The Golden Visa program in Greece offers a unique opportunity for non-European investors to obtain a residence permit by purchasing property. This visa not only provides the right to reside in Greece but also facilitates travel across the Schengen Area, making it a valuable option for those seeking to expand their horizons within Europe.
What is the Greek Golden Visa?
The Greek Golden Visa program allows individuals from outside the EU to gain residency by investing in real estate worth €250,000 or more. This visa is initially granted for five years and is renewable. The program extends to family members, including spouses, children under 21, and parents of both the investor and their spouse, providing a comprehensive family residency solution.
Recent Changes and Updates
Recent legislative changes have modified certain aspects of the Golden Visa program to better align with the current real estate market and streamline the application process. For investments in high-demand areas such as Athens, Thessaloniki, Mykonos, and Santorini, the minimum investment amount has increased to €500,000. However, areas like Crete remain at the original threshold of €250,000.
The Greek Ministry of Migration and Asylum has also introduced an online application portal. This system allows investors to submit their applications electronically, reducing the need for physical presence. Applicants can follow the online instructions, submit required documents, and receive confirmation of submission directly.
Essential Documents and Procedures
To successfully apply for the Golden Visa, the following steps and documents are necessary:
Property Acquisition: Begin by selecting a property that meets the investment criteria. It is advisable to work with a local real estate agent to find the ideal investment.
Legal Representation: Engage a local lawyer to assist with the legal aspects of the purchase. The lawyer will verify the property’s title, prepare necessary documents, and handle the transfer process.
Bank Account and Tax Number: Open a Greek bank account and obtain a Tax Identification Number (AFM), which is required for all property transactions.
Notary Services: A public notary will review and finalize the property purchase contract. The notary’s role includes ensuring that all legal requirements are met and the transaction is properly recorded.
Building Permit and Compliance: If the property is newly constructed or remodeled, ensure that all building permits and compliance documents are in order.
Social Security Clearance: For properties built in the last decade or if the seller is involved in business activities, a clearance from the Social Security Service may be required.
Application for Golden Visa
Once the property transaction is complete, the Golden Visa application process begins. The investor must provide:
- Proof of a clean criminal record.
- Evidence of medical insurance coverage.
- Biometrics, which are collected during a brief visit to Greece.
The temporary residence permit issued upon application allows for immediate relocation and travel. The permanent Golden Visa is typically issued within a few weeks.
Post-Acquisition and Residency
After securing the Golden Visa, investors can choose to use their property as a primary residence, a vacation home, or rent it out. The program also offers a path to Greek citizenship after seven years of residency, providing even greater benefits.
Our team at Chora Real Estate is here to guide you through every step of the Golden Visa process, from finding the right property to managing the visa application and ensuring a smooth transition to your new home in Greece. Contact us today to learn more about how you can take advantage of this exciting opportunity.