Greece Golden Visa

Greece is a country in Southeast Europe, surrounded by the Ionian Sea to the West, the Mediterranean to the South and the Aegean to the East. In the North, it borders with Albania, North Macedonia and Bulgaria. It has the longest coastline of all Mediterranean countries and comprises thousands of islands.

Greece has a population of 10.5 million and the capital is Athens. The official language is Greek. It is a member of the European Union and uses the Euro as its currency.

Greece is considered to be the birthplace of Western civilisation. The ancient Greeks were the ones who introduced democracy to the world, as well as the Olympic Games, threatre and Western philosophy and literature. They were also responsible for some of the most important mathematical and scientific principles we use to this day.

Greece offers a very cosmopolitan lifestyle, aided by its Mediterranean climate and welcoming culture. It boasts excellent educational and healthcare facilities and a reasonable cost of living. The economy is based on services and industry.

GREECE RESIDENCE PERMIT

THE GREECE GOLDEN VISA PROGRAM

Greece offers the opportunity for non-residents to apply for a residence permit.

MAJOR BENEFITS

The Greek residence permit provides several privileges:

The right to live anywhere in Greece
Free movement throughout Europe’s Schengen Area
Residence permit issued for 5 years and renewable every 5 years
Can apply for citizenship after 7 years
The application may include the applicant’s spouse, any children under the age of 21 and the parents of the applicant and spouse
Eligible for public education and healthcare in Greece
It is possible for the investment property to be rented out
There is no requirement to live in Greece
No personal tax obligations arise in Greece unless spending more than 183 days per year in the country
Any profit on sale of real estate is exempt of tax

REAL ESTATE INVESTMENT OPTIONS

The most common investment route for the Greece golden visa program is through investment in real estate. As from 31 March 2024, the minimum investment criteria for property investments have increased, as follows:

The minimum investment in real estate is now EUR 400,000
For the entire region of Attika (which includes Athens and Piraeus), as well as Thessaloniki, Mykonos, Santorini and all islands with a population exceeding 3,100, the minimum investment has been raised to EUR 800,000
The entire investment must relate to a single property of a minimum surface area of 120 sqm

A restriction has also been introduced, in that the property may no longer be placed on the short-term rental market, such as AirBnB.

Two exceptions apply to the new rules, for which the minimum investment remains at EUR 250,000. A property falling within either of these categories will qualify for the reduced investment:

A property which is converted from commercial to residential use, regardless of its location and size, on the condition that the conversion is completed before the golden visa application is submitted
Restoration of a listed building of cultural or historical importance, in which case the restoration must be completed within 5 years of taking up residence in order to qualify for renewal

Transitional provisions have been introduced, which allow applications to be submitted under the previous rules, provided a deposit of 10% is paid by 31 August 2024 and the investment is completed by 31 December 2024. The minimum investment criteria which apply in such cases are as follows:

The minimum investment is EUR 250,000
For properties located in Mykonos, Santorini, Thessaloniki and most municipalities in Athens, the minimum investment is EUR 500,000
No minimum size applies

OTHER INVESTMENT OPTIONS

Other than real estate investments, it is possible to apply for a Greek golden visa through one of the following investment routes:

Fixed term deposit of EUR 500,000 with a Greek financial institution
Investment of EUR 500,000 in Greek government bonds
Various investment options in approved venture capital firms, mutual funds, alternative investment funds or real estate investment companies of a minimum amount of EUR 500,000
Investment of EUR 800,000 in Greek listed company shares or bonds
Investment of EUR 350,000 in a mutual fund which invests exclusively in Greek listed company shares or bonds
Investment of EUR 350,000 in an alternative investment fund which invests exclusively in Greece

APPLICATION PROCESS

Mercury will conduct an initial due diligence and compliance review. The applicant will then arrive in Greece after obtaining a valid entry visa and arranging health insurance with validity in Greece.

If the preferred route is that of property investment, the applicant will first select and purchase the property with the assistance of Mercury. If another investment option is chosen, that investment must be completed before the application may be prepared and submitted. After the application is submitted, all applicants will be invited to present themselves, so that their biometric data may be collected.

It is possible for the property investment to be completed remotely, without the need for the applicant to visit Greece. In this case, the residence permit application may also be submitted without the applicant visiting Greece. Upon submission of the application, the applicant will be issued with an acknowledgement, which serves as a temporary multiple entry permit, allowing the applicant to enter Greece while the application is being processed. The temporary permit does not allow the applicant to enter other European countries.

The application is normally approved within two to six months, at which point the residence permit is issued with a validity of 5 years. The permit is renewable for further periods of 5 years for as long as the applicants continue to meet the criteria.