Introduction to Greece Golden Visa Program
Greece, the land of a thousand islands, has become a European trendsetter, blending ancient charm with modern innovation. The Greece Golden Visa Program, one of the most attractive worldwide, allows foreign investors to obtain Greek residency by making a qualifying investment in the country. This comprehensive guide covers the program's highlights, investment options, eligibility criteria, and application process.
What is the Greece Golden Visa?
The Greece Golden Visa Program, initiated in 2013, allows foreign investors to gain residency by making capital investments in the country. It has gained significant popularity and is poised to become the leading program in Europe. The program offers visa-free access to the Schengen Area, access to education and healthcare facilities, and a potential pathway to Greek citizenship.
Why Greece?
Greece's appeal lies in its low investment minimum, no stay requirements, option to bring dependents, and a direct route to European residency. The real estate market is booming, promising attractive returns on investment. Beyond financial benefits, Greece offers a Mediterranean lifestyle, a rich history, diverse landscapes, and a laid-back atmosphere. The Golden Visa program further provides access to high-quality healthcare, education, and visa-free travel within the Schengen Area.
Greece Golden Visa 2023 Highlights
- No Stay Requirements:
- Maintain golden visa status without a minimum stay requirement.
- Lowest Minimum Investment:
- Investments as low as €250,000.
- Visa-Free Access to Schengen Area:
- Travel through the 26-country Schengen zone with the Greek residency card.
- Renewable Indefinitely:
- A new permit issued every five years as long as the investment is maintained.
- Potential Pathway to Citizenship:
- Eligible for Greek passport after residing in the country for seven years.
- 183 Days to be a Tax Resident:
- Live in Greece for 183 days per year to qualify as a tax resident.
- Rights to Establish a Business:
- Golden visa holders have the right to start and operate a business in Greece.
- Includes Dependents:
- Spouses, parents, spouse’s parents, children under 21, and children under 24 who are students can be included as dependents.
- Mediterranean Lifestyle:
- Enjoy perks of high-quality healthcare, education, and a comfortable lifestyle.
Greek Golden Visa Program Changes
As of July 31, 2023, the Greek government increased the minimum required investment in most of the Greater Athens area to €500,000. This change aims to encourage Greek nationals' participation in the local real estate market by limiting opportunities for foreigners in Athens. Golden Visa programs, especially in Europe, change rapidly, so early initiation of the process is advised to capitalize on the current program.
Greek Golden Visa Investment Options
1. Real Estate Investment:
- Minimum investment of €250,000 (€500,000 in some areas).
- Can be spread among multiple properties in €250,000 investment areas.
- Restricted to one property in €500,000 investment areas.
2. 10-Year Timeshare:
- Invest €250,000 in a certified timeshare lease or furnished hotel residence.
- Requires a 10-year lease on an eligible property.
3. Bank Deposit:
- Deposit €400,000 into a Greek bank account.
- Maintain the minimum amount for the entire year.
4. Government Bonds:
- Purchase Greek government bonds totaling €400,000.
- Bonds must mature in at least three years.
5. Capital Contribution to a Business:
- Invest €400,000 in an established Greek business.
- Eligible investments include Greek companies, real estate investment companies, and closed-end funds.
6. Combined Investment Programs:
- Make a combined investment of €800,000 into shares, corporate bonds, or government bonds.
- Bonds must have a duration of five to seven years each.
7. Investment into a Greek Fund:
- Invest €400,000 into a Greek mutual fund solely investing in Greece.
8. Investment into a Greek Alternative Investment Fund:
- Invest at least €400,000 into an alternative investment fund operating solely in Greece and investing in Greek property.
Greece Golden Visa Eligibility
Key Requirements:
- Non-EU/non-EEA citizen (third country nationals).
- At least 18 years old.
- No criminal record in Greece or European Union.
Documentation Required:
- Valid Passport and copies for the main applicant and dependents.
- Application forms and additional required documents.
- Criminal background check.
- Proof of relationship (if applying with family members).
- Proof of health insurance.
Dependents:
- Spouse, children under 21, parents of both spouses, and children under 24 who are students can be included.
- Proof of relationship must be presented during the application.
Residency Requirements
One of the program's advantages is the absence of minimum stay requirements to maintain the visa. As long as the investment is held, the Greek residence permit is maintained.
Greece Golden Visa Application Process
The application process, completed entirely online since 2021, can take up to six months. It is recommended to work with a legal advisor familiar with the process, especially given the recent surge in applications and varying processing times in different areas.
Legal advisors, such as CREIMERMAN IMMIGRATION|INVESTMENS, are well-equipped to guide you through the process efficiently.
Conclusion
The Greece Golden Visa Program offers an enticing opportunity to obtain residency in a country known for its cultural richness, stunning landscapes, and high-quality lifestyle. The diverse investment options cater to different preferences, making it accessible for a wide range of investors. Prospective applicants are encouraged to stay informed about program changes and initiate the application process with the assistance of experienced legal advisors.
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