Residency in Greece
A guide to residency in Greece permits and visas
Residence Permit for Financially Independent People (FIP)
Non-EU citizens, who are financially independent, are eligible to obtain a residence permit in Greece. They are required to have sufficient resources to cover their living expenses (a fixed annual income) and do not have to have any work, economic or investment activity in Greece (e.g. high income pensioners). – Article 20 of Law 4251/2014 (Immigration Code)
The third-country citizen who wishes to apply for a Residence Permit must apply for a long-term VISA (D) to the Greek Consulate in his own country, proving that he/she is able to cover his/her living expenses in Greece, without having to work or exercise any economic activity. This person may also be accompanied by members of his / her family who are required to submit a separate application for a long-term visa to the relevant Greek consular authority.
The third-country citizen wishing to obtain a residence permit in Greece as an economically independent person is required to earn at least EUR 2.000 per month. This amount increases by 20% for the spouse and by 15% for each child he/she wishes to bring with him/her in Greece. Proof of this must be submitted along with proof that he/she and all the members of his/her family have full medical and hospitalization coverage during their stay in Greece.
Upon receipt of the entry visa (type D) and entry into Greece, the third-country citizen is obliged to submit a request to the relevant Authority of Immigration for the issue of a residence permit. This residence permit is valid for two (2) years and can be renewed every three (3) years, BUT does not provide the visa holder access to the labor market in Greece.
Residency permit holders may travel freely to all Schengen countries.
Relevant laws:
- Article 24 of Law 3386/2005
- Article 20 of Greek Law 4251/2014 – Financially Independent Persons (FIP Visa Greece)
THE GREEK GOLDEN VISA PROGRAM
Launched in 2013, the Greek Golden Visa Program granted a five-year residence permit in exchange for a minimum of €250,000 real estate investment in Greece. This changed in 2023, making the minimum investment in certain areas, €500,000.
Specifically, nationals of non-EU countries planning to invest in Athens (including the north, central and south suburbs of Athens), central Macedonia, Mykonos, Santorini and Thessaloniki must invest at least €500,000 to be eligible for the Golden Visa. Also, investors in these areas can no longer combine property purchases to meet the €500,000 investment requirement.
For the rest of Greece, non-EU nationals are still required to invest at least €250,000 to obtain a Golden Visa and can combine investments (real estate, bonds) to meet this sum.
The residence scheme allows you to include your spouse and children under the age of 21 in the program (this can be extended to 24 years under certain conditions). This means that all these family members can also receive and enjoy all the benefits of a Golden Visa card. In addition to the other Golden Visa programs, the Greek program provides an Extended Family benefit. This means that the principal applicant’s parents and parents-in-law can also receive cards without any further requirements.
The Greek Golden Visa allows you to live in Greece and travel across the Schengen region, without a visa.
The Greek Golden Visa Program is an exceptional opportunity for a non-EU citizen as well as core members of his/ her family, to freely reside within the EU, along with public healthcare and education benefits – the right to free and reliable education, a people-friendly healthcare system, insurance policies regarding pensions and more.
Main Points
- Minimum Investment Amount : €250,000 or €500,000 for Athens (including the north, central and south suburbs of Athens), central Macedonia, Mykonos, Santorini and Thessaloniki:
- Minimum Stay Requirement: None
- Children of up to 24 years of age are eligible to participate in the program (Firstly, up to the age of 21. This can be extended up to the age of 24.)
- Parents of both spouses may also be included in the Program
- 3 – 6 months processing time
- Option for EU Citizenship
- Schengen zone accessibility: visa-free travel option
The visa needs to be renewed every 5 years after the appearance before the relevant state administrative authority and the confirmation of the ownership status.
The Double Taxation Treaty
Depending on your country of residence and the amount of time you spend in Greece, it is likely that your international income may not be subject to taxation in Greece. In that case, you may maintain your business activities outside of Greece and enjoy some tax benefits. Greece also provides tax benefits to foreigners living in the country as tax residents. There are different incentive programs for retirees, digital nomads, and other expat segments. Make sure and check with your certified financial advisor to see if you can benefit from any of these incentives.
Eligibility Criteria for the Greek Golden Visa Program
To qualify for a Golden Visa in Greece, you must meet the following requirements:
- Be a non-EU/EEA country citizen
- Be 18 years of age and above
- Have no criminal record
- Have medical insurance (for all family members)
There are several investment types that qualify you for a Greece Golden Visa. These include investment in real estate and/or government bonds.
Real Estate Investment options
- A minimum of €250,000 or or €500,000 purchase of a real estate property.
- 10 years lease agreement for residential or hotel/resort accommodations or furnished tourist residences.
- For areas except Athens, central Macedonia, Mykonos, Santorini and Thessaloniki:, purchase of a plot of land to erect a building, provided that the cumulative value of the land purchased and the contract with the construction company amounts to at least €250.000.
Investors in areas with a threshold of 500,000 EUR will only be able to invest in one property, while those in areas with a threshold of 250,000 EUR will still have the option to invest in multiple properties.
Other Investment Options
- A minimum of €400,000 investment in Greek government bonds
- Bonds or shares of real estate investment companies in Greece
- Shares and bonds of venture fund and private equity which have headquarters in Greece
If you decide to purchase property in Greece:
The real estate property must be in your name.
If you’ve acquired the property through a legal entity, you must own 100% of the company shares.
If you’ve decided to rent or lease, the contract must have a minimum duration of 10 years in rental value. The contract must require a single payment of the rent for the equivalent of the ten-year leasing period.
You may renew your Golden Visa residence permit every five years. You must fulfill the above conditions to be able to renew at the end of each five years.
Golden Visa Greece Program Procedure
1. Investment Selection
Determine the investment criteria and select the property you’d like to invest in. You can choose various features to invest in as long as the total value is equal to or above €250,000.
2. Legal Steps
Obtain a Greek Non-Resident Tax number and open a Greek bank account. And as an optional step, you can have the execution of power of attorney.
3. Acquisition of the Property
Your lawyer will conduct the legal due diligence on the property you have chosen and then arrange the purchase agreement and the execution of a public deed with a notary.
4. Pre-Submission – Application
You will now need to prepare all the required documents regarding the Golden Visa application with the guidance of your lawyer.
5. Visit Greece
Here you’ll need to submit all the biometric data to the relevant authorities in Greece.
You will also need to open a Greek bank Account.
6. Golden Visa Approval
The relevant authorities will approve your Golden visa application and issue a Golden Visa Residence Card.
7. Golden Visa Renewal
You can apply to renew your Golden Visa every five years, and in this way making it easy to access the option to be granted permanent residence – citizenship.
8. Applying for Citizenship
Living there for at least seven years and paying taxes will make you eligible to apply for citizenship and a Greek passport.minimum
Residence Permit for Financially Independent People (FIP)
Non-EU citizens, who are financially independent, are eligible to obtain a residence permit in Greece. They are required to have sufficient resources to cover their living expenses (a fixed annual income) and do not have to have any work, economic or investment activity in Greece (e.g. high income pensioners). – Article 20 of Law 4251/2014 (Immigration Code)
The third-country citizen who wishes to apply for a Residence Permit must apply for a long-term VISA (D) to the Greek Consulate in his own country, proving that he/she is able to cover his/her living expenses in Greece, without having to work or exercise any economic activity. This person may also be accompanied by members of his / her family who are required to submit a separate application for a long-term visa to the relevant Greek consular authority.
The third-country citizen wishing to obtain a residence permit in Greece as an economically independent person is required to earn at least EUR 2.000 per month. This amount increases by 20% for the spouse and by 15% for each child he/she wishes to bring with him/her in Greece. Proof of this must be submitted along with proof that he/she and all the members of his/her family have full medical and hospitalization coverage during their stay in Greece.
Upon receipt of the entry visa (type D) and entry into Greece, the third-country citizen is obliged to submit a request to the relevant Authority of Immigration for the issue of a residence permit. This residence permit is valid for two (2) years and can be renewed every three (3) years, BUT does not provide the visa holder access to the labor market in Greece.
Residency permit holders may travel freely to all Schengen countries.
Relevant laws:
- Article 24 of Law 3386/2005
- Article 20 of Greek Law 4251/2014 – Financially Independent Persons (FIP Visa Greece)
THE GREEK GOLDEN VISA PROGRAM
Launched in 2013, the Greek Golden Visa Program grants a five-year residence permit in exchange for a relatively low €250,000 real estate investment in Greece.
The residence scheme allows you to include your spouse and children under the age of 21 in the program (this can be extended to 24 years under certain conditions). This means that all these family members can also receive and enjoy all the benefits of a Golden Visa card. In addition to the other Golden Visa programs, the Greek program provides an Extended Family benefit. This means that the principal applicant’s parents and parents-in-law can also receive cards without any further requirements.
The Greek Golden Visa allows you to live in Greece and travel across the Schengen region, without a visa.
The Greek Golden Visa Program is an exceptional opportunity for a non-EU citizen as well as core members of his/ her family, to freely reside within the EU, along with public healthcare and education benefits – the right to free and reliable education, a people-friendly healthcare system, insurance policies regarding pensions and more.
Main Points:
- Minimum Investment Amount: €250,000
- Minimum Stay Requirement: None
- Children of up to 24 years of age are eligible to participate in the program (Firstly, up to the age of 21. This can be extended up to the age of 24.)
- Parents of both spouses may also be included in the Program
- 3 – 6 months processing time
- Option for EU Citizenship
- Schengen zone accessibility: visa-free travel option
The visa needs to be renewed every 5 years after the appearance before the relevant state administrative authority and the confirmation of the ownership status.
Low Investment Threshold
Greece has the lowest investment threshold compared to other Golden Visa programs in Europe with a €250,000 in Greek real estate investment to qualify for the program.
The Double Taxation Treaty
Depending on your country of residence and the amount of time you spend in Greece, it is likely that your international income may not be subject to taxation in Greece. In that case, you may maintain your business activities outside of Greece and enjoy some tax benefits. Greece also provides tax benefits to foreigners living in the country as tax residents. There are different incentive programs for retirees, digital nomads, and other expat segments. Make sure and check with your certified financial advisor to see if you can benefit from any of these incentives.
Eligibility Criteria for the Greek Golden Visa Program
To qualify for a Golden Visa in Greece, you must meet the following requirements:
- Be a non-EU/EEA country citizen
- Be 18 years of age and above
- Have no criminal record
- Have medical insurance (for all family members)
There are several investment types that qualify you for a Greece Golden Visa. These include investment in real estate and/or government bonds.
Real Estate Investment options
- A minimum of €250,000 purchase of a real estate property in Greece
- 10 years lease agreement for residential or hotel/resort accommodations or furnished tourist residences.
- The purchase of a plot of land to erect a building, provided that the cumulative value of the land purchased and the contract with the construction company amounts to at least €250.000.
Other Investment Options
- A minimum of €400,000 investment in Greek government bonds
- Bonds or shares of real estate investment companies in Greece
- Shares and bonds of venture fund and private equity which have headquarters in Greece
If you decide to purchase property in Greece:
The real estate property must be in your name.
If you’ve acquired the property through a legal entity, you must own 100% of the company shares.
If you’ve decided to rent or lease, the contract must have a minimum duration of 10 years and €250,000 in rental value. The contract must require a single payment of the rent for the equivalent of the ten-year leasing period.
You may renew your Golden Visa residence permit every five years. You must fulfill the above conditions to be able to renew at the end of each five years.
Golden Visa Greece Program Procedure
1. Investment Selection
Determine the investment criteria and select the property you’d like to invest in. You can choose various features to invest in as long as the total value is equal to or above €250,000.
2. Legal Steps
Obtain a Greek Non-Resident Tax number and open a Greek bank account. And as an optional step, you can have the execution of power of attorney.
3. Acquisition of the Property
Your lawyer will conduct the legal due diligence on the property you have chosen and then arrange the purchase agreement and the execution of a public deed with a notary.
4. Pre-Submission – Application
You will now need to prepare all the required documents regarding the Golden Visa application with the guidance of your lawyer.
5. Visit Greece
Here you’ll need to submit all the biometric data to the relevant authorities in Greece.
You will also need to open a Greek bank Account.
6. Golden Visa Approval
The relevant authorities will approve your Golden visa application and issue a Golden Visa Residence Card.
7. Golden Visa Renewal
You can apply to renew your Golden Visa every five years, and in this way making it easy to access the option to be granted permanent residence – citizenship.
8. Applying for Citizenship
Living there for at least seven years and paying taxes will make you eligible to apply for citizenship and a Greek passport.
