Greece Golden Visa: A Comprehensive Guide
What is the Greece Golden Visa?
The Greece Golden Visa is a residency by investment program that grants a five-year, renewable residence permit to non-EU/EEA nationals who make a qualifying investment in the country.
It is one of the most popular programs of its kind in Europe, primarily because it does not require you to live in Greece to maintain your residency status. It provides a gateway to the EU’s Schengen Area for you and your family.
The Greek government implemented major changes to the program, which took full effect in 2024 and apply to all applications in 2025. The popular €250,000 real estate option is now heavily restricted, and a new tiered system is in place.
1. Real Estate Investment:
Your investment must be in a single property, and it cannot be used for short-term rentals (like Airbnb).
€800,000 Tier: This is the minimum for properties located in:
- The Attica region (which includes Athens and its suburbs)
- Thessaloniki
- The islands of Mykonos and Santorini
- Any island with a population of over 3,100 residents (e.g., Crete, Rhodes, Corfu)
- Requirement: The property must have a minimum size of 120 square meters.
€400,000 Tier: This is the minimum for properties located in all other regions of Greece.
The property must also have a minimum size of 120 square meters.
€250,000 Tier (Special Categories): This lowest threshold is now reserved for two specific cases, and it can be for a property of any size and anywhere in Greece:
- Commercial-to-Residential Conversion: The investment is in a commercial or industrial property that will be converted to residential use.
- Historic Building Restoration: The investment is for the purchase and complete restoration of a listed heritage building.
2. Alternative Investment Options (Non-Real Estate)
If you do not wish to invest in real estate, you can still qualify through these other routes:
New Startup: A €250,000 investment in a Greek startup company listed on the national “Elevate Greece” registry. This comes with specific conditions (e.g., you must hold the investment for at least 5 years, and the permit is issued for 1 year initially, then renewed).
Capital Contribution:
- A €500,000 term deposit held in a Greek bank.
- A €500,000 investment in Greek government bonds.
Financial Products:
- A €350,000 investment in a Greek real estate investment company (REIC).
- A €350,000 investment in an alternative investment fund (AIF) that invests solely in Greece.
- An €800,000 investment in shares or corporate bonds on the Athens Stock Exchange.
The True Cost: Fees Beyond the Investment:
The investment amount is not the final price. You must budget for significant additional costs, especially for real estate. As a general rule, expect to pay an additional 5.5% to 7% of the property’s value.
Here is a typical breakdown of the extra fees for a real estate purchase:
Property Transfer Tax (FMA): This is the largest single tax, set at 3.09% of the purchase price.
Legal & Notary Fees: These professional services are mandatory. You should budget approximately 1.0% to 1.5% for Legal Fees (plus 24% VAT on the fee) and another 1.0% to 1.5% for the Notary Fees (plus 24% VAT on the fee).
Land Registry Fee: This is the fee for registering the property in your name, costing around 0.5% to 0.9% of the property’s value.
Government Application Fees: The main applicant must pay a €2,000 fee to submit the Golden Visa application.
Dependent & Issuance Fees: Family members cost an additional €150 to €500 each, depending on their age. There is also a small €16 fee per person for printing the final e-permit card.
Ongoing Costs: Remember to factor in annual expenses like Health Insurance (typically €150 – €400 per person) and the Annual Property Tax (ENFIA), which is a small tax based on your property’s size and location.
For example, on a €400,000 property purchase, you should budget at least €22,000 – €28,000 extra for these one-time taxes and fees.
Application Process:
The application process is typically handled by a Greek lawyer through a Power of Attorney (POA), meaning you only need to visit Greece once for the final step.
Phase 1: The “Remote” Preparation (Weeks 1-4)
This initial phase is about setting up the legal and financial foundation in Greece. You can do all of this from your home country.
Step 1: Hire a Greek Lawyer
This is the most critical step. You must retain a specialized Greek law firm to manage the entire process. They will be your “project manager” for the investment, the bank, and the immigration authorities.
Step 2: Grant Power of Attorney (POA)
You must give your lawyer the legal power to act for you. You have two main options for this:
1. At a Greek Consulate: You can visit the nearest Greek Consulate or Embassy in your country. You will sign the POA (which your lawyer will have drafted and sent to you) in front of the consular officer. This is the most straightforward method.
2. With a Local Notary & Apostille: You can sign the POA in front of a local notary in your city. However, for it to be valid in Greece, it must then be certified with an Apostille stamp (as per the Hague Convention). Your lawyer will then have it officially translated in Greece.
This POA authorizes your lawyer to do everything in the next steps on your behalf.
Step 3: Obtain a Greek Tax Number (AFM)
Using the POA, your lawyer will go to the Greek tax office (Eforia) and register you as a non-resident. You will be issued an AFM (Arithmos Forologikou Mitroou), which is your personal Greek Tax ID number. This number is essential for all financial transactions in Greece.
Step 4: Open a Greek Bank Account
Armed with your POA and new AFM number, your lawyer will then open a Greek bank account in your name. This account is mandatory. The entire investment amount must be transferred into this account and then paid from it to prove the transaction for the Golden Visa application.
Phase 2: The Investment (Weeks 5-12)
This is the core financial part of the application.
Step 5: Select Your Investment
This step runs in parallel with Phase 1. You will be searching for your qualifying investment.
If Real Estate: This is the most common path. Your lawyer’s role here is crucial. Before you finalize a purchase, they will conduct legal due diligence on the property. This check confirms that:
- The title is clean (the seller truly owns it).
- There are no mortgages, liens, or claims against it.
- All building permits and property taxes are in order.
Step 6: Transfer Funds
You will transfer the full investment amount (e.g., €400,000 or €800,000) plus all the associated purchase costs (taxes, legal fees, etc.) from your bank account abroad directly into your new Greek bank account.
Step 7: Execute the Investment
Once your funds have cleared, your lawyer will complete the transaction using the POA.
If Real Estate: Your lawyer and a public notary will meet to sign the final purchase contract (Title Deed). Your lawyer will pay the seller from your Greek bank account. The property title is then registered in your name at the Land Registry.
If a Financial Investment: Your lawyer will instruct your Greek bank to execute the purchase of the government bonds or create the €500,000 term deposit.
Phase 3: The Visa Application (Weeks 13-14)
Once the investment is complete, your lawyer assembles your immigration file.
Step 8: Gather All Required Documents
Your lawyer will compile a large dossier. The key documents include:
Proof of Investment: The final property contract and Land Registry certificate, or the certificate from the bank for your bonds/deposit.
Proof of Funds: Bank statements showing the money trail from your foreign account to the Greek account and then to the seller/investment.
Applicant Documents (for all family members):
- Certified copies of your valid passports.
- Recent passport-sized photos.
- A valid health insurance policy covering you in Greece.
Family Status Documents:
- Marriage Certificate (for your spouse).
- Birth Certificates (for your children).
These documents must be recent and Apostilled in your home country. Your lawyer will then have them officially translated into Greek.
Step 9: Submit the Application & Get the “Blue Paper”
Your lawyer submits this entire dossier to the correct Ministry of Migration and Asylum office.
The moment the application is successfully filed, you and your family are issued a “Blue Paper” (Veveosi). This is an official receipt that serves as a temporary residence permit, typically valid for one year. With this paper, you can legally live in Greece while you wait, but you cannot use it to travel to other Schengen countries.
Phase 4: Biometrics & Final Approval (Months 3-12+)
This phase involves waiting and the one step you must do in person.
Step 10: Wait for Processing
The Greek government will now process your application. This is currently the longest part of the journey. Depending on the region’s backlog, this can take anywhere from 2 to 9 months, or sometimes longer.
Step 11: The Biometrics Appointment
This is the one and only step you must do in person.
Once your application is submitted (or sometimes after it’s pre-approved), your lawyer will book an appointment for you and all your family members (children over 6) at the immigration office.
You must travel to Greece for this appointment.
At the office, you will have your fingerprints taken, your photo captured, and provide a digital signature.
You can do this at any time while your application is processing (while you hold the “Blue Paper”), up to 12 months after submission.
Step 12: Receive Your Residence Card
After your biometrics are submitted and your application is formally approved, the government will print your final Golden Visa residence card. This is a plastic e-permit, similar to a driver’s license, valid for five years.
Your lawyer can pick up these cards for you and mail them to you, meaning you do not need to travel to Greece a second time just to collect them.
Dependents:
The Greece Golden Visa program is one of the most generous in the EU regarding family inclusion, allowing for the residency of three generations under a single investment.
The following dependents can be included in the main applicant’s Golden Visa:
1. Spouse/Partner
Spouse: The legally married spouse of the main applicant.
Registered Partner: A partner with whom the main applicant has a cohabitation agreement (Civil Partnership Agreement) officially drawn up and registered in Greece.
2. Children (Direct Descendants)
The permit is granted to the direct unmarried children of the applicant and/or their spouse, under certain age restrictions:
Children under the age of 21: All unmarried children of the main applicant and their spouse (including adopted children) who are under the age of 21 at the time of application are immediately eligible.
Extension until age 24: Once the child turns 21, they can apply for a three-year independent residence permit, which is then renewable until they reach the age of 24.
If a child is older than 24, they may have to pursue an alternative legal route or make a separate, qualifying investment to secure their own permit.
3. Parents and In-Laws (Direct Ascendants)
This is a key feature that distinguishes the Greek Golden Visa from many other EU programs.
Parents of the Main Applicant: The investor’s own parents (mother and father) are eligible.
Parents of the Spouse/Partner (In-Laws): The parents of the applicant’s spouse or registered partner are also eligible.
Visa Validity
The Greece Golden Visa is an Investor’s Permanent Residence Permit initially valid for five years and is indefinitely renewable for subsequent five-year periods.
Crucially, unlike many other visa types, the Greece Golden Visa does NOT require the main applicant or their family members to live in Greece for any minimum period of time to maintain or renew the permit.
After legally residing in Greece for seven years, the investor and their family members may become eligible to apply for Greek citizenship (and thus, an EU passport), provided they meet additional requirements such as proving adequate knowledge of the Greek language, history, and culture.
Useful Links:
Greece ministry of foreign affairs：https://www.mfa.gr/en/visas/
Greek long stay visa application form：https://www.mfa.gr/missionsabroad/images/visas/national/application_for_a_visa_for_a_long_stay_in_greece.pdf