100 FAQs on the Greece Golden Visa Program Eu Residency Eu Passport
Published Date: 21 Aug, 2024
The Greece Golden Visa program is a highly sought-after residency-by-investment scheme that offers non-EU citizens the opportunity to secure a five-year residency permit in Greece by investing in real estate. This comprehensive FAQ guide answers 100 of the most frequently asked questions about the program, covering essential topics such as the investment process, property requirements, legal guidelines, and the path to obtaining Greek citizenship.
Key Highlights of the FAQ Overview:
- Eligibility and Investment Requirements: Learn about the minimum investment needed (€250,000), the types of properties that qualify, and the eligibility criteria for the Golden Visa.
- Process and Legal Guidance: The FAQs provide a step-by-step breakdown of the entire process, from selecting a property with the help of Aland’s real estate experts to navigating the legal complexities with GH Legal, a trusted European law firm.
- Benefits and Advantages: Understand the benefits of the Golden Visa, including visa-free travel within the Schengen Zone, the potential for future citizenship, and no requirement to reside in Greece to maintain residency.
- Renewal and Citizenship Path: Detailed explanations on how to renew the Golden Visa, the conditions for maintaining residency, and the steps required to apply for Greek citizenship after seven years.
- Practical Considerations: The guide also addresses practical questions about property management, tax implications, and the inheritance laws applicable to Golden Visa holders.
This FAQ guide serves as an invaluable resource for anyone considering the Greece Golden Visa, providing all the necessary information to make informed decisions and secure a successful investment in Greece’s real estate market. With the support of Aland and GH Legal, investors can confidently navigate the process and enjoy the benefits of Greek residency and citizenship.
General Overview of the Greece Golden Visa Program
- What is the Greece Golden Visa?
Answer: The Greece Golden Visa is a residency-by-investment program that grants non-EU citizens a five-year residency permit in exchange for investing in Greek real estate. This visa can be renewed indefinitely as long as the investment is maintained. - Who is eligible for the Golden Visa in Greece?
Answer: Non-EU citizens who invest at least €250,000 in Greek real estate are eligible for the Golden Visa. This includes the investor, their spouse, children under 21, and dependent parents. - What is the minimum investment required for the Golden Visa?
Answer: The minimum investment required is €250,000 in Greek real estate. - What types of investments qualify for the Golden Visa?
Answer: Qualifying investments include residential, commercial, or land properties. The investment can be in a single property or a portfolio of properties that collectively meet the €250,000 threshold. - Can I invest in multiple properties to reach the minimum investment?
Answer: Yes, you can combine multiple properties to meet the €250,000 minimum investment requirement. - Is the Golden Visa program only for real estate investments?
Answer: While real estate is the primary investment option, the program also accepts investments in certain Greek bonds, shares, or bank deposits, though these options are less common. - What are the main benefits of the Golden Visa?
Answer: Benefits include residency in Greece, visa-free travel within the Schengen Zone, the potential for future Greek citizenship, and no requirement to reside in Greece to maintain the visa. - Does the Golden Visa grant me the right to work in Greece?
Answer: The Golden Visa provides residency but does not automatically grant the right to work. However, you can manage your own business in Greece. - How long does it take to process the Golden Visa application?
Answer: The processing time is typically 2 to 3 months from the submission of a complete application. - What is the duration of the Golden Visa residency permit?
Answer: The Golden Visa is valid for five years and can be renewed indefinitely as long as the investment is maintained. - Can the Golden Visa be renewed, and how often?
Answer: Yes, the Golden Visa can be renewed every five years, provided the investment is still in place and all other conditions are met. - What happens if my property value decreases after obtaining the Golden Visa?
Answer: A decrease in property value does not affect your residency status as long as you retain ownership of the property. - Is there a minimum stay requirement to maintain the Golden Visa?
Answer: No, there is no minimum stay requirement. You are not required to live in Greece to maintain the Golden Visa. - Can family members be included in the Golden Visa application?
Answer: Yes, the Golden Visa covers the investor, their spouse, children under 21, and dependent parents of both the investor and their spouse. - How many family members can be included in the application?
Answer: There is no strict limit on the number of family members, as long as they meet the criteria (spouse, children under 21, dependent parents). - Can I rent out my property while holding the Golden Visa?
Answer: Yes, you can rent out your property and generate rental income while holding the Golden Visa. - What are the tax implications of owning property in Greece under the Golden Visa?
Answer: Property owners are subject to property taxes in Greece. Additionally, rental income is taxed at progressive rates. Greece has double taxation treaties with many countries, which may reduce the tax burden. - Can the Golden Visa lead to Greek citizenship?
Answer: Yes, after seven years of continuous residency in Greece, Golden Visa holders may apply for Greek citizenship, provided they meet certain conditions. - What are the requirements for applying for Greek citizenship through the Golden Visa?
Answer: Applicants must have lived in Greece for seven years, demonstrate integration into Greek society (e.g., language skills), and meet other legal requirements. - Is it possible to sell the property after obtaining the Golden Visa?
Answer: Yes, you can sell the property, but the new owner must be a non-EU citizen who also wishes to obtain the Golden Visa, or else your residency permit will not be renewed. - Can I apply for the Golden Visa remotely?
Answer: Initial steps, such as property selection and legal documentation, can be handled remotely, but you must visit Greece at least once for biometric data collection. - What is the role of Aland in the Golden Visa process?
Answer: Aland assists with property selection, investment strategy, and navigating the Greek real estate market to ensure that you find the best investment opportunities for obtaining the Golden Visa. - How does GH Legal support the Golden Visa process?
Answer: GH Legal provides comprehensive legal services, including due diligence, contract drafting, and submission of the Golden Visa application, ensuring compliance with Greek law. - What types of properties does Aland specialize in?
Answer: Aland specializes in luxury villas, apartments, and commercial properties in prime locations like Athens, Crete, and the Peloponnese. - Can I use a mortgage to finance my Golden Visa investment?
Answer: Yes, but the equity must still meet the minimum investment threshold of €250,000. - What are the legal fees associated with obtaining the Golden Visa?
Answer: Legal fees vary depending on the complexity of the transaction and the number of applicants. GH Legal provides a detailed breakdown of costs during the consultation. - Can I apply for a loan to finance the property purchase for the Golden Visa?
Answer: Yes, you can apply for a loan, but the loan amount cannot be counted towards the €250,000 minimum investment; this must be met through equity. - Are there any government fees for the Golden Visa application?
Answer: Yes, there are government fees, including application processing fees and fees for issuing the residency permit. - Can I buy commercial properties for the Golden Visa?
Answer: Yes, commercial properties, including offices, hotels, and retail spaces, qualify for the Golden Visa. - Is it possible to invest in agricultural land for the Golden Visa?
Answer: Yes, agricultural land qualifies as long as the investment meets the minimum value of €250,000. - What are the most popular areas for investment in Greece?
Answer: Popular areas include Athens, Crete, the Peloponnese, Thessaloniki, and the Greek islands like Mykonos and Santorini. - Can I invest in off-plan properties for the Golden Visa?
Answer: Yes, off-plan properties qualify, but the total investment must reach €250,000 by the time of purchase. - What are the risks associated with investing in Greek real estate?
Answer: Risks include market fluctuations, legal disputes, and potential delays in construction for off-plan properties. GH Legal mitigates these risks through thorough due diligence. - Can I transfer my Golden Visa to another property?
Answer: Yes, you can transfer your Golden Visa to another property, provided the new property meets the minimum investment threshold. - How can I ensure the property I am buying is legally sound?
Answer: GH Legal performs detailed due diligence, checking for any legal issues, such as unpaid taxes, liens, or ownership disputes. - What is the process for renewing the Golden Visa?
Answer: The renewal process involves confirming that the investment is still in place, the property is still owned, and all legal requirements are met. GH Legal assists with the renewal application. - Are there any restrictions on the types of properties I can buy for the Golden Visa?
Answer: There are no specific restrictions, but the property must be legally registered, free of encumbrances, and meet the minimum investment threshold. - Can I co-own a property with another investor for the Golden Visa?
Answer: Yes, co-ownership is possible, but each investor must meet the minimum investment requirement to qualify for the Golden Visa individually. - How long does it take to receive the Golden Visa after purchasing the property?
Answer: After submitting the application, it typically takes 2 to 3 months to receive the Golden Visa. - What documents are required for the Golden Visa application?
Answer: Required documents include proof of property purchase, a valid passport, health insurance, and proof of financial means. GH Legal assists in gathering and submitting all necessary documentation. - Can I apply for the Golden Visa if I already own property in Greece?
Answer: Yes, if the property was purchased after the program's inception and meets the minimum investment value of €250,000. - **What happens if I decide to sell my property before the five-year term ends?Here is the continuation of the detailed FAQ on the Greece Golden Visa:
Maintaining and Renewing the Golden Visa
- What happens if I decide to sell my property before the five-year term ends?
Answer: If you sell the property before the end of the five-year term, your Golden Visa will no longer be valid unless you reinvest in another qualifying property that meets the €250,000 threshold. - How can I renew my Golden Visa after the initial five-year period?
Answer: To renew your Golden Visa, you must demonstrate that you still own the property, maintain health insurance, and meet all other residency requirements. GH Legal can assist with the renewal process. - What are the conditions for renewing the Golden Visa?
Answer: Conditions include continuous ownership of the property, compliance with Greek laws, and the payment of all relevant taxes and fees. - Can my Golden Visa be revoked?
Answer: Yes, the Golden Visa can be revoked if you no longer meet the investment requirements, such as selling the property without reinvesting in another qualifying property. - Do I need to pay property taxes while holding the Golden Visa?
Answer: Yes, property owners must pay annual property taxes in Greece. The amount varies depending on the property’s value and location. - What are the ongoing responsibilities of Golden Visa holders in Greece?
Answer: Responsibilities include maintaining property ownership, paying property taxes, and adhering to Greek legal requirements. - Can I transfer my Golden Visa to a new property within Greece?
Answer: Yes, you can transfer your Golden Visa to a new property, provided the new investment meets the minimum required amount. - Can I lose my Golden Visa if I fail to renew it on time?
Answer: Yes, failure to renew the Golden Visa before its expiration could result in the loss of your residency status. GH Legal can help ensure timely renewal. - Can I apply for a Golden Visa renewal online?
Answer: Yes, the renewal process can be initiated online, but certain steps may require in-person visits. GH Legal can manage the process for you.
Property Value and Investment Guidelines
- How is the property value assessed for the Golden Visa?
Answer: The property value is assessed based on the purchase price as listed in the contract, not the market value. The minimum value must be at least €250,000. - Can I invest in properties outside major cities like Athens for the Golden Visa?
Answer: Yes, properties located anywhere in Greece, including rural and island areas, qualify as long as they meet the minimum investment threshold. - How does Aland help in assessing the value and potential of properties?
Answer: Aland provides expert evaluations and market analysis to ensure that you invest in properties with the best growth potential and return on investment. - Can I buy multiple smaller properties to meet the €250,000 requirement?
Answer: Yes, you can purchase multiple smaller properties, and their combined value must meet or exceed €250,000. - What factors influence property values in Greece?
Answer: Factors include location, property size, proximity to amenities, tourism potential, and economic conditions. - Is it better to invest in residential or commercial properties for the Golden Visa?
Answer: Both residential and commercial properties are viable options. The choice depends on your investment goals. Aland can provide guidance on which option aligns best with your strategy. - What are the expected returns on investment in Greek real estate?
Answer: Returns vary depending on location and property type. Rental yields in popular areas like Athens and islands like Mykonos can range from 4% to 7% annually. - How can I maximize the value of my investment property in Greece?
Answer: Maximizing value can be achieved by investing in areas with high tourism potential, renovating properties, or opting for commercial properties with steady rental income. - Does the type of property affect the Golden Visa application?
Answer: No, as long as the total investment meets the €250,000 requirement, the property type does not affect the Golden Visa application. - Can I purchase property with existing tenants?
Answer: Yes, purchasing property with existing tenants is allowed and can provide immediate rental income.
Citizenship Through the Golden Visa Program
- How can I obtain Greek citizenship through the Golden Visa program?
Answer: After seven years of continuous residency in Greece, Golden Visa holders may apply for citizenship, provided they meet additional criteria such as language proficiency and integration into Greek society. - What are the requirements for applying for citizenship?
Answer: Requirements include seven years of residency, proof of integration (e.g., language skills, involvement in Greek community), and a clean legal record. - Does the Golden Visa guarantee citizenship?
Answer: No, the Golden Visa grants residency but does not automatically lead to citizenship. Citizenship is granted after meeting the necessary residency and integration requirements. - Can I hold dual citizenship if I become a Greek citizen?
Answer: Yes, Greece allows dual citizenship, so you can retain your original nationality while holding Greek citizenship. - How long does it take to process a citizenship application?
Answer: The processing time for citizenship can vary, but it typically takes 1 to 2 years after the submission of the application. - What are the benefits of obtaining Greek citizenship?
Answer: Benefits include the right to live and work in any EU country, access to EU social services, and the ability to travel visa-free to many countries worldwide. - Can my family members also apply for citizenship?
Answer: Yes, your spouse and children can also apply for citizenship, provided they meet the residency and integration requirements. - What role does GH Legal play in the citizenship application process?
Answer: GH Legal provides comprehensive support, including preparing the application, ensuring all documentation is complete, and representing you throughout the citizenship process. - Is knowledge of the Greek language required for citizenship?
Answer: Yes, applicants must demonstrate basic proficiency in the Greek language as part of the citizenship application process. - What happens if my citizenship application is denied?
Answer: If your application is denied, GH Legal can help you understand the reasons for denial and explore options for reapplying or appealing the decision.
Additional FAQs and Practical Considerations
- Can I live in other EU countries with the Greek Golden Visa?
Answer: The Golden Visa allows you to travel freely within the Schengen Zone but does not grant the right to live in other EU countries. For this, you would need to apply for residency in those specific countries. - What happens if Greece changes the Golden Visa rules after I obtain my visa?
Answer: Changes to the program typically do not affect existing visa holders. GH Legal will keep you informed of any changes that may impact your status. - Is it possible to lose my Greek citizenship after obtaining it?
Answer: Citizenship can only be revoked in rare cases, such as if it was obtained fraudulently. Once granted, Greek citizenship is generally permanent. - What are the health insurance requirements for the Golden Visa?
Answer: You must have health insurance that covers you in Greece. GH Legal can advise on suitable insurance policies that meet the program's requirements. - Can I include my children who are over 21 in the Golden Visa application?
Answer: Children over 21 cannot be included under your Golden Visa. They would need to apply separately if they wish to obtain residency. - What if my dependent parents want to apply for the Golden Visa?
Answer: Dependent parents of both the investor and their spouse can be included in the application, provided they meet the dependency criteria. - Can I make changes to my property after purchase, such as renovations?
Answer: Yes, you can make renovations to your property. However, any significant changes should comply with local building regulations, which GH Legal can help you navigate. - Can I upgrade my property to a higher value after obtaining the Golden Visa?
Answer: Yes, you can upgrade to a more valuable property, and you may reinvest to meet any new investment requirements if necessary. - Is the Greek Golden Visa affected by my country of origin?
Answer: No, the Greek Golden Visa program does not discriminate based on country of origin, as long as you are a non-EU citizen. - Can I finance my property purchase through a Greek bank?
Answer: Yes, some Greek banks offer financing options to foreign investors. However, the equity portion of your investment must meet the €250,000 requirement. - What are the main advantages of the Greek Golden Visa compared to other EU programs?
Answer: Advantages include a lower minimum investment, no minimum stay requirement, and the potential for family inclusion under a single application. - How does the Greek real estate market compare to other EU countries?
Answer: Greece offers relatively lower property prices with high growth potential, especially in popular tourist areas, making it an attractive investment compared to other EU markets. - Can I purchase multiple properties over time and combine them for a Golden Visa?
Answer: Yes, you can purchase multiple properties over time, and asHere is the continuation of the FAQ on the Greece Golden Visa, focusing on the remaining steps, practical considerations, and other essential information:
Additional FAQs and Practical Considerations
- Can I purchase multiple properties over time and combine them for a Golden Visa?
Answer: Yes, you can purchase multiple properties over time, and as long as their combined value reaches at least €250,000, they can qualify for the Golden Visa. - What is the role of an independent lawyer in the Golden Visa process?
Answer: An independent lawyer, like those from GH Legal, ensures that your interests are protected throughout the process, handling legal due diligence, contract reviews, and compliance with all regulations. - Is the Greek Golden Visa program permanent, or could it be discontinued?
Answer: While there are no current plans to discontinue the program, all residency-by-investment schemes are subject to government policy changes. Existing visa holders are typically unaffected by such changes. - Can I apply for the Golden Visa if I have a criminal record?
Answer: Applicants with serious criminal records may face challenges in obtaining a Golden Visa. GH Legal can provide guidance based on your specific situation. - What are the privacy protections for Golden Visa holders?
Answer: Greece has robust privacy laws that protect your personal information, including details related to your residency and property ownership. - How does Aland help with property management if I do not live in Greece?
Answer: Aland offers property management services, including renting out your property, maintenance, and handling tenant issues, ensuring your investment is well-maintained even if you reside abroad. - What are the benefits of investing in Greek islands like Mykonos or Santorini?
Answer: Investing in popular islands offers high rental yields, especially during the tourist season, and the properties are likely to appreciate over time due to high demand. - Can I buy a property with a friend or business partner and both obtain a Golden Visa?
Answer: Yes, co-investors can both obtain a Golden Visa, provided each person’s share in the investment meets the minimum €250,000 requirement. - What happens if Greece leaves the EU? Will my Golden Visa still be valid?
Answer: If Greece were to leave the EU, existing residency permits would likely be honored under international law, but the ability to travel freely within the EU could be affected. - Can I purchase commercial properties like hotels or retail spaces under the Golden Visa program?
Answer: Yes, commercial properties, including hotels, shops, and office spaces, are eligible investments under the Golden Visa program. - What are the main challenges in obtaining a Golden Visa?
Answer: Challenges may include finding the right property, navigating the legal complexities of a foreign investment, and ensuring timely processing of the application. Aland and GH Legal help mitigate these challenges. - Can the property be purchased under a company name for the Golden Visa?
Answer: The property can be purchased under a company name, but specific conditions apply. The company must be registered in Greece or another EU country, and the investor must be the majority shareholder. - What is the process if I want to sell my property and reinvest in another one?
Answer: You can sell your property and reinvest in another qualifying property without losing your Golden Visa status, provided the new investment meets the €250,000 threshold. - What are the inheritance laws in Greece for Golden Visa holders?
Answer: Inheritance laws in Greece apply equally to Golden Visa holders as they do to Greek citizens. GH Legal can help you navigate these laws and plan your estate accordingly. - How does Aland help in identifying properties with high growth potential?
Answer: Aland uses market analysis, local knowledge, and investment forecasting to identify properties likely to appreciate in value and provide strong returns. - Are there any restrictions on reselling a property acquired through the Golden Visa?
Answer: There are no specific restrictions on reselling the property. However, if you sell the property and do not reinvest in another qualifying property, your Golden Visa may be affected. - What are the benefits of working with Aland and GH Legal?
Answer: Aland offers expert real estate advice, helping you find and purchase properties that meet Golden Visa requirements. GH Legal provides comprehensive legal services, ensuring that the entire process is secure, compliant, and straightforward. - How can I get started with the Golden Visa process?
Answer: To get started, contact Aland for a consultation on property options and GH Legal for legal guidance on the Golden Visa application process. They will guide you through each step, from selecting a property to securing your residency.
These FAQs cover the essential aspects of the Greece Golden Visa program, providing a clear roadmap for potential investors. Aland and GH Legal offer expert assistance throughout the process, ensuring that your investment is secure and that you can enjoy the full benefits of Greek residency.
Date: 21 Aug, 2024
