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Citizenship by Investment in Greece

Citizenship by Investment in Greece

Greece is one of Europe’s sunniest countries which is why it attracts large numbers of tourists all year round, however, it also represents a good investment destination for those interested in starting a business in tourism.

Those interested in buying a golden visa/citizenship by investment will be glad to know that in 2018 the Greek government has decided to create a program for foreign citizens willing to move to Greece by making a substantial investment. During the first phase of the program, citizenship is not granted under the Golden Visa Program, however, it is possible to acquire permanent residency through investment.

Below, our specialists can offer information on how to buy a golden visa in Greece. Foreign citizens can rely on us if they are interested in golden visa countries which such advantageous programs, such as Cyprus.

The existing Golden Visa Program in Greece

At the moment, Greece has a Golden Visa Program, however, this only requires non-EU citizens to make a real estate investment worth at least 250,000 euros. Starting with 2023, for this option, the minimum value of the property in certain areas has increased to 500,000 euros.

Within regions where the new regulations apply, investors will be required to make the 500,000 euros investment in only one property. In other areas where the update is not in effect, on the other hand, the investment can be made in more than one property, with a total of at least 250,000 euros.

In case an investor is buying in the selected areas and has already paid a deposit that corresponds to 10% of the total value of the property before 30 April 2023, they will be entitled to benefit from the 250,000 euros scheme, on the condition that the relevant contract will be concluded until 31 December 2023.

Under this program, a foreigner is required to purchase a property with this value, which is why the government decided to improve the program by adding new categories of investments.

Our local specialists can offer more information on the current Golden Visa Scheme applicable in Greece. Receiving a golden visa does not ensure citizenship in Europe. You must really reside in a certain EU State for a predetermined period of time in order to obtain citizenship there using a golden visa. However, there are also citizenship by investment countries that allow for direct citizenship. Many of them are located outside Europe.

We can also help those who want to obtain golden passports in Greece.

Conditions under the Golden Visa Scheme in Greece in 2024

Those interested in applying for a golden visa which will lead to permanent residency and then citizenship by investment in Greece should know that they can choose between one of the following investment categories:

  1.           they can invest at least 400,000 euros in a business registered in Greece, however, the company cannot be involved in real estate or portfolio investment;
  2.           they can invest at least 400,000 euros in a real estate company which invests in Greece, the purchase of shares in such a company is also possible;
  3.           they can buy shares in companies investing exclusively in Greece (the shares must be worth at least 400,000 euros);
  4.           they can purchase government-issued bonds with 3-years maturity worth at least 400,000 euros;
  5.           they can also invest in bank deposits of a minimum value of 400,000 euros for at least 12 months;
  6.           they can also purchase shares or bonds traded on the Greek Stock Market of at least 800,000 euros;
  7.           they can purchase shares in alternative investment companies worth at least 400,000 euros.

If you plan on buying a golden visa in Greece with the purpose of obtaining golden passports, our local agents can help you. We can also assist if you are interested in golden visa programs in other European countries.

If you have any questions on the program associated with other golden visa countries in 2024, our agents can offer updated details.

How to obtain Greek citizenship by investment based on a golden visa

Even if the Greek Golden Visa Program does not lead directly to citizenship by investment, it should be noted that this scheme can ease access to a Greek passport. For example, persons applying for permanent residency in Greece under regular conditions must live and work in this country for at least 10 or 12 years before being granted citizenship. Those relocating to Greece under the Golden Visa Scheme will be allowed to apply for citizenship after 7 years of permanent residency.

It should also be noted that under the Golden Visa Program, the temporary residence permit is issued for a period of 5 years and can be renewed.

Please feel free to ask our experts in immigration through investments for other citizenship by investment countries. We can help those interested in acquiring a golden visa/citizenship by investment in countries such as Italy, Spain, and Portugal.

The advantages of buying a golden visa in Greece in 2024

Greece has streamlined the eligibility requirements in response to the pandemic, allowing applicants to apply online for a residency permit and purchase a house without physically visiting the country. The investor can visit the nation for fingerprinting, which is the only need, within a year of the acquisition date. The usual processing time for a resident permit is 3 to 6 months.

Greece is a popular tourist destination, therefore renting out buildings is one way for an investor to make money from their property. The average annual rental yield for real estate in Athens is 4.5%. The investor must register an account to formally receive money from the property and to cover maintenance costs.

Applying for a golden visa in Greece has several advantages, even if does not lead directly to citizenship by investment. Among these advantages we mention the following:

  •           Greece offers more investment options compared to other European countries which provide for golden visas;
  •           the processing time of a golden visa application takes no more than 40 days, after which the residence permit is issued;
  •           the applicant can also bring other family members to Greece, such as the spouse and children;
  •           the other requirements related to buying a golden visa for Greece are quite relaxed.

In order to obtain a golden visa/citizenship by investment in Greece in 2024, the applicant will only need a clean criminal record and medical insurance.

Citizenship by investment in Greece can be obtained with the help of our specialists under the conditions imposed in 2024. No matter the type of investment you choose, you can rely on our specialists.

If you have any questions related to acquiring permanent residency followed by citizenship by investment in Greece, please contact us. We can guide you through various advantageous citizenship by investment countries all over the world.