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Golden Visa Greece 2021: Need to Know

The Golden Visa Greece is a residence permit that allows non-EU citizens to live in Greece if they invest at least 250,000 EUR in real estate, and is -of course- valid for buying a property in Naxos, Greece. All successful applicants can get access to permanent residency for a 5-year period which can be renewed so long as they meet certain criteria.

In addition, those who have been granted the visa card can travel to the Schengen area. They don’t need to acquire another type of visa should they decide to visit any country in the EU.

Benefits of the Greece Golden Visa

The Greece Golden Visa provides qualified applicants and their immediate family members the opportunity to live and move within the EU. In addition, they have access to healthcare and quality education, insurance policies, and other programs in the country. With only 250,000 EUR investment, you can freely live and enjoy all of the visa benefits.

When you’re a Golden Visa holder, it’s not a requirement to live in Greece. You may choose to rent out your property if you’re not planning to stay in the country. 

One of the Golden Visa advantages is that the investment is significantly lower than in most EU countries with the visa route. Also, you can extend the visa to your spouse and unmarried children under the age of 21 years old. Your parents and your spouse’s parents can also become your dependents. Successful applicants with children over 21 but not more than 24 years old and still a student may be included in the Golden Visa application.

How the Process Works

The first step to acquiring a Greek Golden Visa is to determine your investment route. Whether you want a leasing agreement or purchase real property, ensure that the value is at least 250,000 EUR. 

Next, you need to obtain a Greek Non-Resident Tax number and open a bank account based in Greece. 

As soon as you have both, you can start looking for the type of investment you want to acquire in the country. You may need to get in touch with professionals to help in finding your dream home. That’s where we come in. Contact us to assist you in the acquisition of real property in Greece, specifically in Naxos

After acquiring a property, you need to prepare the rest of the required documents for the Golden Visa application. As much as possible, hire a lawyer for assistance as the process can be stressful and overwhelming, especially for first-time applicants. You may submit your application through a lawyer based in Greece.

If you have submitted all the required documents and there are no other problems, you should be issued the Golden Visa Residence Card that you can renew every five years, so long as you have met certain conditions. 

You can apply for Greek citizenship so long as you live there for about seven years and pay taxes. 

Documents needed:

  • Two copies of the application docs
  • Four copies of recent passport photos
  • Certified copy of your passport
  • Visa fee of 500 EUR, roughly
  • Processing fee of about 16 EUR 
  • Certificate issued by the insurance agency for the cost of medical care and hospitalization

For the insurance contract, it can be issued either in Greece or outside the country. 

You’ll need these documents if your application is for renewal:

  • A completely filled out application
  • Four recent passport photos in full color
  • A valid copy of your passport
  • A valid copy of our previous visa card
  • Certificate issued by your insurance agency either in Greece or outside the country.

Greek authorities also have the right to ask for additional documents for your renewal application. 

If you have lived for seven years and intend to apply for citizenship, you’ll need:

  • To be a tax resident in the country
  • Pass a Greek Language test
  • Have a genuine interest in Greece and the culture

Investment Options for the Golden Visa

There are a variety of investment types that will qualify you for a Greek Golden Visa. They include:

At least minimum investment of 250,000 EUR of real property in Greece

10-year lease agreement, whether for hotel accommodations or a furnished tourist residence at a tourist resort. 

Minimum 400,000 investment in Greek government bonds, bonds, or shares of real investment companies in the country, shares and bonds of a venture fund, and private equity that have headquarters in Greece

Conditions

If you purchase a real property:

  • You must own the real property for the entire duration of the agreement.
  • You must own 100% of the shares if you’ve purchased the real property through a legal entity.

If you signed an accommodation

  • The leasing contract must be a minimum of 10 years and equivalent to 250,000 in amount.
  • You should make a single payment of the rent that’s equivalent to a 10-year leasing period

Frequently Asked Questions for Golden Visa in Greece

Who is eligible for a Greece Golden Visa?

Any non-EU/EEA citizen who is at least 18 years old can qualify for the Golden Visa. However, you must also meet specific requirements such as:
– No criminal records 
– You must make a significant investment in the country
– Must obtain health insurance from a company based in Greece

Can my family members also join me?

Yes, they can. Your spouse and children under 21 years old can join you. They get to also enjoy the benefits of owning a Greece Golden Visa. The program also allows an Extended Family benefit, where your parents and parents-in-law can receive cards without any obligations. 

What about unmarried partners?

They are not entitled to the visa resident card as family members don’t include unmarried partners.

Is joint ownership possible for the Golden Visa?

For the joint ownership, the residence permit is given if the owners are partners with a cohabitation agreement in the country, have a property worth 250,000 EUR, and with undivided ownership of the real property. In other cases, the owners will need to invest at least 250,000 EUR to get the Golden Visa.

Are you only limited to one property for the Golden Visa?

The only requirement is for the visa applicant to invest at least 250,000 EUR. You can have more than one investment so long as it’s not less than the required investment amount.

Does the 250,000 EUR investment already include the value-added tax? 

The 250,000 investment is the amount indicated in the contract.

Can the applicant only acquire residential or commercial? Or can they purchase both?

The law only states that the applicant invests at least 250,000 EUR. Furthermore, it doesn’t distinguish between residential and commercial real properties. 

Can UK Citizens apply for a visa after Brexit?

Yes, post-Brexit, all British citizens can now apply for the Greek Golden Visa. 

What happens when the successful applicant commits a crime either in Greece or in their country of origin? 

It will lead to the revocation of the Greek Golden Visa. 

How long does it take to complete the application?

The entire visa process can take about six months to complete. 

Can I apply for a visa outside Greece?

Under the newly released Green Golden Visa law, applicants can now apply outside the country. There is no need to visit Greece; all you need to do is acquire all the documents required and apply online or find professionals who can guide you through the entire process. 

What is the validity of the Golden Visa Greece?

The visa is good for five years, but you have the option to renew it indefinitely so long as you maintain your investment. 

What about Green citizenship? Am I also eligible for it?

You can apply for Greek citizenship after living in years continuously for about seven years.

How long do you have to live in the country to get the visa renewed?

One of the Golden Visa advantages is you don’t need to live in Greece to renew your residence permit. So long as you have maintained your investment, you can keep renewing your visa every five years. However, you will need to provide proof that you still own the real property in Greece. A solemn declaration by a relevant party that your investment is still ongoing would also suffice. 

Are You Ready to Apply for a Golden Visa in Greece?

If you want to invest in Greece, specifically Naxos, don’t hesitate to get in touch with us. We are a property development team committed to helping out investors find a new home away from home.

Our professional team can help you out from start to finish —  from real estate consulting to project management and construction. Contact us today if you’re looking for a property for sale in Naxos.