The content of the article
- Greece Golden Visa Program
- Advantages of a Greek residence permit for an investor
- The right to stay in the EU
- Passage through closed borders
- The right to have an account with an EU bank
- Small expenses for the maintenance of real estate
- Capital gains
- Stable rental income
- No double taxation
- Greek residence permit for the investor’s family
- Options for obtaining a residence permit for investments
- Necessary documents for a Greek residence permit for investments
- The procedure for obtaining a residence permit
Greece is a country with a rich cultural fund and historical heritage, the pearl of the Mediterranean Sea, attracting millions of tourists every year. The Greek Government is positive about the influx of foreign investment into the economy and, in particular, the real estate sector.
This is one of the few among the EU countries that, at the beginning of 2024, retains a special state residence permit program for foreign real estate buyers. Due to the favorable conditions of the residence permit, the contribution of foreign investors from year to year strengthens the country’s economic potential and its position in the international arena.
Greece Golden Visa Program
Since 2013, a program for issuing a “Golden Visa” to foreign investors for financial investments in the national economy has been operating in Greece, namely: in real estate worth from 250 thousand euros, in securities, Greek business or in a large bank deposit. The visa is a five-year residence permit with the right to extend after the expiration date, subject to the preservation of investments. Since 2020, an investor does not have to visit Greece, the entire registration procedure can be carried out remotely. The resident status opens up opportunities for investors to stay in the entire European Union on an equal basis with EU citizens, and also does not require knowledge of the language and permanent residence in Greece.
However, since 2022, the conditions for issuing a residence permit for investments for Russians have changed: at the moment, participation in the program is available only if you have a second passport. In this case, the purchase of real estate is issued on the passport of a third country. The simplest and most affordable option today is to issue a passport to Turkey or the CIS countries. It is worth noting that neither Greek nor Russian legislation sets limits on the number of passports for their citizens. Registration of a CIS or Turkish passport is a relatively fast process that takes from two months. Tranio experts provide support and full support in this procedure for all our clients who purchase real estate in Greece with the ultimate goal of obtaining a “golden visa”.
In 2023, the Greek government also introduced additional restrictions on the purchase of real estate for obtaining a residence permit for investments. They concern not only Russians, but also all foreigners: the new measures are related to the record volume of international investment in the Greek real estate sector and the intention to maintain affordable housing prices in key regions of the country. With the updated program parameters, the Greek government protects its own citizens from the rising cost of living, but also leaves profitable opportunities for foreign buyers.
New conditions for the “golden visa” of Greece, which entered into force in 2023:
- The minimum investment amount in the municipalities of Thessaloniki and Athens, as well as on the islands of Santorini and Mykonos, increases to 500 thousand euros.
- It is no longer possible to split this amount into parts, for example, when purchasing several properties.
- In case of shared ownership of real estate, the amount of shares must exceed the specified threshold.
The Greek authorities have provided for a transitional period until the end of 2023. If the deposit was paid in the amount of 10% before August 1, 2023 and the transaction was completed before December 31, 2023, the investor could receive a “Golden Visa” on the same terms.
Advantages of a Greek residence permit for an investor
Among the main advantages of Greece are its mild Mediterranean climate, beaches available all year round, high—quality natural products and a rich historical heritage. Real estate for rent or for your own rest and residence here is very popular among foreign investors from countries such as China, the USA, Great Britain, Russia and the CIS countries.
The right to stay in the EU
Upon receipt of the “golden visa”, the investor has the right to stay in Greece for an unlimited amount of time during the validity of the visa (5 years), with the possibility of its further extension and obtaining citizenship after 7 years of residence in Greece Greece. Also, persons with a residence permit in Greece, can freely move around the European Union and reside in other EU countries for up to 90 days in one half-year.
Passage through closed borders
A Greek residence permit allows you to cross borders that are closed to Russian citizens with tourist visas. This significantly reduces the time and financial costs of moving between countries.
The right to have an account with an EU bank
The presence of a “golden visa” implies the opening of an investor account in a Greek bank and, therefore, makes it possible to use online payment in most European and global shopping and subscription services. You will also need to open an account to pay utility bills and taxes on purchased real estate.
Small expenses for the maintenance of real estate
Real estate and living expenses in Greece are on average lower than in the regions of northern and western Europe, which are comparable in terms of infrastructure development.
Capital gains
If desired, after the expiration of the “golden visa”, the property can be sold and get a good profit from the sale.
Due to the growing popularity of the Greek residence permit program for investments in key regions of the country, the value of real estate increases annually by an average of 10-11%. The market is expected to grow well in the coming years, as at the moment prices have not yet reached the level of 2008.
Stable rental income
Greece is one of the most popular resort destinations among wealthy Europeans, as well as tourists from all over the world. Due to the comfortable climate, Greek resorts are visited throughout the year, and not only in the summer season. Therefore, the rental yield of real estate averages 4-5% per annum, which is a good indicator for EU countries.
No double taxation
Greece supports the terms of the Double Taxation Convention with many countries, including Russia. Therefore, if there are several nationalities and income from sources from all over the world, investors are entitled to pay taxes on their main residence. Obtaining a “golden visa” does not lead to the status of a Greek tax resident if the investor does not live in the country on a permanent basis (more than 180 days a year).
Greek residence permit for the investor’s family
The state program for issuing a residence permit for investments in Greece provides for the reunification of the investor’s family in Greece with the provision of a residence permit to all close relatives. The advantage is that, unlike the investor himself, family members do not need to obtain citizenship of a third country in order to obtain this residence permit. The investor’s spouse or a partner in a civil marriage can apply for a “golden visa” card. In the case of the latter, the spouses of a civil marriage will need to register their union and cohabitation in Greece.
The investor’s children from any marriage under the age of 21 also receive a residence permit. Upon reaching this age, it is possible to extend the residence permit for another 3 years, or to re-register the property for a child. The parents of both spouses are also eligible for the “golden visa” of Greece.
Options for obtaining a residence permit for investments
There are three main categories of investments in the Greek economy for which you can get a golden visa card: investments in real estate, securities and opening a bank deposit.
- Real estate investments. In Greece, it is most popular among international investors interested in this state program. In case of purchase of real estate in the municipalities of Athens, Thessaloniki, Mykonos and Santorini, the lower threshold will be 500 thousand euros. In all other regions, the lower threshold remains at the level of 250 thousand euros. It is also possible to rent a 10-year hotel or a furnished tourist residence with investment thresholds according to their geographical location.
- Purchase of securities. These include stocks and bonds of Greek companies and investment funds. Greek government bonds in the amount of 400 thousand euros or more are the second way to obtain a “golden visa” and the right to legally stay in Greece for up to 5 years.
- Opening a deposit. The third way to obtain a residence permit for investments is to open a deposit in a Greek bank in the amount of 400 thousand euros.
It is worth noting that in all the mentioned methods, the residence permit remains valid only if the initial investment is retained in full. In case of sale of real estate or withdrawal of the amount from the deposit, the “golden visa” card is automatically canceled.
Necessary documents for a Greek residence permit for investments
In order to apply for the program, you will need the following documents:
- A foreign passport with a copy of all pages;
- Birth certificate;
- Application for resident status (2 pcs.);
- 4 color photos (35×45 mm);
- Confirmation of financial resources;
- Certificate of the nature of the investment;
- Certificate of no criminal record;
- Marriage certificate;
- Certificate from the Greek clinic on the absence of dangerous infectious diseases;
- Greek INN;
- Receipt of payment of the state fee for the applicant for residence in Greece;
- Documents on family ties (family members);
- Medical insurance according to the European model.
A number of documents require the affixing of an apostille in Russian Federation and notarized translation into Greek. Depending on the local administration, additional documents may be required to submit a dossier for a residence permit for investments.
The procedure for obtaining a residence permit
Starting in 2020, the process of buying and issuing a residence permit can take place remotely, you will need to visit Greece only at the final stage for fingerprinting. The whole procedure can be divided into several stages:
Step 1. Preliminary verification and risk assessment. When processing a request, Tranio lawyers carefully check the client’s documents to compile a competent dossier and prevent the possibility of refusal
Step 2. Selection and purchase of real estate. Our experts help you choose the perfect option according to the client’s request. After choosing, the client books the property, paying about 10% of its value. Next, the lawyer prepares the purchase and sale documents, which can be signed personally or through a lawyer by proxy with an apostille. Then the lawyer registers the object in The Real Estate Register and sends the buyer a complete package of documents with a certified translation.
Step 3. Filing a dossier for obtaining a residence permit. Our lawyers help to prepare the entire package of documents, their notarized translation and payment of fees in In Russia, and then submit them by proxy to Department of Foreign Citizens and Migration Affairs in Greece. Then the investor will need to personally visit Greece to submit biometrics. To travel to the country, it will be enough to have a tourist visa. After the fingerprints are taken, the applicant will receive a temporary document confirming that he is awaiting the issuance of a “golden visa”.
Step 4. Obtaining a “golden visa”. In a few weeks, the residence permit will be ready. The investor can get it himself or through a lawyer by proxy. The validity period of the “golden visa” is 5 years, then the status can be extended for the same period. An application for an extension is usually submitted a couple of months before the expiration of the residence permit. The main condition for the extension is that the property should not be sold during this period, and the amount of investment should not be reduced.
Thus, the program for obtaining a residence permit for investments in Greece has been and remains one of the most affordable ways to legally stay in the European Union for an unlimited amount of time, as well as enjoy a high-quality standard of living in one of the sunniest and warmest countries in Europe.
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