1. What is a Golden Visa?
A Golden Visa is a type of residence visa with added benefits. It is offered by several European countries including Greece. The program grants residence permit in exchange for a real estate investment. The program grants residence permit int that country and free travel in the Schengen zone in exchange for a real estate investment.
2. Golden Visa Benefits
Every third country national who obtains a Golden Visa, as well as all the members of his/her immediate family (spouse, children under 21 years of age and parents of both spouses) are enties to the following benefits:
- The right to enter Greece and the European Union for five (5) years.
- The right to reside in Greece for five (5) years.
- The right to renew Golden Visa every five (5) years (when conditions are met).
- The right to travel freely and stay for over 180 days per year in 26 countries that are also members of the Schengen Agreement, within or outside the European Union. A Golden Visa currently permits travel to Austria, Belgium, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden and Switzerland.
- The right to access the Greek public education system.
3. Golden Visa Prerequisites
In order to obtain a Golden Visa in Greece, the following requirements must be met:
- They shall have entered Greece legally.
- They shall have the full ownership, possession and occupancy or a percentage of undivided ownership of one or more real estate properly/ies in Greece, the total value of which should amount to at least two hundred and fifty thousand euros (€250.000).
- Alternatively, they shall have signed a timeshare agreement (lease), for a minimum of 10 years, for hotel accommodations or furnished tourist residences in integrated tourist resorts according to article 8, paragraph 2 of Law 4002/2011 (Government Gazette 180A’), provided the minimum cost of the lease also amounts to two hundred and fifty thousand euros (€250.000).
- Alternatively, they shall purchase a plot of land or acreage and proceed to erecting a building, provided that the cumulative value of the land purchased and the contract with the construction company also amounts to at least two hundred and fifty thousand euros (€250.000).
- Alternatively, if they either reside legally, with a residence permit, in Greece, or wish to enter and reside in the country, and have full ownership and possession of real estate property in Greece, which they have purchased before the enactment of law 4146/2013, provided that they had purchased the real estate property for a minimum of €250,000 or the current objective value of their real estate property is at a minimum of €250,000.
- Alternatively, if they fully and legally own real estate property in Greece, the minimum value of which is €250,000, and which they acquired through a donation or parental concession. The right to a residence permit in this case can only be exercised by the receiver of the donation or parental concession.
- Alternatively, if they have signed a ten-year timeshare agreement (lease), based on the provisions of Law 1652/1986. A time share lease, according to the provisions of article 1 of law 1652/1986 is the commitment of the lessor to grant, each year, to the lessee, for the duration of the timeshare, the use of the tourist accommodation and to provide to them the relevant services for the determined period of time according to the contract, and the lessee must pay the agreed rent.
- In cases of joint ownership, where the value of property is €250.000 or more, the residence permit is only granted if the owners are spouses with undivided ownership of the property. In all other cases of joint ownership, the residence permit is only granted if the amount invested by each of the joint owners is at least €250.000.
- If the owner has acquired the property through a legal entity, the applicant shall own 100% of the company shares.
- In cases where the applicant wants to enter the country with a type D visa, the documented intention to own property should be supported by documentation which prove the financial capacity (e.g., certificate of an A-class certified bank, or other recognized financial institution), which certify the existence of bank accounts or other mobile assets, such as bonds or shares, which can cover the cost of the investment of at least €250.000, and which certify the intention of the applicant to purchase the property (contract with a law firm or with a real estate office).
The holder of Golden Visa is entitled to extend all the benefits of their Golden Visa to the immediate members of his/her family, who will each acquire a separate Golden Visa by submitting their own separate applications. Immediate family members include:
- The applicant’s spouse.
- Their children, as well as the spouse’s children.
- Their parents, as well as the spouse’s parents.
In all cases outlined above, the value of the real estate property shall be determined based on the value of the property, or the lease, indicated in the contract of purchase. It should be made clear that the value of the property, according to law 4251/2014, is the amount which has been paid for its purchase, and which is stated explicitly in the contract. The objective, or assessed, value of the property is not relevant, unless it corresponds to the amount which was, according to the contract, paid for the purchase of the property.
4. Investment Options for Greek Golden Visa
Here is a list of possible options of investment to acquire Greece Golden Visa:
| Option | Value (€) |
|---|---|
| Purchase of o property | Minimum 250.000 |
| Ten years (10) of lease agreement signed for hotel accommodations or furnished tourist residences in integrated tourist resorts | - |
| Investment for Greek government bonds, kept for three years | 400.000 |
| Investment for bonds or shares of real estate investment companies | 400.000 |
| Capital investment for bonds and shares of a Greek company in Greek Stock Market | 400.000 |
| Investment for shares and bonds of venture fund and private equity which have headquarters in Greece | 400.000 |
| Investment in bank deposits | 400.000 |
| Investment for corporate orgovernment bonds | 800.000 |
| Investment in stakes of Greek mutual fund investing only in the Greek estate market | 400.000 |
| Acquisition of stakes of an alternative investment fund which invests on Greek real estate market | Minimum 400.000 |
5. Greece Golden Visa Application Process
Greek Golden Visa application process has a straightforward order. Here are the steps:
- The applicant must apply for an entry visa to the Greek consulate authority in their country of origin.
- The applicant should collect and provide the necessary documents.
- All these documents must be submitted to the one-stop service of the Alien and Immigration Department at the Decentralized Authority, where the property of the interested party is located. (*They must be submitted before the expiry date of the entry visa.)
- The applicant should undertake legal acts and transactions with the competent authorities, using their entry visa.
6. Required Documents for Greece Golden Visa Application
a. Documents required for the beneficiary’s Greece Golden Visa
- Four (4) recent color photos, with passport specifications (dimensions: 4x6), plus a CD with the photos in digital form. We prefer the photos to be taken in Greecebecause there are differences in passport specifications amongst different countries.
- Two (2) copies of the application document.
- Copy of a valid passport or other travel document recognized in Greece bearing an entry visa, whenever an entry visa is required. In the case where the city of birth is not mentioned on the passport, a Birth Certificate is also required, to establish where the applicant was born.
- A fee paid and obtained through the “e-paravolo” platform according to provisions of Law 4251/2014 article 132, which amounts to 500€ for residence permits of up to a five-year duration.
- A fee paid and obtained through the “e-paravolo” platform according to provisions of Law 4018/2011 article 1, which amounts to 16€ concerning the printing of the separate document (electronic residence permit).
- Health, hospital and accident private insurance (preferably from a Greek insurance agent).
We usually arrange this for our customers, using an Insurance Company we work with.
- Copy of the purchase title of the property/ies worth at least 250.000 Euros. The contract shall clearly mention that the price was paid by bank check from a Greek bank account, or by bank transfer directly to the seller’s account from a foreign account.
- A notarial certificate that certifies that the property deed fulfils all the requirements set by Law 4146/2013 art. 6 par.2
- Proof that the property title was properly registered at the local Land Registry.
b. Additional Documentation that may be requested (in some cases)
- Residence permits for third country citizens who own and possess, either wholly or jointly, property in Greece.
- Residence permits for third country citizens who own property in Greece through a legal entity, where the applicant owns all shares.
- Residence permits for third country citizens who have a lease – for a minimum of ten years (10) – for hotel accommodations or furnished tourist residences in integrated tourist resorts.
- Proof of title transfer from the land registry where the relevant lease contract has been transferred.
- Residence permits for third country citizens who have purchased real estate property in Greece before Law 4146/2013 came into effect:
- Residence permits for third country citizens who purchase plots of land or acreage and erect a building. The following additional documents must be submitted:
- Contract for the purchase of the plot of land or acreage.
- Contract with the construction company for the erection/restoration of the residence, which has been submitted to the tax office according to the law.
- Building permit in the name of the applicant.
- Invoices by the contractors and the corresponding proofs of payment.
- Residence permits for third country citizens who have a timesharing lease of at least ten-year duration, for hotel accommodations or tourist furnished accommodations in integrated tourist resorts. The following additional documents must be submitted:
- Contract for the timeshare of at least ten years duration, which states the exact amount to be paid every year.
- Proof of title transfer from the competent land registry.
- Certification by the Greek National Tourism Organization that they have been informed of the establishment of this timeshare lease.
- Residence permits for family members of the third country citizen.
7. Submitting the Application
The investor submitting their application, they will be called to submit the additional following documents:
- Four (4) printed digital passport photos, also stored in a CD.
- A sample of his digital signature.
- A fee of 16€, which covers the cost of supply, printing and secure handling of the e-card, paid through the “e-paravolo” online payments platform.
- Completion of the fingerprinting process (for two fingers).
8. Making the Right Choice
- Choosing Atlas Investments with your Golden Visa is the right choice for you!
- Atlas Investments Real Estate is an agency in Greece, with experienced Agents in Attica, as well as Agents/Correspondents based at important destinations all around Greece.
- Atlas Investments Agents manage many real estate properties, all of them updated, among which you will easily find the property/ies you are seeking to buy, so as to acquire the Golden Visa.
- Because only Atlas Investments can undertake, not only to find and purchase a real estate property for you, but also procure the legal, financial and technical assistance necessary for the acquisition of the Golden Visa, without you having to worry about any part of the procedure. All you have to do is choose the property that suits you!
- Because so far Atlas Investments Real Estate alone has managed the purchase of real estate on behalf of numerous non-European citizens, whose purpose was to acquire the Golden Visa , and we continue to do so at an increasing rate. For a matter of such importance, should you not choose the very best?