Residence permit in Greece

Greece, a captivating country nestled in southeastern Europe, offers a rich blend of ancient history, picturesque landscapes, and a vibrant Mediterranean culture. Beyond its remarkable heritage, Greece boasts a thriving economy, a stable political structure, and a blossoming tourism sector.

Overview of Greece

Greece's economy has undergone significant transformations in recent years, transitioning from a recessionary phase to a period of steady growth. Greece has experienced positive macroeconomic trends, including steady GDP growth, declining unemployment rates, and improved fiscal stability. Structural reforms and prudent fiscal policies have fostered investor confidence.

The Tourism in Greece

Greece's tourism sector is a major contributor to its economy. With its stunning landscapes, ancient ruins, and idyllic islands, Greece attracts millions of visitors each year, generating substantial revenue and employment opportunities. But Greece also heavily relies on the tourism sector, as it is home to one of the world's largest merchant fleets. The shipping industry plays a pivotal role in the Greek economy, contributing significantly to GDP and employing a considerable workforce.

Agriculture & Economy

Greece boasts a diverse agricultural sector, producing olive oil, fruits, vegetables, and dairy products. The country's high-quality agricultural output holds great export potential. The Greek government is also actively developing its energy sector, with a focus on renewable energy sources. Projects related to wind and solar power, as well as the exploration of hydrocarbon reserves, present lucrative investment prospects.

The Greek economy makes it a perfect investment destination, and for those considering it, especially those hailing from the Western Hemisphere, it is also vital to take a look at the country's political system, as it is highly familiar to that of most governments found in the West and allows for seamless integration of new residents while simultaneously providing those who come from more authoritarian countries a solid alternative.

Politics

Greece operates as a parliamentary republic with a multi-party system. It consists of three branches: executive, legislative, and judicial. The Prime Minister is the head of government, and the President is the ceremonial head of state.

 Greece has achieved political stability through a democratic framework, offering a conducive environment for investment and residency. The government's commitment to reforms and adherence to EU regulations enhances Greece's attractiveness to potential residents.

As a member of the European Union (EU) since 1981, Greece enjoys economic integration, trade benefits, and funding opportunities provided by the EU. This membership has contributed to political stability, economic growth, and the strengthening of democratic institutions in the country.

The country is home to roughly 10 million people, and its official language is Greek, and the country's currency is the Euro.

Climate

The European nation boasts a pleasant Mediterranean climate with warm summers and mild winters, making it an ideal destination for outdoor activities and tourism. Its strategic location in southeastern Europe offers easy access to major trade routes and serves as a bridge between Europe, Asia, and Africa.

But what is most interesting about Greece isn't just its amazing climate, living standard, political framework, bustling economy, stunning cities, massive historical significance, unique culture, amazing healthcare, or its education system; it is how easily one can access all of those through its Golden Visa; the official Greek residency by investment program. 

What is the Greek Golden Visa program?

The Greek Golden Visa program is a residency by investment initiative that grants non-EU investors and their families the opportunity to obtain Greek residency and, possibly, in the future, citizenship (if they decide to reside in Greece for seven years as tax residents and meet the required criteria). It was introduced in 2013 to attract foreign direct investment and stimulate economic growth.

Since then, the Greek golden visa program has emerged as one of the most popular residency by investment programs globally, attracting over 10,000 investors and their families. Its appeal extends beyond Europe due to its enticing features and benefits.

The program's simplicity and inclusiveness are key factors contributing to its popularity. Investors with a clean criminal background are eligible to obtain Greek residence for themselves, their spouse, and their financial dependents, including children under 21 years, siblings, parents, and grandparents. This wide scope of eligible family members makes it an attractive option for investors seeking to secure residency for their extended families.

One of the program's notable advantages is its efficient processing time. Successful applicants can acquire their golden visa in a remarkably short period, often within just three months. The streamlined process involves making the qualified investments, gathering the necessary documentation, and submitting the application along with biometric data. Once approved, applicants receive a long-term residence permit, initially valid for five years, and renewable indefinitely for the same duration as long as the investment is maintained.

A unique aspect of the Greek golden visa program is its flexibility regarding physical residence requirements. Investors are not obliged to spend any specific time in Greece to renew their resident permits. This flexibility allows investors to plan for the future, offering a pathway for their children without an immediate need for relocation.

Another appealing feature of the program is its affordable minimum investment threshold, set at €250,000. This makes the Greek golden visa one of the most economical residency by investment programs worldwide, providing an accessible option for investors seeking residency in a European country. 

Qualification

The Greek golden visa program extends its eligibility to individuals above 18 years of age from any country around the world, provided they have a clean criminal background and make a qualified investment. There are no specific nationality restrictions, allowing applicants from diverse backgrounds to apply and benefit from the program.

Applicants can include their spouse, dependent children below 21 years of age, and dependent parents in their application. This inclusive approach allows large families to maximize the value of their investment by securing residency for all eligible family members.

The Greek golden visa program stands out for its straightforward and attainable immigration requirements. 

Here are the key requirements to immigrate to Greece through the golden visa program:

1.   Age Requirement: Applicants must be above 18 years of age.

2.   Clean Criminal Background: A clean criminal record is a prerequisite for eligibility.

3.   Qualified Investment: Applicants need to make a qualified investment or provide a signed sale agreement.

4.   Application Submission: A comprehensive application must be submitted at the nearest embassy for a D-visa.

5.   Legal Entry into Greece: Applicants should enter Greece legally.

6.   Full Application Submission: A complete application, including all necessary documentation, should be submitted.

7.   Investment Maintenance: Residency is maintained by retaining ownership of the investment property.

8. Selling and Reinvestment: While holding on to the initial investment is a straightforward way to maintain residency, applicants also have the flexibility to sell their property and purchase another that meets the required investment threshold. In such cases, it is necessary to inform the government by filing a change of circumstance form to ensure continuity of residency status. 

Required documents

The complete list of required documents may differ depending on an applicant's nationality (or nationalities), family composition, and more. However, the most common required documents to apply for the Greece Golden Visa are:

1.    Completed Application Form

2.    Four Recent Passport Photos

3.    Certified Copy of a Valid Passport or Recognized Travel Document

4.    €16 Electronic Residence Permit Processing Fee

5.    Private Insurance Contract

6.    Criminal Record Certificate

7.    Family Registration or Family Book

8.    IDs for all family members included

9.    Bank account statements showing adequate investment capacity

10.    Address information

11.    Previous Greece residence permit or visas to Greece (in some cases to the EU)

12.    Notarized Certificate for Lease on Hotel Accommodation or Furnished Tourist Residences (if applicable)

13.    Notarized Certificate for the Property's Purchase Price for at least €250,000 or €500,000 depending on the property's location. In the case an applicant chooses an alternative investment option (more on that below) they will have to provide ample proof of their investment according to the regulations at that time

14.    Land Registry or National Cadastre Agency Certificate

15.    Proof of Transfer Registration issued by the Competent Land Registry

16.    Invoices issued by the Contractor(s) and Relevant Receipts

Please note that the complete checklist will depend on each applicant's specific case, and this is just to give an idea about what to expect. 

The process

The process of obtaining a Greek golden visa is straightforward and manageable, ensuring a smooth journey for investors. Spanning across approximately three months, the process encompasses several key steps that pave the way to securing this desirable residency option. Below, we outline the main steps involved, highlighting the simplicity and ease of each stage:

1.   Sign a contract with NTL Trust to advise and assist you throughout the entire process

2.    Find a Suitable Property (or other investment option) and Sign a Sales Agreement: To initiate the process, investors need to explore the Greek real estate market in Greece and identify a property that meets their investment criteria. Once a suitable property is found, a sales agreement is signed to formalize the transaction.

3.   Submit an Application at the Local Consulate or Embassy: The next step involves submitting an application for an entry visa at the nearest Greek consulate or embassy in your home country. This visa allows investors to travel to Greece and proceed with the remaining steps of the golden visa application process.

4.   Gather Documents and Prepare the Full Application: Investors are required to gather the necessary documents as per the guidelines provided by the Greek authorities. These documents typically include proof of investment funds, a clean criminal background check, valid passports, and any other supporting paperwork relevant to the application.

5.   Submit the Application in Greece: Upon arrival in Greece, investors need to submit their completed application to the Alien & Immigration Department. This marks a crucial step in the process, where the authorities review the submitted documents and ensure all requirements are met.

6.   Confirmation of Receipt and Biometrics: Once the authorities receive the application, they issue a confirmation of receipt. At this stage, investors are required to provide their biometric data, such as fingerprints and photographs, further advancing the application process. Simultaneously, investors must complete the purchase of the investment property.

7.   Obtain Greece Golden Visa for You and Your Family Members: After successfully completing the above steps, investors receive their Greece golden visa, granting them and their family members, as indicated in the application, a residence permit in Greece. This residence permit is initially issued for a period of 5 years and can be renewed indefinitely for the same duration. 

Investment options

Greece Golden Visa has a lot of investment options, including: 

·    Real estate investment starting at €250,000

·    Establishing a business with a capital of at least €250,000

·    Purchasing Greek Government Bonds for a minimum investment of €400,000

·    Capital investment in an investment fund of at least €400,000

·    Share capital investment in a Greek company for at least €400,000

·    A €400,000 investment in an REIT mutual fund run by a real estate investment company or fund manager

·    A bank deposit into a Greek bank account of at least €400,000 in a regulated Greek financial and credit institution  

The real estate investment option

The most popular investment category has undoubtedly been the real estate investment option. The Greece Golden Visa allows foreign investors to choose any real estate they wish within an open market, and an investor may even choose more than one property but only if the sum of all the properties he has purchased meet the minimum investment requirement.

Four areas in Greece underwent a price hike under the Greece Golden Visa, as investors who want to obtain a Greek residence permit under the program by investing in any of these areas must now invest €500,000 instead of the usual €250,000.

The areas that require a €500,000 investment in real estate are:

• North, South, and Central Athens

• Thessaloniki

• Mykonos and Santorini

• The Municipality of Vari 

However, the rest of the areas, which are the vast majority of Greece, still follow the €250,000 pricing for real estate, meaning investors still have many options to choose from.

The real estate option is made even more favorable considering the Greek Government decided to extend its decision to lower property tax on first-hand properties from 24% to just 3% until 2025. 

Benefits of investing in real estate in Greece

Greece has positioned itself as an enticing investment haven, particularly in the realm of real estate, attracting global investors seeking substantial returns. With its awe-inspiring landscapes, historical significance, and favorable economic conditions, Greece offers a compelling proposition for diversifying investment portfolios.

The Greek housing market has demonstrated remarkable growth, cementing its appeal for real estate investors. According to the Bank of Greece, residential property prices experienced an annual growth rate of 7.2% in 2021, showcasing a robust and promising market environment. This positive trajectory indicates significant potential for capital appreciation and long-term profitability.

Greece's popularity as a top tourist destination has surged in recent years, creating a thriving market for rental income opportunities.

The country welcomed a record-breaking 34 million international visitors in 2022, reflecting a 57% increase compared to the previous year. This tourism boom has fueled the demand for vacation rentals and short-term accommodations, making it an opportune time for investors to capitalize on the growing market and generate substantial rental yields.

The rental market in Greece has flourished due to multiple factors, including the surge in tourism, a growing expatriate community, and rising demand for student housing. Major cities such as Athens and Thessaloniki have experienced significant growth in rental yields, with an average annual increase of 5.8% and 6.2%, respectively, over the past five years. These figures demonstrate the lucrative potential for rental income and solidify these cities as prime investment hotspots.

The Greek government has implemented a range of incentives and reforms to attract foreign investment in the real estate sector. These initiatives include tax incentives, streamlined processes, and enhanced legal frameworks, ensuring a favorable investment climate. Such measures provide reassurance and stability to investors, bolstering the appeal of investing in Greek real estate.

Investing in Greek real estate holds immense potential for investors seeking remarkable returns, steady rental income, and enticing residency opportunities. The steady growth of the housing market, fueled by the booming tourism industry, coupled with the favorable rental market, and presents compelling prospects for investors. 

Benefits of the Greece Golden Visa

The Greek Golden Visa presents a wide array of benefits, ensuring an attractive investment opportunity for prospective applicants. These benefits include:

·    Simplified application process: The entire process is streamlined and efficient, taking a few months to complete. This simplicity makes it one of the most straightforward pathways to obtain an European Union residence permit.

·    No mandatory residency requirement: Greek Golden Visa holders are not obligated to reside in Greece to maintain their residency status. This flexibility allows individuals and families to explore various options without being tied down to a specific location.

·    Freedom to live and work in Greece: Holders of the Greece Golden Visa have the freedom to live, work, and pursue educational opportunities within Greece. This unrestricted access enables individuals and their families to elevate their quality of life and enjoy the benefits of residing in Greece.

·    Seamless travel within the Schengen area: As EU residents, Greece Golden Visa holders can travel freely within the Schengen area without the need for a separate visa. This opens up a world of exploration and business opportunities across multiple European countries.

·    Path to Greek citizenship: Those who wish to obtain Greek citizenship can do so by spending seven continuous years in Greece as tax residents and meeting the criteria set out by the government.

·    Dual nationality acceptance: Greece recognizes dual citizenship, allowing Greece Golden Visa holders to retain their original citizenship while enjoying the benefits of Greek residency and citizenship for those who wish to obtain it. This flexibility is particularly valuable for individuals who wish to maintain ties with their home country while exploring new opportunities in Greece.

·    Potential tax advantages for non-habitual residents: Golden Visa holders may qualify for beneficial tax regimes available to non-habitual residents in Greece. These regimes, similar to Spain's Beckham's Law Tax Regime, can result in reduced income tax obligations, further enhancing the financial attractiveness of investing in Greece.

·    Excellent healthcare and education: Greece has one of the top healthcare systems in the world, and its education model is based on that of an EU standard.

·    Great Plan B: The Greece Golden Visa does not require applicants to live in Greece to maintain their residency, they must however maintain their investment to keep their Greece residence permit. This makes the Greece Golden Visa an excellent contingency plan for those who want to hedge against political and economic instability in their home country.

Frequently Asked Questions (FAQ)

Advantages of Greek Residence Permit:

• Visa-free entry to all the countries of the Schengen Agreement practically not limited in time.

• The whole family has the right to live in any country of the Schengen area during the period when the residence permit is valid.

• There is no need to stay in Greece for a certain period of time.

• The right to apply for citizenship after five years from the date of obtaining permanent residence.

• The right to register or purchase his own business.

• The right to educate his/her children in educational institutions of the Schengen countries.

• The right to obtain the permanent residence after five years from the date of obtaining residence permits.

Residence permit through by investment to real estate can be obtained by those third-country citizens who:

• Own real estate or have at their disposal the Engagement Agreement signed with a Realtor or Lawyer on the purchase of real estate (as the sole owner of a legal entity) in Greece, the cost of which is more than € 250,000 according to notaries act.

• Own rental commercial real estate of tourist purpose (as the sole owner of a legal entity) in Greece, and the Lease Agreement concluded not less than for 15 years;

• Did not have a criminal record in the past and are not included in the Greece Undesirable Persons Catalog.

THE FEATURES OF GREEK RESIDENCE PERMIT THROUGH INVESTMENT IN REAL ESTATE:

1. The minimum required amount of value of the property in € 250,000 can make the total cost of a few properties;

2. The minimum required value of real estate in € 250,000 can be realized with the value of real estate in € 150,000 due to the appraised value made by an independent Appraiser company;

3. The owned property can be rented;

4. For the successful extension of residence permit, it is not required to live in Greece.

Residence permit for financially independent persons can be obtained by those third-country citizens who:

• Have a stable income (from € 2,000 per month), which allows them to live in Greece not applying to the country’s social security system.

• Did not have a criminal record in the past and are not included in the Greece Undesirable Persons Catalog.

• A financially independent person has the right to be accompanied by family members (only the spouse and children under the age of 18 years are considered), who receive a residence permit as family members of the financially independent applicant.

The registration of this residence permit category can begin with:

• “D” visa registration at the nearest diplomatic embassy of Greece;

• The direct submission of the application for residence permit to the Immigration Department of Greece. The submission of an application and the obtaining of a residence permit can be made either by Greek Attorney basing on the Power of Attorney certified by a Notary and an Apostille, or directly by the Applicant. In order to obtain the residence permit of this category, the biometric data is provided personally by the Immigration Department.

In order to obtain “D” visa the following documents must be submitted:

• Valid travel passport or other travel documents with a valid visa that is recognized by Greece.

• Prerequisite: A passport must be valid for at least three months after visa expiring, have at least 2 blank pages and be published during the last decade.

• Certificate of no criminal record.

• Health certificate issued by a public or private medical institution that is recognized by the State of which the applicant is national, where it will be indicated that the applicant does not suffer from the disease dangerous to public health, according to the international standards of the World Health Organization, or other disease requiring quarantine to protect public health.

• The proof of having a monthly income of € 2,000 per month.