Greece is a well-liked immigration destination because of its stunning landscape fascinating history and dynamic way of life. By making real estate investments non-EU nationals can apply for the Golden Visa program and become residents of Greece.
Through this arrangement, investors can reside in Greece and visit the Schengen Area without a visa. In contrast to other EU Golden Visas they can bring their families and the investment requirement is comparatively modest.
The advantages of the Greece Golden Visa current program modifications, and application procedures for 2024 will all be discussed in this post.
Why Golden Visas Are Offered by Greece:
To bring in foreign investment in real estate Greece developed the Golden Visa program. Residency rights and access to EU benefits, such as living in Greece, healthcare, education, and visa-free travel within the Schengen Zone are granted to investors in exchange for sizeable real estate investments.
Check Also: Greece Expands Golden Visa Program to Include €250,000 Startup Investments for Foreign Entrepreneurs
Is It Possible to Live in Greece with Your Family?
Indeed, the generous family reunion policy is one of the most notable aspects of the Greece Golden Visa. The Golden Visa permits the following to be added to the principal applicant:
- The applicant’s spouse.
- Dependent children up to the age of 24 if they are full-time students or even younger than 21.
- Parents of the lead applicant and spouse.
Because it allows families to travel the Golden Visa is a desirable choice for investors who want to move their families to a beautiful, stable nation that is accessible to Europe.
Is it Possible to Work in Greece with a Golden Visa?
While granting residency in Greece the Golden Visa does not immediately offer employment rights. You can however launch a firm and, in some circumstances engage in freelance employment. If you are an investor in a company you can continue to serve in that capacity but Greek labor rules demand extra work permits for regular employment.
Greece Golden Visa Minimum Investment Requirement (New Changes for 2024):
As of August 31, 2024, the Greece Golden Visa program has undergone substantial revisions, particularly regarding the investment requirements:
- €800,000: For properties in popular destinations such as bigger islands, Mykonos, Santorini, Thessaloniki and Athens.
- €400,000: For real estate in other Greek regions.
- €250,000: Reserved for particular property types such as industrial buildings that have been idle for five years and are being converted to residential use listed structures that are being restored and commercial properties that have been converted to residential use.
The size of the property must be at least 120 square meters to qualify for investments of €400,000 or €800,000. For properties under €250,000, there is no minimum size restriction. It should be noted that Golden Visa properties enable long-term rentals but not short-term ones such as Airbnb.
Step-by-Step Guide to Applying for Greece’s Golden Visa:
Select Your Investment Choice
Make an investment decision in a business, government bonds, real estate or another suitable alternative. Select between investing levels of €250,000, €400,000 or €800,000 based on your real estate goals.
Construct Financial and Legal Bases
- To identify yourself as a Greek taxpayer get an AFM.
- Make transactions with a Greek bank account.
- To assist with buying a house and applying for a visa hire a lawyer.
Make Your Investment
Verify the property, finish the transaction and obtain the ownership title deed if you’re investing in real estate.
Collect All Required Records
Collect documents such as:
- Your passport, along with some current images
- Verification of health coverage
- Proof of investment in money
- Certificate of Criminal History
- A verified Greek translation of every document should be made.
Submit Your Application
- Apply via the Online at migration.gov.gr.
- Submit your documentation and biometric information to the local immigration office.
Await Permission
- Wait a few months for a decision. If your application is approved you will receive a resident visa good for two years renewable every two years.
Keep your Residency for Seven Years
- To keep your visa, you must visit Greece for at least seven days a year. Continue fulfilling the residency and investment requirements for renewal.
Optional Path to Citizenship
- After seven years, provided you fulfill the language and integration requirements you can apply for Greek citizenship.
How Does Greece’s Golden Visa Differ From That of Other EU Nations?
There are four main reasons why Greece’s Golden Visa is unique:
- Reduced Investment Barrier: Despite the recent modifications the minimum investment remains lower than in other EU member states which frequently demand €500,000 or more.
- Fast Processing: In contrast to other nations where it can take a year or longer Greece often processes visa approvals within months.
- Minimal Residency Requirements: Greece has fewer residency requirements than other EU nations requiring only seven days of residency annually.
- Family Inclusion: Greece has a generous policy that permits dependant children and the parents of the applicant and spouse to be listed on the application.
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