1. What is the Golden Visa Acquisition Process in Greece?

The Golden Visa program in Greece is a residency-by-investment scheme that offers non-European Union (EU) citizens a five-year residence permit in Greece. This program is designed to attract foreign capital and business people by providing the right of residence and free movement within the EU.

The process involves making a significant investment in real estate in Greece. Once the investment is made, the investor can apply for the residence permit. The application is reviewed by the Greek authorities, and if approved, the investor and their family are granted a five-year residence permit, which can be renewed every five years as long as the investment is maintained.

2. Which Types of Investment Does It Contain?

The Golden Visa program in Greece primarily involves investment in real estate. The minimum investment threshold is €250,000. This investment can be made in any type of real estate, including residential, commercial, and land. The acquired properties can be rented out, providing a potential income stream for the investor.

It’s important to note that the investment must be made outright, with the full amount paid upon the signing of the contract. The investor must maintain full ownership of the property for the duration of the residence permit.

3. Which Category of Investors Does It Concern?

The Golden Visa program is open to non-EU citizens who are willing and able to make a significant investment in Greek real estate. It’s particularly popular among Chinese and Turkish nationals, but it attracts investors from all over the world.

The program is suitable for individuals seeking an EU residence permit for themselves and their families, global entrepreneurs looking for increased mobility within the EU, and investors interested in the Greek real estate market.

4. Which Are the Recent Amendments of the Golden Visa Legislation?

Recent amendments to the Greek Golden Visa program have increased the minimum investment amount in certain areas of Greece. Effective from August 1, 2023, the minimum investment for properties in the following areas increases from €250,000 to €500,000:

• North, central, and south regional units of the region of Attica
• The Municipality of Vari-Voula-Vouliagmeni – one of the most beautiful parts of the “Athens Riviera.”
• The Municipality of Thessaloniki
• Mykonos
• Santorini

In these regions, investors can only buy a single property. Combining several properties to meet the investment threshold is only available outside these areas. However, if an agreement is signed and a 10% deposit is paid before July 31, 2023, investors can still buy a property or properties of €250,000 total value up to December 31, 2023, in the above areas.

For the rest of Greece, Leonidio including, the €250,000 investment requirement remains, and multiple properties may be bought. The permit’s duration is five years, renewable every five years as long as ownership of the properties is retained. Permits are also granted to spouses, unmarried children up to 21 years of age, and the parents of the holder and spouse.

In conclusion, the Greek Golden Visa program offers a unique opportunity for non-EU investors to gain an EU residence permit through investment in Greek real estate. However, with the recent changes to the program, it’s more important than ever for potential investors to seek professional advice to navigate the process and ensure they meet all the requirements. We will be delighted to guide you regarding the aforementioned process.