The Greek Golden Visa is one of the most popular programs for global investors; the program currently has a backlog of over 27,000 applicants, even with the minimum investment recently doubling in some areas.

Greece has shown it can attract talented and wealthy foreign investors, with the program running for over five years. In 2023 alone, it generated over €1.5 Billion for the Greek economy, making a substantial impact on the country's GDP.

The program offers a unique opportunity for individuals and their family members to reside in the tranquil and safe country of Greece. Americans, in particular, have shown increasing interest in the program as a gateway to European residency, with applications from U.S. citizens rising significantly in recent years.

In a world where global mobility and dual citizenship are increasingly sought after, the Greek Golden Visa emerges as a beacon of opportunity, especially when compared to other EU member state programs.

Investment Options Beyond Real Estate

While real estate remains the most popular choice, the Greek Golden Visa program offers diverse investment pathways, including corporate bonds. Investors can purchase Greek corporate bonds with a minimum value of €500,000, held through a Greek bank account. This option appeals particularly to those seeking a more liquid investment vehicle while still securing residency rights.

Benefits of the Greek Golden Visa

The Greek golden visa opens the door to unparalleled freedom; you have the flexibility to stay as long as you wish in Greece – as there are no minimum physical presence requirements. Along with this, you can work towards a highly sought-after European Union passport with unparalleled visa-free access and the ability to live, work, and study in all EU member states.

When acquiring a residence permit in a Schengen area country, you have the ability to spend unlimited time in the entire zone; you can ski in the Alps or boat around the Mediterranean as much as you desire.

Having a residence permit in Europe's Schengen area removes the need for arduous visa planning.

Comparison with Other EU Programs

Portugal's Golden Visa program has traditionally been a strong competitor to the Greek program, requiring investments starting from €500,000 for most real estate options. However, Portugal recently implemented significant changes to its program, making Greece's offering more attractive to many investors.

Italy also maintains a competitive residency by investment program, though with higher investment thresholds starting at €2 million for government bonds or €500,000 for innovative startups. The Italian program particularly appeals to investors interested in the country's industrial and innovation sectors.

Greek Golden Visa Application Process

The Greek golden visa stands as one of the most efficient pathways to both Greek residency and Schengen Zone access, with most golden visa applications receiving approval in under 120 days. This streamlined program, recognized across EU countries for its simplicity, requires careful attention to investment requirements while offering significant benefits. For real estate investments, the program maintains a minimum investment threshold of €250k in most areas. However, premium locations including the northern and southern provinces, the south Athens Attica region, and the municipalities of Thessaloniki, Mykonos, and Santorini require a higher investment of €500k.

The cornerstone of a successful application lies in proper legal documentation, where notaries serve as crucial facilitators in the process. A Greek notary must authenticate all property purchases and prepare the final deed, ensuring compliance with both local and EU regulations. For American investors pursuing this path to EU residence, the process requires additional steps: securing a document apostille from U.S. authorities, obtaining official translations of all documentation, and arranging a notarized power of attorney if unable to be personally present during proceedings.

Investment Verification and Banking

The program offers diverse investment requirements beyond traditional real estate investment. Investors can secure their path to Schengen Zone access through various options, including purchasing Greek government bonds, acquiring venture capital fund shares, or investing in real estate investment companies. Alternative routes include establishing a fixed-term deposit with a minimum value of €500k or committing to a ten-year hotel accommodation or tourist residences lease agreement.

Benefits and Mobility Rights

Upon approval, golden visa holders gain unprecedented access to both Greece and the broader European community. This includes the right to travel freely throughout the Schengen Zone, spanning 27 EU countries, making it an attractive option for global investors seeking European mobility. The initial five-year residence permit opens doors across the EU, while maintaining the investment provides a stable foundation for long-term European residency.

Banking and Investment Maintenance

The verification process requires establishing a Greek banking relationship and maintaining clear documentation of investment activities. Whether choosing real estate investment or alternative investment options, all transactions must be properly documented and verified through the Greek banking system. This ensures compliance with both national regulations and EU standards, while facilitating smooth movement of capital within the European Union.

Long-term Considerations

The golden visa program offers more than immediate Schengen Zone access; it provides a foundation for deeper integration into the EU community. While the initial investment requirements focus on financial commitment, the long-term benefits extend to potential permanent residency and citizenship opportunities within the EU framework. This makes the program particularly attractive for families seeking sustained presence in Europe through various investment pathways.

By maintaining the qualifying investment and complying with program requirements, visa holders secure their position within both the Greek and broader European context. Whether leveraging real estate opportunities in Thessaloniki or exploring venture capital investments, the program provides a stable platform for establishing a lasting European presence.

The Greece Residency Process

The initial greece residency permit process involves several key steps:

The first step to acquiring your Greek Golden visa is to confirm you meet the eligibility requirements of being a non-EU citizen and possessing a clean criminal record.

Next, you'll obtain a Greek tax identification number as the main applicant, also known as an AFM. At this stage, there's no requirement to visit Greece, and you can get your AFM remotely.

Once you have your AFM, it enables you to open a Greek bank account in a simple process that can also be completed remotely with power of attorney.

Once you have a Greek bank account, you will use it to make the required investment for the golden visa, for example, purchasing a real estate property.

When you've made the qualifying investment, you can now submit your application, along with the required documents for you and your dependents, and complete due diligence. You will also need to purchase medical insurance valid in Greece.

Once your application has been provisionally approved, you must visit Greece to submit biometric data and then receive your residence permit.

A Smooth Path to Greek Citizenship

The Greek Golden Visa program offers an advantageous path to citizenship, blending investment opportunities with the allure of becoming a Greek citizen. The journey from obtaining a Greek residence permit to acquiring Greek citizenship is long but well worth it.

The Greek Golden Visa is essentially a residency program, serving as a stepping stone toward citizenship. It begins with acquiring a residence permit, allowing you to apply for citizenship if certain conditions are met. However, it's crucial to understand that the Golden Visa itself does not automatically grant the right to citizenship.

Timeframe

Transitioning from a Golden Visa holder to a Greek citizen is a process that requires time and adherence to specific residency requirements. Although the Golden Visa can be obtained relatively quickly, the journey to citizenship is lengthier. Applicants must maintain seven years of residency before they can apply for citizenship. For the entire seven years, they must be a Greek tax resident.

Requirements

To be eligible for Greek citizenship, Golden Visa holders must demonstrate a genuine connection to Greece. This involves residing in the country for a substantial amount of time each year (usually over 183 days), integrating into the Greek community, and showing proficiency in the Greek language. Additionally, maintaining the investment that qualified them for the Golden Visa is essential throughout this period.

Benefits of Greek Citizenship

Acquiring Greek citizenship unlocks a myriad of benefits, significantly enhancing one's global mobility and quality of life. The advantages extend far beyond basic residency rights, offering holders a comprehensive suite of privileges across the European Union and globally.

Greek Passport Benefits

Greek citizens have access to some of the best visa-free travel on Earth, with the ability to visit 175 countries without a visa. This includes:

  • Immediate access to all EU/EEA countries
  • Visa-free travel to major business hubs like the United Kingdom, Japan, and Singapore
  • Visa on arrival in many emerging markets
  • Simplified visa processes for the United States, Canada, and Australia
  • Priority lanes at EU airports and border crossings
  • The ability to maintain dual citizenship, allowing retention of your original nationality

EU Citizenship Advantages

Greek citizens are also EU citizens, unlocking a comprehensive set of rights across the European Union:

  • Freedom to live and work in any of the 27 EU member states
  • Access to EU-wide healthcare systems through the European Health Insurance Card
  • Right to study at any EU university with domestic student rates
  • Ability to start and operate businesses across the EU without additional permits
  • Protection under EU law and diplomatic support from any EU embassy worldwide
  • Access to EU-wide consumer protection and financial services

Political Rights and Civic Participation

Full political participation rights in Greece extend beyond basic voting privileges:

  • Right to vote in all Greek elections (local, national, and European)
  • Eligibility to stand for public office at all levels
  • Participation in EU parliamentary elections
  • Right to join political parties and civic organizations
  • Ability to serve on local councils and community boards
  • Full access to public sector employment opportunities
  • Right to participate in public consultations and referendums

Cultural Integration Benefits

The opportunity to fully immerse in the rich Greek culture and lifestyle offers numerous advantages:

  • Access to Greece's public healthcare system
  • Eligibility for Greek pension and social security benefits
  • Right to purchase and own any type of property without restrictions
  • Access to Greek public education system at all levels
  • Participation in cultural heritage programs and events
  • Ability to pass citizenship to future generations
  • Integration into local community networks and associations

Economic Opportunities

Unrestricted access to the European Single Market removes all barriers to trade and business:

  • Freedom to establish and operate businesses across the EU
  • Access to EU business grants and funding programs
  • Ability to open bank accounts and access financial services across the EU
  • No trade barriers or customs duties within the EU
  • Access to EU professional qualification recognition
  • Participation in EU public procurement opportunities
  • Access to European Investment Bank funding and programs

Additional Financial Benefits

Greek citizenship also provides several financial advantages:

  • Access to Greek and EU investment opportunities
  • Ability to purchase and own strategic assets
  • No restrictions on capital movements within the EU
  • Access to EU financial markets and banking systems
  • Tax planning opportunities within EU frameworks
  • Access to EU business development programs
  • Eligibility for EU agricultural subsidies and grants

Family Benefits

Greek citizenship extends valuable benefits to family members:

  • Automatic citizenship for future generations
  • Simplified naturalization process for spouses
  • Access to family reunification programs
  • EU-wide education opportunities for children
  • Access to EU family support programs
  • Inheritance rights under EU law
  • Access to family-related social benefits

These comprehensive benefits make Greek citizenship particularly valuable in today's globalized world. The combination of international mobility, economic opportunities, and social benefits provides citizens with unprecedented freedom and security. For investors and their families, these advantages represent not just immediate benefits but long-term value that can span generations.

Alternatives to the Greek Golden visa

Malta has a less popular golden visa program, with the ability to acquire permanent residency through the purchase or lease of a property, plus some other financial contributions amounting to €28k if a property is purchased or €58k if leased.

This is along with a donation of €2000 to a non-governmental organization plus a non-refundable administration fee of €40k.

This will get you a permanent residence permit in Malta, enabling you to work towards citizenship and spend unlimited time in the Schengen area.

Spain also has a popular golden visa program with a minimum €500k property investment and a processing time of just 20 days. This visa is highly attractive, but one substantial downside is the 10-year path to Spanish citizenship. This is unless you are a Sephardi Jew or a citizen of Equatorial Guinea, Latin America, or the Philippines; in this case, the time to citizenship is reduced to just two years.

The main alternative to golden visa programs is golden passport programs; both work in a similar fashion, except with golden passports, you acquire citizenship in exchange for your investment or donation.

Some of the most popular Golden Passport programs are Turkey, Vanuatu, and Grenada, all allowing you to become a citizen in less than four months. These programs are best suited to individuals who need a second citizenship and need it quickly.

### Conclusion

The Greek Golden Visa is an attractive route for those seeking to invest in Greece and eventually acquire citizenship. It presents a unique blend of investment opportunities and the charm of Greek life, culminating in the prized possession of an EU passport. While the journey to citizenship requires commitment and adherence to specific requirements, the resulting benefits are substantial and life-changing.