A Comprehensive Guide to Long-term Residency in Greece
Country Profile:
Greece is situated at the crossroads of Europe, Asia, and Africa. It is a member of both the European Union and the Schengen Area and is renowned globally for its rich cultural history, vibrant tourism sector, strategic shipping industry, and strategic location.
Currently, Greece ranks as the world’s 54th largest economy and the 11th largest in the Euro zone, classifying it among developed nations. The service and shipping sectors are vital components of its economy.
Capital: Athens
Population: 10,413,982 (2023, 89th)
Ethnic groups: Greek 91.6%, Albanian 4.4%
Area: 131,957 km2 (95th)
Offical Language: Greek
Currency: Euro
GDP per Captial: $41,188 (2024 estimated, 52nd)
How To Become A Resident In Greece:
Greece’s most well-known immigration program is its Golden Visa scheme, where foreigners can obtain a renewable five-year Golden Visa by investing a minimum of 250,000 euros.
This is currently the largest investment immigration program in the world.
In addition, Greece offers five primary categories of long-term residence permits, including options for family reunification, refugees, and work visas. For those without direct ties to Greece, aside from the Golden Visa, there are two particularly suitable pathways for relocation:
A financially independent person visa requiring a monthly passive income of over 2,000 euros;
A digital nomad visa requiring a monthly income of at least 3,500 euros from remote work.
For most Greek long-term residence visas, the main applicant’s spouse, children under 18, and economically or mentally dependent children over 18 can settle locally as dependents.
The digital nomad visa cannot be converted into permanent residency but allows you to reside locally for up to four years.
All other long-term residence permits can be renewed indefinitely under the original conditions.
After legally residing in Greece for five years (staying at least 183 days each year, with a total absence of no more than 10 months over five years), foreigners can apply for Greek permanent residency;
After legally residing in Greece for seven years, if you can demonstrate integration into Greek society, good moral character, and basic knowledge of the Greek language and culture, you can apply for a Greek passport through naturalization.
Golden Visa:
Who is eligible for a Greek Golden Visa?
The Greek Golden Visa program, initiated in July 2013, allows foreigners to obtain a 5-year long-term residence permit through investments in local real estate, deposits, funds, government bonds, and other fields. This permit can be continuously renewed by maintaining the investment, thereby preserving the right of residence.
The specifics of the Greek Golden Visa program have evolved almost every year. Currently, there are seven investment options available:
1. Real Estate Options: There are two primary real estate investment options:
Invest over 500,000 euros in real estate projects in prominent areas of Greece, such as Mykonos, Santorini, Thessaloniki, and most municipal districts of Athens.
Alternatively, invest over 250,000 euros in real estate projects in other regions of Greece.
Or, you can invest over 250,000 euros in purchasing commercial properties converted to residential use.
2. Hotel or Tourism Venue Leasing: Sign a long-term lease of at least 10 years, worth a minimum of 250,000 euros, with a hotel or tourism industry.
3. Bank Deposits: Deposit over 400,000 euros in a local bank and maintain it for at least one year.
4. Government Bonds: Purchase government bonds worth at least 400,000 euros with a maturity of over three years, or invest over 800,000 euros in Greek corporate bonds.
5. Funds: Invest over 400,000 euros in a Greek or European fund, with the fund’s primary investment focus being Greek real estate or the Greek stock market.
6. Company Stocks: Invest 400,000 euros in the stocks of a Greek company, which can be a real estate company, a closed-end investment company, or other companies endorsed by the Greek government. Different investment types will have different restrictions.
7. Corporate Investment: Corporate entities can invest at least 800,000 euros in bank deposits or government bonds (or invest 400,000 euros in an overall foreign investment exceeding 800,000 euros), allowing a limited number of corporate representatives and senior executives to obtain the Golden Visa.
In addition to the economic requirements, applicants must meet basic conditions such as being over 18 years old, having a clean criminal record, purchasing health insurance applicable in Greece, and having sufficient financial resources to make and maintain the investment.
2024 Greek Golden Visa Policy Changes:
In March 2024, Greece announced a new bill for the Golden Visa program, significantly increasing the required investment amounts for real estate projects. The details of this bill can be summarized into two main points:
1. Introduction of a Tiered Real Estate Investment System:
In Tier 1 areas (Athens, Thessaloniki, Mykonos, Santorini, and other islands with populations exceeding 3,100), the minimum investment requirement for real estate projects has been raised to 800,000 euros.
In other regions of Greece, the minimum investment requirement for real estate projects has been increased to 400,000 euros.
2. Stricter Real Estate Investment Criteria:
To apply for the Golden Visa, investors must purchase a single property of at least 120 square meters to meet the investment requirement.
The purchased property cannot be used for short-term rentals.
The new Golden Visa policy is set to be officially implemented on August 31, 2024. However, investors can submit their applications before September 30, 2024, deposit 10% of the required investment amount, and complete the investment by December 31, 2024, to lock in the previous lower investment thresholds.
How to apply for a Greek Golden Visa?
The legal documents for the Greek Golden Visa are notably complex, and typically require the assistance of an immigration lawyer. The application process for Greek Golden Visa program is as follows:
1. Apply for a Greek Visa: Applicants first need a Greek visa or a Schengen visa to ensure they can enter Greece during the application process for the Golden Visa. Additionally, you can complete the application for a Greek tax number (AFM—Arithmos Forologikou Mitroou) from abroad, open a bank account remotely in a Greek bank, and prepare the required documents.
2. Complete the Investment: Applicants need to confirm their investment option and travel to Greece to make the investment, usually with the assistance of an immigration lawyer, although it is theoretically possible to do it independently.
Required documents generally include: passport and copies, two passport-sized photos, Golden Visa application form, proof of relationship with dependents; health insurance; proof of application fee payment; proof of financial means; proof of investment, etc.
3. Apply for the Visa: After completing the investment, you can begin the application for the Greek Golden Visa. This visa application must be submitted to the Immigration Department at the location of the investment. Investors can complete this step themselves within Greece, or they can leave Greece and have an immigration lawyer handle it on their behalf. However, before leaving Greece, you must complete the biometric data entry, such as fingerprints, for both the primary and dependent applicants.
4. Visa Issuance: The residence visa can be mailed worldwide. Generally, the processing time for the visa is about 40 working days.
Visa duration & Dependents:
The Greek Golden Visa is valid for five years and can be renewed indefinitely, provided the investment is maintained. There are no minimum residency requirements for applicants if you are not pursuing permanent residency.
After legally residing in Greece for five years (staying at least 183 days each year, with a total absence of no more than 10 months over five years), foreigners can apply for Greek permanent residency;
Applicants can also include dependents in their application for residency, including their spouse, children under 18, economically dependent children over 18 who are still studying, and the parents of both spouses.
Start-up Visa:
Through the “Invest in Greece program”, investors who invest more than 1 million Euros locally have the opportunity to secure a renewable visa valid for 10 years.
Similarly, by investing over 300,000 Euros in Greece and meeting other requirements, investors can apply for a Greek start-up visa.
Financially Independent Person Visa:
Who is eligible for a Greek financially independent person visa?
Greece’s Financially Independent Person Visa is aimed at foreigners who have sufficient financial resources to live in Greece without working.
The financial requirement for this visa is a steady passive income of 2,000 euros per month. For a spouse accompanying the applicant, the monthly income requirement increases by 400 euros, and for each accompanying child, it increases by 300 euros per child.
This income must derive solely from passive sources, such as deposits, rental income from real estate, dividends, or pensions. Earnings from wages or business profits are not considered.
Another, more straightforward application method involves depositing 48,000 euros in a state-owned Greek bank without withdrawal. This amount is calculated by multiplying the monthly income requirement by the visa duration of 24 months. If dependents are accompanying, the deposit requirement is adjusted accordingly.
For applicants under 65 years old, especially during the peak visa application season, proving passive income can require extensive documentation. Depositing funds locally is a quicker and more convenient method for applying for this visa.
It is also important to note that the Financially Independent Person Visa in Greece has a minimum residency requirement. To maintain the visa, holders must reside in Greece for at least 183 days each year, thus becoming a local tax resident.
How to apply for a Greek financially independent person visa?
The application process for Greece’s Financially Independent Person Visa consists of two steps: applying for a D-type visa at an overseas embassy and converting it into a residence card after entering Greece:
1. Overseas Application for a Special Visa: You need to first gather the required documents and visit the nearest Greek consulate for an in-person interview.
Required documents include: Passport valid for at least three months after the expiration date of the visa;
Certificate of criminal record of the applicant by the competent authorities of the country of origin;
Medical certificate by a recognized public or private institution, proving that the applicant doesn’t suffer from a disease capable of being dangerous to the public health according to the international standards of the World Health Organization
Evidence, such as bank, social security, pension statements proving that you have the necessary annual income of 2.000 Euros/month (additional funds, 20% for a spouse, 15% for each child)
Certificate that the applicant has applied to a medical insurer for full coverage of his medical care and expenses during his staying in Greece
This D-type visa is valid for one year and, if no additional materials are required, the processing time is about 10 days.
2. Conversion to a Residence Card upon Entry to Greece: After obtaining the special visa, you must enter Greece within three months, have yourr fingerprints recorded at the Greek Ministry of Migration and Asylum, and convert the visa into a two-year Greek residence card.
For this step, the required documents include:
Application form in two (2) copies
Four (4) recent colored passport photographs
True copy of valid passport or equivalent travel document recognized by Greece, together with valid visa
Stamp Fee- to be issued by the Greek Tax Authority
Certificate that the applicant has applied to a medical insurer for full coverage of his medical care and expenses
Evidence that the third – country national has sufficient funds, at the level of consistent annual income
Visa duration & Dependents:
The Greek financially independent person residence permit has a validity of two years and can be renewed indefinitely under the same conditions once it expires. Applicants are required to spend at least 183 days each year in Greece to maintain their visa.
After legally residing in Greece for five years, foreign nationals are eligible to apply for permanent residency. However, it’s important to note that FIP visa holders may encounter complex and cumbersome procedures during their application for permanent residency.
Digital Nomad Visa:
Who is eligible for a Greek digital nomad visa?
Since September 2021, Greece has been offering a digital nomad visa to non-EU remote workers. Applicants for this visa must be remote workers with a stable monthly income of at least 3,500 euros. If a spouse is accompanying the applicant, the required monthly income rises to 4,200 euros. Additionally, for each child accompanying them, the financial requirement increases by 15%, which is an additional 525 euros.
Applicants are also required to fulfill several basic criteria: they must have a valid passport, no criminal record, and health insurance that provides coverage in Greece.
How to apply for a Greek digital nomad visa?
Starting January 2024, Greece has discontinued the domestic application channels for digital nomad visas, meaning all applicants must now apply from outside Greece, through Greek embassies or consulates abroad, and secure a visa before traveling to Greece.
The Greek digital nomad visa application process can be simplified into the following two steps:
First, prospective applicants need to prepare all necessary documents, download and fill out the application form from the provided link, and then schedule an in-person interview at a Greek embassy or consulate.
The required documents include: an application form, two passport-sized photos, a passport valid for more than three months, proof of self-employment or remote employment; a cover letter; bank statements, proof of company finances; local accommodation details; proof of health insurance, a return ticket, a criminal record certificate, and a medical examination certificate.
Following the interview, the processing time for the visa is 10 working days, during which an application fee of 75 euros is required. Once the visa is issued, the applicant will receive a digital nomad visa from the Greek Ministry of Migration and Asylum, which allows travel to Greece at any time.
How long can I stay in Greece with a digital nomad visa?
Work Visa:
Securing a Greek work visa requires an employment guarantee from an employer within the country,which is not easy to obtain at the moment.
Foreigners can also enter and live in Greece for work purposes by applying for an EU Blue Card.
Taxation:
Foreign individuals who stay in Greece for a minimum of 6 months within a year are automatically classified as tax residents.Greece has a 50% tax reduction program, where foreigners who have lived in Greece for at least 2 years can apply to have all their taxes halved.
Since December 2019, Greece has introduced a two-year tax exemption policy for foreigners who invest more than 500,000 euros locally. Foreign nationals who meet this criterion can opt to pay a fixed tax amount of 100,000 euros during these two years.
The income tax in Greece follows a progressive model, with the tax brackets set as follows: For monthly income between 1,200 and 16,000 Euros, the income tax rate is 18%; for monthly income between 16,000 and 22,000 Euros, the tax rate is 24%; for monthly income between 22,000 and 26,000 Euros, it’s 26%; for monthly income between 26,000 and 32,000 Euros, it’s 32%; for monthly income between 32,000 and 40,000 Euros, the rate is 36%; for monthly income between 40,000 and 60,000 Euros, it’s 38%; for monthly income between 60,000 and 100,000 Euros, the tax rate is 40%; and for monthly income exceeding 100,000 Euros, the tax rate is 45%.
Passport Power:
Greece recognizes dual citizenship, and is a member of the European Union and belongs to the Schengen Area. Its passport is ranked 4th globally and allows free travel (visa-free or visa on arrival) to 191 countries and regions around the world (as of Apr 29th, 2024).
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
Greece digit nomad visa official site：https://workfromgreece.gr/