With excellent weather, food, and an abundance of UNESCO World Heritage Sites, the Greek Golden Visa program is one of the most sought-after permanent residency programs. However, only specific Greece Golden Visa real estate properties and a minimum investment requirement make a foreign citizen eligible for the program.
What to Consider Before Choosing Eligible Golden Visa Properties in Greece:
Whether searching for a place to live in for an improved quality of life or somewhere to invest in to increase or protect your assets, the Greek property market provides an expansive range of real estate options that meet your needs. The nation has everything from residential condominiums in Athens to incredible hotel resorts, commercial properties, and a captivating list of Greek luxury real estate on famous islands.
Applicants to the immigration investment program who choose the real estate investment route must choose to purchase or lease Golden Visa properties that meet specific program requirements – mainly that their investment is placed at the current minimum value of €250,000 and that the applicant passes thorough due diligence checks.
It is important to note that the Greek government is raising the minimum investment sum for property investments to €500,000 in order to grant the priority of property purchase to Greek nationals. This amendment will take effect from 1 May 2023.
Nevertheless, real estate investment options that pass the Greek Golden Visa real estate requirements are spread across prime locations, some with seaside views and others with incredible architecture and interior design that provide an airy refuge to escape scorching Greek summers.
Although the steps to applying for the Greece Golden Visa program are simple, there are several crucial factors to consider when selecting prime real estate property from eligible Greece Golden Visa properties for sale or rent.
We’ll go over these four factors you need to consider before you purchase property in Greece:
Four Factors to Consider Before Choosing Your Greece Golden Visa Property
An investor must meet specific requirements to qualify for the Greece Golden Visa program. Some pertain to their personal background, general income level, and overall assets, while others are more property specific. The latter requirements include the area of interest, the age and condition of the investment property, and its legal documentation, among other things.
Before investing in any property in Greece, you must ensure that it is a legal and lawful investment following the Golden Visa properties’ requirements list. Knowing what to look for is the first step in investing in Greek real estate. As the country allows you to work and reside in its territories, you have to be sure that the property you choose is within Greek lands.
If you choose to invest in property outside of the region where you plan to reside, make sure to check that you’re not violating any stipulations regarding real estate investment for the Greece Golden Visa program.
The next step is to assess the properties Greece has on the market. While you can hardly ever go wrong with real estate acquisition in Greece, it is advisable to take into account the following criteria before making your decision:
Any mistake or issue with the real estate property’s development might reflect on you as an investor and affect your Greece Golden Visa application. To avoid any risk of complications with your real estate investment, pay close attention to the specifics of the building and take the appropriate actions on its behalf.
For example, some of the houses you may find in Greece, particularly on the islands, may not be legally registered in the title deed and will therefore require legal documentation. Instead of dealing with this problem on your own, consult with specialists familiar with the country’s bureaucracy, or hand them power of attorney to resolve those issues.
Once you’ve found an property that meets your needs, ask your appointed lawyer to do a due diligence examination into the property’s ownership title and current legal status. This can occur either at the Land Registry in Greece or at any local mortgage registry.
Regarding the due diligence pertaining to the ownership title, your lawyer should trace the chain of transfer of ownership rights and confirm that you, the investor, are the true legal owner of that immovable property.
As for any inquiries concerning the legal status of the property, these include the existence of (if any) encumbrances, charges, or rights of third parties on the property – including liens, mortgages, claims, or suspenses. A civil engineer should assess the property’s potential limits for development, as well as the legality and scope of any construction permits, if the property in question is a plot of land.
Should you choose to sign a long-term lease for a commercial property with corporate renters and retain a potentially higher source of revenue, you may want to familiarize yourself with the rate of taxes in Greece on rental income.
You should also be aware that in the case of joint ownership, the minimum investment amount to obtain a residence permit will remain the same for each investor, whereas if the joint ownership is the main applicant and their spouse, the minimum investment amount can be split between the two of them to receive residence permits.
Check out our Ultimate Guide to the Greece Golden Visa Program
Location
When investing in property not in a home country but in a foreign nation, you need to be extra cautious about the location of your investment property, especially if you intend on renting it out at a later point. Even if you are inspecting a potential home, aim to focus on areas that are in great demand from buyers, renters and other investors. This will not only guarantee the success of your investment, but will also ascertain the quality of life in that region or area – from access to hospitals and schools, to pharmacies, banks, superstores and local markets.
Your appointed lawyer may examine the location of any of the Golden Visa properties you may be interested in on your behalf. This is a critical step in understanding whether or not your investment will hold in upcoming years, and more importantly, whether or not the property in question is located in a restricted region, or has any limitations that may later arise in complications.
Lifestyle
Lifestyle elements such as the cost of living and infrastructure are a big consideration for non-EU nationals seeking a foreign country in which to acquire permanent residency. If you’ve dreamt of living in Greece and are looking to buy a property on one of the Greek islands, the general lifestyle in those regions is another factor you’ll want to thoroughly research before investing in any of the eligible Golden Visa properties available.
Depending on your circumstances, this could include the healthcare system, education systems, general infrastructure, internet speed, and leisure and entertainment. Transportation is another critical element to consider. Although the bigger islands across Greece have airports, the smaller ones rely on ferries as a means of transportation.
Assessing the demand on, and access to, small Greek island properties during the off-season is best, as you will get a better idea of the feasibility of living in or renting out a property than in the busy summer months.
Should you consider becoming a full-time permanent resident of the island with your entire family, accurately asses the lifestyle you can expect to live and whether it will bring comfort and stability. This will prove beneficial to you in the long run, both as an investor and a potential homeowner.
Investment Requirements for a Greece Golden Visa
The investment threshold in order to acquire a residence permit in Greece is €250,000 [rising to €500,000 on 1 May 2023]. The investment must be held for five years to maintain the residence permit. Regarding the lease option of hotel accommodations or tourist residences, the lease agreement must be at least ten years.
Alternative investment options
Third-country nationals can also acquire a Greek residence permit through intangible assets, which include:
- A minimum of €400,000 in Greek government bonds
- A capital contribution of at least €400,000 in securities or a deposit in a Greek bank account
- A capital contribution of at least €400,000 in bonds or shares of a venture capital fund, private equity fund, or a mutual fund based in Greece
- A minimum of €800,000 in shares, corporate bonds, or Greek Treasury bonds listed in trading facilities operating in Greece
Residency for family members
The following family members can also receive a residence permit through the main applicant’s investment:
- A spouse
- A partner with a cohabitation agreement in Greece
- Unmarried dependent children under the age of 21
- Unmarried dependent children of the spouse who are under the age of 21
- Dependent parents of the main applicant and spouse
Key Takeaways on Eligible Greek Golden Visa Properties
Greece offers foreign investors a wide range of commercial and residential property options, from modest apartments and houses to luxury villas and hotel resorts. Here are some of the most important takeaways of placing an investment in any Golden Visa-qualifying property Greece has to offer:
- Eligible Golden Visa properties in Greece go for as low as €250,000
- Investments in Athens are highly coveted as the capital stands out as a developing center, providing incredible options for homeowners and investors interested in the business sector.
- Consultation with legal authorities and appointed lawyers is integral to ensuring a property passes its due diligence checks and fulfills legal requirements.
- Renovation costs are not covered in the initial investment sum; therefore, it is advisable to set aside an additional budget to meet the industry’s standard requirements.
- A comprehensive search of your desired location is essential if you are unfamiliar with the region.
Conclusion
Through real estate investment, the Greece Golden Visa Program provides several advantages to its applicants, from growth or diversification of investment portfolios through the Greek economy, to permanent residence permits and a second home in a country with a high quality of life.
Because of the low investment threshold and absence of residency restrictions, Greece is highly popular among foreign expats and investors. The Golden Visa residence permit application procedure is relatively straightforward, with no stipulations regarding high-density versus low-density areas. It starts by placing an investment with a current minimum value of just €250,000.
Once the investment has been made, and the application and all required documents have been submitted, the Greek authority for immigration will grant residence permits to the applicant and any immediate family members in the application. The permit lasts five years, after which the visa holder becomes eligible for permanent residency in Greece.
After seven years as permanent residents of Greece, an applicant and their family become eligible to be granted Greek citizenship by naturalization. With citizenship comes the elimination of a Schengen visa requirement to live and work anywhere in the Schengen Area and other European countries in the EU.
Greek passport holders benefit from an indefinite residence permit, visa-free travel, and visa-on-arrival access to over 170 countries worldwide, and the removal of the health insurance requirement for the residence program, gaining free access to Greece’s modern medical facilities.
Frequently Asked Questions about Greece Golden Visa Properties
Can I get permanent residency if I buy property in Greece?
Buying an eligible property can qualify investors for a Greece residence permit under the Greek Golden Visa scheme. The minimum value of the property investment must be €250,000*. Provided you maintain your investment and follow the requirements of the Golden Visa, you will acquire residency status in Greece.
A residence permit under the Golden Visa program lasts for five years. Should you continue to maintain your investment, you’ll be eligible to obtain a permanent residence permit in Greece and have the option of living there indefinitely.
*Note that the current threshold of €250,000 for property investment will rise to €500,000 on 1 May 2023.
Can you get a mortgage for a Golden Visa in Greece?
Once you have all your affairs in order and have confirmed with your lawyer that you meet the visa requirements and are an eligible candidate for obtaining it, you may apply for a mortgage in any bank [including Greek Banks] to receive funds to go toward your Golden Visa investment property.
Note that the initial investment amount required for the real estate purchase must be sourced from your own assets or other offshore income.
What is the Greek Golden Visa?
Launched in July 2013, the Greece Golden Visa program is a five-year residency by investment scheme that provides a Greek residence permit to third-country nationals (non-EU/EEA) in exchange for a real estate investment in Greece with a minimum investment threshold. There are also alternative investment options for obtaining the Greece Golden Visa which are:
- Invest at least €400,000 in Greek government bonds
- A capital contribution of at least €400,000 in securities or a deposit in a Greek bank account
- A capital contribution of at least €400,000 in bonds or shares of a venture capital fund, private equity fund, or a mutual fund based in Greece
- Invest at least €800,000 in shares, corporate bonds, or Greek Treasury bonds listed in trading facilities operating in Greece
The Golden Visa validity period is five years and can be renewed every five years, provided the investment is maintained.
What are the stay requirements for the Greek Golden Visa?
The great thing about the Golden Visa in Greece is that there are no stay requirements to maintain it. You can come and go as you wish and eventually acquire permanent residency after five years, provided you continue to hold your investment.
A foreign citizen with a Golden Visa can eventually acquire Greece citizenship by naturalization. This is on the condition that the applicant has lawfully resided in Greece for a continuous period of seven years before the submission of the application for naturalization. Applicants must also pass a Greek language test to prove their integration and become Greek citizens.
