Upcoming changes to the Greek Golden Visa Programme

The Greek Golden Visa, which was launched in 2013, is essentially a residence-by-investment programme that enables non-EU nationals and their family members to obtain residence permits in Greece, with several other attractive benefits.

According to data published by the Ministry of Migration and Asylum, a total of 9,610 main applicants received their Golden Visa in Greece between 2014 and 2021. Quite impressively, in 2022 alone, a total of 28,767 Greek Golden Visa permits were granted to the main applicants and their dependents, with these applications having directed global funds in excess of €2.6 billion into Greece (!)

The Greek Golden Visa is a very appealing programme for non-EU/EEA country citizens and their families, who meet the applicable conditions and wish to enjoy its benefits. The key conditions pertaining to the eligibility of individuals, in addition to citizenship, is that they must be at least 18 years of age, with a clean criminal record, have medical insurance for themselves (and their family, if they are also applying) and be of good character.

More specifically, the main investment requirements for obtaining a Greek Golden Visa are:

1. The acquisition of a property in Greece, to the amount of at least €250.000, depending on the area where the real estate is located (see more below).
2. Having a 10-year lease agreement, signed either for hotel accommodations or furnished tourist residences in integrated tourist resorts.
3. Making a minimum €400.000 investment in Greek government bonds, bonds or shares of real estate investment companies in Greece, or shares and bonds of venture funds and private equity which have headquarters in Greece.

The above investment requirements enable individual investors and their families to live in Greece and travel with ease across the 26 countries of the Schengen region, without a visa. The right of residency comes with no minimum stay requirement or limitation on how long one may stay and is accompanied by public healthcare and education benefits, too.

Following the latest amendment to Article 20 of the applicable Law No. 4251/2014, the minimum purchase price of a property for the issuance of an investors visa is due to be increased to €500.000, specifically with regard to properties in certain municipalities in Athens (North, Central and South Sectors, including Vari, Voula and Vouliagmeni), Thessaloniki, and the islands of Mykonos and Santorini, as of 1 May 2023. For municipalities in Western Attica, Piraeus and the remaining areas of Greece, the minimum investment requirement remains €250,000.

According to an announcement made by the Minister of Development and Investments, interested investors may still request a Golden Visa in these areas too, under the previous threshold of €250.000, provided they pay 10% of the price by 30 April 2023, and clear the total amount by 31 December 2023.

There are numerous factors to consider when applying for a Greek Golden Visa, including procedural and legal requirements: therefore, having a team of experienced professionals who can guide and support you along the way – from initial consultation to finding and purchasing your ideal property, filing your application and receiving approval, is of the essence.

At Ecovis Hellas Ltd. we have extensive experience and expertise in helping individuals navigate the process successfully, so you can rest assured that our tax and legal team have you covered!

As of 2021, individuals wishing to file an application for a Greek Golden Visa do not have to visit Greece in person prior to starting their application. Therefore, you can always take the first important step to explore this possibility by contacting us today to book an appointment and see how we can assist you.