Greece residence permit by property investment

Residency by investment in Greece can be obtained by the purchase of real estate. Investors get a residence permit within 6+ months after submitting documents. There is no need to pass a Greek language proficiency test or live in the country permanently.

Requirements for the main applicant and family members. Investors can apply to participate in the program alone or with family members. A single investor or a married couple can own the property.

Requirements for the main applicant:

• over 18 years old;

• a clean police record;

• medical insurance that is valid in Greece and covers at least €30,000;

• a Greek bank account.

A spouse, children under the age of 21, and parents of both spouses can also apply for a Greek residence permit with the main applicant. Family members can submit documents for the residence permit separately or with the main applicant.

Current terms of getting a Greece Golden Visa

Cost of real estate for obtaining a Greece residence permit. To participate in the Golden Visa Program, investors purchase real estate that costs at least €250,000. If the property is in joint ownership, each owner must invest €250,000 or more to obtain a residence permit; the only exception is made for married couples.

However, the investment threshold is to increase to €800,000 in the regions with a demand for real estate, such as Athens, Thessaloniki, Mykonos and Santorini and other islands with a population of above 3,100 inhabitants. In the rest of the country, the threshold will be €400,000.

Investors will be able to buy one property, which must have a surface area of at least 120 square metres and cannot be used for short-term rentals.

The previous minimum threshold of €250,000 is only to be retained in cases where investors purchase properties for restoration or convert industrial facilities into residential spaces.

Investors can still apply under the old conditions by making a 10% deposit until August 31st, 2024. The investments must be completed no later than December 31st, 2024. If the investor fails to pay the full amount before the deadline, they will be allowed to choose another property and complete payment by April 30th, 2025.

Types of real estate qualifying for the program. Any type of property gives the right to obtain a residence permit. You can buy a villa, a city apartment, a hotel complex, or a land plot and apply for a residence permit.

The main requirement for a real estate option is an investment of at least €250,000.

The Greece investor visa program allows you to rent a hotel for ten years and apply for a residence permit. And even inherited real estate is suitable for getting a Golden Visa.

Discover the advantages, terms, and details of the Greece residence-by-investment program

Property prices in Greece steadily grew in 2018—2023. Despite this, Greek properties are still cheaper than in most popular Mediterranean countries, especially France and Italy.

Greek property average prices per square metre depend on the regional unit:

• Central Athens — €2,040;

• North Athens — €2,950;

• South Athens — €3,640;

• West Athens — €1,875;

• Piraeus — €2,175;

• Thessaloniki — €2,200;

• Corfu — €2,100;

• Corinthia — €1,500.

Athens, the capital of Greece, is attractive to investors because it is not subject to seasonality: tourists come to the city all year round.

The average price of real estate in Athens differs and depends on the region. Housing prices in the southern areas are the most expensive because the apartments and houses are closer to the coast.

The cost of properties away from the sea is cheaper, and they are usually low in demand. If you want a good return on investment, you might consider apartments or houses attractive to tourists. Renting out real estate in Greece usually brings a yield of 5,22% annually.

Greek villas vary in price, but the average cost is still lower than in other European countries. For example, the average price per square metre in the city centre in Greece is €2,886, while in Spain it is €3,574, and in Italy — €4,447.

Examples of properties for obtaining an investment visa in Greece

Greece, Santorini

€505,000 — €550,000

Mediterranean style villa next to the sea in Santorini with guaranteed rent

84 m² — 94 m²

3

1

Greece, Kissamos

€830,000 — €1,550,000

Traditional style villas on the seafront in Crete, Greece

126 m² — 157 m²

3

3

Greece, Chania

€418,000 — €865,000

Classic style villas overlooking the bay in Crete

108 m² — 213 m²

3—5

3—5

Associated costs when buying real estate and obtaining a residence permit in Greece include a €2,000 fee for the main applicant and €150 for each adult family member.

When buying a property, you pay a one-time tax of 3,09% of its value.

Terms of selling real estate. If you wish to remain a Greek resident, you should keep the investment until you obtain citizenship. One can apply for it after 7 years of living in the country. The profit from this deal will be subject to a 15% capital gains tax.

Transfer tax. The first tax a foreigner needs to pay on the property is a transfer tax. It is 3,09% of the taxable value of the real estate.

The property tax is paid in Greece once a year. It consists of a main and an additional part. The amount of tax varies for cities and districts. If we consider the coast, you will have to pay an average of €10—12 for one square metre per year. An additional 0.5—1% tax applies to real estate exceeding €300,000.

Municipal taxes. They usually amount to 0.025—0.035% of the cadastral cost of the property. You do not need to pay them separately as they are included in the electricity bills.

Tax on rental income. If you decide to rent your property out, you will have to pay tax on the income. There are progressive tax rates for individuals:

• 15% on annual rental income of €12,000 or less;

• 35% on €12,000 to €35,000;

• 45% on more than €35,000.

1. Visa-free travelling. When you hold a residence permit in Greece, you can visit other Schengen countries without a visa and spend up to 90 days out of 180 there.

2. Additional income from renting. After buying the property, you can rent it out for long-term. In 2023, investors could receive more than 5% profit from renting out apartments.

3. Favourable tax regime. Greece has established Double Taxation Treaties with numerous countries, which means that individuals can avoid being taxed twice on the same income. Moreover, Greece offers a special tax regime for foreign investors, allowing them to benefit from a fixed tax rate on foreign income.

Investors can pay a lump sum of €100,000 per tax year regardless of their foreign income amount if they invest at least €500,000 in Greece. This investment can be in real estate, businesses, or securities and must be maintained.

4. Low investment threshold. Compared to other EU countries, Greece offers relatively lower investment thresholds for obtaining residency. However, in September 2024 the minimum investment is to increase to €800,000 in popular regions and €400,000 in the rest of the country.

5. Pathway to citizenship. After seven years of continuous residence, investors and their families have the opportunity to apply for Greece citizenship. This provides a clear and attainable path to becoming an EU citizen, which comes with additional benefits, including the right to live, work, and study anywhere in the EU.

6. No minimum stay requirement. Unlike many other residency programs, Greece does not impose a minimum stay requirement on investors. This flexibility allows investors to maintain their residency status without the need to disrupt their lives or business activities in their home countries.

7. Affordable cost of living. Compared to other EU countries, Greece offers an affordable lifestyle without sacrificing quality. For example, living in Athens costs about €831 monthly for a single person without rent, significantly less than in Paris or London, where expenses rise to approximately €1,105 and €1,275, respectively.

Rent prices in Athens are 60,7% lower than in Paris and 56,3% lower than in London.

8. Living in a beautiful place. Investors can buy homes for themselves to visit Greece anytime or move there. Picturesque landscapes, beaches, mountains and historical sights may be the reasons to spend more time there.

9. Pleasant climate. Greece has a warm but not stifling climate. Spring and fall are more pleasant periods to visit the famous places of Greece. Winter time is also mild, with an average temperature of +15 °C.

For property owners in Greece, a residence permit will need to be renewed every five years. To get a new residence card, investors must fully own the property, and the relevant contracts and leases must be ongoing.

The resale of real estate during the validity period of a residence permit grants another person the right to obtain a residence permit. But in this case, the seller’s residence permit will be cancelled.

To extend a residence permit, you need to provide the following list of documents:

• a filled-in application;

• four recent colour photos;

• a true copy of a valid passport;

• a certified copy of the previous residence permit;

• insurance contracts.

Family members should also submit a package of documents, including certification by an insurance agency for the cost of medical care. You have to provide the sponsor’s statement that family circumstances have not changed. If a child was born during the validity period of the residence permit in Greece, provide a copy of the birth certificate.

You and your family must submit documents for the renewal of residence permits at least two months before they expire. Otherwise, a fine of €50 will have to be paid.

Greece is not the only country offering wealthy people a residence permit by investment in real estate. Spain and Cyprus also allow HNWIs to get Golden Visas on similar but not the same terms.

All Golden Visa Programs

In comparison to the programs of Spain and Cyprus, the Greek government has offered investors profitable conditions: applicants may choose any real estate valued at €250,000 or more. To buy real estate to live in Cyprus or Spain, one has to pay at least €300,000 or €500,000, respectively.

The Greece Golden Visa Program provides investors with a wide range of possibilities. They may buy several properties, residential or commercial premises, or even rent hotels or use inherited real estate to apply for a residence permit. Also, there are no restrictions on the property’s location.

Investors can’t acquire Greece citizenship by purchasing real estate or securities. They need to obtain a Golden Visa and then meet all requirements for citizenship by naturalisation.

Golden Visa holders can apply for citizenship after 7 years of continuous living in the country. Greek legislation also requires citizenship applicants to prove their knowledge of the Greek language and the country’s geography and history. They must pass the “Panhellenic” exam with more than 80% of the total score.

Greece allows its citizens to have multiple citizenships at once. Investors do not have to reject their first citizenship if their country of origin does not require it.

1. Investors interested in participating in the Greece Golden Visa Program can currently acquire real estate for a minimum of €250,000.

2. The minimum investment threshold is to increase to €400,000, and in regions experiencing high demand for property, it will be €800,000.

3. The Golden Visa appeals to investors seeking to secure a residence permit for themselves and their families, offering the added advantage of living in a seashore villa and enjoying visa-free travel within the Schengen Area.

4. When buying a property, an investor pays a one-time tax of 3,09% of its value.

5. Golden Visa Holders get Greece citizenship after 7 years of living in the country.