PLEASE NOTE: Law 5007/2022, the new piece of legislation that doubles the required purchase amount for the Greek Golden Visa in certain regions, is now in force.
If you want to buy real estate in the affected areas without paying double the money, you must reserve a property by 30 April 2023 and complete the transaction by the end of 2023…
WE HAVE ACCESS TO QUALITY STOCK:
PRICED FROM €258K – €300K+
Greece Golden Visa Program: Everything You Need To Know
As of January 2023, Greek Golden Visa applicants can choose between the following program price points:
€250K: Real Estate Purchase, 10 Year Lease or Time Share Agreement
IMPORTANT: As of April 30, 2023, the minimum Golden Visa purchase requirement for properties located in Athens and Thessaloniki’s centres, as well as in Mykonos and Santorini will be increasing from €250K to €500K. This will also apply to properties situated in Mykonos and Santorini...
So if securing a Greek Golden Visa in any of these locations is on your to do list, you need to contact us and schedule an appointment today.
€400K: Term Deposit, Real Estate Investment Company, VC Company, Greek Treasury Bonds, Mutual Fund Shares, Alternative Investment Fund Shares
€800K: Corporate Bonds Or Shares
Below, we highlight all of the Greek Golden Visa investment options for 2023, and compare the program to one of its key competitors, the Portuguese Golden Visa program (€200K Cultural GV and €280K Property GV options).
What are the Greek Golden Visa options for 2023?
GREEK REAL ESTATE – ANYWHERE, ANY AGE
10 YEAR REAL ESTATE LEASE AGREEMENT
CAPITAL CONTRIBUTION TO VENTURE CAPITAL COMPANY
TERM DEPOSIT – GREEK CREDIT INSTITUTION
CAPITAL CONTRIBUTION TO REAL ESTATE INVESTMENT COMPANY (REIC)
PURCHASE OF CORPORATE BONDS OR SHARES
PURCHASE OF GREEK TREASURY BONDS
PURCHASE OF MUTUAL FUND SHARES
PURCHASE OF ALTERNATIVE INVESTMENT FUND (AIF) SHARES
NOTE: While the Greek PM has announced a price increase for their Golden Visa program, effective as of April 31, 2023, the impact of these changes will not be as material as initially thought.
The incoming changes will be similar to the those implemented to the Portuguese Golden Visa program at the end of 2021, which exclude residential properties in Lisbon, Porto, the Algarve region, etc.
These legal changes are outlined in the ‘Amendment – Addition’ of the Permanent Residence of Investor (Golden Visa), paragraph B of Article 20 of the law “ 4521/2014 (Α’ 80)‘’, and stipulates that the price increase will apply to the following locations:
- The North, South and Central Sectors of Athens
- The Municipality of Thessaloniki in Macedonia
- The Municipal Suburbs of Vari, Voula and Vouliagmeni in Attica
- The regions of Mykonos and Santorini islands.
Therefore, the price increase will NOT apply to the overwhelming majority of Greek areas, outside of its core areas and top tourism destinations. d
PLEASE NOTE: According to the same sources, Golden Visa applicants who have paid a 10% deposit on eligible properties in the above affected municipalities by 31 April 2023 will have until 31 December 2023 to conclude their property transaction whilst still qualifying under the old €250K program rules.
We anticipate massive application volumes ahead of the 31 April 2023 deadline, so be sure to start your process soon to avoid having to pay double for the same benefits.
Greek Golden Visa (incl. 2023 program pricing changes) vs Portuguese Golden Visa Options (2023 – Cheapest Property & Cultural Production Options)
Comparative tables best viewed on desktop.
|Program Consideration||Greece Golden Visa – Property 2022||Greece Golden Visa – Property 2023||Portugal Golden Visa – 280K Property – 2022/2023||Portugal Cultural Production Golden Visa – 2022/2023|
|Program pricing||€250K (Any property – residential, commercial or land – of any age, located anywhere in Greece)||€250K (Any property, of any age, outside of Athens and Thessaloniki); OR;
€500K (Any property, of any age, in Athens and Thessaloniki)
|€280K (Qualifying properties, older than 30 years, situated in low density areas (NUTS III), e.g. outside of Lisbon, Porto, the Algarve and most of the coastal areas of Mainland Portugal);||€250K (Standard Rate Cultural Production Projects – Urban Areas);
€200K (Reduced-rate Cultural Production Projects – Low-Density Areas).
|Typical yield||4-6% p.a.||0-4%||1.5-2.5% p.a.||4% p.a. (Guaranteed)|
|Minimum hold period||5 years||5 years||5 years||Typically 5 years, but earlier exit possible (subject to penalty).|
|Legal basis / Official program guidance||Greek “Golden Visa” Law 4251/2014 – Permanent Residency Permit for Investors||TBC||Ordinance No. 305-A / 2012;
Regulatory decree No. 84/2007;
Portuguese Nationality Act No. 37/81 of 3 October;
Order no. 2360/2017 of 20 March;
|Application submitted by government entity||No||No||No||Yes|
|Typical application timeline to||3-4 Months||3-4 Months||12-18 Months||10-12 Months|
|Path to permanent residency / citizenship||Yes||Yes||Yes||Yes|
|Minimum in-country presence requirement||None||None||On average 7 days per year during temporary residency period (first 5 years)||On average 7 days per year during temporary residency period (first 5 years)|
|Language testing requirement for temporary residency||No||No||No||No|
|Timeline to citizenship and a passport||After 7 years||After 7 years||After 5 years||After 5 years|
|Health insurance required||Yes||Yes||Yes||Yes|
|Government pre-approval step before capital is committed||No||No||No||Yes|
|Local tax number required||Yes||Yes||Yes||Yes|
|Start process from home||Yes||Yes||Yes||Yes|
|Are Russians currently eligible to apply?||No||No||No||No|
|Local employment allowed?||No, unless you set up your own business||No, unless you set up your own business||Yes||Yes|
|Can I pay for this Golden Visa using crypto?||No||No||Yes (convert your crypto to fiat via Bison Bank)||Yes (convert your crypto to fiat via Bison Bank)|
|Visa-free travel access to Schengen Area?||Yes||Yes||Yes||Yes|
|Language and /or cultural exam required for naturalization?||Yes (The Panhellenic exam is conducted in Greek, with a minimum required pass rate of 80% to obtain the “Certificate of Adequacy of Knowledge for Naturalization (PEGP)”.||Yes (The Panhellenic exam is conducted in Greek, with a minimum required pass rate of 80% to obtain the “Certificate of Adequacy of Knowledge for Naturalization (PEGP)”.||Yes (Portuguese A2 Level CIPLE exam – Certificado Inicial de Português Língua Estrangeira. No cultural knowledge test applicable)||Yes (Portuguese A2 Level CIPLE exam – Certificado Inicial de Português Língua Estrangeira. No cultural knowledge test applicable)|
|Government pre-approval step, and authorizing entity||No / NA||No / NA||No / NA||Yes (GEPAC – Portuguese Ministry of Cultural Affairs)|
|Principal guaranteed||Generally not||Generally not||Only on some options||Yes|
|Residency permit validity||5 years||5 years||2 years (first permit), then 3 years (second permit)||2 years (first permit), then 3 years (second permit)|
Benefits of The Greek Golden Visa program
To date, over 10,000 Golden Visa applicants chose the Greek program as their Plan B…
☑ ENJOY EU (SCHENGEN) VISA-FREE TRAVEL
Enjoy freedom of movement across the entire Schengen area.
☑ DIVERSIFY YOUR REAL ESTATE HOLDINGS
Benefit from exposure to the thriving Greek property market in 2023 and beyond.
☑ GET THE FASTEST EUROPEAN GOLDEN VISA
Get your flexible Greek Plan B residency in just 3 to 4 months
☑ NO MINIMUM STAYS
Unlike with Portugal’s Golden Visa, there are no in-country presence requirements with the Greek Golden Visa.
☑ ENJOY HIGH ROI
Greek properties in Athens and Thessaloniki can deliver yields of 4-6%.
☑ FAMILY ELIGIBILITY
Bring your spouse, your children under 18, and both your sets of parents.
The Greece Golden Visa application and renewals process at a glance
See what our clients say on TrustPilot.
Contact us and book a discovery call with your case consultant
Sign term sheet and commence application process
Initial client due diligence screening
Purchasing of real estate / eligible capital transfer
Compilation of client case file and supporting documentation
Submission of client application to the Greek authorities.
Receipt of approval notification, and residency cards issued.
Renewal of residency card every 5 years, OR citizenship application after year 7.