The Greek Residency program is an investment-based immigration program, directed mainly to individuals or families that want to have a second home from home for security, free travelwithin the European Union and Schengen area or other reasons. It applies to the whole family. Husband, wife, and any children up to the age of 21. Also, the parents of both the applicant andspouse can apply.

The main rationale behind the program is to provide a Permanent Residency to anyone willing to purchase a residential property in Greece.

Anyone approved under the PR program will not be allowed to receive any employment in Greece, although such person can establish a business in Greece or be the owner of a company in Greece from which he can receive dividends or in general engage in any sort of economic activity

Under the program, Permanent Residency Permit is issued to the applicant and his family (children up to the age of 21 and parents of both applicant and spouse included) to live in Greece provided they make an investment of at least €250.000 plus taxes in immovable property in Greece. In order to keep the PR they need to keep their investment for life. The PR must be renewed every 5 years for an indefinite period mainly to show that they still keep the investment.  The applicant and his family will not however be Greek (EU) citizens. They will only have permission to reside in Greece. They will be eligible to apply for Greek (EU) citizenship once they have lived in Greece for a total period of 7 years. They will also be eligible to travel freely within the Schengen area because Greece is a Schengen area country. 

General

• granted within 2 months
• issued for 5 years, renewable every five years indefinitely, as long as the real estate property remains entirely at the ownership of the main applicant
• spouse, dependent children up to the age of 21 and parents of both applicant and spouse are eligible 
• no actual residency requirement and no minimum stay requirement
• no language requirement
• investment in residential property with the possibility of renting out with good return
• leads to Greek Citizenship/Passport after 7 years of continuous residency in Greece

Requirements

1. You need to purchase residential properties of no less than €250.000 in Greece (acquired property(ies) can be rented.
2. Health Insurance to cover any medical expenses that may be incurred in Greece. If the applicant does not have one, then such can be done through an insurance company in Greece.
3. Valid entry visa for Greece (C type or D type). See below Visa Requirements.

Procedure

1. Purchase property/ies in Greece with a value of at least €250,000
2. Prepare the required residency documents and submit them
3. Receive all your residency permit certificate within 2 months
4. The residency permit can be renewed every five years indefinitely, as long as the real estate property remains entirely at the ownership of the main applicant. Periods of absence from the country do not constitute reason for refusal.

Visa requirements

In order to obtain a visa, an application should be submitted to the Greek consular authority, located at the applicant’s place of residence, accompanied by the following documents:

1. application,
2. two (2) recent colour photographs both printed and in a digital form contained in a compact disc in JPEG2000 file format
3. certified copy of a valid passport or travel document,
4. copy of the applicant’s criminal record issued in his/her country of origin,
5. travel insurance
6. documentation evidencing the purchase of the property (copy of the purchase contract of the property/properties valued at least 250.000,00 €.) or any other document which proves the applicant’s financial potential and intention to acquire a property (contract appointing a real estate agent or lawyer in this regard), in case that the property acquisition procedure has not been concluded.

• DOCUMENTS REQUIRED FOR THE ISSUE OF THE RESIDENCY PERMIT

Investor

1. Application form
2. Three (3) recent colour photographs both printed and in a digital form contained in a compact disc in JPEG2000 file format
3. Certified copy of a valid passport or travel document recognized by Greece bearing the relevant valid entry visa,
4. An electronic fee in the amount of €500. Minor children are exempted from this fee.

• Health certificate issued by a Greek hospital or a private medical practitioner certifying that the third country national does not suffer from a disease, which pursuant to international standards and the World Health Organization (W.H.O.), could constitute a threat to public health,
• Copy of the purchase contract of the property/properties valued at least 250.000,00 €,
• Proof of registration of the contract by the competent Land Registry,
• Certification by a social security fund for the coverage of any hospitalization and medical care expenses or insurance policy from a private insurance company.

Investor’s family members

1. Application form.
2. Three (3) recent colour photographs both printed and in a digital form contained in a compact disc in JPEG2000 file format
3. Certified copy of a valid passport or travel document recognized by Greece bearing the relevant valid entry visa,
4. Certification by a social security fund for the coverage of any hospitalization and medical care expenses or insurance policy from a private insurance company.
5. Electronic fee in the amount of 500,00 € only for the spouse and parents of either spouse
6. Recent Family Status Certificate issued by the foreign authorities evidencing the marriage.

• BENEFITS OF GREEK RESIDENCY PERMIT

• Fast track procedure allowing for the issuance of Residence Permit within 2 (two months);
• Free travel in the European Union – Greece is a member of the European Union and of the Schengen area therefore any Greek Residency Permit holder can:

• Permit covers the whole family; parents of both applicant and spouse also eligible;
• Lowest cost for Schengen area Residency Permit
• Great investment opportunity at a time when the property market in Greece is picking up
• No physical residence requirements during or after the application procedure
• No language requirements;
• A secure investment, rather than a donation like other countries;
• Insurance policy against political instability;
• Closest Schengen area country to the East
• Beautiful Mediterranean climate with more than 300 days of sunshine each year
• Wonderful holiday destination;
• Greece is strategically located between Asia, Africa and Europe;
• Property acquired can be rented out from day one
• FREQUENTLY ASKED QUESTIONS

What is the Schengen Area and why is it beneficial?

Th Schengen Agreement led to the creation of Europe’s borderless Schengen Area in 1995. The treaty was signed on 14 June 1985 near the town of Schengen in Luxembourg. It proposed the gradual elimination of border checks at the signatories’ common borders allowing residents in border areas to cross borders away from fixed checkpoints and the harmonization of visa policies.

The Schengen Area operates very much like a single state for international travel purposes with external border controls for travelers entering and exiting the area, and common visas, but with no internal border controls.

It currently consists of 26 European countries covering a population of over 400 million people and an area of 4,312,099 square kilometers.

Any holder of a valid Residency Permit of any of the Schengen area countries can:

1. Travel directly from their country of origin to any Schengen country
2. Travel freely within the Schengen zone without lengthy customs’ checks
3. Reside to any other Schengen country up to a period of three months every six-month period with the right of multiple entries

How can I obtain a Greek Residency permit?

You can be granted permanent residence permits in Greece for you and your family, known as Golden visa Greece, upon purchasing a property as an individual, with a contractual value of 250.000 Euros or higher.

After seven years of continuous residency you may apply for Greek citizenship.

You may also purchase the property through a legal entity if you are the sole stockholder of the entity.

Can I share the investment with another party?

Only spouses can share the investment and jointly own the property of total value 250.000 Euros.

In all other cases of shared ownership, the right of residence is granted only if the amount invested by each co-owner is minimum 250.000 Euros.

Example: Two families can have two separate permits for all members if they purchase jointly a property of value equal or higher to 500,000 Euros

Do I need a visa to travel to Greece?

In order to visit Greece, you will require a Schengen visa. You may apply for investor’s visa.

Documents required

• 3 colored passport pictures.
• Machine – readable Passport.
• Travel health insurance.
• Proof of professional capacity (e.g. Business license).
• Bank statements of at least 250,000€.
• Income Tax Declaration that has been issued in the last year.
• Hotel booking to prove the accommodation of the applicant during the visit to Greece.
• Round trip flight booking.
• Invitation letter from our company.
• Visa application.

Who is eligible:

• Main investor
• Spouse
• Children up to the age of 21
• Main investor’s parents
• Spouse’s parents

How long is the Residency permit valid for?

The residency permit is permanent. The only criterion is the property ownership. The permit is renewed every five years indefinitely provided the main applicant keeps the investment

Children who reach their 21st year are considered adults and cannot be part of the group family permit. The law allows them to extend their permit for 3 more years.

Can I work in Greece after I receive my Residence Permit?

You will not be allowed to receive any employment in Greece, although you can establish a business in Greece or be the owner of a company in Greece from which you can receive dividends or in general engage in any sort of economic activity.

Can I apply for Citizenship?

Yes. After seven years of continuous residency the permit holders may apply for Greek citizenship. [law No. 4332/2015, Greek Government Gazette Number 76 A’, July 2015]

The following additionalrequirements need to be met:

• Knowledge of Greek language. Knowledge of Greek history and elements of civilization.
• The applicant must live in Greece for most of the time before the application.

With the approval of the application the investor receives:

• Greek – European Union passport
• Voting rights

What about education and health services?

Holders of residence permit will have access to public education, in the same way as Greek citizens. There is a variety of state and private schools and universities with multilingual syllabus. They will also have access to the Greek public health system.

Residence permit holders and their family members, must also have private insurance policies that covers their healthcare and medical care expenses.

Once granted the Greek Residence Permit can I travel to other EU countries?

You may travel with your passport and the residency permit to all countries that are part of the European Union and belong to the Schengen Area:

Austria, Belgium, France, Germany, Denmark, Estonia, Spain, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Hungary, Poland, Portugal, Slovakia, Slovenia, Sweden, Czech Republic and Finland.

You may also travel to these Non-EU countries that belong to the Schengen Area:

Iceland, Norway, Switzerland and Liechtenstein.

Please note that after the residence permit has been issued, you may also travel to any Schengen country directly from your country. You do not need to go through Greece first.

What are my obligations as a property owner in Greece?

You will be required to file an annual tax report. All property owners must do that.

You will be required to pay a yearly property tax. For a standard 3 bedroom flat in downtown Athens the annual tax is approx. 500 Euros. Greek real estate ownership is the cheapest in Europe.

If you rent your property you will pay approx. 15% as income tax on your profit.