Q and A:

What is the Greek “Golden Visa”?

It is the granting of a five-year residency visa in Greece, potentially leading to the acquisition of Greek citizenship, to citizens of third countries (outside the E.U.) legally entering or living in Greece and buying real estate property in the country exceeding 500.000 Euros (for properties located in the center of Athens and the Northern and Southern suburbs, in Thessaloniki, Mykonos and Santorini) and 250.000 Euros for properties located in the rest of the country.

Can this 5-year period be extended?

Yes, it can be renewed every five years, provided the property stays under the ownership of the visa holder throughout the duration of visa, irrespective whether the holder had been physically present in Greece or not.

Is this property transferable?

Yes, and the new owner is entitled to a visa; however, the seller’s visa will be revoked.

Should the ownership Title be under the name of the applicant?

Yes, but it can also be under the joint name of the spouses, or even under the name of a legal entity, the shares of which belong to the applicant by 100%.

Does the property need to be currently purchased or can it already be under the ownership of the applicant?

The latter, provided that its value had been or currently is at least 250.000 Euros.

Are there any other alternatives to the purchase of property?

Yes, long term (10 years or more) leases of hotels or tourist resorts and time-sharing leases, of equivalent rent value (of 500.000 Euros or 250.000 Euros, depending on where the property is located) paid up.

How should the sale or rent price be paid?

Through a personal non-transferable bank check or a bank transfer to the seller’s account in Greece. Details of payment should be mentioned in the conveyance Deed.

Does the property need to qualified as a residence or as a commercial property?

It can be either.

How about the purchase of a vacant lot that will be developed?

Fine, provided that the total value of the land and the contract with the developer/builder, exceeds 500.000 Euros or 250.000 Euros (depending on where the property is located).

Can two or more persons buy a property (Title in multiple names) and qualify for the Visa?

Yes, provided the threshold of 500.000 Euros or 250.000 Euros (depending on where the property is located)is met for each one.

Can more than one properties be purchased, each one valued for less than 500.000 Euros/ 250.000 Euros, but of total value more than this?

For properties where the 500.000 Euros is applicable, the value of 500.000 Euros applies for the purchase of a single property. For properties located in other areas of Greece, more than one properties can be bought of value of more than 250.000 Euros, irrespective of whether they are characterized as residential, commercial, property to be renovated, or even vacant land.

Can the buyer rent the property or does he/she have to live in it? Can he get a mortgage on it?

It can be rented out or get a mortgage on it.

Are family members of the main applicant entitled to the Visa?

Yes, including the spouse, children of either spouse under 21 years of age and the (spouses’) parents.

Can the visa holder travel to the EU?

Yes, the visa holder and the family members may travel in the European Union Schengen area for up to 3 months every 6 months time period with multiple entrances.

Can the visa holder work in Greece?

No, but he can set up a company as a shareholder or be a CEO.

Other documents required?

A clear criminal record, private hospital/medical insurance and evidence of family status (for the family members). Foreign documents need to be “apostil” certified or consularised and translated into Greek by the Greek Ministry of Foreign Affairs or a qualified Greek lawyer.

How long does it take for the visa to be granted?

Approximately two months or more after the accomplishment of the purchase and the submission of the full file to the competent Public Authority.

Do I have to employ a Greek lawyer for the above procedure?    
      It is not compulsory but lawyers may definitely assist the procedure to become effective and fast.

February 2023

[Disclaimer: The present Q + As do not constitute a legal opinion or analysis. For such opinion/analysis to be rendered and provided to client, specific case particulars, facts, events, documents etc. must be submitted to attorney’s attention, whereupon attorney will advise the client vis-à-vis the same. Attorney bears no responsibility if any generalised or summarised legal advice, such as the advice provided above, ultimately fails to apply in client’s specific case, as generally described at this stage before attorney is retained to represent client]