Cape Drastis, Corfu Island, Greece

Move to Greece: Residency by Investment and Greek Golden Investor Visa

Greek Residence Permit for Investment Activity

("Άδεια διαμονής για επενδυτική δραστηριότητα")

Apply for the Greek investor visa

Description of the Greek Residency by Investment Program

Greece offers a 5-year Permanent Residence Permit for Investment Activity to non-EU/EEA citizens and their families ("Άδεια διαμονής για επενδυτική δραστηριότητα", also known as Greek Investor Visa, or "Golden Visa" to Greece). The Greek residence permit for investors is valid for 5-year periods if the investment is maintained. Investors can obtain Greek citizenship after 7 years.

The Greek passport (which is valid for 5 years) and the Greek national identity card give free rights of movement and residence in any of the states of the European Union including Iceland, Liechtenstein, Norway, Switzerland, and the United Kingdom.

The Greek passport follows the standard EU passport design, with a burgundy red cover - but it carries the Greek national emblem (a white cross on a blue shield) surrounded by two laurel branches.

The Greek passport gives visa-free travel (or visa on arrival) to 183 countries. Dual citizenship is allowed under Greek nationality laws (that is, a second passport is possible in Greece).

What Are the Key Benefits of Living in Greece?

• Since 2020, Greece has introduced two alternative taxation regimes both for a duration of 15 years benefitting new Greek tax residents: (i) a lump-sum tax of €100'000 for wealthy investors replacing all Greek tax on foreign income - also called the Greek Alternative Tax (here) and (ii) a flat tax of 7% on foreign income for foreign pensioners (here), also known as Greek alternate tax, Greek non-dom regime for pensioners
• Greece offers the cheapest residency by investment program currently available in Europe
• According to the OECD, Greece's GDP is expected to increase by 1.8% in 2023 amid soaring energy costs and higher inflation (here)
• Relatively fast: applications for Greek permanent residence are reviewed within 2 months
• Greece benefits from 300 days of sunshine per year across over 6,000 islands
• Investors are free to maintain their tax residence outside Greece
• Eligible family members under the Greek golden visa program include married spouses, parents (first-degree ascendants) of the investor and spouse and their unmarried children up to 21
• The Greek residence permit offers visa-free travel throughout the EU and Schengen area (here)
• Free access to Greek schools and public education
• Under the Greek residence program, Greek citizenship (here) is possible after 7 years (Greek language skills B1 are, however, required) which is an acceptable waiting period in comparison to other RBI programs such as the Australian RBI program (here) (Australian citizenship after 5 years), the Gibraltar RBI program (here) (BOTS status after 5 years), the Austrian RBI program (here) (Austrian citizenship after 6 years), the Portuguese RBI program (here) (Portuguese citizenship after 6 years), the Italian RBI program (here) (Italian citizenship after 10 years), the Monaco RBI program (here) (Monaco citizenship after 10 years), the Spanish RBI program (here) (Spanish citizenship after 10 years), and the Swiss RBI program (here) (Swiss citizenship after 12 years)
• Greece admits dual citizenship, that is, a second Greek passport is possible
• In 2020, Hollywood film actor Tom Hanks and his wife Rita Wilson officially became Greek citizens: "I've been Hellenic now for the better part of 32 years", Tom Hanks told reporters (here) at the 2020 Golden Globe Awards. "Greece is a haven... I've been around the world, I've been to the most beautiful places in the world, none of them tops Greece [...] The land, the sky, the water, it's good for the soul, it's a healing place," Tom Hanks said

What Are the Key Downsides of the Greek Investor Visa?

• In Greece, real estate is a key source of taxation (for example, the Greek ENFIA property tax, first introduced in 2011 as an emergency levy, was finally standardized in 2014)
• Investors may set up a business in Greece, but have no access to the Greek job market and cannot be employed
• The residence permit may be revoked in case of a subsequent criminal record (including in the investor's home country)

What Are the Physical Presence Requirements for Tax Residence in Greece?

How much Is Personal Income Tax in Greece?

> Greek residents are taxed on their worldwide income, while non-residents are taxed on income sourced in Greece only.

> In Greece, dividends are taxed at a rate of 5%, interest at a rate of 15%, and royalties at a rate of 20%.

> A special solidarity contribution is imposed on the total yearly income of an individual on a progressive scale ranging from 2.20% (for income over €12,000) to 10% (for income over €220,000)

How much Is Real Estate Tax in Greece?

• "New" properties are Greek properties whose construction license was issued after 01.01.2006
• Greek real estate rental income is taxed progressively at 15% (the first €12,000), 35% (the next €23,000), and 45% (above €35,000)

How much Is Corporate Income Tax in Greece?

What Are the Conditions to Get the Greek Residence Permit?

Applicants for the Greek investor or golden visa must meet the following conditions:

1) Intangible investment (personally, via company, but via a Greek bank) of €400,000 into (i) Greek shares or (treasury) bonds (3 years maturity) listed on the Greek stock exchange or (ii) shares in a Real Estate Investment Company (REIC), Venture Capital Company (VCC), or Alternative Investment Fund (AIF) investing exclusively in Greece or (iii) a 1-year deposit (with a standing renewal order).

OR

2) Ownership (lease) of Greek real estate of €250,000, one or several properties, residential, commercial (hotel, tourist facilities), land plots, in personal name or via a HoldCo, including via co-ownership.

• The Greek real estate investment must be made (or have taken place) (i) prior to the residence permit application (ii) for a 5-year holding period (iii) without credit (iv) via bank transfer from the purchaser’s account at a Greek bank

• In cases of joint ownership between (i) spouses, the total Greek real estate investment amount must be €250,000 whereas between (ii) unrelated investors, each investor must contribute at least €250,000

• The property’s value is based on the SPA, not its market value, which is relevant only if the property was purchased before 2013

• If the Greek property is resold to another non-EU/EEA buyer, its attached residence rights automatically pass from the seller to the new buyer

• In case of purchase from (i) a non-EU/EEA seller or (ii) a company, a Certificate from the local Decentralized Administration must be provided which proves that the property is not already linked to an existing Greek residence permit
  

What Are the Required Documents for the Greek Golden Visa?

Greek Entry Visa (Type D)

Certified (via apostille if the Hague Convention applies or, alternatively, certified by the Greek consulate of the applicant's home country) and translated into Greek:

• International passport with (i) a remaining validity period of 1 year and 3 months at the moment of application (ii) having at least 2 blank pages and (iii) issued within the previous 10 years. If the passport lacks a place of birth, another official document must be provided.
• Travel insurance for the entire visa period covering repatriation, urgent medical care, and emergency treatment
• Criminal record certificate for every country in which the applicant has lived more than one year over the last 10 years
• Medical certificate issued by a recognized institution showing that the applicant does not suffer from a disease that could pose a threat to public health as per WHO standards
• Bank statement documenting €250,000 to acquire real estate

Requirements for the Greek 5-year Residence Permit

Certified (via apostille if the Hague Convention applies or, alternatively, the Greek consulate in the applicant's home country) and translated into Greek:

• Greek "intangible investment" route: corresponding bank statement
• Greek real estate route: (i) SPA “not subject to conditions and exemptions” documenting (ii) that the total purchase price amounts to… and (iii) has been paid in full to a Greek credit institution including (iv) proof of transfer and (v) a land registry excerpt, in addition to (vi) a certificate of non-encumbrance
• 4 passport photos in hard and digital copy (jpeg format)
• Proof of payment of the Greek residence permit issuance and “printing” fees via the e-paravolo platform
• Greek or foreign insurance certificate providing hospitalization and medical care cover for all applicants’ entire stay in Greece
• Family status certificate from home country for family members

How Much Does the Greek Golden Visa Cost?

How Long Does it Take to Apply for the Golden Investor Visa in Greece?

1. Application, at a Greek consulate in the home country, for the entire family, for either (i) any EU/Schengen visa or (ii) a 1-year Greek long-term visa (Type D) for investment purposes
2. 2 months: Examination of the Greek entry visa
3. 1 week: Visit Greece - open Greek bank account, select Greek real estate property, sign SPA
4. Before the expiry of the Greek entry visa: Application for a Greek residence permit with the Aliens and Migration Department of the respective Decentralized Administration
5. Within 1 year starting from application date: submission of biometrics (digital photographs; fingerprinting for all applicants over 6 years old; digital signature for all applicants over 12 years old)
6. 2 months: Track application
7. Decision by the Secretary General of the respective Decentralized Administration
8. Issuance of the 5-year Greek residence permit
9. Greek residence permit renewal applications must be filed at least 2 months before the expiration of the active Greek residence permit
10. After 10 years: apply for Greek citizenship (in presence of Greek language skills corresponding to Level B1 as per the CEFR)
    

Download factsheet on how to get residence in Greece