Golden Residency in Greece: The best alternatives after the cancellation of Spain's program
Is Greece the next option?
After the Spanish government officially announced the cancellation of the golden residency program through real estate investment worth 500,000 euros, many investors and those interested in obtaining European residency have turned their attention to other alternatives that offer similar benefits with more flexible conditions and lower costs.
The Golden Residency program in Greece has emerged as one of the best alternatives, where individuals can still obtain legal residency in a European country for a real estate investment starting at just 250,000 euros. This makes Greece a popular destination for those looking for stability, freedom of movement in the Schengen zone, and a promising real estate investment opportunity. Golden residency in Greece is one of the most important residency-by-investment programs in Europe, especially after the cancellation of Spain's program.
What is Golden Residency in Greece? An introduction to the Golden Visa program:
The Greek Golden Residence is one of the most prominent residency-by-investment programs in Europe. Launched by the Greek government in 2013 to attract investors from outside the European Union, it is also known as the Greek Visa or the Greek Golden Visa among those seeking residency in Europe.
The Golden Visa program grants the right to obtain permanent residency, renewable for five years, in exchange for a specified real estate or financial investment in Greece. Interested individuals can easily apply for a Greek visa through specialized offices or by contacting agents directly.
One of the main benefits of this program is the ability to include family members in the application, including a spouse, children under the age of 21, and even parents on both sides.
This visa also provides freedom of residence in Greece, with the ability to move freely within the Schengen area without the need for an additional visa, and without the requirement to physically reside in the country to keep the card.
Residency program in Greece via real estate or financial investment: A look at the Golden Visa
The Greek residency program, known as the Golden Visa, is based on the principle of obtaining renewable permanent residency in exchange for a real estate or financial investment in the country. It is one of the most flexible programs for those wondering if a Greek visa is easy.
This program offers foreign investors two main options:
- Real estate investment:
An investor can buy a residential property with a starting value of €250,000, which also includes properties that have been converted from commercial to residential use, or those that have undergone renovations.
In high-demand areas such as Athens, Thessaloniki, or the larger islands, the minimum investment threshold rises to €800,000.
- Financial investment:
The program also makes it possible to invest in Greek government bonds, local investment funds, or even by signing a long-term lease with a hotel or tourist facility.
For example, you can apply for residency by investing €500,000 in government bonds, or €350,000 in an investment fund active in the Greek market.
This diversity of options provides great flexibility for investors seeking to benefit from the Greek Golden Visa, allowing them to choose the method that best suits their financial and living goals. The Greek visa requirements are relatively straightforward and easy to follow compared to other residency programs.
Renewable permanent residence in Greece: Five-year validity under the Golden Visa program:
Greece's Golden Visa program grants foreign investors renewable permanent residency for five years.
To renew the residence permit, the property must remain owned by the applicant or the existing investment must continue without interruption.
In other words, residency is not granted only once. Rather, the holder must prove their continued commitment to the specified conditions upon each renewal, reflecting the seriousness and transparency of the program. Therefore, those seeking a Greek Golden Visa are advised to ensure that all required documents are ready before proceeding.
Free movement in the Schengen area with the Greek Golden Visa program:
One of the most prominent benefits of the Golden Visa in Greece is that it gives the holder the freedom to travel between Schengen countries without having to obtain an additional visa each time.
The holder of this visa is treated as a permanent resident of the European Union, allowing them to enter countries such as Germany, France, Italy, and Spain seamlessly.
This privilege makes Greece's residency program one of the most attractive for those looking for flexibility in moving and living within Europe.
Spain's Golden Visa program has been canceled:
In 2025, the Spanish government announced that the Golden Residency Program will be discontinued, as part of its efforts to reorganize the real estate market and promote ownership opportunities for local citizens. The decision is in line with European trends to review certain residency and investment programs to ensure a balance between attracting investment and ensuring the sustainability of local communities.
Greece as a perfect alternative after Spain's visa is canceled: Golden residency in exchange for a real estate investment starting at €250k
After the Spanish government announced the suspension of the Golden Visa program through real estate investment, many investors turned their attention to the Greek residency program, which is currently considered one of the most logical and attractive alternatives in Europe. Consequently, online searches for how to obtain a Greek visa have increased.
With a real estate investment starting at just €250,000, one of the lowest thresholds required in the EU, an investor can obtain a golden visa that allows them to legally reside in Greece.
The program also has a number of encouraging factors:
- The Greek real estate market is improving after a long period of stagnation, making investment a lucrative financial opportunity alongside residency.
- The ability to include extended family members in the application, such as parents on both sides, a feature that not all countries offer.
- No physical residence requirement within the country, with full retention of the privilege of free movement within the Schengen area.
All of these advantages make Greece the smart choice for anyone looking for an effective alternative to the Spain program, with greater flexibility and lower cost.
Greece Golden Visa Program Updates for 2024-2025: New investment requirements
Developments 2024-2025:
(Greece Golden Visa Updates 2024-2025):
In 2024, the Greek government announced significant changes to the Golden Residency program, including increasing the minimum value of real estate investment in some areas, with the aim of regulating the real estate market and striking a balance between attracting foreign investment and preserving ownership opportunities for local citizens. The updates now include three main categories:
Real estate investment options in Greece's 2025 Golden Residency Program:
1. Investment of €800,000:
- Areas covered: This category includes high-demand areas such as Athens, Thessaloniki, islands such as Santorini, Mykonos, and any Greek island with a population of more than 3,100.
- Property conditions: The property must be a single property with a minimum area of 120 square meters.
2. Investment of €400,000:
- Covered areas: This category includes less-demanding areas, such as small towns and rural areas, as well as islands with less than 3,100 inhabitants.
- Property conditions: The property must be a single property with a minimum area of 120 square meters.
3. Investment of €250,000 (most requested and researched):
- Areas covered: Available throughout Greece, but under certain conditions.
- Property conditions:
1. Purchasing a commercial property and converting it to residential, with the conversion completed before submitting the residency application.
2. Restoration of a building listed as a historical or cultural monument, with the restoration work completed within the first five years of residency.
How to apply for the Golden Residency Program in Greece? Benefits of the online family application:
The Golden Visa residency program in Greece is one of the most flexible in the application process, as the investor can start the entire process remotely, with only one stage of the process requiring a physical presence.
The steps start with choosing a property that meets the investment conditions, followed by opening a bank account at a local bank and obtaining a Greek tax number.
It is possible to appoint an attorney-at-law (via a power of attorney) to carry out all these procedures on behalf of the applicant.
Then, the necessary documents are prepared and the application for the Golden Residency is officially submitted.
The only step that requires traveling to Greece is the submission of biometric data (fingerprints and photo), which is a one-time process.
As for the family application, one of the most important advantages of this program is the possibility of including a large number of family members, such as:
- Husband or wife.
- Children under the age of 21.
- Parents on both sides of the applicant and spouse.
This benefit is known as the Extended Family Privilege, a strength not available in many other residency programs.
All of this makes the Golden Residency in Greece an ideal choice for those who want a flexible and family-friendly stay in the heart of Europe, without the complications of travel and complicated procedures.
Obtaining Golden Residency in Greece. Below is a detailed explanation of each step of this program:
1. Choosing the right property
The property selection step is one of the most important phases of the program, as the investor must choose a property whose value matches the specific investment requirements. Investment options include residential or commercial properties that have been converted to residential, or the restoration of historic buildings. The required value varies by region, with a minimum of €250,000 in some cases, rising to €400,000 or €800,000 in other areas such as Athens, Thessaloniki, and the larger islands. At this point, it is best to use a local real estate consultant to help you choose a property that is in line with your residency requirements and the conditions of the real estate market in Greece.
2. Get a tax number and open a bank account in Greece
Once the property is selected, the investor must open a bank account in a Greek bank and obtain a Tax Identification Number as a non-resident. This step is necessary to transfer funds from abroad, pay purchase fees, and make any financial transactions related to the investment. This process can be accomplished through a lawyer with a power of attorney without the need to be present in person at this stage.
3. Finalizing the purchase of the property
Once the finances and legalities are in place, the formal purchase of the property begins. This includes a thorough Legal Due Diligence check by a lawyer to ensure that the property is free of any liabilities or legal issues. After that, the preliminary sale and purchase agreement is signed, followed by the official contract being signed and registered in the real estate registry.
4. Prepare the documents required for submission
At this stage, the investor prepares all the documents needed to apply for residency, such as:
- Two copies of the application form.
- Four recent photographs.
- A certified copy of your passport.
- Proof of health insurance that covers the period of stay.
- A receipt for payment of the residency fee via the government's e-Paravolo platform (estimated at €500).
- Receipt for the e-residence card issuance fee (€16).
In some cases, the Greek authorities may request additional documents.
5. Visit to Greece to present biometric data
Although most of the application process can be completed remotely, the applicant must travel to Greece at least once to submit biometric data (such as fingerprints and a photograph) to the relevant authorities. This step is a prerequisite for the issuance of a residence card.
6. Gold Residency Approval and Card Issuance
After submitting biometric data and completing all documents, the competent authorities will review the application. If the conditions are met, the residency is approved and the investor is granted the official Golden Residency Card, which allows them to legally reside in Greece.
7. Renewal of residency every five years
The Golden Residency is granted for a five-year renewable period, provided that the property remains owned by the investor throughout the residency period, and that insurance policies and other obligations remain in force. The renewal process requires a copy of the old residency card, personal photos, a copy of the passport, and proof of continued health coverage.
8. Eligibility for citizenship after seven years of residency
After residing in Greece for seven consecutive years, an investor is eligible to apply for Greek citizenship. The Greek government requires that the applicant be within this period:
- an actual resident of the country.
- taxpayer as a tax resident.
- Fluent in Greek.
- Familiar with Greek culture, law, and society.
A special test is conducted to make sure these requirements are met before citizenship is granted.
Features and benefits of the Golden Residency Program in Greece: More than just a visa
The Golden Residency Program in Greece offers a distinct set of benefits that go beyond simply obtaining residency in a European country, making it an attractive investment option in both the short and long term.
- No taxes on foreign income:
If you live outside of Greece and do not generate any local income, you are often not subject to any tax on your foreign income, which means you can benefit from residency while maintaining a tax-free income, especially for those who work remotely or run an international business.
- Tax breaks for non-permanent residents
The country offers incentive programs for people who reside in Greece on a non-permanent basis, such as retirees or online workers, making the program a viable option for a wide range of investors.
- A promising real estate market after 2023
After years of decline, the real estate market in Greece has begun to recover significantly, making today's investment timing a real opportunity for future returns, in addition to the main advantage of obtaining residency.
- The spread of the program and the breadth of the beneficiary base
By 2023, more than 31,000 Golden Residency Permits were issued, reflecting the program's success and investor confidence.
- The diversity of nationalities benefiting from the program
Nationalities that have benefited from the Golden Visa in Greece include investors from China, Russia, Egypt, Egypt, the United States, and the Arabian Gulf countries, as the program is available to all non-EU nationalities provided they meet the requirements.
If you are interested and thinking about joining this program and don't know where to start, our team at MaxistHomes provides you with full support through direct WhatsApp link with our office in Greece.
We will help you understand the requirements, choose the right property, prepare the documents, and follow every step until you obtain your renewable permanent residency.
