FAQ

Becoming a Permanent Resident of Greece has numerous advantages. The freedom to travel freely, visa-free, across all of Europe's Schengen Area member states, is by far the most prominent advantage. Furthermore, after seven years of having a Greek Golden Visa, the person is eligible to petition for Greek citizenship on a conditional basis.

No, although other countries enforce strict ‘stay requirements’, there are no minimum residency stay requirements for Greece. 

There is no need to travel to Greece first. You can travel directly to any country of Europe’s Schengen Area.

Absolutely, Golden Visa holders' children have access to Greece's public education system.

To apply for the Greece Golden Visa Program, the main candidate and their family members must have health insurance. As a result, they will be able to use the public healthcare system.

The Golden Visa comes in the form of a plastic card, similar to a driver’s license.

Yes, the Golden Visa can be revoked, and therefore cancelled, if the applicant's clean criminal record, either in their home country or in Greece, is tainted for any reason after they have earned the Golden Visa.

Individuals are only considered tax residents if they spend more than 183 days in Greece.

Yes, Greece allows Dual Citizenship. 

Following seven years of residence in Greece, a Greek Golden Visa holder can qualify for citizenship through the naturalization process (Law 3284/2004) if they can demonstrate close ties to Greece and financial and social integration within Greek society. The Naturalization Process includes an exam to assess the applicant's understanding of the Greek language and culture.

Once granted Greek citizenship through naturalization, holders can enjoy it for life and pass it down to future generations through descent.

Any immovable property qualifies for the Greece Golden Visa Program (GGVP), provided the investment meets the following minimum thresholds based on location and type:

• In high-demand areas (Attica, Thessaloniki, Mykonos, Santorini, and other inhabited Greek islands), the minimum investment is €800,000 in a single property with a minimum size of 120 square meters.

• In other regions, the minimum investment is €400,000 in a single property with a minimum size of 120 square meters.

• A minimum investment of €250,000 applies to:

1. Listed historical buildings, with no restrictions on size or location.

2. Commercial-to-residential conversions, with no size or location restrictions, provided the conversion happens after April 5, 2024.

In every case, the investment must be made in one property, and ownership must be maintained to qualify for the visa.

No, you must invest in a single property to qualify for the Greece Golden Visa Program, regardless of the investment amount.

Yes, provided the applicant is the sole shareholder, a corporation incorporated in his or her name can purchase property. However, the applicant must also consider tax implications. 

Only spouses can share and jointly own a property worth the required minimum investment under the Greece Golden Visa Program. The required minimum investment depends on the property’s location:

• For high-demand areas (Attica, Thessaloniki, Mykonos, Santorini, and other inhabited Greek islands), the minimum investment is €800,000.

• In other regions, the minimum investment is €400,000.

• For listed historical buildings or commercial-to-residential conversions, the minimum investment is €250,000.

If you are investing with someone other than your spouse, each co-owner must contribute the full required investment amount. For example, if two people wish to co-own a property in a high-demand area worth €800,000, both must invest €800,000 each to be eligible for permanent residency.

Yes, non-family non-EU buyers can jointly purchase a single property, but each individual must meet the required minimum investment based on the property's location. The minimum investment amounts are:

• €800,000 per person in high-demand areas.

• €400,000 per person in other regions.

• €250,000 per person for listed historical buildings or commercial-to-residential conversions.

For example, two buyers can jointly invest in a property worth €500,000 in a high-demand area, with each contributing €250,000, and both will qualify for the Golden Visa.

The minimum investment amounts under the GGVP following the new amendment are:

• €800,000 in high-demand areas, including the Regional Units of the Attica Region's North, Central, and South Athens Sectors, Voula, Vari, Thessaloniki Municipality, and the islands of Mykonos and Santorini, as well as other inhabited Greek islands with a population exceeding 3,100 residents.

• €400,000 in other regions.

• €250,000 for listed historical buildings or commercial-to-residential conversions, regardless of location.

Yes, the main applicant and their spouse can jointly purchase a single property under the GGVP, and each can contribute half of the required investment:

• €800,000 total in high-demand areas (each spouse can contribute €400,000).

• €400,000 total in other regions (each spouse can contribute €200,000).

• €250,000 total for listed historical buildings or commercial-to-residential conversions (each spouse can contribute €125,000).

In all cases, the combined contribution must meet the required minimum investment for the specific area or property type.

* Even though both spouses can contribute to the investment, only one spouse will be designated as the main applicant. The other spouse will receive residency as a dependent, and both cannot be main applicants for the Golden Visa.

The Golden Visa is valid for life, as long as the conditions for its issue are met at any moment. Every five years, the Golden Visa should be renewed.

When a client buys second-hand property, it is highly recommended to open a bank account. If a client buys new real estate from a reputable developer, the funds may be deposited immediately into the seller's account. Please keep in mind that the final choice is at the buyer's discretion, as the buyer determines how to proceed.

Yes. The AFM/TIN is required for all property buyers, including foreigners and permanent residents of other countries. It is issued instantly and without charge at tax offices. All applicants are required to show their passports and birth certificates. If you have given your lawyer complete power of attorney (POA), they can apply for an AFM/TIN on your behalf.

No, the applicant does not need to be present at the time of the submission of their application. They can use Power of Attorney to have their application filed, completed, and submitted without ever having to be physically present. This option is only available if the applicant has lawfully visited Greece and signed a Power of Attorney 90 days before submitting the application. Please keep in mind that the applicant's personal presence is essential for biometric data collection.

The applicant can visit Greece to capture biometrics when the application is submitted or up to six months thereafter. 

It usually takes 30-60 days from the date of submission of the biometrics; however, this can vary depending on the allocated immigration authority and their workload.

Only non-EU nationals (without country-specific restrictions) are eligible to apply for the GGVP. 

Under the Greece Golden Visa Program, the main applicant's spouse (including same sex partners), parents, children under the age of 21, and the spouse's parents are all considered family members. Same-sex couples must enter a civil partnership in Greece.

Provided that they can show proof of family status, parents of an applicant or an applicant's spouse who has applied for or is now holding a Greek Golden Visa are eligible for one as well, without having to invest in extra real estate. Stepparents however cannot be included in an application, as they are not considered family members under the GGVP.

No, restrictions for parents’ ages do not exist.

No, financial dependency restrictions do not exist. 

No, children of a Greek Golden Visa holder can renew their Golden Visa until they reach the age of 24, if the process for renewing the Greek Golden Visa began at least 2 months before the completion of 21 years old.

No, under the GGVP, unmarried partners are not considered family members. However, couples who enter a civil partnership in Greece can apply for the GGVP, as they have the same rights as married couples. 

Dependent members can submit their applications alongside the main applicant or at a later stage.

Yes, the main applicant must be the property owner before submitting a Golden Visa application.

The applicant must maintain ownership of their qualifying investment/property for the duration that they intend to keep residence status. 

If the applicant has already acquired additional real estate valued at or exceeding €250,000 (plus any applicable taxes), they may sell their qualifying investment or property and keep their Greek Golden Visa.

The main applicant must pay €2,000, plus €150 for each dependent. There are no government fees associated with underage children's applications. Each applicant will be charged an extra €16 for biometric features. Furthermore, each dependent must pay approximately €150 for local health insurance.

Potential buyers are required to pay for the following additional expenses that can be calculated based on the property’s value: 

• 0.5–0.7% Land registry fees 

• 1.2–1.5% Notary fees 

• 3.09% Transfer fees 

As of 1 January 2020, the purchase of real estate in Greece will be exempt of VAT. The 24% VAT exemption is valid until the end of 2024.

Indeed, property ownership is taxed in Greece. These taxes are based on the tax value of the property and are computed by tax authorities based on the objective tax value of the property, taking into account factors such as location, square footage, the floor on which the property is located, etc.

The applicable taxes are:

• Uniform Real Estate Property Tax (ENFIA): 

€ 5 - 10 per m2 annually (roughly calculated to 0.2% of the taxable property value), depending on the tax value of the property.

• Municipality Real Estate Duty (TAP):

€ 0.5 - 1 per m2 annually, depending on the tax value of the property, which has to be paid to the local town council and is included in the property’s electricity bill.

Yes, rental income in Greece is taxed at 15% yearly for the first €12,000 received. This percentage rises to 35% between €12,000–35,000, and 45% thereafter.

For the renewal of the Greek Golden Visa, there is a government fee of €2,000 for the main applicant, €150 for the spouse and each parent, and €150 for children of 18 years and above. For minor children, there are no government fees in relation to their application. An additional amount of €16 will be requested for biometric features for each applicant.

Greek Golden Visa holders are not allowed to work in Greece, nor are potential applicants.

They are still permitted to own shares of stock and collect dividend payments from businesses registered in Greece.

There are several routes an applicant can take under the new Greek Golden Visa law, and the requirements depend on the chosen investment route:

Real Estate Acquisition

Invest in a property worth a minimum of:

• €800,000 in high-demand areas such as Attica, Thessaloniki, Mykonos, Santorini, and islands with a population exceeding 3,100 residents.

• €400,000 in other regions of Greece.

• €250,000 for listed historical buildings or commercial-to-residential conversions, regardless of location.

Alternative qualifying routes include:

• A 10-year time-sharing or lease agreement for hotel accommodation or furnished tourist residences, requiring a minimum investment of €400,000 or €800,000, depending on the property's location.

• A fixed-term deposit of at least €500,000 in a Greek bank.

• A capital contribution of at least €500,000 to a Greek real estate investment company, or a closed-end fund, solely investing in Greece, or to Greek-based companies for share capital increases or bond purchases.

• Purchase of Greek government bonds worth a minimum of €500,000, with a remaining maturity of three years or more, handled through a Greek credit institution.

• Acquisition of shares, corporate bonds, or Greek government bonds traded on regulated markets or multilateral trading facilities, with a minimum value of €800,000.

• Investment in mutual funds or alternative investment funds, with a minimum of €350,000, focused solely on assets in Greece, including shares, corporate bonds, or government bonds traded on regulated markets.

In recent years, Greece has become a “hot” investment country for several reasons apart from the great weather, rich culture, and landscapes. Some of the most important reasons are:

·         A path to residency in an EU and Schengen Zone country member

·         Tax benefits such as income from Greece’s properties will be taxable in Greece only, and any income from abroad will be tax-free

·         Benefit from steadily increasing property prices

·         Enjoy a remarkable Return-on-Investment from short-term holiday rental as Greece welcomes over 30 million tourists a year 

In Q3 2022, Athens led with an annual house price increase of 13.02% (1.21% in real terms), up from the previous year’s 10.83% growth. During the latest quarter, house prices rose by 4% (3.78% in real terms).

The first step is a visit to Greece, although it is not required, as you can proceed remotely via Power of Attorney, which permits your Legal Representative to act on your behalf. If you decide to visit, contact us beforehand so we can discuss your needs and requirements and advise you on the paperwork that will be required. This way we can organize a schedule for viewing properties. If you make a decision during your visit, we will be prepared to complete all of the necessary paperwork and authorizations to allow us to proceed in your absence.

If you do not wish to visit Greece at this stage and proceed with this process remotely, you will need to authorize us as your legal representative with a Power of Attorney in order to proceed with the issuance of the Greek Tax ID number (AFM/TIN) on your behalf, as well as to sign the purchase agreement, make the payments and submit the application for your permanent residency.

You could locate a property that meets your expectations in a timely manner if you work with an experienced and trustworthy property consultant who is up to date on the government's latest steps to expedite and facilitate the acquisition process. Your property expert will also guarantee that the property is free and clear of any liabilities, allowing you to proceed with the registration and complete the transaction in a matter of days.

After choosing the property that meets your requirements, the below steps will need to be followed. Our team of experts can guide you and handle the paperwork with minimum involvement on your part.

·       Assigning Legal Representation

Your legal representative will check the mortgage registry to ensure that your chosen property can be purchased without complications, and ownership can be smoothly transferred following the completion of the transaction.

·       Issuing of Greek Tax Identification Number (AFM/TIN)

Every buyer must have a current Tax Identification Number (AFM/TIN) in Greece. If you do not have one, your legal consultant will help you get one.

·       Payment of Transfer Tax

Before signing the final contract, the Transfer Tax must be paid to the Internal Revenue Service. Your legal representative will handle this.

·       Signing of Contract and Transfer at the Mortgage Registry

The final contract is signed by both parties in the presence of a notary, who will certify and register the transaction in the public records, so a new title deed for the property can be issued. Note that only the original contract in Greek is signed and archived. If a certified translation is needed, this can be arranged at the buyer’s expense.

The process of acquiring property for EU citizens is the same as for Greek citizens.

Non-EU citizens may acquire property anywhere in Greece, with the exception of real estate in border areas, such as the eastern Aegean, the Dodecanese, Thrace, and a few other regions of Northern Greece. Upon request to the respective regional committee of the Decentralized Administration, a special license may be granted to purchase real estate in these areas. Your property consultant can provide up-to-date information regarding the documents required to apply for the special license and can assist with the application process. 

Insurance of personal property is not mandatory. Yet, if you wish to mortgage your property, your financial institution will require insurance. Insurance providers can secure your property to cover any potential losses or damages, such as theft, fire, earthquakes, hurricanes, etc.

Only by registering your property at the Hellenic Cadastre you can secure the ownership of it. The Hellenic Cadastre (Land Registry) is the department that holds all the deeds and encumbrances over all the registered properties. Your legal representative has access to this information and will confirm that ownership of your purchased property has been transferred properly and is correctly registered in your name after the transaction has been concluded. 

You may purchase your desired property through any legal entity if you are the sole stockholder.

The obligations of a property owner in Greece are quite simple. You will be required to: 

• File an annual tax report 

• Pay annual property taxes

• Pay income tax on rental revenue, if applicable

All properties in Greece are freehold which means that you will fully own your purchased property for an unlimited period of time.

Of course we can! With over 10 years of experience, Residency Greece specializes in all matters of property investments and Golden Visa acquisitions. Our established expert team is well-versed in the Greek property market and its acquisition process. You can count on step-by-step assistance, from A to Z, to ensure a short timeframe of the process.

There are several fees one needs to consider apart from the property price, including: 

• Notary Fees 

The notary’s fee starts at 1% for values up to €120.000, dropping progressively to 0.65% for a contract value exceeding €380.000 and up to €2.000.000. Notary fees are subject to 24% VAT, and there is an additional charge of €4-5 per contract sheet. 

• Conveyance Tax 

Tax payable to the IRS amounts to 3% of the contract value. Municipality tax also amounts to 3% of the contract value. Also, 24% VAT applies only to the first transfer of a property registered as a secondary residence with a construction permit issued after 01/01/2006.

• Land Registry Fees 

A registration fee of 0.475% of the value of the property is levied when registering the contract at the Land Registry. An additional charge of 0.125% of the property value must be paid into the Legal Fund.

• Real Estate Agent Fees 

Real estate agents charge 2% of the property value, plus 24% VAT.

There are two taxes to consider:

• Property Tax in Greece, also known as the Uniform Real Estate Property Tax (ENFIA), is twofold:

- The Principal Tax is determined by several factors such as the floor, the price zone, the surface, the building’s age, the facade, the percentage of ownership, and other certain conditions. Given the complexity of the formula, it is best to consult a property specialist who will calculate the exact amount for the property you are interested in. 

- The Supplementary Tax applies to properties with a value exceeding €200,000, on a progressive rate of 0.1% to 1%

• Municipal Taxes and fees depend on the property’s size and value and range from 0.2%-0.8% and are added to the property’s electricity bill.

As an example: 

Property price: €250.000 x 0.3 % (ENFIA) = €750 per year 

Municipality fees*: 70m2 x €0.5 = €35 x 12 months = € 420 per year 

*The municipality tax is calculated as follows: sqm X € 0.5 All of the above are estimations. Tax authorities will determine the exact amounts.

Although taxes, fees, and expenses may vary, they tend to be based on the value of the property. As a rough indication, you should estimate an additional cost of around 12% of the property price.

A regular bank transfer from an overseas account to an account in Greece is the simplest way to move funds to Greece. Maintaining track of any money moved to Greece for the purpose of purchasing a property will allow you to repatriate these funds if and when you decide to sell your property.

The documentation you need to open a bank account in Greece is the following:

• A copy of a current and valid passport

• Personal information such as work & home address and telephone numbers

• A certificate of residence issued by the administrative authorities

At least one of the account holders must be physically present to open a basic bank account.

If you invest in a property in Athens' centre or fashionable suburbs, the gross rental yield will be in the range of 4%-5%, depending on the purchase price.

Athens is a densely populated tourist destination with a high demand for housing, particularly for long-term rentals. Due to this consistent demand, finding tenants for long-term leases is generally not an issue. However, under the new law, short-term vacation rentals (such as through Airbnb) are no longer permitted for new Golden Visa investors. This restriction ensures that properties are used for long-term residential purposes, making Athens an attractive option for investors looking to secure stable rental income from long-term tenants.

Rental income earned in Greece is taxed at the following progressive rates: 

• 15% for income up to €12.000 

• 35% for income between €12.000-€35.000 

• 45% for income over €35.000 

Standard deductions include 40% for income-generating expenses and 10% for depreciation.

Of course! Residency Greece offers A to Z services including Rental & Property Management, so our team can find and screen potential tenants as well as manage cleaning services and any maintenance work that may arise.

Non-EU citizens can apply for the Greece Golden Visa Program, which allows them permanent residence in Greece for five years provided they invest at least €250,000 in property in Greece. The permit can be renewed indefinitely every 5 years as long as the applicant maintains ownership of the land.

The required minimum investment to be eligible for the Greece Golden Visa Program is €250.000. This sum can be invested in one or more residential or commercial real estate properties.

Yes of course! In fact, the main investor may also include a spouse and children under the age of 21 in a single application, as well as the parents of both the main investor and the spouse.

Only spouses can share and jointly own a property worth €250.000 or more under the Greece Golden Visa Program. If you are looking to invest with someone other than your family members, each co-owner must contribute a minimum of €250.000 in joint ownership). For example, if two families invest in and possess a property worth €500,000, both will be eligible to apply for permanent residency.