The Residence Permit in Greece offers several advantages, which include:
Living in Greece without limitations throughout the permit's validity, without the requirement of becoming a tax resident of the country.
Enjoying the freedom to travel within the Schengen area and reside in any Schengen territory for up to 90 days within a six-month period.
Gaining access to public health services in Greece, ensuring access to medical care and facilities.
Being eligible to enroll in the public education system in Greece, allowing children and adults to benefit from the country's educational opportunities.
Types of Residence Permit
This residence permit allows foreigners to reside on the territory of Greece and to travel freely throughout the Schengen area, but does not provide the right to work.
Residence permit in Greece for financially independent persons
1) Visa of type D
It is necessary to provide the following package of documents:
Passport
Health certificate with Apostille stamp
Certificate of criminal record with Apostille stamp
An official document confirming a permanent official monthly income of two thousand euros (2.000,00 euros) and above, with a surcharge of 20% of the above amount for the spouse and 15% for each minor child
2) Upon arrival in Greece with visa of type D
It is necessary to provide the following package of documents:
Application
Two (2) color photographs whose specifications are identical to passport photos, on paper, and also in the digital format JPEG2000 on an optical disc (CD)
Certified copy of a valid passport or travel document.
State duty in electronic form in accordance with the provisions of Article 132 of Law 4251/2014, where necessary.
Health insurance agreement with a private Greek insurance company, where it is permitted by applicable law.
Official documents confirming that the person concerned has sufficient means of subsistence in the form of a stable annual income, the amount of which is determined by a joint decision of the ministers
Visa type D (certificate of criminal record, minimum monthly income 2,000.00 euros)
Official bank document confirming that the person concerned has an amount corresponding to a minimum of funds sufficient for the existence of his personal bank account in Greece.
Lease agreement or a sales contract of any value.
The owed payment is also allowed.
▪ The residence permit is issued for the period of two years with the possibility of a subsequent extension for two years
▪ The right to residence permits is given to minors under 18 years of age
Residence permit in Greece for property owners
It is necessary to provide the following package of documents:
Passport with a valid visa of any Schengen member country
Purchase and sale agreement on the property and the certificate of the agreement’s registration in the competent Land Register
or
Copy of the notarial contract of rent of tourists’ accommodation
Certificate of registration issued by the competent Land Registry in which the relevant lease agreement is registered
or
Purchase and sale agreement of an agricultural or land plot and a construction contract for the construction / reconstruction of an apartment building, registered with the tax authority, and
Building permit issued in the name of the applicant, and
Invoices of the builder / constructors and the corresponding receipts for payment,
or
Lease agreement concluded for a period of not less than ten years and
Certificate of registration issued by the competent Land Register, and
Certificate issued by the Hellenic National Tourist Organization that it was informed of the conclusion of the lease agreement
Type C visa issued by any Schengen member country
The availability of funds in a bank account in Greece is not a condition
Purchase and sale agreement or lease worth more than 250.000,00 euros. Full payment of the cost is made by bank transfer.
The residence permit is issued for a period of five years
The right to residence permit is granted to children under 21 years of age and the applicants’ parents
From the beginning of 2023, according to No. 385/28.12.2022 of the 75th Circular of the Greek Ministry of Justice, in a number of regions the minimum investment amount has doubled. The changes will take effect from 1.08.2023
The value of real estate investment changes from two hundred and fifty thousand euros (250.000 €) to five hundred thousand euros (500.000 €) in the following regions:
Vari-Voula-Vuliagmeni, Attica region;
Southern, Northern and Central sectors of Athens;
Thessaloniki, Central Macedonia;
Islands of Santorini and Mykonos, South Aegean region.
Please note that only one (1) property over €500,000 can be purchased in these regions.
Cost of residence permit in Greece
According to the program “Golden Visa”
Owner
Spouse
Minor children (all children, under 21)
Parents (each)
For financially independent persons
Owner
Spouse
Minor children (all children, under 18)
Parents (each)
Greece Golden Visa Program Update Summary 2024
Higher Investment Required in Prime Areas: The minimum investment amount for real estate has increased. There are now two zones:
- Zone 1 (Higher Investment): 800,000 EUR. This applies to Athens, Thessaloniki, Mykonos, Santorini, and islands with over 3,100 residents. This includes some islands previously at 500,000 EUR and many previously at 250,000 EUR.
- Zone 2 (Lower Investment): 400,000 EUR. This applies to all other regions of Greece.
Minimum Property Size: All investments must be in a single property with a minimum size of 120 square meters.
Exceptions for Lower Investment:
- Conversions: You can still invest 250,000 EUR if converting commercial property to residential use, regardless of location or size.
- Listed Building Restoration: Investing 250,000 EUR in a listed building for full restoration remains an option. The property cannot be sold until restored, and completion is required for Golden Visa renewal.
Short-Term Rentals Restricted: Renting your Golden Visa property through services like Airbnb is no longer allowed.
Transition Period: If you pay a 10% deposit by August 31, 2024 and finalize the investment by December 31, 2024, you can still qualify under the previous minimum (250,000 EUR).
Other Golden Visa rules remain the same.
FULL TEXT OF THE AMENDMENT BILL
Article 100
Investments in real estate (investor’s permanent residence permit)
(Residence permit “type B.5.”)
1. With a decision of the Secretary of the Decentralized Administration, a residence permit for five (5) years, with the possibility of renewal, is granted to a citizen of a third country, who:
a) Has entered the country legally with any entry visa, or resides legally in the country, even if the residence permit he holds does not allow a change of purpose.
b) Has, by full ownership and possession immovable property in Greece. In cases of undivided co-ownership with an acquisition value at least equal to that defined in par. 2, the right of residence is granted, only if the co-owners are spouses or partners who have entered into a cohabitation agreement. Otherwise, the right of residence is granted, only if the percentage of each co-owner is of a value equal at least to that defined in par. 2
c) Has, by full ownership and possession of immovable property in Greece with an acquisition value of at least equal to the one defined in par. 2, through a legal entity based in Greece or another EU member state, whose stocks or corporate shares he owns entirely
d) Has entered into a long-term contract of complex tourist accommodation, according to par. 2 of article 8 of Law 4002/2011 (A’ 180) or a timeshare rental contract of tourist accommodation, according to Law 1652/1986 (A’ 167), of a value at least equal to the one defined in par. 2.
e) Is an adult and has acquired full ownership and possession, as a result of interstate succession or as a result of succession due to a will, or through parental donation, of immovable property of an objective value equal at least to the one defined in par. 2.
2. For the Region of Attica, the Regional Unit of Thessaloniki of the Region of Central Macedonia, the Regional Units of Mykonos and Thira of the South Aegean Region and for the islands with a population according to the latest census, of more than three thousand one hundred (3,100) inhabitants , the minimum value of the real estate at the time of its acquisition, as well as the total contractual rent of the contracts of point (d) of paragraph 1 hereof is set at eight hundred thousand (800,000) euros.
In the case of the investment through the purchase of real estate in the areas of the above section, the investment is carried out in a single property.
Specifically, if it is an already constructed/built property, or a property for which a building permit has been issued, a minimum surface area of one hundred and twenty (120) square meters is required. In the case of investment through purchase in undivided co-ownership percentage of a property, the minimum value of the co-ownership percentage is set at eight hundred thousand (800,000) euros, subject to the conditions of the previous paragraphs.
b) For the rest of the regions of the country, the minimum value of the real estate at the time of its acquisition, as well as the total contractual rent of the contracts of point (d) of paragraph 1 hereof is set at four hundred thousand (400,000) euros.
In the case of the investment through the purchase of real estate in the areas above, it is carried out in a single property. Specifically if it is a constructed/built property, or a property for which a building permit has been issued, a minimum surface area of one hundred and twenty (120) square meters is required.
Inthe case of investment through the purchase of an undivided coownership percentage of a property, the minimum value of the co-ownership percentage is set at four hundred thousand (400,000) euros, subject to the conditions of the previous paragraphs
c) Specifically in cases of investment through purchase in real estate, and provided that the property’s main areas are converted into residential use, the minimum value at the time of its acquisition is determined at two hundred and fifty thousand (250,000) euros.
The above terms also apply in cases of investment through purchase in immovable property which consists of an industrial building, or part of an industrial building, or within which an industrial building is situated, exclusively if for the last five (5) years at least there was no established and operating industry in it.
The investment of the above section is carried out in a single property and the conversion of the use must be completed before submitting the application for the granting of the investor’s permanent residence permit. In the cases of the above sentences, the conversion of use can also be carried out by the seller.
In the case of investment through the purchase of an undivided co-ownership percentage of a property, the minimum value of the co-ownership percentage is set at two hundred and fifty thousand (250,000) euros, subject to the conditions of the previous paragraphs.
d) In cases of investment through the purchase of real estate consisting of listed buildings that are to be restored or reconstructed, or parts of listed buildings, or real estate within which a listed building is located, the minimum value at the time of its acquisition is set at two hundred and fifty thousand (250,000) euros.
The investment of the above section is carried out on a single property.
In the case of investment through the purchase of an undivided co-ownership percentage of a property, the minimum value of the coownership percentage is set at two hundred and fifty thousand (250,000) euros, subject to the conditions of the previous paragraphs.
Transferring of the ownership of the real estate asset of this section before the completion of the full restoration or reconstruction is void.
3. The minimum value of the immovable property at the time of its acquisition, as well as the total contractual rent of the leases of hotel accommodation or tourist residences herein, as derived from the notarial deeds of purchase, and, in case the purchase is subject to the payment of a credited price, from the corresponding, legally transcribed, notarial acts of repayment and removal of dissolution clause, or the lease contracts, respectively, determined according to par. 2, must have been paid in full before submitting the request for the granting of the permanent investor residence permit.
4. Citizens of third countries – holders of an investor’s permanent residence permit may renew their residence permit, for an equal duration each time, as long as the real estate remains in their ownership and possession or the contracts of par. 1 remain in force and the other conditions are met of the present.
Exceptionally for the cases of citizens of third countries – holders of a permanent residence permit of an investor who have implemented an investment of case (d) of paragraph 2, an additional requirement for the first renewal of their residence permit is the implementation of the full restoration of the real estate and/or its total reconstruction, regardless of the cause of the deterioration or collapse or demolition of the building, or parts of it.
Periods of absence from the country do not constitute an impeding reason for renewing the residence permit.
5. The agreed price or rent is paid in full in the following ways: a) by two-line bank check to the beneficiary’s account held at a credit institution operating in Greece, b) by credit transfer, according to section 24 of the article 4 of Law 4537/2018 and c) through a POS installed by a payment service provider, which operates in Greece, by charging the buyer’s bank credit or debit card, to the beneficiary’s payment account held at a payment service provider, according to paragraph 11 of article 4 of Law 4537/2018, which operates in Greece. The above payment can also be made by the buyer’s spouse or relatives by blood or by marriage up to the second degree. All the above provisions also cover the payments that have taken place with the above payment methods from 1.1.2017 until today. All particulars of the payment, including in particular the identification details of the seller, the buyer and any third party payer, the payer’s payment account number, their address, their official personal document number, the payer’s identification number or their birthdate and of his place of birth, the method of payment and the relevant payment accounts of credit for the payer and debit for the beneficiary,, as well as the solemn declaration of the buyer about the marital relationship or kinship with a third payer, are declared and submitted responsibly by the contracting parties before the Notary Public who drafts the contract and are referenced in it.
6. The third country citizen, when submitting the application for the granting of the permanent residence permit of an investor, submits a certificate from the notary who drew up the notarial acts of sale or the lease contracts of point d) of paragraph 1, which certifies the details of the contracting parties, the details of the property, the method of payment of the agreed price or rent and all the specific details of making the payment, in accordance with the provisions hereof, the existence of any dissolution clause, as well as whether the specific property has been used by the seller for the issuance of a permanent investor’s residence permit. In cases of acquisition due to sale, a copy of the investor’s real estate data declaration (E9) is submitted.
7. Citizens of third countries, owners of real estate, are given the possibility to rent out their properties.
7A. The properties acquired in full ownership by citizens of third countries for the initial granting or renewal of an investor’s residence permit, are prohibited from being rented out short term in the context of the sharing economy, and also to be subleased/sub-rented.
In addition, the properties acquired by full ownership by citizens of third countries for the initial granting or renewal of an investor’s permanent residence permit under the conditions of point (c) of paragraph 2 are not allowed to be used as a company headquarters or branch.
In case of non-compliance with the provisions of the first and the second sentences, the residence permit is revoked and an independent administrative fine of fifty thousand (50,000) euros is imposed on the owners and/or holders of the property.
In case of non-compliance of the provisions of the second sentence of paragraph 4, an independent administrative fine of one hundred fifty thousand (150,000) euros is imposed on the owners and/or holders of the property.
In case that a contract to transfer the ownership of the property is signed despite the prohibition set out at case (d) of paragraph 2, the residence permit is revoked and an independent administrative fine of one hundred fifty thousand (150,000) euros is imposed on the owners and/or holders of the property.
The fines of the present paragraph are considered public revenue and are collected in accordance with the Public Revenue Collection Code.
8. The resale of the real estate during the validity of the residence permit to another citizen of a third country, gives the right to grant a residence permit to the new buyer with the simultaneous revocation of the seller’s residence permit.
9. Residence permits granted under this article do not establish any right of access to any form of employment.
10. The residence permit is issued within two (2) months from receipt of all the elements of the file to the issuing authority.
11. In case of entering into a contract for the sale of a property at any price, the seller, a citizen of a third country, must provide a certificate from the locally competent Aliens and Immigration Service of the Decentralized Administration, mentioning whether the specific property has been used for the issuance of an investor’s permanent residence permit. The above applies accordingly in the case of the sale of a property by a legal entity, the shares of which are wholly owned by a citizen of a third country, in accordance with point c) of paragraph 1.”
2. (typical authorization provisions)
3. Investor residence permits that have been granted to citizens of third countries under paragraph B of Article 20 of Law 4251/2014 (A’ 80), the special conditions of Article 92 of Law 5007/2022 (A’ 241) or the conditions that were in force before the entry into force hereof remain in force and are renewed, as long as the conditions that were in force at the time of their grant continue to be met.
4. Under the requirements of article 92 of Law 5007/2022 (A’ 241) citizens of third countries may finalize their investment by December 31, 2024 subject to the conditions that were applicable until the entry into force of the present (amendment), under the condition of an advance payment of ten percent (10%) on the purchase price or the total contractual rent of the contracts of para. d) of par. 1 of article 100, or the payment of the agreed price or rent in accordance with par. 5 of article 100, either by signing a notarial preliminary agreement or by signing a private agreement of certified date and submitting relevant proof of credit from the buyer’s bank regarding the remittance of the amount of the advance payment to the seller’s account until August 31st, 2024.
If the purchase of the property or properties of the previous paragraph is not completed, the citizen of a third country may complete his investment in another, or other properties under the conditions that applied before the entry into force of the present (amendment), under the requirements of article 92 of Law 5007/2022, and no later than April 30, 2025 in any case.
