Golden Visa In Greece

If you are interested in finding out more about how to obtain a Greek Golden Visa, and the benefits it offers, you’ve come to the right place. This article will explain everything you need to know about obtaining a Greek residence permit under the new legislation providing for Golden Visa in Greece. As of January 2015, a new law has been voted through by Parliament that makes it possible to qualify for residency rights in the country under certain conditions. The new bill passed on January 22, 2015 and is still awaiting Greek President’s Nikos Anastasiadis’ signature before it comes into force should not apply retroactively. So if you have already acquired citizenship or residency in another European country (e.g., as an investor), then these new rules do not apply to you.

Golden Visa In Greece

In Greece, also known as the Greek Golden Visa Program or Greek Investor Program, it was created by the Greek Law 3910/2015, which is a migration program that offers Greek citizenship to non-EU investors and expats that meet certain criteria. The main goal of this program is to increase the foreign direct investments in Greece. It is one of the most attractive real estate investment programs in Europe and it offers residency status in exchange for a real estate investment.Investment migration is a program that was introduced in Greece in 2013. It has been very productive and successful, and this program has resulted to an exponential growth for the Greek economy. By acquiring a golden visa in Greece a foreign citizen or non-EU long term resident will be able to live, work and receive education in Greece. The ultimate goal from the beginning was to change the overall financial scenario of Greece while shifting towards more prosperous times.

Key advantages of the Greece Golden Visa Program

  • Visa-free travel within Europe’s Schengen Area
  • No requirement to reside in Greece
  • Residence permits can be acquired within 30–60 days
  • Unlimited expiry date of residence permit
  • Opportunity to rent out the investment property
  • Residence applicable to the whole family (married spouse, children under 21 years old, and parents of the main applicant and spouse)
  • Eligibility to apply for citizenship after seven years of residence
  • Ability to hold shares and receive income from the dividends of a company registered in Greece (but not to be employed in Greece)

Requirements of the Greece Golden Visa Program

The Greece Golden Visa Program is a residence by investment program launched in 2013 that enables non-EU nationals and their family members to obtain permanent residence permits in Greece. The residence permits may be renewed every five years.

The program’s qualifying options are:

Real estate options

  1. An investment in real estate property with a minimum value of EUR 250,000, plus the applicable taxes
  2. A 10-year lease agreement for hotel accommodation or furnished tourist residences in tourist accommodation complexes (Article 8 of Law 4000/2001)
  3. A 10-year time-sharing agreement for hotel accommodation (Law 1652/1986)

Other options

CAPITAL CONTRIBUTION

  1. A capital contribution with a minimum value of EUR 400,000 to a company that has its registered office or establishment in Greece (with the exception of portfolio investment companies and real estate investment companies) for the acquisition of shares in a share capital increase or bonds that are, at the time of issue, admitted for trading on regulated markets or multilateral trading mechanisms that operate in Greece
  2. A capital contribution with a minimum value of EUR 400,000 to a real estate investment company (Article 21 of Law 2778/1999) that will invest exclusively in Greece, for the acquisition of shares in a share capital increase
  3. A capital contribution with a minimum value of EUR 400,000 to a closed-end investment company (Article 5 of Law 2367/1995) for the acquisition of shares or to a closed-end mutual fund (Article 7 of Law 2992/2002) for the acquisition of shares, provided that the aforementioned alternative investment institutions have the intention to invest exclusively in companies that have headquarters or establishments in Greece

SHARES, BONDS, AND/OR GOVERNMENT BONDS

  1. Purchase of Greek government bonds with a minimum acquisition value of EUR 400,000 and residual maturity of at least three years at the time of purchase, via a credit institution established in Greece, which will also act as the custodian of these bonds
  2. Purchase of shares or corporate bonds with a minimum acquisition value of EUR 800,000, which are admitted for trading or are traded on regulated markets or multilateral trading mechanisms, operating in Greece
  1. Purchase of units with a minimum value of EUR 400,000 of a mutual fund incorporated in Greece or another country and with the intention to invest exclusively in shares, corporate bonds, and/or Greek government bonds that are admitted for trading or are traded on regulated markets or multilateral trading mechanisms, operating in Greece
  2. Purchase of units or shares with a minimum purchase value of EUR 400,000 of an alternative investment fund established in Greece or another country of the EU, which intends to exclusively invest in immovable property in Greece

CAPITAL TRANSFER

  1. Term deposit of a minimum value of EUR 400,000 to a domestic credit institution, for at least one year, with a standing order for renewal

Procedures and time frame of the Greece Golden Visa Program

Step 1: Visit Greece

Step 2: Choose the preferred property

Step 3: Submission of the application

Step 4: Final verification

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