to 183 days of stay each year to keep the visa or renew it.
- Family Inclusion: Greece’s Golden Visa lets more family members join, like the parents of both the applicant and the spouse, as well as children under a certain age who count on them. In a lot of other EU countries, family members are limited to the nuclear family, which includes spouses and children under 18.
Conclusion:
Non-EU investors who want to live in a beautiful and historically significant country may be interested in the Greece Golden Visa. It sticks out from other residency-by-investment programs in Europe because it has lower investment requirements, quick processing, few residency requirements, and benefits for families. Greece’s Golden Visa is a good way to start a new life in one of Europe’s most exciting places, whether you’re interested in the culture, the business opportunities, or the ease of traveling within the Schengen Area.
Frequently Asked Questions
What is the Greece Golden Visa Program?
The Greece Golden Visa is a program that lets people from outside the EU live in Greece if they invest in real estate. It gives you the freedom to move within the Schengen Area and lets your family live with you.
Can I bring my family with me on a Greece Golden Visa?
Yes, you can bring your spouse, dependent children under 21 (or up to 24 if they are full-time students), and both your parents and your spouse’s parents.
