A Guide to the changes to the Greek Golden Visa

Greece has always been one of the most desirable Mediterranean countries for British nationals to consider as a country to relocate when retiring. The Greek Golden Visa, a visa providing residency by investment, is aimed at non-European Union countries and developed to bring foreign direct investment (“FDI”) to boost the Greek economy. The Greek Golden Visa offered one of the most economically viable visa options in Europe.

The central Mediterranean location and temperate climate and the diverse and beautiful landscapes ranging from sandy beaches in the coastal areas and the islands to the spectacular mountainous regions. One of the other attractions is the relaxed quality of life that Greece encompasses. The unique cultural history is a significant draw for many people, Greece has an extraordinary heritage unlike any other.

Investments Permitted under a Golden Visa

The investments that lead to a Greek Golden Visa are:

• Real estate purchase, both residential or commercial, to the value of €250,000 and in some regions, such as Athens, Mykonos, Santorini and Thessaloniki, this rises to €500,000. The level of investment may rise to €800.000. In the case where a married couple buy a property jointly, the right of residency extends to both parties.
• Share purchase from €400,000 in a share capital increase or bonds issued on a bond loan for Greek-based companies listed on the Greek stock market.
• A payment of at least €400,000 to a real estate investment company aiming to invest exclusively in Greece.
• A minimum contribution of €400,000 to acquire shares of a private equity fund or to a venture fund provided the funds are invested exclusively in companies with headquarters or are established in Greece.
• The purchase of Greek government bonds to a minimum of 400,000 euros and a residual maturity of at least three years from the time of purchase, through a credit institution based in Greece.
• The deposit of €400,000 in a national credit institution for a minimum of one year with a standing order for its renewal
• The purchase of shares, corporate bonds and/ or of Greek government bonds traded or available for trade on regulated markets or in multilateral trading facilities operating in Greece with a minimum value of €800,000.
• The acquisition of stakes of a minimum value of €400,000 in a mutual fund established in Greece, or elsewhere, that intends to invest exclusively in shares, corporate bonds and/or in Greek government bonds.
• The purchase of stakes or shares to the value of €400,000 in an alternative investment fund established in Greece or in another EU country that intends to invest exclusively in real estate in Greece.

Documentation required for an application

The documentation required to support an application for a Greek Golden Visa:

• Four current colour passport-size photographs of the applicant
• Two copies of the application form
• A valid passport
• Evidence of medical insurance
• Payment of the application fee
• Evidence of a clear criminal record
• A fee paid and obtained through the “e-Paravolo” platform

Whilst an applicant can submit an application themselves, it is highly recommended that you are guided by a Greek Lawyer, (dikigoros), this will ensure that there are no omissions in the application form and all the required documentation is present and valid.

Demetri Bezaintis, an associate, commented “The Greek Golden Visa is considered one of the most advantageous Golden Visas, it is extended to non-EU citizens. The Golden Visa renewal process requires the application to simply confirm that the property remains in their possession.

Benefits of a Golden Visa

• Unfettered travel and short stays across the Schengen area which comprises of 26 European countries

• There is no distinction between residential real estate and commercial real estate
• After seven years of residency, you may qualify for naturalisation in Greece
• Direct family members can be included (family reunification) – spouse, minor children and direct ascendants and descendants.
• Minor children can benefit from the Greek educational system

Giambrone & Partners has extensive expertise in successfully guiding our clients through the process of obtaining a range of visas. Our meticulous lawyers will execute a detailed exercise to ensure that your application is sound and all your documentation is valid and identify the best visa option for you. Our lawyers will support you through the entire process and smooth the path to your retirement.

Demetri Bezaintes is an SRA-regulated Registered Foreign Lawyer (RFL) in England & Wales and a qualified Greek lawyer (dikigoros). Demetri manages the Greek desk in London. Prior to qualifying as a lawyer in Greece, between 2007-2012, he managed properties in Athens, ensuring a steady and reliable source of income for the landlords. During his time in Athens, he often liaised with real estate agents and mortgage brokers to find the best available transactions for his international clients who wished to invest in Greece. 

Demetri has an extensive network of real estate professional ranging from real estate agents, who will help our clients acquire their dream home; as well as architects/engineers/decorators who can help with any renovation required and also property managers to advise our clients who acquire properties aiming to rent, either as holiday homes to tourists or permanent homes for people relocating to Greece.

He approaches cross-border jurisdiction matters with a comprehensive view, based on his knowledge of both civil and common law. Demetri also has experience of assisting high net-worth individuals (HNWI) with the complexities of real estate transactions arising from the Golden Visa scheme. 

If you would like to know more about how to obtain a Greek Golden Visa please contact Demetri’s clerk Bruno Diniz BD@giambronelaw.com or please click here.