Golden Visa

The Greek Golden Visa is the five-year “permanent residence permit for investors” of type B.5, granted to third-country nationals who make an eligible investment. The most common route is the purchase of real estate and is governed primarily by Article 100 of Law 5038/2023 (Migration Code), as in force.

The permit:

• grants the right of residence in Greece and free movement within Schengen in accordance with general Schengen rules,
• is valid for five years and is renewed for an equal period as long as the investment is maintained,
• does not require a minimum period of actual residence in Greece for its renewal,
• does not grant the right to dependent or independent employment in Greece,
• does not automatically equate to tax residence or Greek citizenship.

What follows is the procedure with primary emphasis on investment in real estate, which constitutes the standard Golden Visa.

1. Confirmation that the Interested Party is Eligible

The applicant must be a third-country national, i.e., must not hold the nationality of an EU/EEA Member State or Switzerland.

Also required:

• lawful entry into Greece with any valid entry visa or lawful residence in the country,
• valid travel document,
• absence of grounds relating to public order, security, or registration in national or EU entry ban databases,
• private insurance coverage for the applicant and, where required, for family members.

The investor is not required to obtain a mandatory national type D visa, provided they enter lawfully with another visa or are already lawfully residing in Greece. The appropriate D visa remains practically useful when the interested party wishes to organize the investment and permanent settlement from abroad.

2. Selection of Real Estate Investment Category and Minimum Amount

A. Purchase of Real Estate in High-Threshold Areas: €800,000

An investment of at least €800,000 is required for properties located:

• in the Region of Attica,
• in the Regional Unit of Thessaloniki,
• in the Regional Units of Mykonos and Thira,
• on islands with a population exceeding 3,100 inhabitants, according to the latest census.

The purchase must concern a single property. If it is a built property or a property with a building permit, at least 120 sq.m. of main spaces is required.

B. Purchase of Real Estate in Other Areas: €400,000

For any other area of Greece, the minimum price is €400,000.

Here too:

• the investment is made in a single property,
• for a built property or a property with a building permit, at least 120 sq.m. of main spaces is required.

C. Special Cases: €250,000

The minimum amount is €250,000 in the following cases:

Change of Use to Residential

Purchase of a property whose main spaces are converted to residential use. The change of use must be completed before the application for the residence permit.

Industrial Buildings

Purchase of an industrial building, part of an industrial building, or property within which an industrial building exists, provided that no industry operated there for at least five years before the investment and the change of use to residential is completed.

Listed Buildings

Purchase for restoration or total reconstruction of a listed building or part thereof. The investment is made in one property. Transfer is prohibited before its full restoration or reconstruction.

D. Other Eligible Forms of Real Estate Investment

The permit may also be granted through:

• long-term contract in a complex tourist accommodation,
• timeshare lease of tourist accommodation,
• purchase of real estate through a legal entity based in Greece or another EU Member State, provided the investor holds all company shares/stocks,
• acquisition of real estate by an adult through inheritance or parental provision, with an objective value at least equal to the required threshold in each case.

3. Preparation Before Purchase

A. Issuance of Greek Tax Identification Number (AFM) and Appointment of Tax Representative

Before purchasing real estate, the investor usually must obtain a Greek AFM and, when they do not have tax residence or establishment in Greece, appoint a tax representative.

In practice, the following are usually required:

• passport,
• official translation where required,
• power of attorney to a lawyer or other legally authorized person,
• residence details abroad,
• details of the tax representative.

The purchase of real estate does not in itself entail transfer of tax residence to Greece. However, the investor will have tax obligations arising from property ownership, such as ENFIA (Unified Property Tax) and taxation of any income from long-term lease.

B. Opening a Bank Account or Organizing the Bank Payment

Payment of the purchase price must be fully traceable. Before the contract, the following are organized:

• identification details of the buyer, seller, and any third-party payer,
• source of funds and documents for compliance with anti-money laundering procedures,
• the beneficiary’s bank account in Greece,
• the payment method to be stated in the contract.

Payment may be made:

• by crossed bank check,
• by credit transfer/bank wire,
• via POS installed by a payment service provider operating in Greece, with the buyer’s debit or credit card.

Payment is also permitted from:

• the spouse,
• the cohabitant under a cohabitation agreement,
• a relative by blood or affinity up to the second degree,

provided that the relationship and all transaction details are fully declared in the contract.

Council of State Decision 2036/2019 highlighted the importance of strict adherence to the acceptable and provable method of payment. Specifically, under the then-applicable legislative framework, the Court ruled that the price had to be paid by crossed check or bank wire and not by card. Today, Article 100 paragraph 5 of Law 5038/2023 expressly provides for payment via POS under its specific conditions.

C. Legal and Technical Inspection of the Property

Before signing a preliminary agreement or final contract, an inspection must be completed particularly for:

• title deeds and chain of transfers,
• registrable encumbrances, mortgages, pre-notations, seizures, and claims,
• land registry details,
• legality of the building and any unauthorized constructions,
• property use and possibility of change of use, where the special €250,000 category is selected,
• area of main spaces, where the 120 sq.m. threshold applies,
• eligibility of the property for Golden Visa and verification of whether it has already been used by the seller for issuance of an investor permit.

4. Signing the Contract and Registration in the Land Registry

After the inspection:

• the transfer tax and any other taxes/fees are paid,
• the contract is signed before a notary,
• the contract must state in full:
  • the purchase price,
  • the method of payment,
  • the accounts of the payer and beneficiary,
  • the details of the buyer, seller, and any third-party payer,
  • the family or marital relationship of the third-party payer, if any,
  • any resolutive condition and its lifting,
• the contract is registered with the competent Land Registry Office or transcribed, where this continues to be required.

For the Golden Visa application, proof of registration/transcription or, where permitted, a lawyer’s certificate regarding the registrable act is required.

5. Issuance of Notarial Golden Visa Certificate

The notary who drafted the act issues a special certificate, which is a critical supporting document for the application.

The certificate must confirm in particular:

• the details of the contracting parties,
• the details and identity of the property,
• the agreed purchase price,
• the lawful method of payment,
• all details of the banking transaction,
• the existence or absence of a resolutive condition,
• the lifting of the condition and payment in full, when they exist,
• whether the property has been previously used for a permanent investor residence permit.

6. Collection of Documents for the Initial Permit

For real estate purchase, the basic file typically includes:

• valid passport and copies of critical pages,
• valid entry visa, lawful residence title, or certificate of application submission,
• recent photographs according to technical specifications,
• special notarial certificate,
• copy of purchase contract,
• proof of transcription or land registry registration,
• private insurance policy,
• proof of payment of the electronic fee of €2,000 for the main investor,
• proof of full ownership of the legal entity, if the purchase was made through a company,
• officially translated and, where required, apostilled certificates of family status for dependent members.

For special cases, such as change of use, construction, parental provision, inheritance, timeshare lease, or listed property, the specific documents of the respective category are added.

7. Submission of Application and Certificate of Filing

The application is submitted to the competent residence permit service of the Ministry of Migration and Asylum, in the manner provided by the applicable administrative procedure.

Upon full submission of the file, a certificate of application filing is issued. The certificate:

• proves the lawful pending status of the application,
• allows the applicant to remain lawfully in Greece until a decision is issued,
• does not always substitute for the residence permit for every purpose of international movement; therefore, careful verification is required before travel outside Greece.

The administration is obliged to issue the permit within two months from when all elements of the complete file come into its possession.

8. Biometric Data

The applicant is called to appear in person for the collection of biometric data, particularly:

• photograph,
• ten fingerprints.

Physical presence is essential for completing the procedure and printing the residence permit card. The attorney-in-fact may carry out preparatory and submission acts where permitted, but does not substitute for the investor in the collection of biometric data.

9. Issuance and Receipt of the Permit

Provided the file is complete and the substantive conditions are met:

• the type B.5 residence permit is issued,
• its validity period is five years,
• individual permits are also issued for eligible family members,
• the permit is received through the procedure specified by the competent service.

The permit does not allow employment, but does not in principle preclude holding corporate participations or managing a company, subject to the specific rules of corporate, tax, and migration legislation.

10. Family Members Who May Obtain a Permit

The main investor may include:

• the spouse,
• the cohabitant under a cohabitation agreement concluded in Greece,
• unmarried common children under 21 years of age,
• unmarried children of the investor or spouse/cohabitant under 21 years of age, when custody has been lawfully assigned to the respective parent,
• direct ascendants of both spouses or cohabitants.

Children who reach the age of 21 may obtain an independent residence permit of three years’ duration, in accordance with the special provision of Article 100 paragraph 7.

11. Renewal of the Golden Visa

The renewal application must be submitted before the expiry of the five-year permit.

For renewal, the following are particularly required:

• proof that the property remains in the ownership and possession of the investor or that the eligible tourist/timeshare contract continues to be in force,
• valid private insurance policy,
• electronic fee of €2,000,
• specific documents for the respective investment category.

No minimum period of stay in Greece is required. Absences from the country do not prevent renewal, provided the investment continues to exist and the other conditions are met.

For a listed property in the special €250,000 category, full restoration or total reconstruction must be completed at the first renewal.

12. Use and Leasing of the Property

The investor may lease the property on a long-term basis.

However, the following are prohibited:

• short-term rental within the framework of the sharing economy,
• sublease.

For a property falling under the €250,000 category due to change of use to residential, use as the registered office or branch of a business is additionally prohibited.

Violation may result in:

• revocation of the residence permit,
• independent administrative fine of €50,000 on the owners and/or holders of the property.

Illegal transfer of a listed property before completion of restoration or reconstruction entails revocation of the permit and a fine of €150,000.

13. Sale or Transfer of the Property

Maintenance of ownership and possession of the property is a basic condition for renewal.

If the investor sells the property:

• the seller’s Golden Visa is revoked,
• the new buyer may obtain a Golden Visa provided they are a third-country national and meet the applicable conditions.

Before the sale of a property belonging to a third-country national, a certificate from the competent service must be submitted as to whether the property has been used for issuance of a Golden Visa.

14. Transitional Provisions

Earlier investment regimes, such as €250,000 or €500,000 in specific areas, continue to protect permits already granted under the then-applicable terms. These permits are renewed, provided the conditions in force at the time of their grant are maintained.

The special transitional deadlines for completion of investments under the previous regime, which expired essentially by April 30, 2025, do not concern new investments starting today.

15. Alternative Investment Routes

Beyond real property, the Migration Code provides for investment activity permits through financial investments, such as:

• capital contribution of at least €500,000 to a business,
• investment of at least €500,000 in REIC, VCIC, or ACIC under special conditions,
• purchase of Greek Government bonds of at least €500,000,
• time deposit of at least €500,000 in a Greek credit institution,
• portfolio of listed securities of at least €800,000,
• shares in mutual funds or alternative investment organizations, usually at least €350,000,
• investment in an eligible start-up company of at least €250,000, with additional participation and job creation conditions.

These routes have a different investment certification procedure, usually involving the Directorate of Foreign Direct Investment of the Ministry of Development, and should not be confused with the B.5 permit for real estate purchase.

Practical Sequence of Actions

1. Selection of investment category and verification of the required threshold.
2. Issuance of AFM and appointment of tax representative.
3. Preliminary banking and source-of-funds verification.
4. Legal, land registry, technical, and urban planning inspection of the property.
5. Preparation of payment by absolutely traceable means.
6. Payment of transfer tax, signing of contract, and registration in the Land Registry.
7. Issuance of special notarial certificate.
8. Conclusion of private insurance.
9. Submission of application by the investor and family members.
10. Receipt of filing certificate and appearance for biometrics.
11. Issuance of permit within two months from full receipt of the file by the issuing authority.
12. Maintenance of the investment and compliance with use restrictions until each renewal.