Golden visa of Greece: a complete guide to the residency-by-investment program

Traveling to Europe visa-free, accessing European banking services, enrolling your children in top-rated international schools, and providing medical care for your parents in EU clinics — all of this becomes possible with Greece’s Golden Visa. This government program offers families a renewable 5-year residency permit in exchange for real estate investments starting from €250,000. Let’s explore the details of the most affordable residency-by-investment program in Europe.

What is Greece’s golden visa?

Launched in 2013, the golden visa program in Greece allows individuals to obtain long-term residency through economic investments. The program offers several investment options, including securities and bank deposits, but the most popular choice remains real estate.

The minimum investment threshold starts at €250,000, though it can reach €400,000–€800,000 depending on the region and property type. Investments can be made in both residential and commercial properties, whether on the primary or secondary market.

Who can be included in the application?  

In exchange for the investment, the programme participant receives a 5-year renewable residency permit for the entire family, including the spouse, children up to the age of 21, the investor’s parents, and the parents of the investor’s spouse. Unlike other types of residency permits, this one does not require you to relocate to the country: living in Greece is a right, not an obligation, and you can spend as much time there as you wish.  

The residency permit can be renewed an unlimited number of times as long as the investor maintains the investment.

Main conditions 

The conditions for obtaining a residency permit through investment are regulated by Greek laws No. 5100 and No. 5038, which were amended in 2024. Currently, to obtain resident status, it is necessary to invest:  

– From €800,000 for a property of at least 120 sq.m. in Attica, Thessaloniki, Crete, Rhodes, Mykonos, Santorini, and other Greek islands with a population of over 3,100 residents;  

– From €400,000 for a property of at least 120 sq.m. in other regions of Greece;  

– From €250,000 for apartments in a residential complex reconstructed from a hotel or business centre, or in a cultural or historical heritage property, regardless of the region and area.  

Reconstructed property is a profitable purchase. The developer completely remodels the building to meet modern energy efficiency and safety standards. The result is a comfortable residential complex that is indistinguishable from a newly built property.  

Under this option, the investor can acquire a property of any size and in any region.  

The specified amount is the cost of one property at the time of sale, excluding mandatory taxes and fees.  

The investor must also pay a tax of 3.09% of the amount stated in the contract, slightly over 2% for registration and notarial confirmation of the transaction.  

Fees for document verification and processing, as well as the purchase of medical insurance, will amount to at least €2,000 per person and €3,500 for a family of four.  

The printing and issuance of the residency card will cost no more than €16 per person. Additionally, the services of an immigration lawyer will need to be paid separately.

Requirements for participants

Unlike long-term visas, the Greek residency permit through investment does not require finding an employer, proving income, or residing permanently in the country. The family receives permission to enter the EU and reside in Greece through investment in the economy. The list of requirements for the investor is minimal:  

– No criminal record;  

– No previous entry bans to the EU;  

– No personal sanctions;  

– Legal source of funds for participation in the programme;  

– Valid medical insurance that is effective in Greece.

How to obtain a Greek residency permit through investment? 

Astons’ Greek office was recognized as the best real estate agency in the region in 2024. In our portfolio, you will find unique offers directly from developers, as well as secondary residential or commercial properties.  

We will help you select a property for participation in the residency programme or simply as a liquid asset, and we will assist with the preparation of documents for the immigration service and the bank.  

Examples of properties for conversion from commercial to residential

Stylish Apartments in the Center of Gazi, Athens

https://www.astons.com/property/greece/stylish-apartments-in-the-center-of-gazi-athens/

In one of central Athens’ most vibrant districts, Gazi, a new residential complex has been established, seamlessly blending modern design with functionality.

This seven-story complex features 32 newly constructed residences, available in four distinct types: studios, lofts, two-bedroom apartments, and duplexes with two or three bedrooms.
From €250,000

Apartments in the Center of Petroupoli

https://www.astons.com/property/greece/apartments-in-the-center-of-petroupoli/ 

Nestled in the semi-mountainous town of Petroupoli in Attica, this project stands as a beacon of modern living in the heart of West Athens

The building itself, spanning five levels, offers a selection of six two-bedroom apartments and two one-bedroom maisonettes. Each residence is meticulously designed to prioritize energy efficiency, with features such as heat pumps for heating and Grohe sanitary ware adding to the overall comfort and quality of life.

From €250,000

Step by step plan for participation in the programme  

1. Consultation with Astons experts: we will conduct an internal review and assess your chances of obtaining a residency permit.  
2. Preparation of documents: we will assist with the preparation of documents for the bank and the immigration service.  
3. Property selection: our experts can compile an online portfolio of properties or accompany you on viewings in Greece. A Schengen visa is required for the trip.  
4. Reservation of selected property: you will reserve the chosen property and pay a deposit of 10% of the total amount. If the seller withdraws from the deal, you will be able to get your money back in full.  
5. Contract signing: an Astons lawyer will check the documents and act as your representative during the signing of the deal.  
6. Registration of the contract: the lawyer from Astons will register the contract with a notary and in the land registry in Greece.  
7. Submission of application to the immigration service: our immigration lawyer will also handle this for you. Immediately after submission, you will receive an electronic document – the White Paper, which confirms your right to enter Greece. Thus, you and your family will not even need to obtain a Schengen visa.  
8. Fingerprinting in Greece: this is the only step that requires your visit to the country.  
9. Receiving residency cards: these need to be renewed every 5 years, and you will need to provide fingerprints again during the renewal process.  

To maintain your residency permit, you do not need to reside in the country. This is the main difference between the “golden visa” and any type of residency permit. The only condition is to retain ownership of the property. The investor can sell the property only if they have purchased a new one.

General timeline of the programme 

The transaction and preparation of documents for the immigration service will take an average of 3 to 6 months.  

Advantages of Greek residency  

According to reports from the Greek immigration service, in 2023, 4,444 individuals received residency permits through investment. In the first half of 2024 alone, this number reached 4,100. 

What makes the programme so popular?  

Free entry to Europe and the possibility of obtaining citizenship  

The programme is ideal for investors who need free access to Europe. The 5-year residency permit in Greece replaces any Schengen visa. With this permit, you can live in Greece and spend 3 months in each Schengen country within a six-month period. The right to enter Greece is granted to the investor immediately after submitting the application to the immigration service.  

Moreover, relocating to Greece is not necessary to maintain the residency permit. You only need to visit the country once to provide fingerprints for the residency card. The transaction can be completed by proxy with the help of Astons experts, and you can entrust asset management and care to a local management company. For a small percentage of the rental payments, they will find tenants, transfer money to the owner, and pay bills.  

The residency permit obtained through investment must be renewed every 5 years. 

The requirements for renewing the residency permit are minimal:  

– Maintain a clean criminal record;  

– Preserve the investment;  

– Update medical insurance.  

The investor and their family members retain lifetime entry into the Schengen area as long as they maintain their investments. The exception is adult children, for whom the residency permit is extended until a maximum age of 24. After that, they can:  

– Obtain permanent residency as individuals who have lived in the country for 5 years;  

– Obtain residency for university master’s or doctoral students;  

– Change the investment residency permit to a work permit.  

If you move to Greece and live there permanently, you can obtain permanent residency in 5-6 years and sell the property while retaining the right to reside.  

To qualify for Greek citizenship, you must live in the country for 7 years and pass exams on the Greek language and culture.  

Note:

A person who spends 183 days or more in the country each year becomes a tax resident and must pay taxes on their worldwide income at the country’s rates.

Potential income

Greece continues to recover from past crises. There is an increased demand for modern housing and offices for long-term rental in the market. However, developers require time and investment to saturate the market.  

According to Numbeo:  

– The cost per square metre of housing in Athens is slightly cheaper than in the capitals of Hungary, Bulgaria, and even Romania, which rarely ranks highly in EU economic standings;  

– Meanwhile, rental prices for housing in Athens are twice as high as in the aforementioned European capitals.

By purchasing property, you will be able to generate a stable passive income year-round. The ongoing recovery of the Greek economy and the increased demand for quality properties contribute to rising prices.  

If you are interested in obtaining a Greek residency permit through investment, do not delay your participation in the programme. You can find out all the conditions during a free consultation with an expert from Astons.