Greece Residency by Investment - How to Get It Now

Greece Residency by Investment in 2024

Greece is a country that has attracted huge numbers of tourists for many years. Recently, though, the destination has also become popular among investors who want to obtain official resident status by purchasing property.

Below we discuss how to obtain Greece residency through investment, and cover the most important details of this procedure.

The Greece Golden Visa Program

The Greece Golden Visa program launched in 2013 on the government's initiative. By taking part in it, foreign nationals get the chance to obtain a Greek residence permit by purchasing marketable real estate, and, if the requirements for permanent residence in the country are met, to obtain citizenship.

Not only the main investor, but also members of their family, can apply for official status.

So, to take part in the program you need to buy a property worth at least 250,000 EUR, and the property can be commercial or residential for private use. Unlike most countries offering residency by investment, Greece sets a relatively low minimum property value threshold. For example, to obtain Cyprus citizenship an investor needs to invest at least 2 million EUR in an apartment or house. But that is not the only advantage of the Greece Golden Visa. Since 2020, investors who obtain a residence permit are not required to learn Greek or to live in the country continuously.

In 2022, the terms for granting residence permits to Russian nationals changed. Now, Russian citizens can only apply for a residence permit if they hold a passport of a third country. Today, the most common options for this purpose are passports of Turkey or Vanuatu, as well as citizenship of CIS countries.

At the same time, only one member of the family - the main applicant - is required to hold alternative citizenship; other applicants will be considered even without a second citizenship.

Advantages of Greece Residency for Investors

Greece is a country with a fairly mild climate. Owners of property located in the country can earn both from renting out residential premises and from later resale.

The advantages of obtaining a residence permit include:

• visa-free travel to countries that are part of the European Union;
• the ability to open accounts at local banks;
• obtaining visas and crossing the borders of states that have temporarily restricted entry for Russian citizens;
• relatively low property maintenance costs;
• tax optimization.

That said, the most important advantage of obtaining a residence permit is the ability to apply for Greek citizenship after seven years.

Residence permit status is also granted to the main investor's family. The Greece Golden Visa investment program includes the foreign national's spouse, in whose name the property is registered, as well as their parents and children under the age of 21.

Travel Within EU Countries

Golden Visa holders and their close relatives may remain in Greece for the entire duration of their residence permit status: they do not need to cross state borders to renew or update their stay period.

In addition, official status provides the ability to visit any EU member country and stay there for up to 90 days within any 180-day period.

No Border Restrictions

A Greek residence permit makes it possible to cross the borders of states that are temporarily closed to Russian citizens. This saves Russians time and money that would otherwise be spent looking for alternative routes to their chosen destination.

The Right to Hold an EU Bank Account

An investor will need a bank account at the stage of purchasing the property. Having a residence permit card simplifies the process of buying a home, paying taxes and utility bills: all of the above can be done remotely.

Relatively low property taxes and moderate utility costs.

Greece differs from other European countries in having a relatively low property tax rate. Owners must pay between 2 and 13 EUR per square meter per year.

Monthly utility costs range from 100 to 300 EUR. On average, an owner spends between 700 and 1,800 EUR a year on maintaining an apartment in Athens.

Capital Gains

A property seller pays capital gains tax if the sale price of the property exceeds the purchase price. The owner must pay 15% of the difference in price to the state treasury.

Stable Rental Income

Greece is one of the most popular tourist destinations. For example, in 2023 the country was visited by more than 32 million foreign tourists.

These figures point above all to strong demand for resort real estate. It is also worth remembering that Greece is home to a large number of offices of top companies with global reputations, whose employees are in urgent need of long-term apartment rentals. That is precisely why rental yields on property today stand at 4-5%.

Tax Optimization

Greece accepts the terms of the Convention for the Avoidance of Double Taxation. Therefore, people residing in the country must pay taxes based on their main residency (Greek tax resident status is granted to those who live in the country for more than 180 days a year).

If the investor becomes a tax resident in Greece, a special worldwide-income tax regime applies to them - 100,000 EUR a year covering all worldwide income.

Can an Investor's Family Apply for a Residence Permit?

Residence permit status is also granted to the main investor's family. In this case, their close relatives do not need to obtain citizenship of a third country: this option is now also available to Russian nationals.

The Greece Golden Visa investment program includes the foreign national's spouse, in whose name the property is registered, as well as their parents and children under the age of 21.

Greece Residency by Investment in 2024: Ways to Obtain It

The 2024 Greece Golden Visa program includes three ways to obtain official status:

• Buying property worth at least 250,000 EUR. It is worth noting that in Athens, Thessaloniki, Mykonos and Santorini the minimum price starts at 500,000 EUR. In addition, the country's government offers foreign investors the option of leasing a hotel or furnished tourist residence for a 10-year term. However, according to official sources, the minimum property purchase amount may be raised in 2024 to 600,000-800,000 EUR. So if you are considering obtaining resident status under this program, we recommend not waiting too long.
• Buying securities worth at least 400,000 EUR in total. This option allows you to purchase shares and bonds of local companies and investment funds.
• Opening a deposit account at a local bank. The minimum amount that must be deposited starts at 400,000 EUR.

It is important to note that the residence permit is valid only as long as the investment is maintained. If the foreign national decides to sell the property or withdraw the money from the bank account, their status will be revoked.

How to Obtain Greece Residency by Investment in 2024: Document List

Before submitting an application, a foreign investor needs to prepare the following documents:

• Passport - the original and copies of all pages.
• Birth certificate.
• Application for resident status.
• 4 color photographs (35x45 mm).
• A document confirming the legality of the funds.
• A certificate confirming no criminal record.
• Marriage certificate (if applicable).
• Children's birth certificates (if applicable).
• A certificate confirming the absence of dangerous viral and bacterial diseases (issued by a Greek medical institution).
• A Greek tax identification number;
• A receipt for payment of the state fee.
• Medical insurance (European).

This list is not exhaustive. Before deciding to submit a residence permit application, we recommend consulting a specialist who handles matters of obtaining official status.

The Residence Permit Application Process

To buy property, you do not need to personally travel to Greece: the transaction can be handled remotely. Personal attendance is only needed for the fingerprinting procedure.

The residence permit application process can be roughly divided into six main stages:

• Developing an investment strategy and assessing the risk of refusal.
• Choosing a property.
• Booking an apartment or house (at this stage a deposit of 10% of the total property value is paid).
• Signing the purchase agreement and paying the full value of the property.
• Submitting documents for a residence permit (a representative acting under power of attorney may send the documents to the Greek Directorate for Aliens and Migration).

The Greek residence-by-investment program remains one of the most attractive and accessible ways to obtain the right to reside in the European Union.

Program participants can choose different investment options, including buying property or investing in other sectors of the economy. This creates a favorable environment for business growth and an increase in the number of new jobs.

The specialists at MIRBEZVIZ are ready to take on the entire process of obtaining a Golden Visa in Greece, from selecting a marketable investment property to receiving the plastic resident card. Contact us via the feedback form and we will tell you the details!