Greece Golden Visa Program: A Comprehensive Guide to Residency Investment Opportunities
7 June 2024 | Greece
Greece Golden Visa Program: A Comprehensive Guide to Residency Investment Opportunities
A popular scheme promoting investment in the country, the Greece Golden Visa program is becoming an even more attractive choice for non-EU citizens looking for residency in Europe. The program is subject to major regulatory revisions in 2024, which prospective applicants need to take into account. These modifications, which take into account Greece’s economic adaptations and dedication to foreign investment incentives, include updated financial thresholds for investment and alternative paths to qualification.
Key Points:
- The new minimum investment requirement in some areas of Greece would be €400,000, while in others it will be €800,000.
- By depositing 10% of the total amount by September 30th and completing the investment by December 31st, 2024, applicants can lock in the current investment thresholds.
- It will be against regulations for investors to list their homes on short-term rental services like Airbnb and VRBO.
What is Greece Golden Visa Program?
Through a variety of investment channels, the Greece Golden Visa Program has developed into a structured pathway for non-EU investors to get residency in Greece. The country’s economic strategies are reflected in the program’s dynamic thresholds and requirements.
Eligibility Criteria for Greece Golden Visa
A substantial investment in Greece is required for applicants in order for them to be eligible for the Greek Golden Visa program. The previous €250,000 real estate investment requirement has been removed as of 2024 due to an upgrade to the minimum investment criteria. Currently, investors have two main options for investing:
- Purchase of real estate with a €400,000 minimum investment.
- Purchasing bonds or shares, with a minimum capital contribution of €500,000, or investing in an Alternative Investment Fund (AIF) that focuses on Greece are examples of strategic investments.
Type of Investment Options
Those considering applying to the Greek Golden Visa program have the option of choosing a variety of investment options:
Real Estate
- Purchase of real estate with a minimum price of €400,000.
- Leases of accommodation or furnished vacation rentals in integrated resorts are acceptable as long as the terms of the lease are minimum ten years.
Financial Assets
- Acquisition of Greek government bonds with a €400,000 minimum purchase price.
- Purchase of €800,000 worth of AIF shares, bonds, or units that are exclusively invested in Greece.
Direct Capital Contribution
- A direct financial transfer of at least €800,000 (excluding portfolio and real estate investment businesses) to a Greek business with its registered office or establishment in Greece.
Advantages of Greece Golden Visa
Those considering applying to the Greek Golden Visa program have the option of choosing a variety of investment options:
- The right to live in Greece without being obligated to stay for a specific period of time.
- Visa-free travel within the Schengen Area is allowed.
- Possibility of residency for family members.
- After seven years of residency, the ability to petition for citizenship, subject to certain conditions.
Overview of Greece Golden Visa
Obtaining a Greece Golden Visa requires careful attention to legislative requirements and the filing of the required paperwork. Candidates must meet the requirements for a clean criminal record and retain legal counsel. Permits for residence are renewable, with the goal of achieving permanent residency.
Required Documents
Applicants must provide multiple carefully researched and presented materials. Among them are:
- A valid passport as well as any previous visas
- Proof of the investment, such as bank statements, property contracts, etc.
- Biometric information
- A Greek-valid health insurance coverage
For an application to be accepted, these documents must be accurate and comprehensive.
Representation of Lawyer
Using a lawyer is required during the Greek Golden Visa application procedure. They have to:
- Possess a license to practice in Greece
- Streamline the application process from document creation to submission.
- Have a power of attorney to act on behalf of the applicant
Adequate legal counsel guarantees adherence to Greek immigration laws and investment guidelines.
Clean Criminal Record
A clean criminal history from the applicant’s native country is essential. This documents:
- It must be recent and officially translated into Greek.
- Verifies the applicant’s eligibility in relation to the security requirements
Having no criminal history is essential to obtaining residency status.
Permanent Residency and Renewal of Residence Permit
The residency permit with the Greek Golden Visa:
- Valid for five years, after which it may be extended provided the investment is maintained.
- After living in Greece continuously for seven years, candidates can submit an application for permanent residence.
In order to renew or apply for permanent residency, candidates need fulfill every requirement.
Frequently Asked Questions (FAQs)
Processing times for the Greece Golden Visa applications vary depending on the volume of applications and due diligence requirements. In 2024, applicants should prepare for the process to take 2-4 months from submission to approval.
To be eligible for the Greece Golden Visa in 2024, applicants must invest in real estate with minimum thresholds adjusted by the latest legislation. They must fully comply with the financial requirements as specified by the Greek government.
Family members can indeed be included in the Greece Golden Visa application. Spouses, children under the age of 21, and dependent relatives are eligible to obtain residency under the main applicant’s investment.
The investment threshold for the Greek Golden Visa has increased in 2024. The minimum investment for properties in highly demanded areas, such as in Athens and popular islands, has been raised to €800,000, reflecting the program’s revisions.
To Learn more about Greece Golden Visa Program & want help applying to this immigration program, Contact us today!
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Simard & Associates helps clients apply for citizenship and residence under the applicable programs. To schedule an initial free consultation, get in touch with us.
GET IN TOUCH WITH US
Simard & Associates helps clients apply for citizenship and residence under the applicable programs. To schedule an initial free consultation, get in touch with us.
