How do I get Greek Citizenship?

A Cheat Sheet for Those Dreaming of Citizenship in Sunny Greece!

In 2020, a new citizenship-by-investment program was announced in Greece. However, the COVID-19 pandemic and the global economic crisis this year have affected all aspects of life, including the planned immigration policies in Greece. Buying a passport directly, without going through the stages of obtaining a residence permit and permanent residency, as was previously possible, is no longer an option. Nevertheless, the number of investors willing to invest their capital in the country’s real estate and economy has not decreased. The Greek Golden Visa program remains in high demand, which is understandable given its relatively low entry threshold and the prospect of obtaining European citizenship. Of course, the investment route is not the only way to obtain a residence permit in the republic. Traditional paths to obtaining a residence permit in Greece, such as family reunification, employment, etc., remain available.

Obtaining a Greek Passport

As a member of the European Union and a country within the Schengen Zone, Greece attracts wealthy foreigners. Here, it is possible to obtain a residence permit in exchange for capital investments in the economy (with a minimum amount of €250,000—the lowest among similar programs in other European countries). A Greek residence permit opens up enticing prospects.

Access to Europe through a Greek Residence Permit

• Visa-free travel across the European Union and several other countries.
• The opportunity to live in sunny, resort-like Greece or the right not to live there at all.
• Purchase of high-quality, but cheaper, real estate compared to more "popular" countries like Spain and Portugal.
• Residence in any EU country for 3 months every six months.
• Access to the high social standards of European countries.
• Storage of savings and assets in reliable European banks.
• The ability to obtain a residence permit for close relatives.

Conditions for Obtaining a Greek Residence Permit and Permanent Residency

To obtain a residence permit, an investor must:

• Purchase or lease real estate in Greece worth at least €250,000.
• Invest capital (from €300,000) in business within the republic: either by starting their commercial enterprise or by investing in an existing company’s fund.
• Become the owner of government securities with a total value of at least €400,000.

At the same time, there are general requirements for the investor:

• Must be at least 18 years old.
• No legal issues.
• Have sufficient financial means to support a decent standard of living for their family in the new location, among other criteria.

If these conditions are met and the assets are maintained for 5 years, foreign citizens with a residence permit in the republic can apply for permanent residency. For all applicants, there is a residency requirement—a mandatory stay in the country for at least 183 days per year in the period preceding the application.

Three Investment Options

€250,000 can be invested beneficially for both the Greek economy and the investor. For example:

• Buy real estate (one or several properties). During the residence permit period, the investor must remain the owner, but the property can be sold later. Since housing in Greece is always in demand, the investor can potentially not only recoup their money but also make a profit.
• Lease property in a resort area for at least 10 years, provided the total rental payments are no less than €250,000.
• Invest this money in the development of local businesses (the list is determined by the government).

The most attractive investment option is purchasing real estate. This option is known as the “Golden Visa.”

The residence permit is renewed every 5 years, and this can be done an unlimited number of times. However, if the investor has lived in the country for at least 6 months each year and has actively integrated into Greek society (showing interest in traditions, and language, and becoming a tax resident), after 5 years of residence, they can apply for permanent residency, and 5 years later—for citizenship.

Obtaining Citizenship

To achieve the ultimate goal of obtaining Greek citizenship, 5 years must pass from the moment of obtaining permanent residency. However, several factors can shorten the overall waiting period:

• Having a "Golden Visa."
• Having the status of an EU citizen.
• Marriage to a Greek citizen and having children together.
• Guardianship over children who are Greek citizens.
• Status as a political refugee.

Potential citizens, in addition to fulfilling the mandatory conditions, must demonstrate a high level of integration into Greek society. Knowledge of the national language, history, culture, and geography of the country are essential criteria by which candidates are evaluated. Until recently, to confirm their sincere intentions and level of necessary knowledge, applicants only needed to undergo an interview with a special commission at the Ministry of Internal Affairs of the republic. According to the regulations of the bill introduced in early September of this year, the new mandatory way to assess the knowledge of candidates for Greek citizenship will be an exam.

Submitting Documents for Greek Citizenship

An application expressing the desire to obtain Greek citizenship is submitted to two institutions simultaneously: the local government authority at the applicant’s place of residence in Greece and the Naturalization Committee. The grounds for applying will be the fulfillment of all conditions and the availability of the necessary documents.

A brief list of documents submitted to the Committee along with the citizenship application:

• Copy of the application to the municipal authorities.
• Copy of the residence permit card.
• Copy of the identity document.
• Birth certificate.
• Copy of the tax return.
• Proof of social insurance.
• A certificate confirming sufficient language proficiency and the degree of integration into Greek society.

The “Panhellenic” Exam and Interview

Candidates for citizenship of the republic, before submitting their application, must pass the so-called "Panhellenic" exam. Upon successful completion of the test (a minimum of 80% correct answers), a Certificate of Compliance is issued.

Exams are held regularly twice a year. The participation fee is €250. If the result is unsatisfactory, a retake is required with an additional fee.

Important! The written exam is mandatory. However, certain categories of people, for objective reasons (age, health), have the right to take it orally.

The exam does not eliminate the interview stage with the representatives of the Naturalization Committee. It is important to approach this procedure seriously, as any mistake could be fatal. Experts often recommend using the book “Hellas: A Second Home” to prepare for the interview.

The processing time depends on the workload of the officials.

In Summary! As we can see, the process of obtaining citizenship in Greece requires significant financial and time investments. This self-sufficient state cautiously welcomes "outsiders" into its society. High moral values and respect for the history and culture of its people form the basis of the mandatory requirements for candidates for Greek citizenship. However, the difficulties are offset by the benefits, prospects, and broad rights that foreign citizens receive along with a Greek passport.

Obtaining Greek Citizenship in 2020

Striving to remain competitive in the immigration services market, the Greek authorities are developing a program for direct citizenship by investment, similar to Cyprus and Malta.

However, they are doing this very cautiously, considering the mistakes made by Cyprus, whose investment program was criticized by EU officials as being too susceptible to abuse. It seems that because of this, the Greek passport-selling program has not yet been launched, although its introduction was declared for the first quarter of 2020.

What conditions are being offered to investors?

• Similar to the "Golden Visa," it will be necessary to purchase real estate worth at least €2.5 million. This seems to be even more than in Cyprus, but at the same time, it is planned to reduce the VAT rate, making the actual investment amount €2 million.
• From the moment of investment to obtaining the passport, one must become a tax resident. The transition period in the program is not clearly defined. For comparison, in Cyprus, it is about 6 months; in Malta, it is 1 year.
• It is also necessary to own a home worth at least €650,000, with an annual maintenance cost of at least €50,000. This requirement is the most debated in the upcoming program. As experts note, the actual expenses are half the declared amount. This discrepancy could lead to abuse or significantly limit the number of potential investors. However, the planned quotas are already small—200 applications per year. On the other hand, this adds exclusivity to the Greek passport.

A clearer understanding of the pros and cons of the new program will emerge only after its launch. Specialists at the emigration center "Garant.in" are constantly monitoring the situation and will provide their clients with timely expert information.