Greek residence permit

About the program

Obtaining residence permit in Greece within 3 months by purchasing real estate.

Greece Golden Visa Programme — the most popular programme for obtaining residence permit in Europe. You will definitely receive a residence permit within 2-4 months after purchasing a real estate and applying for a residence permit. This type of residence permit does not provide access to the labor market, but enables its holder to act as an employer and a founder of a legal entity.

The ongoing state program grants third-country nationals (countries that are not members of the European Union) the right to obtain a residence permit under a simplified procedure, provides assistance in prompt implementation of plans for integration into the European community and allows to create a “second string”.

The key benefits are: entry into the country even when borders are closed for tourists, residency in Greece without a time limit, the chance to acquire European citizenship, visa-free entry to Schengen zone and many other countries. Unlike other types of residence permits, the total duration of your stay in Greece is not taken into account when extending residence permit of this type.

Detailed description of the residence permit program at the link https://hpr.gr/goldenvisa.php?&locale=en_US

Why is Greece Golden Visa so timely?

• Small investment size. The Greek Golden Visa is considered to be the most lucrative one  as the amount of investment required is less compared to other European programs. The key element for obtaining the Greek Golden Visa is the purchase of one or more residential or commercial properties in Greece for an amount of 250,000€ or more.
• Affordable real estate. Greece attracts by its relatively low prices for European real estate. For instance, the cost of real estate objects in the secondary housing market in Thessaloniki city on average amounts to 1.500€ m² and 1.700€ m² in Halkidiki, and less than 3.000€ m² for objects in brand new buildings. At the same time, the rent is as high as in the rest of Europe.
• Purchase remotely. Previously, in order to obtain a residence permit an investor had to visit Greece at least twice: to select and to buy real estate and to submit biometric data. Now, according to the article 155 of Law 4764/2020 dated 12/23/2020 stakeholders can purchase real estate and apply for a residence permit remotely via a power of attorney without personal presence. Stakeholders have to come to Greece only in order to submit biometric data (fingerprinting) within the period of one year from the date of filing an application for a residence permit.
• A bank account is not required. In order to obtain a residence permit in Greece and to sign a real estate sale and purchase agreement the investor is not required to have a bank account in a Greek bank. According to the terms of the program, the investor is obliged to make payment of purchase price of the property from his personal bank account (not necessarily a Greek one) to the personal account of the seller. This feature simplifies the procedure and saves the trouble of legalization of funds. If a stakeholder opens an account at a Greek bank and accumulates funds on it, the bank is entitled to request documents confirming the source of such funds.
• Your investments generate income. Short-term lease of the purchased property generates additional income for the investor and brings a return of about 4-5% per annum. Long-term least brings a little less profit - approximately 3%-4% per annum, but less worries and troubles as well. The investor will need to open an account at a Greek bank in order to gain legal income from real estate and to pay bills for the maintenance of properties.
• One residence permit for your whole family. The investor and his/her family get a 5-year residence permit, which gives them the right of permanent residence in Greece and is valid as long as the acquired property remains in the ownership of the investor. Under this program, a residence permit can be obtained by the applicant, his/her spouse, children of both spouses under the age of 21, including children from previous marriages (adopted children only) and parents of both spouses. After 5 years the document expires and must be renewed. This procedure is carried out by a lawyer without personal presence of the stakeholders.
• Residence permit for children over the age of 21. Children over the age of 21 get a residence with a right to work (Αυτοτελής Άδεια Παραμονής or την Άδεια Εργασίας). Please note: children who participate in the Greece Golden Visa program receive a three-year independent residence permit status upon reaching the age of 21. The only requirement is to have a valid residence permit when the child turns 21.
• Lifetime residence permit status. The residence permit will be valid as long as the property remains in the ownership of the investor. If sold, the residence permit will be annulled except if the investor simultaneously purchases new property. After several years the investor can acquire citizenship and sell this real estate.
• Great opportunity to acquire citizenship. It is possible to apply for Greek passport 12 years after the issuance of the first residence permit provided that the annual period of stay of the investor in the country has been at least 183 days during 12 years. In order to acquire citizenship, the investor must pass an exam in Greek language, history and geography of Greece.
• Permanent residence in Greece is not required. The program does not provide for requirements regarding the minimum period of residence in the country for obtaining or renewing a residence permit, unlike Spain or Portugal, where the investor is required to stay in the country for at least one week per year.
• No additional taxes. Residence permit in Greece does not grant to the investor the status of a tax resident provided that he/she stays in the country for less than 183 days a year. Moreover, it is possible to become a tax resident in Greece and to pay a fixed income tax abroad.
• A simple set of documents. The Greek government does not require any specific documents to obtain a residence permit, so a standard set is enough: passport, medical insurance, payment of fees, certificate of birth with apostille, a agreement on the ownership of property in Greece certified by the state notary and a certificate of registration in the Register of Property Rights.
• What can be bought for the investment amount?. As mentioned above, so far the average price per square meter in Greece is not high. Price setting is influenced by a number of factors: location, condition of the building, distance from the sea, etc. By our experience we can say that for this amount you can buy a townhouse in the city or in a resort area, a brand new apartment in a fashionable area, two apartments or three studios in the secondary housing market.
• Get a residence permit within 2 months. You will definitely receive a residence permit from 2 to 4 months after the purchase of real estate and the submission of the residence permit application. If the lawyer submits your documents for residence permit in your presence and you submit your fingerprints, then you will immediately receive the so-called "blue certificate", which grants you visa-free entry into the country, and after 1-2 months a lawyer (without your presence) will receive your residence permit cards. In case of submitting documents without submitting biometrics, you will need to plan your visit to Greece, submit your fingerprints and receive residence permit cards in 10 days. This procedure can be combined with a holiday by the sea.