In the last year, the Greece Golden Visa has emerged as the most popular residence by investment (RBI) program in the world with over 3,000 families relocating to Greece every year. Its success is due to its relatively affordable investment requirement and by providing permanent residence in a European Union country. The program was amended in 2018 to offer additional investment options. Nevertheless, the real estate investment option remains by far the most popular to investors. Approved applicants will receive a permanent residence permit in Greece valid for 5 years and renewable as long as you maintain the investment conditions. Spouse, children under 21 years old and parents can be admitted as dependents under the program. Naturalization into Greek citizenship is possible after 7 years of residence. The Greek nationality enables freedom of movement all across the European Union and its passport is one of the best in the world.
A residence permit for real estate owners is a new type of residence permit for third-country citizens who have entered the country legally on any kind of visa (type C or D) or are legal residents in the country, even if the residence permit they hold does not allow for change of residence scope. Beneficiaries of the right of entry and the permanent residence permit, which shall be renewed every 5 years, are:
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There are no restrictions regarding the sector of activity or the location of the investment project. The requirement that must be met by the investment is to have a positive impact on national development and the economy. Investment activity may be implemented through the construction of new facilities (greenfield investments) or business acquisitions, restructuring or expansion of current activities (brownfield investments). Factors taken into account for assessing the impact on national development and the economy are job creation, promotion of domestic resources and vertical integration of domestic production, export orientation, innovation and adoption of new technology.
The legal framework does not set specific limits regarding the total cost of the investment project. However, an investor applying for a residence permit under this program should contribute to the investment with an amount of at least €250,000, available through their own funds. In addition, the number of permits for executives allowed for each investment project depends on the amount of the total investor contribution. Finally, the total number of residence permits allowed for an investment project cannot exceed 10 (for investors and executives).
Get more information on the government website.