The Golden Visa is one of the most attractive options for foreign investors wishing to obtain a residence permit in Greece, as well as in other European Union countries. This initiative was first introduced in 2013 in Greece, with the aim of attracting foreign investors and stimulating the Greek economy through the real estate market.

In this article, we will examine the new requirements for obtaining the Golden Visa, as well as its numerous advantages for foreign investors.

What is the Golden Visa?

The Golden Visa is a program that allows foreign investors to obtain a residence permit in our country in exchange for a significant financial investment. In Greece, the main form of investment is the purchase of real estate with a minimum value of 250,000 euros. This investment can be in residential properties, commercial properties or even land.

The Golden Visa program is open to citizens of third countries, outside the European Union. Investors who join it receive a five-year residence permit, which can be renewed as long as the investment is maintained.

Requirements for Obtaining a Golden Visa

In order to obtain a Golden Visa in Greece, one must meet certain requirements. Law 5038/2023 defines the new requirements that must be met by prospective investors. The basic requirements include:

• The main condition is the purchase of a property worth at least 250,000 euros. In article 100 of law 5038/2023, different amounts are determined depending on the geographical area in which the property is located.
• Have entered the country legally with any entry visa or reside legally in the country.
• To have, by full ownership and possession, real estate in Greece. Undivided co-ownership of real estate is granted only if the co-owners are spouses or partners who have entered into a cohabitation agreement.
• To have concluded a long-term complex tourist accommodation contract,
• To be an adult and to have acquired, in full ownership and possession, as an heir by intestate succession or by will, or as a result of parental provision, real estate of an objective value at least equal to that defined by law.

The Advantages of Golden Visa

Obtaining a Golden Visa offers multiple benefits to investors and their families. The main advantages include:

• Free Movement in the Schengen Zone: Golden Visa holders can travel freely to all countries in the Schengen zone without the need for an additional visa.
• Right to Reside and Work: Golden Visa holders can reside and work in Greece without restrictions.
• Educational and Medical Benefits: Children of Golden Visa holders have access to the Greek educational system, while the family has access to the country's medical services.
• Long-Term Security: The ability to renew the residence permit every five years offers long-term security and stability.

The Golden Visa is an excellent opportunity for foreign investors who wish to live and operate in Greece and Europe. The multiple benefits of the program continue to make it attractive to investors from all over the world. Contact our office to learn more about the Golden Visa.

The minimum acquisition value of real estate at the time of its acquisition is now €250,000 to €800,000 .

This amount concerns  a  single property, while if it is a structured real estate or a property for which a building permit has been issued,  a minimum  area of 120 square meters of main spaces is required.

For the remaining areas of the country, the minimum acquisition value of real estate is  400,000 euros  , while the restriction of a property with an area of at least 120 square meters still applies.

However, the law defines  two exceptions . In cases of investment through the purchase of real estate and if its main premises are changed to a residence (for example from a commercial property, a craft or an industrial building), the minimum acquisition value is  250,000 euros  and the change of use must be completed  before  submitting the request for the granting of the investor's permanent residence permit.

The limit of 250,000 euros also remains for  listed buildings , which according to notaries show almost zero interest from investors.