Many investors from non-EU countries seek a residence permit in Europe, and the reasons for their actions are clear. Life in the European Union offers numerous advantages, both in terms of business and personal life. These countries have a well-established legal system and experience fewer social and economic upheavals.

Immigration investment programs in EU countries differ significantly from one another. Specialists from the emigration center "Garant.in" provide a detailed analysis of how to take advantage of Greece's Golden Visa program, which paves the way to obtaining a residence permit in this country.

Why Choose Greece

Greece’s Golden Visa program is one of the most popular among investors from the former Soviet Union. There are several reasons for this:

1. It sets a relatively low minimum investment threshold.
2. The program is simple in its structure.
3. Greece is perceived by our compatriots as a familiar country, not only geographically but also mentally. Our cultures and religions have developed in close cooperation over the centuries.
4. A residence permit in Greece is one of the pathways to eventually obtaining EU citizenship with relatively minimal financial investment.

We just mentioned that the local program is affordable, simple, and straightforward. Let’s delve into this in more detail!

The Essence of the Greek Program

Indeed, the requirements of Greece’s Golden Visa program consist of only two points:

1. The investor must purchase real estate in the country worth at least €250,000. It is important to note that the applicant must be a citizen of a non-EU country. The relatively small size of the required investment is immediately noticeable. For instance, in Portugal, whose program is also considered one of the most accessible, this amount is €100,000 higher.
2. In addition, Greece’s program does not tie the investment amount to the region of the country (as is often the case in the programs of its neighbors). The investor pays the amount mentioned above regardless of whether the property is new or secondary, or whether it is located in a developed region or a province.

Investors can also invest a certain amount (at least €400,000) in various business projects or government securities. This path was added to the program in mid-2019 and is currently being tested. In practice, purchasing real estate is almost always used to obtain the Golden Visa.

According to official statements, the procedure for obtaining a residence permit in Greece takes 3-5 months, although, in reality, it may take a few months longer. In any case, the entire process will require the investor to visit the country three times.

European Residence Permit in Greece

EU member states grant foreign nationals fairly extensive rights when they obtain a residence permit. The visa-free regime for crossing borders within the Schengen zone and the possibility of living in one of the European countries attract citizens of non-EU countries.

In terms of accessibility, simplicity, and versatility, Greece’s residence permit program stands out.

Along with the residence permit card, the applicant gains the right to:

• Reside in the country without time restrictions.
• Freely travel across Schengen zone countries and stay there continuously for 90 days within six months.
• Visit 184 countries visa-free or with simplified procedures.
• Obtain education in Greek educational institutions.
• Receive medical care in Greek state hospitals.
• Apply for a residence permit for the entire family.

Important! A Greek residence permit does not require the applicant to become a tax resident of the republic.

Among the existing types of residence permits in Greece, foreign citizens can choose the one that best suits their capabilities and requirements. The most popular are residence permits for financially independent individuals and owners of Greek real estate.

Three Steps to Obtain a Greek Golden Visa

First Visit to the Country

Most of this visit is dedicated to choosing and purchasing real estate. At this stage, the assistance of a professional lawyer will be crucial. The investor will need to:

• Select a suitable property to purchase.
• Obtain a Greek tax number, which will be required to open a bank account in the country.
• Verify all documents related to the property (seller’s ownership rights, absence of debts, etc.). This is difficult to do independently without professional help.
• Open a deposit account in a Greek bank. It’s better to do this in person to expedite the checks.
• Sign a purchase agreement with the seller and deposit at least 10% of the property’s total value via the opened deposit.

As we can see, this visit will be busy and quite responsible for the applicant. If everything is done correctly, they can return home while lawyers and relevant authorities begin verifying all the documents.

Second Visit

On average, this visit will need to be made about 1.5-2 months after the first. During this time, the full verification of the legal purity of both the property and the transaction will be completed, and the property will be re-registered with the cadastral office. During the second visit, the investor submits a residence permit application based on the completed property purchase.

Preparing to apply requires gathering a whole package of documents in advance. If the applicant’s family members are also applying for a residence permit, some documents will need to be collected for each of them. At this stage, it is also crucial to cooperate with experienced lawyers to avoid unfortunate misunderstandings and mistakes.

Important! Remember that, according to the program’s conditions, the applicant is entitled to include in the application their spouse and minor children or children up to 23 years old, provided they are dependents. It is also allowed to include elderly parents, but in this case, the investment amount must be doubled.

During this visit, the investor also pays the majority of necessary taxes and fees, specifically:

• Registration tax.
• Property ownership tax.
• Notary and legal services fees.
• State duty for residence permit issuance for all family members.

The average amount of these expenses will be about €18,000 for a family of three (both spouses and one child).

After the official submission of the Golden Visa application and the payment of all taxes, the main investor and the listed family members can stay in Greece, enjoying all the rights of a residence permit. This "temporary resident" status is granted for one year.

Third Visit

Once the application has undergone the necessary checks and is approved by the Greek authorities, it will be necessary to return to the country to undergo biometric procedures. Fingerprints are not taken from children under 5 years old, so they do not need to be present for this procedure.

A few weeks after fingerprinting, the residence permit becomes effective. The document can also be collected by your lawyer if you send them the original passport.

The Golden Visa is valid for 5 years, provided the investment is maintained. After this period, it needs to be renewed. Note that this status does not grant the investor and their family members the right to work in Greece, except for investment activities.

Residence Permit for Greek Property Owners

For foreign citizens who intend to acquire their housing in Greece, there is a special offer — a residence permit for real estate investment.

A temporary residence visa is issued immediately for 5 years with the right to extend.

Along with the main applicant, the spouse and children up to 21 years old can participate in the program without additional payment. For a fee, parents and grandchildren up to 29 years old who are dependents can also participate.

Holders of a Greek residence permit are not required to reside in the republic if they do not plan to change their temporary status to permanent.

The applicant must provide:

• A passport.
• A valid Schengen visa of type C from one of the member states.
• Documents confirming the real estate purchase for an amount of at least €250,000 or a lease agreement for a residential property for at least 10 years.
• An extract from the Real Estate Register.
• A health certificate.
• A certificate of no criminal record.

The processing time for a residence permit for real estate investment is 15 days.

Features of the Greek Residence Permit Application

In addition to standard procedures (signing an agreement with a licensed agent, preparing a document package, obtaining health insurance, etc.), the process of applying for a Greek residence permit has several features. After submitting the documents for consideration by the authorized bodies of the republic, the applicant receives a temporary "blue visa" — a certificate of waiting for a residence permit.

Important! The certificate does not restrict the right to enter and exit the country, but it does not allow crossing the borders of Schengen zone states without additional documents.

Since February 2017, residence permits have been issued in the form of a plastic card instead of a passport sticker as was previously done. This format has improved the document’s security level.

How to Obtain a Greek Residence Permit for Financially Independent Persons

A residence permit for financially independent persons is issued for 2 years with the right to extend for 3 years an unlimited number of times.

This type of residence permit is suitable for foreign citizens who have a permanent income outside Greece and do not intend to work within its territory. The main requirement for the applicant is financial independence, which is assessed by a stable monthly income of €2,000. For an additional fee, the applicant’s spouse (with a 20% increase in the minimum income) and their children under 18 years old (a 15% increase for each child) can also participate in the program.

Participants in the program can be citizens of third countries — non-EU members — who:

• Have sufficient resources (a permanent passive income covering living expenses in Greece and funds in a bank account).
• Have a permanent address in the republic (rental of real estate for 2 years or purchase of their housing).
• Have obtained a special visa at the Greek consulate in their place of residence.

Along with the financially independent person, family members — spouse and children under 18 years old — can participate in the program. They also receive resident cards for the duration of the main applicant’s document.

Benefits of a Residence Permit for Financially Independent Persons:

• Processing time: 3-4 months.
• Minimum required funds (in a bank account): €48,000 for the main applicant, plus 20% for the spouse and 15% for each child.
• Passive income: from €2,000 per month, plus 20% for the spouse and 15% for each child.
• The validity period of the residence permit: 2 years, renewable every 3 years.
• Possibility to transition to permanent residency or citizenship: Permanent residency after 5 years, citizenship after 7 years.