OVERVIEW
The Greek Residency Golden Visa Program is a residence-by-investment program launched in 2013 that enables non-EU nationals and their family members to obtain permanent residence permits in Greece. The duration of this type of Residence Permit is 5 years and it can be renewed indefinitely (for a 5-year period each time) provided that the real estate property is still owned by the applicant.
Processing time2-3 months
Visa free travelVisa-free to 29 Schengen countries
Investment typeReal Estate
Investment costa minimum of EUR 250,000
Family dependentsSpouse and children below 21 years old
GOLDEN VISA BENEFITS
• The right to enter Greece and the EU for five (5) years
• The right to reside in Greece for five (5) years
• The right to renew Golden Visa every five (5) years (when conditions are met)
• The right to travel freely and stay for over 180 days per year in European countries that are also members of the Schengen Agreement, within or outside the European Union. A Golden Visa currently permits travel to Austria, Belgium, the Czech Republic, Cyprus, Denmark, Estonia, Finland, France, Germany, Greece, Holland, Hungary, Iceland, Italy, Latvia, Lithuania, Luxembourg, Malta, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden and Switzerland.
The right to access the Greek public education system.
GOLDEN VISA PREREQUISITES
- He/She shall have entered Greece legally
- He/She shall have the full ownership, possession and occupancy or a percentage of undivided ownership of one or more real estate properly/ies in Greece, the total value of which should amount to at least two hunded and fifty thousand euros (€250.000).
- Alternatively, he shall have signed a timeshare agreement (lease) for a minimum of 10 years for hotel accommodations or furnished tourist residences in integrated tourist resorts according to article 8, paragraph 2 of Law 4002/2011 (Government Gazette 180A’), provided the minimum cost of the lease also amounts to two hundred and fifty thousand euros (€250.000).
- Alternatively, he/she shall purchase a plot of land or acreage and proceed to erecting a building, provided that the cumulative value of the land purchased and the contract with the construction company also amounts to at least two hundred and fifty thousand euros (€250.000).
- In cases of joint ownership, where the value of property is €250.000 or more, the residence permit is only granted if the owners are spouses with undivided ownership of the property. In all other cases of joint ownership, the residence permit is only granted if the amount invested by each of the joint owners is at least €250.000.
- If the owner has acquired the property through a legal entity, the applicant shall own 100% of the company shares.
- The applicant’s spouse
- His/Her children, as well as the spouse’s children
- His/her parents, as well as the spouse’s parents.
COSTS
To be eligible for residency in Greece under its residency by investment program, the applicant is required to make a Real Estate investment in anywhere in Greece to obtain the golden visa.
1. REAL ESTATE INVESTMENT IN GREECE
REQUIRED DOCUMENTS
Citizenship Invest appoints a Document Collection Specialist for each case. The firm offers a bespoke service that simplifies the application process, requesting from clients the bear minimum. Our job is to simplify the document collection as much as possible and when required we obtain the documents for the client without their involvement. Please note the below list is to be used as a guideline only, after assessing the particular case Citizenship Invest prepares a personalized checklist.
Documents required from each applicant including children:
• Certified copy of valid passports
• Schengen Visa
• Three (3) Original passport-size photos
• Health Insurance Policy – International Healthy Insurance policy confirming it provides for full hospitalization in a Greek public hospital and medical care expenses and that it specifically states it applies in Greece and that covers the person(s) as long as s/he resides in Greece. Official English or Greek translation and legalised by the Greek Consulate of Residence
• Original excerpt of Birth record or certified copy of Birth certificates with Official Greek or English translation and legalized/ Apostilled by the Greek Consulate
(2 copies are required for Main Applicant – It must show the main Applicant father’s name, otherwise Family Book must be provided)
• Medical Travel Insurance – Valid for no less than the length of the Greek Tourist Visa (1 year). To cover medical costs and medical repatriation, valid in all Schengen countries throughout the duration of the visa
CI Europe can arrange for you
• Flight Ticket Reservation to visit Greece (issuance not necessary)
• Proof of accommodation from a hotel or invitation letter from a relative or friend in order to prove the destination and the purpose of the trip
Documents required only from the main applicant:
• Official Utility Bill – must show residential address. Official English or Greek translation and legalised by the Greek Consulate of Residence
• Proof of work or Proof of personal company and income – Official document that proves the applicant’s work address, type of work and annual income. Official English or Greek translation and legalised by the Greek Consulate of Residence
• Bank Statements for the last 6 months
Documents required only if married persons apply together:
• Original excerpt of marriage record or certified copy of marriage certificates with Official Greek or English translation and legalized/ Apostilled by the Greece Consulate
• Certified copy of divorce certificate with Official Greek or English translation and legalized/ Apostilled by the Greece Consulate (if applicable).
*For a personalized document checklist please contact us.
Citizenship Invest appoints a Document Collection Specialist for each case. The firm offers a bespoke service that simplifies the application process, requesting from clients the bear minimum. Our job is to simplify the document collection as much as possible and when required we obtain the documents for the client without their involvement. Please note the below list is to be used as a guideline only, after assessing the particular case Citizenship Invest prepares a personalized checklist.
Documents required from each applicant including children:
• Certified copy of valid passports
• Schengen Visa
• Three (3) Original passport-size photos
• Health Insurance Policy – International Healthy Insurance policy confirming it provides for full hospitalization in a Greek public hospital and medical care expenses and that it specifically states it applies in Greece and that covers the person(s) as long as s/he resides in Greece. Official English or Greek translation and legalised by the Greek Consulate of Residence
• Original excerpt of Birth record or certified copy of Birth certificates with Official Greek or English translation and legalized/ Apostilled by the Greek Consulate
(2 copies are required for Main Applicant – It must show the main Applicant father’s name, otherwise Family Book must be provided)
• Medical Travel Insurance – Valid for no less than the length of the Greek Tourist Visa (1 year). To cover medical costs and medical repatriation, valid in all Schengen countries throughout the duration of the visa
CI Europe can arrange for you
• Flight Ticket Reservation to visit Greece (issuance not necessary)
• Proof of accommodation from a hotel or invitation letter from a relative or friend in order to prove the destination and the purpose of the trip
Documents required only from the main applicant:
• Official Utility Bill – must show residential address. Official English or Greek translation and legalised by the Greek Consulate of Residence
• Proof of work or Proof of personal company and income – Official document that proves the applicant’s work address, type of work and annual income. Official English or Greek translation and legalised by the Greek Consulate of Residence
• Bank Statements for the last 6 months
Documents required only if married persons apply together:
• Original excerpt of marriage record or certified copy of marriage certificates with Official Greek or English translation and legalized/ Apostilled by the Greece Consulate
• Certified copy of divorce certificate with Official Greek or English translation and legalized/ Apostilled by the Greece Consulate (if applicable).
*For a personalized document checklist please contact us.
TIMELINE
WEEK 1-2
CI Retainer Agreement signed and first Payment of CI Professional Fees
The Client could select the Greek property remotely and CI starts preparing property purchase documentation required to be presented for Residency application.
CI Retainer Agreement signed and first Payment of CI Professional Fees
The Client could select the Greek property remotely and CI starts preparing property purchase documentation required to be presented for Residency application.
WEEK 2-3
The Client must travel to Greece to get the passport stamped before submitting the Residency application.
If client does not have Schengen Visa, then a Greek Tourist Visa must be applied for at the Greek Consulate in the client’s country of origin/residence
The Client must travel to Greece to get the passport stamped before submitting the Residency application.
If client does not have Schengen Visa, then a Greek Tourist Visa must be applied for at the Greek Consulate in the client’s country of origin/residence
WEEK 4-5
Lawyers prepare property purchase documents to complete the purchase. Property purchase funds and taxes transferred. Residency Permit documentation finalized and submitted to the Government.
Government Fees are payable at this point
File Submission Payment of CI Professional Fees is payable.
Lawyers prepare property purchase documents to complete the purchase. Property purchase funds and taxes transferred. Residency Permit documentation finalized and submitted to the Government.
Government Fees are payable at this point
File Submission Payment of CI Professional Fees is payable.
MONTH 3-4
2 months for the official Residency Permit to be approved
Final CI Professional Fees are paid
Once approved Client either sends the passport to CI lawyers in Greece to insert Residency Permit or client travels to Greece to get Residency Permit inserted into Passport
The estimated time to receive residence visa approval depends on the due diligence processing time and the specific case
The estimated time to receive residence visa approval depends on the due diligence processing time and the specific case.
2 months for the official Residency Permit to be approved
Final CI Professional Fees are paid
Once approved Client either sends the passport to CI lawyers in Greece to insert Residency Permit or client travels to Greece to get Residency Permit inserted into Passport
The estimated time to receive residence visa approval depends on the due diligence processing time and the specific case
The estimated time to receive residence visa approval depends on the due diligence processing time and the specific case.
GOLDEN VISA DOCUMENTATION 2018
- Four (4) recent colour photos, with passport specifications (dimensions: 4x6), plus a CD with the photos in digital form. We prefer the photos to be taken in Greece, because there are differences in passport specifications amongst different countries.
- Copy of a valid passport or other travel document recognized in Greece bearing an entry visa, whenever an entry visa is required. In the case where the CITY of birth is not mentioned on the passport, a Birth Certificate is also required, to establish where the applicant was born.
- Health, hospital and accident private insurance (preferably from a Greek insurance agent).
- Copy of the purchase title of the property/ies worth at least 250.000 Euros. The contract shall clearly mention that the price was paid by bank check from a Greek bank account, or by bank transfer directly to the seller’s account from a foreign account.
- A notarial certificate that certifies that the property deed fulfills all the requirements set by Law 4146/2013 art. 6 par.2
- Proof that the property title was properly registered at the local Land Registry.
- Four (4) recent colour photos, as above.
- Copy of a valid passport bearing an entry visa (and in some cases a Birth Certificate), as above.
- Health, hospital and accident private insurance, as above.
- A recent certificate of family status from a foreign authority proving the relationship between the main applicant and the members of his/her family (e.g. Family Certificate, Marriage Certificate etc.). This certificate shall be issued by the competent Public Authorities and validated with the Hague Convention Stamp (“Apostille”) wherever it is required. Alternatively it shall be officially translated and validated by the competent Greek Consulate or by the Greek Ministry of Foreign Affairs.
In the case where the applicant and/or family member has traveled to Greece through another Schengen country, and his/her passport bears an entry visa of this country, instead of Greece, we also need the e-tickets and the boarding passes in order to verify the entire route of the journey. Finally we need a list with all the family members that are applying along with the applicant, containing the following: first name, last name, father’s name, mother’s name, date of birth, place of birth.
FREQUENTLY ASKED QUESTIONS ABOUT GOLDEN VISA
What is the duration of the residence permit?
5 yearsCan the residence permit be renewed?
Yes, for another 5 years each time, provided that the applicant still owns the property.May the members of the investor’s family request a residence permit?
Yes. Members of the family are considered the spouse (husband/wife), the children, the investor’s parents and the spouse’s parents. They may request individual residence permits. They shall, however, submit separate applications. Their permit expires on the same date as the investor’s doesWhat if a legal entity is interested in buying property in Greece?
Article 20B, paragraph 1, point (c), Law 4251/2014, provides that a third country national who has the full ownership, possession and occupancy of real estate property in Greece through a legal entity, the entirety of whose stocks or corporate shares are fully owned by the applicant, has the right to apply for the “permanent residence permit for investors”Do persons holding a residence permit have the right to work in Greece?
No, they do not. This residence permit does not give right to access to any type of employment, according to, Article 20, paragraph 6, Law 4251/2014. Employment in this case does not include the exercise of economic activity in the capacity of a shareholder or Chief Executive Officer of companies established before your application for this residence permit. This exemption for economic activity refers to third country citizens who are shareholders or managers of all forms of capital companies (S.A., Ltd, Private limited companies). The family members that have been granted this residence permit have also restricted access to employment.If I get a residence permit, can I add the period of its duration to the total duration needed in order to request the Greek nationality?
Yes, you can. According to Article 8, paragraph 30, Law 4332/2015, a third country citizen has the right to apply for the long-term resident status, provided he fulfils the conditions of Articles 89 and 90, Law 4251/2014. Having been granted the long-term residence status is a prerequisite in order to apply for Greek citizenship by naturalization, provided all other requirements are fulfilled. I would like to request a residence permit. Should I get an entry visa for Greece before I submit my application for the residence permit? Only if you come from a country, whose citizens are required to get an entry visa in order to come to Greece.What advantages does a residence permit in Greece provide to its holder?
He/she may stay continuously in Greece for its whole duration. He/she may travel to other Schengen countries without a visa, but his/her stay in those countries cannot exceed 90 days in each 6-month period. He/she has access to health or education services, just like any Greek citizenHow long can it take until the residence permit is issued?
It is usually issued within 2 months from the day on which the complete application was submitted or arrived at the Decentralized Administration.Is the applicant covered from the moment he/she submitted the application until the day the residence permit is issued?
Yes. If all the supporting documents are submitted, a proof of submission is issued. If an application for a residence permit is submitted for the first time, this proof of submission is issued, and you can proceed to book an appointment with the Office in order to provide fingerprints. When the fingerprints are given, the application is considered complete and the process for the permanent residence permit begins. If the applicant is in Greece the day the application is submitted, he/she can come to the Office and provide fingerprints on the same day.I submitted an application for a residence permit and I was given a document proving its submission. What can I do with it? You may travel freely as often as you wish to/from Greece. Attention: you are not allowed to travel to any other Schengen country. This means that any flight schedule that requires a flight transfer at the airport of another Schengen country should be avoided. What is the duration of the proof of submission regarding an application for a residence permit? One year.
