Lawpractice

Golden Visa FAQ

What is the Greek «Golden Visa»?

The «Golden Visa» is a program granting permanent residence permits to investors from third countries (i.e., non-European Union countries) who make significant financial investments in Greece.

The legal framework has changed; if you want to see the older framework, you can read our article published on SSRN in 2016.

What are the benefits of a Greek Golden Visa?

Every investor can:

reside in Greece without needing any other permit for as long as they wish;
travel freely within the Schengen Zone for a total of 90 days every six months (the Schengen Zone includes 29 countries, 25 of the 27 EU member states and all members of the European Free Trade Association, i.e., Iceland, Liechtenstein, Norway, and Switzerland);
access free public education in Greece for themselves and their children.

Can I acquire Greek citizenship through the Golden Visa?

Not immediately, but the relevant application can be considered once the residence period in Greece exceeds seven years. The Golden Visa ensures that the investor can remain in Greece for as long as they wish, thereby guaranteeing the prospect of staying for seven years if desired.

What type of property must I purchase to obtain a Golden Visa in Greece?

The investment through real estate acquisition must involve one and only one property. It is no longer possible to reach the minimum required amount by purchasing two or more properties.

Can two or more people jointly purchase a property?

This is possible if:

the co-owners are spouses or partners with a civil partnership agreement, and the total property value meets the following thresholds for the specific case;
in all other cases, purchasing a share of undivided ownership of a property is permitted, provided that the buyer’s share corresponds to the required amount, e.g. if €800,000 is required and the investor purchases 50% of a property, the total value of the property must be €1,600,000, if €800,000 is required and the investor purchases 20% of a property, the total value of the property must be €4,000,000, and so on.

Can I purchase property through a company?

Yes, you can, provided that the company is Greek or from another EU member state and the interested investor owns 100% of the shares or corporate stakes.

What is the minimum amount I can invest to purchase a property?

The new minimum investment thresholds vary depending on the case:

€800,000
€400,000
€250,000

What properties can I purchase for €800,000?

Properties located in:

the Attica Region (Athens and other municipalities in Attica);
the Regional Unit of Thessaloniki (Thessaloniki and other municipalities);
the Regional Units of Mykonos and Santorini;
Islands with a population of over 3,100 residents (e.g., Evia, etc.);
if it is a developed property or a property with a building permit, it must have a minimum main area of 120 sq.m.

What properties can I purchase for €400,000?

Properties located in:

other areas of Greece;
if it is a developed property or a property with a building permit, it must still have a minimum main area of 120 sq.m.

What properties can I purchase for €250,000?

Properties located anywhere in Greece with the following conditions:

properties converted into residences from other uses (e.g., shops, offices, or industrial buildings);
protected buildings (landmark buildings or heritage buildings) or parts of them requiring restoration or reconstruction;
no minimum main area of 120 sq.m. is required.

When must the property’s change of use be completed?

The change of use should ideally be completed before the application for the permanent residence permit (Golden Visa). However, it can be done after the property purchase, as long as the relevant application is submitted before the issuance of the permanent residence permit (Golden Visa).

Are there additional conditions for industrial buildings?

If an industrial building is being converted into a residence, it must not have been operational as an industrial building within the past five years.

Are there additional conditions for protected buildings requiring restoration?

Protected properties requiring restoration must be fully restored before the first renewal of the residence permit (Golden Visa), i.e., within five years from the purchase date. Moreover, they cannot be transferred to another party before restoration, as such a transfer would be invalid.

What is included in the property value?

For determining the minimum value criterion (but not the minimum area), additional spaces such as storage rooms or parking spaces may be included, provided they are cumulatively purchased with the same property purchase contract.

What is included in the minimum required area of 120 sq.m.?

Only the main areas of the property are included, which must be at least 120 sq.m. Auxiliary spaces, such as storage rooms or parking spaces, are not included in this calculation. This restriction does not apply to undeveloped properties or properties without a building permit.

When and how must the minimum required amounts be paid?

The amounts must be paid before submitting the application for the residence permit (Golden Visa). Payment methods include POS, crossed check, transfer via debit or credit card.

What additional costs should I consider when purchasing the property?

In addition to the property purchase price, the following indicative costs may apply (actual amounts may vary):

tax to the Greek state (3.09% of the contract value);
notary fees (at least 1.6%-2% plus of the contract value, plus 24% VAT; the total fee depends on the length of the notarial contract, with additional charges for contract copies);
land Registry or Cadastre fees (approximately 0.475%-0.575% of the contract value, plus 24% VAT);
certification costs from the Land Registry or Cadastre (at least €60);
real estate agent’s commission (typically 2% of the contract value, plus 24% VAT, if an agent was involved in finding the property).

What are the lawyer’s fees?

According to the lawyers’ Code, attorney fees cannot be disclosed online. Lawyer fees will depend on the specific tasks undertaken for you, which will be agreed upon in advance through a private agreement.

Is a property title’s search required before purchasing a property?

Yes, because without a property title’s search, you won’t know if the property has any encumbrances, such as mortgages, liens, or legal disputes. If you purchase a property with encumbrances, they will remain attached to the property, regardless of who the new owner is. Property title’s and encumbrance search are exclusively carried out by lawyers, who must examine any potential encumbrances on the property for at least the past 20 years.

What is the process for obtaining a residence permit (Golden Visa)?

The process is summarized as follows:

obtain an entry visa (VISA) for Greece and find the property you wish to purchase (we can assist by connecting you with real estate agents);
purchase the property by signing the necessary documents and the purchase contract (if you are not in Greece, a lawyer or a third party authorized with a special notarized power of attorney can sign on your behalf);
the contract is registered at the relevant Land Registry or Cadastre Office;
gather the necessary documents for the residence permit (Golden Visa) application;
attend an appointment for biometric data collection, which typically takes place approximately 10 weeks after the application submission (you must be in Greece for this step).

What documents are required to be gathered for the residence permit (Golden Visa)?

You will need:

a copy of your passport;
4 recent color passport-sized photos and a CD with the photos in digital form;
a copy of the property purchase contract;
a notarial deed certifying compliance with the legal requirements for the purchased property;
a certificate of registration of the contract at the relevant Land Registry or Cadastre Office;
an application for the residence permit (Golden Visa);
private health insurance documentation covering hospitalization in public hospitals.

How long does it take to issue the residence permit (Golden Visa)?

It takes approximately two months after the application submission, provided there are no issues with the submitted documents or delays from the authorities.

What happens while waiting for the residence permit (Golden Visa)?

After submitting your application, you will receive a receipt confirming submission. This receipt allows you to travel freely within and outside Greece and to return. It is valid for one year.

Will I need a bank account in a Greek bank?

Yes, you will need a bank account in a Greek bank. Ideally, the necessary amount for the investment should first be transferred to a Greek bank to expedite the contract process.

What is required to open a bank account in a Greek bank?

You must be present in Greece, as it is not possible to open a bank account through a power of attorney given to a third party. The documents typically required by banks for opening an account are (when translation is required the banks accept Greek and English translation, preferring the Greek translation):

your passport with the entry visa (VISA) to Greece;
a copy of your passport;
a copy of an electricity or telephone bill from your country of residence, showing your address, translated into Greek (or English, though Greek is preferred);
a document verifying your mobile phone number in your country of residence, translated into Greek (or English);
a copy of your bank account statement from a foreign bank in your country of residence or elsewhere, translated into Greek (or English);
any document providing information about your workplace in your country of residence, or, if retired, the relevant pension certificate from your country of residence, translated into Greek (or English);
any document proving your income’s legal origin, such as a copy of your tax return from your country of residence, income certificates, or other income sources (e.g., dividends, rents, inheritances), translated into Greek (or English).

Will I need a Tax Identification Number (TIN) in Greece?

Yes, you will need a TIN, as without one, you cannot purchase real estate in Greece. You can authorize a lawyer from our office to issue a TIN on your behalf.

Do I need to be present during the property purchase?

It is not mandatory to be present during the property purchase if you have signed a special notarized power of attorney authorizing a lawyer or another person to sign the contract on your behalf. The payment can also be made by the lawyer or an authorized third party on your behalf.

Will I need an accountant after purchasing the property?

Yes, you will need an accountant to help you pay the Greek property tax, handle tax declarations if you earn income from renting out the property or from other activities, such as operating a business in Greece.

Can I rent out the property through long-term leases or Airbnb?

The following rules apply:

you can rent the property for long-term leases;
subletting the property, short-term rentals (Airbnb) or leases of less than 60 days are not allowed; this prohibition does not apply to long-term leases or subleases to tourism businesses, provided the property is used professionally and offers additional services beyond accommodation (e.g., if the property operates as a hotel).

If I convert a commercial property into a residence, can I use it as a business office or branch?

No, this is strictly prohibited. If discovered, your Golden Visa will be revoked, and you will face a fine of €50,000.

Can I bring family members to Greece with my Golden Visa?

Yes, you can bring:

your spouse;
your partner (with a civil union agreement);
your parents;
your spouse’s/partner’s parents;
your unmarried children under the age of 21 who are financially dependent on you;
your spouse’s/partner’s unmarried children under the age of 21, provided your spouse/partner has legal custody of them.

What happens if the children exceed the age of 21?

If your children reach the age of 21, their residence permit must be renewed for three years. After the age of 24, they can renew their permit based on the provisions of immigration law.

What documents are required for my family members for the residence permit (Golden Visa)?

In addition to the documents required for you, the following will also be needed:

marriage certificate or civil partnership agreement from your country of residence;
certificate of family relations from your country of residence;
birth certificates of your children from your country of residence.

All the above documents must:

be in original form;
bear the APOSTILLE stamp (such copy is required);
be officially translated into Greek.

Do I have to come to Greece with my family members?

No, your family members can come to Greece after you.

Will my family members have the same travel rights in the Schengen zone as I do?

Yes, your family members will have the same travel rights in the Schengen zone as you, for as long as your residence permit (Golden Visa) is valid.

Can a lawyer apply for and collect the Golden Visa on behalf of me and my family?

Yes, a lawyer can apply for and collect the Golden Visa on your behalf and on behalf of your family members, provided they have a special notarial power of attorney and your passports.

Will I and my family members have health insurance in public hospitals in Greece?

This is possible:

if you acquire health insurance by paying premiums to a private insurance company (this insurance is mandatory for obtaining your residence permit; of course you may also have parallel insurance for private hospitals, but this is not mandatory for the issuance of your permit);
the cost of the premiums depends on your age;
all the above are also valid for all family members.

Can I or my family members work in Greece with the Golden Visa?

No, you cannot work as an employee or laborer in Greece. However, you can be a shareholder in a company, a board member (in S.A. companies), or hold the position of general manager in a company. The same applies to your family members.

What is the duration of the residence permit (Golden Visa)?

The Golden Visa is valid for five years and can be renewed every five years, provided the legal requirements are met.

What are the conditions for renewing the Golden Visa?

To renew your residence permit:

the property must remain in your ownership when the permit must be renewed within five years, as if you sell it to another third-country citizen, the latter will receive a residence permit (Golden Visa) but yours will be immediately revoked;
if you purchased a protected building that requires restoration, it must be restored before the renewal of your permit (Golden Visa).

How long do I need to stay in Greece to keep my Golden Visa?

There is no minimum stay requirement in Greece to retain your Golden Visa.

Our office undertakes to get you in touch with real estate agents for the purchase of the property you are interested in, with a notary for the preparation of the purchase contract, with accountants for the management of your property after its purchase, with insurers for the issuance of your insurance for hospitalization in public hospitals, while also undertaking the checking of property titles and encumbrances of the property you are interested in, the opening of a bank account in Greece, the official translation of your documents, the registration of the contract at the competent Land Registry or Cadastre, the application for the issuance of the residence permit (Golden Visa), the issuance of the permit to your family members, as well as any other action necessary for the issuance of the permanent residence permit (Golden Visa), providing support at every stage of the relevant procedure.