Golden Visa
In 2013, the Greek government introduced a procedure that allows third-country national property owners whose value exceeds €250,000 to obtain residence permits, which can be renewed every five (5) years.
A residence permit is any document issued by the Greek authorities that establishes the right to legal residence in Greek territory. The Golden Visa program is a new type of residence permit specially designed for property owners.
Advantages of Golden Visa
By obtaining a Golden Visa, you will enjoy various benefits. More specifically, you will have the right to:
- Residence in Greece for a period of 5 years,
- Extension of residence permit to family members for a period of 5 years,
- Travel freely and without a visa to Greece and any European Schengen country for a period of 5 years. You can currently travel to the following countries: Austria, Belgium, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Malta, Netherlands, Norway, Poland, Portugal, Slovakia , Slovenia, Spain, Sweden and Switzerland. The countries that are in the process of being added are: Bulgaria, Croatia, Cyprus and Romania,
- You renew your Golden Visa every five years.
Who can benefit from a Golden Visa
To avail of a Golden Visa, one must meet the following conditions:
- Owner of real estate in Greece, provided that the minimum value of the property is €250,000,
- Sign a timeshare (lease) contract for at least 10 years. The lease must be for hotel accommodation or furnished holiday homes in tourist resorts. The minimum cost of the lease should amount to at least €250,000,
- Entry and residence legally in Greece,
- Buy a plot of land or a plot of land and proceed with the construction of a building. The cumulative value of the land purchase and the contract with the construction company must amount to at least €250,000,
- Get shared ownership, provided the minimum property value is at least €250,000. The residence permit is only granted if the joint property is indivisible between the spouses or if the amount each invests is at least €250,000,
- The property must be owned and occupied by its owners,
- If the owner has acquired the property through a legal entity, the applicant must own 100% of the company’s shares,
- Be a family member of the owners described above. Immediate family members are the owner’s spouse, the owner’s children, as well as the spouse’s children, and the owner’s parents, as well as the spouse’s parents.
Renewal of Golden Visa
The Golden Visa will be renewed every five years. To renew the Golden Visa, the following conditions must be met:
- The property must remain in full ownership of the applicant,
- Relevant leases/contracts must be ongoing.
Why Greece?
In addition to the benefits that the Golden Visa reaps, there are a few extras that point to Greece as a premium choice.
Investing in Greece also means paying the additional property taxes issued by the Greek government. Currently, the tax rate is 24%. To be more precise, an investment of 250,000 euros, plus taxes and fees, will amount to just over 300,000 euros. This showed that this program offers the lowest cost of living in Europe.
Another big advantage of choosing Greece is that the program in this country runs relatively quickly. That is, it takes about 40 days until the residence card is issued. To know more about the process and required documents, click on the link below: