Greece, a country with a rich history, breathtaking nature, and welcoming culture, attracts not only tourists but also investors from around the world. The "Golden Visa" program offers a unique opportunity to obtain a residence permit in Greece and travel freely within the Schengen zone by investing in real estate or other assets.
In this article, we will examine the "Golden Visa" program in detail, its advantages, requirements, and the acquisition process, to help you make an informed decision and take the first step towards realising your European dream.
1. Investment Permit
With Law 4146/2013, the process of acquiring an investment residence permit ("Golden Visa") was introduced in Greece for citizens of third countries, provided that they invest in real estate or other economic activities within the Greek territory. The purpose of the legislation of the investment permit is to attract investors who, through their purchase of real estate (including the construction of a building in case an investor is interested in buying a plot of land and then proceeding with the construction of a residence) within the Greek territory, benefit from the granting of a residence permit in the country, which can lead to permanent residence or even, in certain cases, to the acquisition of Greek citizenship. In Greece, the investment permit has proven to be particularly popular, while investors seem to show particular interest in large cities, such as Athens, and in islands, especially Crete, with the greatest demand in Rethymno and Chania.
The legislation governing the process of acquiring an investment permit for citizens of third countries in Greece came into force in 2013 and was amended by Law 5100/2024, which increased the stipulated investment limit that a third-country citizen must make in order to obtain the investment permit for both himself and his family members. The family members of the investor who receives the investment permit can, of course, acquire the same privileges under certain conditions.
The main criterion that was amended by Law 5100/2024 is the financial one, and specifically, it is provided that from September 1, 2024, the investment in real estate must amount to at least 800,000.00 euros with regard to Attica,Thessaloniki, Mykonos, Santorini, and any other island whose permanent residents exceed 3,100 in number (including Crete). For almost all other cases, the investment limit amounts to 400,000.00 euros.
1.1. Who it Covers
The Golden Visa covers the investor and the immediate members of his family. Family members are defined as: a. The spouse b. The partner with whom the third-country citizen has entered into a cohabitation agreement in Greece c. The unmarried common children of the spouses or partners under the age of 21 d. The unmarried children of the main applicant or the other spouse or partner, provided that custody has been legally assigned to the children of the main applicant or to the children of the other spouse or partner under the age of 21 e. The direct ascendants of the spouses or partners
Family members have the possibility to enter even after the entry of the third-country citizen from whom they derive the right of residence. These family members are granted a residence permit of the same duration as the main applicant,which similarly does not provide access to the labor market.
The children of third-country citizens who have been admitted to Greece under the terms and conditions regarding 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 these with a three-year independent residence permit until the age of 24, and then it is possible to further renew according to the provisions of immigration law.
1.2. Process of Acquiring an Investment Permit
To acquire the investment residence permit, it is important to collaborate with qualified professionals, specifically a lawyer, a real estate agent, and an engineer. The lawyer will assist in informing, preparing, and checking the legal documents, the real estate agent will facilitate finding the right property, while the engineer will oversee technical issues related to the property, such as planning permits, planning violations, or necessary repairs. Additionally, the lawyer is necessary for registering the investment with the competent authorities and initiating the process for issuing the permit.
1.3. Necessary documents for submitting the application for the issuance of the Investment Permit
It is important to note that there are no strict deadlines for submitting the application, but the process can take a few months, depending on the completion of the investment and the submission of the necessary documents.
As mentioned above, the basic prerequisite for submitting an application for the issuance of the investment residence permit is the purchase of real estate worth at least 800,000 euros, depending on the area. Along with the application, the interested party must also submit the following supporting documents:
Real estate contract.
Certificate from the competent land registry or cadastre office proving the absence of encumbrances.
Certified copy of a valid passport or travel document recognized by our country with the required valid entry visa,where applicable.
Certificate from an insurance provider for the coverage of hospitalization and medical expenses, and an insurance policy concluded abroad if it explicitly states that it covers the interested party for as long as they reside in Greece,or an insurance policy concluded in Greece.
Electronic fee of 2,000 euros, in accordance with the provisions of par. 8 of Article 38 of Law 4546/2018 (fee code 2112).
Electronic fee of 16 euros, in accordance with the provisions of Article 1 of Law 4018/2011, which concerns the cost of printing the residence permit in the form of an independent document (electronic card).
Four recent color photographs with passport specifications as well as a CD with the photograph in digital format.
Notarial power of attorney.
The family members of the beneficiary (spouse, children of the beneficiary or spouse up to 21 years old, parents of the beneficiary and parents of the spouse) must submit:
Recent certificate of family status from foreign authorities, legally translated and certified, proving the family relationship.
Certified copy of a valid passport or travel document recognized by our country with the required valid entry visa,where applicable.
Certificate from an insurance provider for the coverage of hospitalization and medical expenses, and an insurance policy concluded abroad if it explicitly states that it covers the interested party for as long as they reside in Greece,or an insurance policy concluded in Greece.
Electronic fee of 150 euros, in accordance with the provisions of par. 8 of Article 38 of Law 4546/2018 (fee code 2107), no fee is required for minor children.
Electronic fee of 16 euros, in accordance with the provisions of Article 1 of Law 4018/2011, which concerns the cost of printing the residence permit in the form of an independent document (electronic card).
Four recent color photographs with passport specifications as well as a CD with the photograph in digital format.
Notarial power of attorney.
1.4. Duration of the Investment Permit
The investment permit is valid for 5 years and can be renewed indefinitely as long as the investment is maintained. The investor's physical presence in the country is not required for renewal, which makes the program particularly flexible. The investor and his family 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 employment and only allows the exercise of economic activity in the capacity of a shareholder, member of the Board of Directors, or Managing Director of a company.
Investors can rent out the buildings they acquire, but it is not allowed to dispose of them through short-term leases, while in cases of conversion into a residence, their use as a headquarters or branch of a business is also prohibited. In case of violation, the residence permit is revoked, and a fine of 50,000 euros is imposed.
For the renewal of the investment residence permit, the following conditions must be met:
The real estate must remain in the ownership and possession of the interested party.
The stipulated contracts/leases must remain in force.
Any periods of absence from the country do not constitute an obstacle to the renewal of the residence permit.
1.5 Why Invest in Crete?
Crete, and particularly Chania, Rethymno, and Heraklion, has experienced a significant surge in demand within the real estate market. Investor interest in Crete stems from its captivating natural beauty, high quality of life, and expanding opportunities for tourism development.
Rethymno, being one of the most sought-after areas in Crete, boasts a diverse range of properties catering to both investors seeking luxurious residences and those looking for commercial properties for tourism purposes.
Investors interested in obtaining a Golden Visa in Rethymno are typically drawn to its unique blend of cultural heritage,natural splendor, and thriving tourism, ensuring a consistent demand for property rentals throughout the year.Furthermore, the local economy is experiencing steady growth, and investments in tourism businesses or accommodations have proven lucrative for many foreign investors.
Crete's sustained appeal for investments is also linked to the region's diverse real estate options. Despite the investment threshold increasing to €800,000 from September 1st, 2024, and investor interest remaining stable in many areas of Greece, Crete is witnessing a rise in interest. Investors view Crete as the ideal ground for long-term returns on their real estate investments.
1.6 Alternative Investment Opportunities in Greece
Prime Minister Kyriakos Mitsotakis, in his speech at the 87th Thessaloniki International Fair (TIF), announced an alternative way to obtain the investment residence permit for third-country citizens. Specifically, there will be a provision for acquiring the investment residence permit, provided that third-country citizens invest in financing start-up companies with a minimum limit of €250,000.
If you are considering obtaining a "Golden Visa" and investing in real estate in Crete, contact the professionals at Quality Real Estate agency. We possess deep knowledge of the local market and extensive experience in assisting transactions with foreign investors.
Our experts will help you select the ideal property, complete all necessary documents, and successfully navigate the process of acquiring a "Golden Visa."