If I am from America, Canada, the UK, Australia, or another non-EU country, what options do I have for buying a home in Greece with a Golden Visa? What are my alternatives to the Golden Visa?
What is the Greek Golden Visa?
The Golden Visa program in Greece is a residency-by-investment program. By purchasing real estate above a certain price in Greece, you are eligible to apply for the Golden Visa, which grants residency, restriction-free Schengen Zone travel in Europe, and family inclusion.
What Changed About the Greek Golden Visa?
For the Attica region (Athens), Regional Units of Thessaloniki, Mykonos, Santorini, and the Greek islands with a population over 3,100 inhabitants, the minimum price for a Golden Visa is now 800,000 Euros. For all other areas of Greece, the minimum price of a property to apply for a Golden Visa is now 400,000 Euros.
Another important change is that the property used to obtain a Golden Visa can no longer be used for short-term rentals.
What Are My Options?
If you are an EU resident, you can basically skip this article, as the new legislation is not relevant to you. You can still buy every property you wish, use it the way you wish and stay in Greece for as long as you wish.
If you are a non-EU resident buying a home in Greece, the new Golden Visa minimums apply. You have the following options:
1. Buy a Property of At Least 400,000 Euros
The 400,000 Euro threshold applies to properties on the Greek mainland (besides Athens and Thessaloniki) and also to properties on the small Greek islands of fewer than 3,100 residents.
You can use this home in Greece as a holiday home or as a permanent home for your retirement, as long as you don’t rent it out through platforms like AirBnB or Booking.com.
2. Buy a Property of At Least 800,000 Euros
The 800,000 Euros threshold applies to properties in Athens, Thessaloniki, or one of the Greek islands with more than 3,100 residents.
You can use this home in Greece as a holiday home or as a permanent home for your retirement, as long as you don’t rent it out through platforms like AirBnB or Booking.com.
3. Buy a Commercial Property of At Least 250,000 Euros, and Convert it into a Residential Property
When you invest in specialized real estate that you plan to convert from a commercial property into a residential property, or to restore a registered building, regardless of location or size, you only need to buy 250,000 Euros worth of real estate in Greece.
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4. Apply for a Different Visa in Greece
There are other Visas besides the Golden Visa you get with property investment. Some common Visa options are the Startup Golden Visa, the FIP (Financially Independent Person) Visa and the Digital Nomad Visa.
Startup Golden Visa
Greece’s newest Golden Visa grants you residency in Greece if you invest in a Greek startup. Under the new initiative, third-country nationals can apply for a five-year residence permit with a €250,000 investment in a Greek startup.
This new Golden Visa was just announced by Kyriakos Mitsotakis, the Prime Minister of Greece, and he plans to start accepting applications in January, 2025.
What are the Requirements for the Startup Golden Visa?
To qualify, you need to acquire shares or equity in a startup in Greece, and you cannot hold more than 33 percent of a company’s total share capital or voting rights. Also, the startup needs to create at least two new jobs within one year of its creation and to keep these jobs for at least five years.
If the investment is made with a Greek-established legal entity, the investor needs to be the sole owner of the company. Alternatively, if you make the investment with a foreign legal entity (from the UK, US, Canada, etc), up to three shareholders can be eligible for the Golden Visa. In these cases, each investor holds at least 33 percent of the company’s shares.
Investors can also invest funds into venture capital frameworks, such as equity mutual funds, but for this the minimum investment to apply for a Visa is 500,000 euros.
When Can I Apply for the Startup Golden Visa?
The program is set to launch on January 1, 2025. The eligible companies are in the national startup register, Elevate Greece. You can find the participating companies here.
How Long Does a Startup Golden Visa Last?
The initial Greek Startup Visa will be for one year, and then it can be renewed every two years as long as the investor still meets the program’s requirements.
Greek Digital Nomad Visa
Yes, Greece has a special Visa for digital nomads. With the Greece Digital Nomad Visa, you can work remotely for any employer outside of Greece. It also goes by the name “Greece nomadic visa.”
To qualify for a Digital Nomad Visa, you need to fulfil these requirements:
- You must be a non-EU citizen.
- You must prove that you are a digital nomad.
- You must prove that you will work with telecommunications.
- You must be able to show an employment contract with a company that is registered outside Greece.
- Your monthly salary must be at least €3,500.
The Benefits of Being a Digital Nomad in Greece
Working remotely in Greece has many benefits. Among the benefits, you will have a great quality of life, whether you choose to be a digital nomad in a city like Athens or Thessaloniki or on a slow-paced Greek island in the Aegean. You will be able to enjoy the beautiful weather in Greece, the healthy Mediterranean diet, and active nightlife with many other young people at tavernas in the evening.
Find out more about the Greek Digital Nomad Visa in our complete guide.
5. Buy a Home in Greece Without a Golden Visa
You can still buy a home in Greece without a Golden Visa. In fact, this is a popular option, especially if you plan to rent out your home in Greece. If you buy a home in Greece without a Visa, you can stay in Greece for 90 days every six months.
The advantage of buying a home without a Golden Visa is that you can still enjoy Greece for your holidays, you can buy a property anywhere in Greece at whatever price you like, and you can rent it out as much as you want.
Steps of Getting a Golden Visa in Greece
1. Start with Property Selection: We’ll guide you in finding the ideal property that aligns with your investment goals.
2. Handle Legal Requirements: Secure your Greek Tax Number and bank account, with the option for power of attorney.
3. Finalize Your Property Purchase: Our legal experts will manage due diligence, agreements, and the public deed.
4. Prepare Your Visa Application: We’ll help you gather and organize all necessary documentation, making the process seamless.
5. Complete Biometric Submission in Greece: Experience Greece while fulfilling this key step.
6. Receive Your Golden Visa Approval: Begin enjoying the benefits of Greek residency!
7. Secure Your Long-Term Stay: Renew your visa every five years for continued access to Greece.
