Expats can purchase a wide range of Greek Golden Visa properties to obtain Greek residency, ranging from luxury villas in Mykonos to classic maisonettes in Athens.
The array of qualifying real estate property has contributed to the growing popularity of Greece Golden Visas among expat investors eager to embrace the Mediterranean lifestyle.
Keep reading as we provide insights into the Greece property market, walk you through the steps for investing in Greece real estate to obtain a Greek residency permit, and offer details on the updated Greek Golden Visa cost for real estate investment.
Investing in Real Estate to Obtain a Golden Visa in Greece
The Greek Golden Visa program provides the lucrative opportunity to buy property to obtain a Golden Visa and a permanent Greek residence permit. Compared to other Golden Visa programs offered by EU countries, the low investment threshold of €250,000 makes the Greek program highly accessible and attractive to expat investors.
Buying commercial and residential properties qualifies foreign buyers for a Golden Visa in Greece, allowing foreign buyers to acquire a new residence or an investment property such as hospitality accommodation. This flexibility enhances the appeal of the Greek Golden Visa.
Eligible Golden Visa Properties in Greece
The Greek property market provides an expansive range of real estate options that meet your needs. Investors can obtain a Golden Visa card and move to Greece permanently by purchasing properties, including:
- Residential condominiums
- Hotel resorts
- Commercial buildings
- Luxury villas
- Maisonettes
- Agricultural land
Applicants to the investor immigration program choosing the real estate investment must purchase or lease Golden Visa properties that meet specific requirements – mainly that the investment meets the minimum value of €250,000.
Updated minimum investment amount for real estate investments
The Popularity of the Golden Visa in Greece led to the Greek government raising the bar for specific real estate investments. The previous threshold stood at €250,000 for real estate purchases and leases nationwide. However, effective 31 July 2023, the threshold increased to €500,000 for investments in designated regions, including northern and central provinces, the South Athens Attica region, and the municipalities of Thessaloniki, Mykonos, and Santorini.
It should also be noted that investors can qualify for Golden Visa in Greece through joint ownership, provided the investment of applicants applying for Golden Visas meets the minimum threshold for the program.
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What to Consider When Investing in a Greece Golden Visa Property
Before investing in any property in Greece, you must ensure it is a legal and lawful investment following the Golden Visa properties’ requirements list. Knowing what to look for is the first step in investing in real estate to qualify for a Golden Visa in Greece.
It is essential to verify that the property you select is situated within Greek territory, as Greece comprises numerous islands (ranging from 1,200 to 6,000) interspersed with Turkish islands in the Aegean Sea.
The next step is to assess the properties Greece has on the market. While you can hardly go wrong with property acquisition in Greece, it is advisable to take into account the following criteria before making your decision:
Renovation
Investors acquiring Greek permanent residency through purchasing Greece Golden Visa houses or commercial properties should be advised that Greek homes and commercial real estate may need renovation as many properties are old or neglected.
Check to see if the infrastructure has been taken care of. The property’s purchase price may qualify for a Golden Visa in Greece to obtain permanent residence. Still, unexpected maintenance and renovation costs might be significant after you acquire the property.
Legal registration and ownership
Any property development or registration issues might affect your Greece Golden Visa application. Avoid complications by thoroughly examining ownership history before buying property in Greece.
For example, some Greek houses may not be legally registered in the title deed. Consulting specialists familiar with the country’s bureaucracy can avoid issues. Should you sign a long-term lease for a commercial property, familiarizing yourself with rental income taxes in Greece is crucial.
Location
The choice of location plays a pivotal role in real estate acquisition for securing a Golden Visa in Greece. If you intend to retire in Greece, acquire a vacation home, move to Greece with family, or invest in a rental property in a popular Greek tourist hotspot, various factors must be taken into account.
Lifestyle
Lifestyle elements such as the cost of living and infrastructure are significant considerations for non-EU nationals seeking a foreign country to acquire permanent residency. Dreaming of living in Greece by buying property on one of the Greek islands will mean considering the slower pace of life in those regions before investing in eligible Golden Visa properties.
Property Investment Requirements for a Greece in Golden Visa
Real estate, capital transfer, capital contribution, and shares or bonds are the four main investment routes for obtaining a Greece Golden Visa. The following are the specific requirements and details of each of these investment routes to help you understand how they can lead to residency in Greece:
Investment amount
Investors must purchase real estate property in Greece worth a minimum value of €250,000. The investment requirement for Greek properties in northern and central provinces, the South Athens Attica region, and the municipalities of Thessaloniki, Mykonos, and Santorini is €500,000.
Property types
The investment can be in any property type, including residential, commercial, industrial properties, or land. Properties purchased can consist of one or several Greek properties, provided the total investment meets the minimum requirement.
Joint ownership
Joint ownership is allowed, provided each co-owner applying for a Golden Visa invests the minimum sum required for the program. For example, joint investors who make a collective investment to buy property in Greece worth €500,000 can both qualify for the Golden Visa if they each contribute €250,000 to the purchase.
Leasing and timeshare
Buying property isn’t the only option to obtain a Golden Visa in Greece; investors can meet the investment requirement through a ten-year lease of hotel accommodations or furnished tourist residences. Like purchases, the minimum amount of the lease must reach €250,000 over ten years or €500,000 in specified regions.
Alternative investments to obtain a Golden Visa
- Capital transfer of at least €400,000 to a Greek bank account
- Invest at least €400,000 in a company based or established in Greece, excluding investment and real estate investment companies
- Invest at least €400,000 in a Greek venture capital fund, an alternative investment fund, or a mutual fund
- Invest at least €400,000 in a real estate investment company exclusively operating in Greece
- Purchasing shares of companies listed on the Greek stock exchange worth at least €800,000
- Purchase Greek government bonds worth at least €400,000
The Greece Golden Visa program provides investors a path to residency and extends this opportunity to their family members. You can enjoy your new life in Greece with your loved ones.
After holding a Greek real estate investment for five years, Golden Visa holders can exchange their residence permits for unconditional permanent residency. Seven years of residence is required for permanent residents to obtain Greek citizenship. Obtaining Greek citizenship by naturalization requires continuous residence for all seven years and passing a Greek language test.
Take a look at our Ultimate Guide to the Greece Golden Visa Program
Best Places to Buy Property to Obtain a Golden Visa in Greece
Athens
Properties in Athens offer a blend of ancient history with a modern touch. As Greece’s capital and largest city, the real estate landscape is diverse, with options ranging from elegant neoclassical apartments in the city center to contemporary maisonettes overlooking the Acropolis.
Thessaloniki
Greece’s second-largest city caters to a wide range of preferences and budgets. The city boasts a blend of restored buildings and townhouses lining cobblestone streets. Modern luxury apartments can be found along the waterfront area of Nikis Avenue. Thessaloniki is home to many Greece residence permit holders from the Golden Visa program.
Mykonos
Mykonos is renowned as a party paradise and haven for luxury living. Famous for its dazzling beaches, including Paradise and Super Paradise, the island attracts sun-seekers and partygoers worldwide. The island offers lavish white villas and high-end apartments with breathtaking views of the Aegean Sea.
Santorini
Property in Santorini epitomizes the essence of Cycladic, with iconic architecture spread across the island. Like Mykonos, foreign buyers can find whitewashed villas as well as cave houses and luxury resorts that make worthy investments to qualify for the Golden Visa.
Crete
As a popular destination for seniors who retire in Greece, investors will find expats living in all types of homes on the island, from rural villas to contemporary apartments. Its coastline stretches for hundreds of miles, offering American retires and expats many coastel Greece Golden Visa properties for sale.
Rhodes
The largest island of the Dodecanese islands, Rhodes offers a range of properties, from traditional village homes to apartments and commercial buildings within its ancient city walls. The city has quaint villages with rich heritage, suitable for investors seeking a Golden Visa residence card though buying property with historical charm and authenticity.
Taxes on Greek Golden Visa Properties
There are specific Greek property taxes investors are liable to pay when purchasing and owning property in Greece. The primary Greek taxes include:
- Transfer tax: 3.09 percent of the property value
- Value-Added Tax (VAT): 24 percent on the sale of new buildings
- ENFIA (Unified Tax on the Ownership of Real Estate): Annual property tax of €0.0037 to €9.25 per m2
Residents and non-tax residents are liable to pay taxes on property they buy and own. Foreigners may be able to reduce their taxes if Greece has a double taxation treaty with their home country.
Additionally, foreigners who obtain a Golden Visa in Greece can qualify for one of Europe’s best tax incentive programs. The Greece Non-Dom Tax regime provides several tax benefits, including the option of an annual lump sum tax instead of income tax on foreign income.
How Can Global Citizen Solutions Help You?
Global Citizen Solutions is a boutique migration consultancy firm with years of experience delivering bespoke residence and citizenship by investment solutions for international families. With offices worldwide and an experienced, hands-on team, we have helped hundreds of clients worldwide acquire citizenship, residence visas, or homes while diversifying their portfolios with robust investments.
We guide you from start to finish, taking you beyond your citizenship or residency by investment application.
Frequently Asked Questions about Greece Golden Visa Properties
Can I get permanent residency if I buy property in Greece?
Buying an eligible property can qualify investors for a Greece residence permit under the Greek Golden Visa scheme. The minimum value of the property investment must be €250,000 or €500,000 if the property is located in northern or central provinces, the South Athens Attica region, the municipalities of Thessaloniki, Mykonos, or Santorini. Provided you maintain your investment and follow the requirements of the Golden Visa, you will acquire permanent residency status in Greece.
An investment through the Greece Golden Visa program grants permanent residence. You can renew your permanent residence permit every five years if you maintain your investment.
Can you get a mortgage for a Golden Visa in Greece?
Obtaining a mortgage to buy a Golden Visa property in Greece is possible. Greek banks and financial institutions offer mortgage options to both Greek citizens and foreign investors, including those acquiring property as part of the Golden Visa program.
However, the minimum real estate investment must be financed entirely by the investor’s own assets or external funding from overseas to be eligible for the program. A mortgage provided by a Greek financial institution can only cover the additional investment amount that exceeds the qualifying investment required for the investment program.
What is the Greek Golden Visa?
Launched in July 2013, the Greece Golden Visa program is a permanent residency by investment scheme that provides a Greek permanent residence permit to third-country nationals (non-EU/EEA and non-Swiss) in exchange for a real estate investment in Greece with a minimum investment threshold.
Can an investor buy commercial property to obtain a Golden Visa in Greece?
Investors can buy commercial properties to obtain a Golden Visa in Greece. The Greek Golden Visa program allows investors to qualify for residency by investing in various real estate types, including commercial properties such as office buildings, retail spaces, and hotels.
What are the stay requirements for the Greek Golden Visa?
The great thing about the Golden Visa in Greece is that there are no stay requirements to maintain permanent residence status. The only prerequisite to enjoying unrestricted travel is maintaining the investment to renew permanent residency every five years.
For Golden Visa holders to obtain Greek citizenship by naturalization, applicants must have lawfully resided in Greece continuously for seven years, with a minimum of 183 days of physical residency each year and possess fluency in the Greek language.
