The Greece Golden Visa grants non‑EU investors a five‑year renewable residence permit in exchange for a qualifying investment, most commonly in real‑estate. With a minimum investment of €250,000, it is among the most affordable EU residency‑by‑investment programmes and can be completed largely remotely, requiring only a single visit to Greece for biometric data collection.
How the programme works
- Residence permit – issued for five years and renewable indefinitely as long as the investment is retained.
- Family inclusion – spouse, children under 21, and parents of the applicant or spouse can be added from the start.
- Benefits – visa‑free travel throughout the Schengen Area, access to EU education and healthcare, ability to open EU bank accounts and conduct business in Europe.
- Citizenship route – continuous residence for seven years (with language and integration requirements) may lead to Greek citizenship.
Investment thresholds and eligible property types
| Minimum investment | Eligible regions / conditions |
|---|---|
| €250,000 | Any region of Greece; purchase of renovated buildings converted to residential use. |
| €400,000 | Other regions of Greece; purchase of new property of at least 120 m². |
| €800,000 | Athens, Attica, Thessaloniki, Crete, Mykonos, Santorini and cities with population over 3,100; purchase of new property of at least 120 m². |
Renovated property refers to former commercial buildings (offices, warehouses, shops, aparthotels) that are converted into residential units meeting European energy‑efficiency standards, including historic restorations with preserved facades.
Typical cost breakdown (in addition to the investment price)
- Property transfer tax – 3.09 % of the property value (reduced to 0 % for purchases before 01‑01‑2006). A planned increase to 15 % for non‑EU/EEA buyers is expected to take effect on 1 July 2027.
- Land‑registry fee – from 0.6 % of the property value.
- Notary fee – from 1.5 % of the property value.
- Legal fees – 2–4 % of the property value.
- Immigration fees – €2 000 for the main applicant + €150 per family member over 18.
- Residence‑card issuance fee – €16 per applicant.
- Notarised power of attorney – from €150.
- Document translation – from €150.
- Health‑insurance premium – from €150 per person.
- VAT – 24 % on new residential property is suspended until 31 December 2026 for buildings with permits issued after 01‑01‑2006, subject to legal conditions.
Step‑by‑step application process (average duration ~4 months)
- Eligibility check – applicant must be ≥ 18 years, have no criminal record or entry bans in Greece/EU, hold valid health insurance, and prove the legal source of funds.
- Engage a licensed Greek lawyer – to verify eligibility, advise on investment structure, and conduct due diligence on developers and properties.
- Select a qualifying property – based on budget, location and type (new, renovated, or historic). Remote viewings and power‑of‑attorney transactions are possible.
- Obtain a Greek tax number (AFM) and open a local bank account.
- Execute the purchase – sign the agreement (in person or via power of attorney), pay by euro bank transfer, and register the title deed in the land registry (Ktimatologio) or mortgage registry (Hypothikofilakio).
- Prepare documentation – passport, birth and marriage certificates, health‑insurance proof, family members’ passports, purchase agreement, fee receipts, photographs; all must be notarised, apostilled and translated into Greek.
- Submit the residence‑permit application – online through the Greek migration portal, accompanied by the certified documents and payment of immigration fees.
- Receive temporary permit (White Paper) – confirms legal stay while the application is processed; valid for 12 months and allows multiple entries.
- Provide biometrics – all applicants over 12 years must travel to Greece within one year of registration to submit fingerprints and photos.
- Collect residence cards – issued for five years; renewal must be applied for at least two months before expiry, provided the property is still owned.
Common pitfalls and how to avoid them
- Non‑qualifying property – ensure the building has a confirmed change‑of‑use approval and any required reconstruction permits; otherwise the migration authority will reject the application.
- Unverified developer – check the developer’s registration on the Greek Commercial Registry (GEMI), confirm licences and track record; avoid companies newly registered or lacking completed projects.
- Encumbrances – verify that the property is free of liens, unpaid taxes, utility debts or registration disputes before signing the purchase agreement.
- Documentation errors – missing cadastral plans, absent proof of change of use, or improperly issued permits are frequent reasons for refusal; all paperwork should be reviewed by a qualified lawyer before submission.
- Proceeding without professional assistance – handling the transaction independently in a foreign jurisdiction increases the risk of mistakes and delays; engaging licensed lawyers and notaries is strongly recommended.
Practical considerations
- Remote execution – the entire process, except for biometric collection, can be managed from abroad using power of attorney.
- Retention requirement – the residence permit remains valid only while the qualifying investment is maintained; selling the property before renewal will jeopardise the permit.
- Tax outlook – be aware of the upcoming increase in property transfer tax for non‑EU buyers (potentially up to 15 % from July 2027).
- Citizenship timeline – continuous residence for seven years may enable application for Greek citizenship, subject to language proficiency and integration criteria.
The Greece Golden Visa therefore offers a relatively low‑cost entry point to EU residency, provided investors conduct thorough due diligence, adhere to the documented procedural steps, and maintain the qualifying real‑estate investment.
Source article: www.astons.com
