Golden Visa Benefits

Investments in real estate (permanent residence permit for investors) (“Type B.5” residence permit)

1. For the Attica Region, the Regional Unit of Thessaloniki of the Region of Central Macedonia, the Regional Units of Mykonos and Thira of the Region of South Aegean, and for islands with a population, according to the latest census, of over three thousand one hundred (3,100) inhabitants, the minimum value of real estate at the time of acquisition, as well as the total contractual rent of the contracts of paragraph d) of paragraph 1 of this Article, is set at eight hundred thousand (800,000) euros. In the case of investment through the purchase of real estate in the areas of the first paragraph, this is made in a single property, with a minimum area of main spaces of one hundred twenty (120) square meters. In the case of investment through the purchase of a percentage of undivided ownership of real estate, the minimum value of the percentage of undivided ownership is set at eight hundred thousand (800,000) euros, subject to the conditions of the preceding paragraphs.
2. For the rest of the country, the minimum value of real estate at the time of acquisition, as well as the total contractual rent of the contracts of paragraph d) of paragraph 1 of this Article, is set at four hundred thousand (400,000) euros. In the case of investment through the purchase of real estate in the areas of the first paragraph, this is made in a single property, with a minimum area of main spaces of one hundred twenty (120) square meters. In the case of investment through the purchase of a percentage of undivided ownership of real estate, the minimum value of the percentage of undivided ownership is set at four hundred thousand (400,000) euros, subject to the conditions of the preceding paragraphs.

1. In cases of investment through the purchase of real estate, and provided that the main spaces are converted FROM COMMERCIAL into a residence, the minimum value at the time of acquisition is set at two hundred fifty thousand (250,000) euros. The investment of the preceding clause is made in a single property, and the change of use must be completed before the submission of the application for the issuance of the permanent residence permit for investors. In the case of investment through the purchase of a percentage of undivided ownership of real estate, the minimum value of the percentage of undivided ownership is set at two hundred fifty thousand (250,000) euros, subject to the conditions of the preceding paragraphs. In this case, the condition of an area of at least 120sqm does NOT apply.
2. In cases of investment through the purchase of real estate consisting of buildings to be restored or reconstructed or within which there are preserved buildings, the minimum value at the time of acquisition is set at two hundred fifty thousand (250,000) euros. The investment of the first paragraph is made in a single property. In the case of investment through the purchase of a percentage of undivided ownership of real estate, the minimum value of the percentage of undivided ownership is set at two hundred fifty thousand (250,000) euros, subject to the conditions of the preceding paragraphs. The above investment is carried out on a single property, and the full restoration is a prerequisite for the first renewal of the golden visa after five (5) years. The property cannot be sold until restoration is complete.

Properties acquired in full ownership and possession by third-country nationals for the initial issuance or renewal of an investor residence permit are prohibited from being leased shortterm within the framework of the sharing economy. Additionally, properties acquired in full ownership and possession by third-country nationals for the initial issuance or renewal of a permanent residence permit for investors under the conditions of paragraph (c) of paragraph 2 are not allowed to be used as the headquarters or branch of a business. In case of noncompliance with the provisions herein, the residence permit is revoked, and an autonomous administrative fine of fifty thousand (50,000) euros is imposed on the owner(s) or holder(s) of the property. The fine constitutes public revenue and is collected in accordance with the Code of Collection of Public Revenue (Law 4978/2022, Government Gazette 190).

Subject to Article 92 of Law 5007/2022, investors may apply under the current 250.000 or 500.000 E (according to the area in which they will invest) minimum threshold, provided that they will pay a 10% deposit by August 31, 2024, and finalize the investment by December 31, 2024. In case the purchase of the property is not completed on time, the investor is allowed to complete their investment in another property no later than April 30, 2025.

All other provisions of the current Golden Visa Law remain unchanged.

• It is made clear that all the new regulations refer to only one property. In case of properties for which a Building License is in force, the built area must be at least 120m2. This rule does not apply for unbuilt properties (landplots, rural plots etc).
• It is made clear that the properties whose use has changed (as above, EXCEPTION A), must undergo this change of use ONLY AFTER the new law was issued, either by the seller or by the buyer. The previous use can be either commercial, or industrial.
• Specifically for properties with a previous industrial use, the buildings can be transformed, either by height or by adding extra buildings, with a simultaneous change of use into residential.
• Regarding Prohibit of Short-Term Lease Agreements:
  1. The prohibition doesn’t include properties obtained for investment according to the previous golden visa law and the properties that are purchased during the transitional period - as above.
  2. The prohibition does not include properties intended to be used as hotels, in the tourist business, properties that have a business use or long-term leases.

Frequently Asked Questions about Golden Visa

What is the duration of the residence permit?

5 years

Can the residence permit be renewed?

Yes, for another 5 years each time, provided that the applicant still owns the property. 

May the members of the investor’s family request a residence permit?

Yes. Members of the family are considered the spouse (husband/wife), the children, the investor’s parents and the spouse’s parents. They may request individual residence permits. They shall, however, submit separate applications. Their permit expires on the same date as the investor’s does 

What if a legal entity is interested in buying property in Greece?

Article 20B, paragraph 1, point (c), Law 4251/2014, provides that a third country national who has the full ownership, possession and occupancy of real estate property in Greece through a legal entity, the entirety of whose stocks or corporate shares are fully owned by the applicant, has the right to apply for the “permanent residence permit for investors” 

Do persons holding a residence permit have the right to work in Greece?

No, they do not. This residence permit does not give right to access to any type of employment, according to, Article 20, paragraph 6, Law 4251/2014. Employment in this case does not include the exercise of economic activity in the capacity of a shareholder or Chief Executive Officer of companies established before your application for this residence permit. This exemption for economic activity refers to third country citizens who are shareholders or managers of all forms of capital companies (S.A., Ltd, Private limited companies). The family members that have been granted this residence permit have also restricted access to employment. 

If I get a residence permit, can I add the period of its duration to the total duration needed in order to request the Greek nationality?

Yes, you can. According to Article 8, paragraph 30, Law 4332/2015, a third country citizen has the right to apply for the long-term resident status, provided he fulfils the conditions of Articles 89 and 90, Law 4251/2014. Having been granted the long-term residence status is a prerequisite in order to apply for Greek citizenship by naturalization, provided all other requirements are fulfilled. I would like to request a residence permit. Should I get an entry visa for Greece before I submit my application for the residence permit? Only if you come from a country, whose citizens are required to get an entry visa in order to come to Greece.

What advantages does a residence permit in Greece provide to its holder?

He/she may stay continuously in Greece for its whole duration. He/she may travel to other Schengen countries without a visa, but his/her stay in those countries cannot exceed 90 days in each 6-month period. He/she has access to health or education services, just like any Greek citizen

How long can it take until the residence permit is issued?

It is usually issued within 2 months from the day on which the complete application was submitted or arrived at the Decentralized Administration. 

Is the applicant covered from the moment he/she submitted the application until the day the residence permit is issued?

Yes. If all the supporting documents are submitted, a proof of submission is issued. If an application for a residence permit is submitted for the first time, this proof of submission is issued, and you can proceed to book an appointment with the Office in order to provide fingerprints. When the fingerprints are given, the application is considered complete and the process for the permanent residence permit begins. If the applicant is in Greece the day the application is submitted, he/she can come to the Office and provide fingerprints on the same day.

I submitted an application for a residence permit and I was given a document proving its submission. What can I do with it?

You may travel freely as often as you wish to/from Greece. Attention: you are not allowed to travel to any other Schengen country. This means that any flight schedule that requires a flight transfer at the airport of another Schengen country should be avoided.  What is the duration of the proof of submission regarding an application for a residence permit? One year.