This post will answer questions like: What is Greece Golden visa, and how can you qualify? Can you get residency in Greece if you buy property?
We’ll also focus on Greece Golden Visa updates to see what got changed with the program and what other option is being introduced.
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Greece Golden Visa Explained
The scheme, also dubbed Greece Residency by Investment program, was rolled out in 2013.
It joined other such programs available in nations like Austria and the UK.
When non-EU nationals satisfy the investment requirements in property or other eligible assets, they are granted a five-year residency visa.
How to buy property in Greece and get residency
Non-EU investors can inject at least 250,000 euros in real estate through the Golden Visa Program. They can own the property alone or with a spouse.
By applying for a resident card, investors and their immediate families can:
- gain unrestricted entry into Greece
- travel within participating countries without a visa
- live in Greece indefinitely
- get an opportunity to request for European citizenship seven years after
As long as the investment is maintained, the visa can be renewed every five years without the need for other requirements.
Types of real estate to invest in under the Greek golden visa program
An investment is considered eligible if a lease with a hotel or other tourist destination is signed for a minimum of 10 years.
Properties that need refurbishment are eligible if the total cost of the acquisition and repair reaches the minimum investment limit.
Any kind of property, whether residential, commercial, or tourist, is eligible for the program, regardless of age or location, provided the investment also satisfies the minimum value.
The location of the property determines the difference between the investment minimums; higher minimums are applicable in high-demand areas.
Greece Golden Visa Updates
Below are the main Greek golden visa changes on record:
- One notable change is the establishment of a dual-zone system that distinguishes between regions with different minimum investment amounts. This modification aims to take into account both regional market dynamics and economic strategies meant to attract international investors.
- The updated minimum investment requirements are 800,000 euros for properties in popular areas, such as Athens, and 400,000 euros for homes in specific areas.
- Areas with less housing pressure are still subject to the prior 250,000 euro cap.
- Every property must have a minimum area of 120 square meters.
- Homes with golden visas cannot be rented out for a short time.
- Investors are only permitted to purchase one home.
Greece Golden Visa Startup Investment Option
In September 2024, Greek Prime Minister Kyriakos Mitsotakis disclosed that the government was adding an investment option to its Golden Visa initiative. Foreign investors can secure residency by investing 250,000 euros in listed startups.
Requirements include:
- Investors must restrict their stake to no more than 33% of the company’s capital or voting rights.
- A minimum of two new jobs must be created within the first year after the investment.
- This workforce must be retained five years or more after the investment.
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