Golden Visa: How Investing in Greek Real Estate Gets You Residency

Introduction

Dreaming of a Mediterranean lifestyle and seamless access to Europe? The Greek Golden Visa program offers a gateway for non-EU citizens to secure residency in Greece—and with it, freedom to travel across the Schengen Zone—by investing in real estate. In this article, we guide you through everything you need to know about obtaining the Greek Golden Visa through property investment in 2024: eligibility, the application process, benefits, key considerations, and real-life success stories.

What is the Greek Golden Visa?

Launched in 2013, the Greek Golden Visa is an affordable and attractive residency-by-investment program. By purchasing eligible real estate in Greece, you and your immediate family can obtain a five-year, renewable residence permit. This permit provides freedom of movement within the Schengen Area, making it a favorite among global investors, retirees, businesspeople, and those seeking to broaden their lifestyle options.

Eligibility Criteria & Minimum Investment

Who Can Apply?

• Non-EU/EEA/Swiss citizens
• Spouses/partners and dependent children (up to age 21)—all receive residency rights

Minimum Investment Amount (As of 2024):

• €250,000: In most areas of Greece (mainland, many islands)
• €500,000: In central Athens, Thessaloniki, Santorini, and Mykonos (recent changes for popular zones)

The property (or properties) must equal or exceed the minimum threshold. You may purchase one or several properties to reach this requirement.

Eligible Properties:

• Residential real estate (apartments, houses, villas)
• Commercial real estate also qualifies
• Off-plan/new developments and resales permitted

Application Process – Step by Step

1. Choose Your Property

Work with a reputable agent and legal advisor to preview properties, negotiate, and secure your chosen real estate. Due diligence is essential.

2. Complete the Purchase

• Sign a pre-contract, then finalize the contract before a public notary.
• Pay all associated taxes and fees (typically ~7–10% of the purchase value).

3. Collect and Submit Documents

Required documents typically include:

• Valid passport
• Proof of health insurance for Greece
• Certificate of property purchase from the Land Registry
• Bank transaction receipts proving payment

4. File Your Application

Applications are made through the Greek Migration office or via the Greek consulate if applying from abroad. Your legal representative may file on your behalf with power-of-attorney.

5. Receive Your Residency Permit

A temporary permit is granted immediately; the full five-year permit usually issues within 1–2 months.

Key Benefits for Investors

• Fast-track European residency for you and your family
• Freedom to travel and reside in Schengen countries (up to 90 days per 180 days per country)
• No requirement to reside in Greece (unless you wish!)
• Right to lease out your property for extra income
• Eligibility to apply for Greek citizenship after seven years of residency (subject to meeting integration requirements)

Legal and Tax Considerations

Annual Property Taxes

• Owners pay annual ENFIA property tax, which is relatively modest compared to other EU countries.

No Minimum Stay

• Unique among “Golden Visa” programs—no physical residence requirement.

Transparent Legal System

• Property purchases must be made through notaries and registered with the Land Registry. Using a local lawyer is highly recommended.

Inheritance/Estate Planning

• Greek law applies; consult a tax or estate specialist for cross-border planning.

Comparing Golden Visa to Other Residency Programs

• Portugal: Higher investment threshold (now €500,000+), lucrative but under reform.
• Spain: Minimum €500,000, also allows family inclusion.
• Malta, Italy: Comparable options, but generally with higher costs or stricter stay rules.

Greece combines the lowest entry point (in many regions), top-tier lifestyle, and minimal red tape.

Success Story: From London Financier to Ionian Island Resident

“The Greek Golden Visa was a game-changer for our family. Within months of purchasing our villa on Corfu, we gained not only a holiday home but full access to Europe—and amazing peace of mind. The process was remarkably straightforward with our local lawyer and agent.” — Anna, UK

Frequently Asked Questions

Q: Can I finance the property? A: The investment sum cannot be borrowed from a Greek bank; funds must come from outside Greece.

Q: Can I buy properties worth less than €250,000 if the total equals the threshold? A: Yes, multiple properties are allowed as long as the combined value meets the threshold in your chosen area.

Q: Can I upgrade my status or move from one property to another? A: Yes, you can sell and reinvest, provided the new property matches current Golden Visa requirements.

Conclusion

The Greek Golden Visa opens new horizons—whether you want a family retreat, rental income, or a strategic base in Europe. With manageable investment thresholds, a straightforward process, and genuine lifestyle appeal, the Golden Visa remains one of Greece’s most attractive offers to international property buyers in 2024.

Ready to start your Greek property journey? Contact us for exclusive listings, trusted legal partners, and step-by-step guidance tailored to your needs!