Real Estate Chania
Real Estate Chania
Real Estate Chania
Golden Visa Greece
WHAT IS THE GOLDEN VISA PROGRAM?
The Golden Visa for Greece is one of the most popular investment visa programs in the EU. It is a residence-by-investment visa, issued to non-EU citizens who make a significant contribution to the Greek economy. There are several investment options starting at €250.000
INVESTMENT OPTIONS
As of 01/09/24
- Purchase a real estate property worth at least €250,000 (see below for a breakdown of the price tiers)
- Sign a lease agreement with a hotel or tourist establishment for at least 10 years for €400,000 or €800,000, depending on the region of investment
- Make an equity investment of at least €400,000 in a company registered in Greece
- Make a €500,000 or more, investment in Greek Government bonds with a maturity of at least three years, purchased through a Greek credit institution
- Make a €400,000 investment in shares of real estate investment companies (REICs) or alternative investment funds (AIFs).
- Make a €400,000 term deposit of at least a year in a Greek bank.
- Make an €800,000 investment in publicly traded financial instruments like shares and Corporate and Government bonds.
WHO IS ELIGIBLE FOR A GREEK GOLDEN VISA?
- You must be a non-EU citizen.
- You must be over the age of 18.
- You must not have any history of criminal records, in any country in which you have lived.
- You must make a significant investment in Greece (see the investment options above).
- You must have obtained health insurance from a company operating in Greece.
BENEFITS OF A GREEK GOLDEN VISA
- The threshold investment options are relatively lower than in most other EU countries with Golden Visa routes.
- You can extend the visa to include your family members, like your spouse, (unmarried) children under 21 years of age, and dependent parents of either yourself or your spouse. If your child is over the age of 21, but no older than 24, and they are a student, they may also be included in the Golden Visa application.
- You and your family members will enjoy visa-free travel to the Schengen Zone.
- There are no requirements to live in Greece for any duration in order to renew the residence permit.
- You can apply for Greek citizenship after seven years of residence. Greece is an EU Member State, so you would have access to the EU free market and visa-free travel to more than a hundred countries.
- You can live and invest in Greece.
- You have access to Greek education and healthcare
DURATION OF A GREEK GOLDEN VISA
The Golden Visa for Greece is issued for five years and can be renewed indefinitely as long as you maintain the investment.
If you ultimately choose to live in Greece, then after seven years of continuous residence, you can also apply for Greek citizenship.
Why choose Greece?
Greece has become a favorable investment destination in the last few years, mainly because of its natural beauty, mild climate and geographical position, but there are other things to consider that also help make the Greek Golden visa program the most appealing in Europe.
Greece is the only Schengen Area country that offers Golden Visas for a minimum property investment value as low as 250.000€, which is extremely appealing compared to the double amount (500.000€) required by most other European countries.
2024 Amendment
With Article 64 of Law 5100/2024 (Residence permit linked to investments in real estate – Replacement of article 100 and par. 49 of article 176 of Law 5038/2023), the provisions concerning the limits for purchasing real estate and obtaining a Golden Visa residence permit are amended as follows:
- Zone A Areas: €800,000 (Single qualifying 120m2 properties situated in regions of Attica, Thessaloniki, Mykonos, Santorini, Evia, Crete as well as islands with a population of more than 3,100 inhabitants.
- Zone B Areas: €400,000 (Any single property bigger than 120m2 situated outside of Zone A Areas.
- Zone C Areas: €250,000 (Convert a commercial property of any size, situated anywhere in Greece, to a residential property. The conversion to residential must have been completed before submitting your Golden Visa application. OR; Restore or reconstruct a listed property (with cultural or historical importance), regardless of location or property size. Complete the renovation works by Year 5 to renew your Golden Visa.
The country has been blessed with a rich past, splendid scenery, and a treasure of Greek values. The Greeks emphasize family, tradition, and a love of the outdoors. From a small town to a big city, you will enjoy an improved quality of life.
For overseas residents, the country offers terrific tax deals. If your native country is under a tax treaty with Greece, you don’t have to pay double taxes. Moreover, income from Greece’s properties will be taxable in Greece only, and any income from abroad will be tax-free.
Provided you hire the right professionals that have already streamlined the process of acquiring a Golden Visa, it takes, in average, less than three months. Greece, in contrast with other EU countries, imposes no minimum stay-in-the-country requirement for the applicant, this way the investor is not bound to unnecessary travel.
Step by step Guide
1. Hire a trustworthy lawyer who will guide you through the whole process.
2. Collect the necessary documents and paperwork. Take time to research the property you want to buy. Keep an eye out for online and offline sources and, of course, local real estate agents that can be of great help.
3. Book your trip to visit the properties you have shortlisted for a thorough examination. Check the surroundings and make sure the property offers the amenities that you’re looking for in a house. A local guide will smooth out your task while consuming less time, which is another reason local real estate agents can be of great help.
4. Select the property to buy. Quote and negotiate the property price. Take exchange rates, mortgage availability, and rates into consideration, and make sure to check the extra charges adding up to the price of the property. After you have negotiated and settled on a final price, you are halfway there to buy property in Greece. From this point on your lawyer should have power-of-attorney, and should be able to handle all the legal matters of the procedure.
5. Get your Tax ID. The Greek Tax ID is called the AFM, which stands for Tax Registry Number. Also, get the access codes to the “TAXIS” online system.
6. Transfer funds to a Greek bank account. Reserve the property by depositing a small amount to the seller to affirm that you will buy the property. This deposit is usually 10 percent of the total price. You will get your preliminary contract.
7. Draft the Final Deed. Once the lawyer has examined all the regulations, taxes involved, and debts, you will get a copy of the contract from the seller. Your lawyer can represent you at the signing of the final deed in front of the notary, and the process will be registered in the public records. At this point you can be issued a temporary residence permit.
8. Submit the application for the Golden Visa.
9. At this point you will need to visit Greece again to submit your biometric data, using your temporary residence permit. Your Golden Visa should be ready three weeks after that.
10. Enjoy living in Greece!
- Application form.
- Recent, passport-size photo of yourself. Make sure they follow Greek visa photo requirements.
- Your valid passport along with a copy. The passport must include the entry visa as required.
- Proof of having paid the relevant government fees.
- Proof of having obtained health insurance in Greece for yourself and any family members.
- Proof of your funds.
- Additional documents according to the type of investment you make, such as:
For purchasing real estate:
- A contract of purchase that attests to the fact that there are no conditions or exemptions in the purchase, states the total price of the purchase, and the method of payment (it must be in full, via credit held in an institution operating in Greece or via a credit transfer.
- Proof of transfer of the contract by the accountable Land Registry
- Certificate issued by the Land Registry proving there has been no impediment related to the purchase.
For renting a hotel or tourist establishment:
- Timeshare contract for a minimum period of five years which should state the corresponding price per year;
- Proof of transfer registration issued by the competent Land Registry;
- A certificate issued by the National Tourism Organisation (EOT) that it has been informed of the conclusion of the particular timeshare contract.
For investment in a company:
- Documents with details of the company receiving the investment, whether it is established or to be established (must include name, type of legal entity, and share-holders)
- A document detailing the investment project
- The location of the investment project
- The budget and financing structure for the investment
- A timeline detailing the implementation of the investment
- Predictions for the results on the first five years of investment (feasibility study and cash flow forecast)
- A document detailing the number of jobs that will be created by the investment
- A short CV
- Your position in the investment project
Any other documents requested by the relevant authorities.
The documents you submit have to be translated into Greek by either the Translation Service of the Ministry of Foreign Affairs in Athens, Greece, or by an attorney who is part of a Greek bar association.
The documents you submit must be certified either by an Apostille Stamp (if your country is part of the Hague Convention) or by the nearest Greek Embassy or Consulate (if your country is not part of the Hague Convention).
Interested in Golden Visa?
Chania Office
- +30 28214 05070
- (+30) 6937426720
- info@atlas-properties.gr
- Markou Mpotsari 103, Chania 73 136
Tavronitis Office
- (+30) 6937426720
- info@atlas-properties.gr
- Tavronitis Kissamou, Chania 73006
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