Greek Golden Visa (FAQ) | MIBS Group

At MIBS Group, we have compiled the most frequently asked questions based on our years of experience assisting clients with the Greek Golden Visa program. Whether you are a first-time investor or looking to expand your portfolio, these FAQs offer a clear understanding of the process and requirements.

  1.    What are the main points of the recent amendments to the Greek Golden Visa after 31 August 2024? 

Applies to specific cases, such as commercial or industrial properties converted into residential or listed buildings being restored (regardless of location and size). 

Applies to high-demand areas, including Attica (Athens), Thessaloniki, Mykonos, Santorini and islands with populations exceeding 3,100 inhabitants. 

Covers all other regions of Greece. 

*The property must be a single unit with a minimum surface area of 120 square meters. 

 2.    What is the process for acquiring the Greek Golden Visa? 

The step-by-step process includes: 

 3.      Which family members can benefit from the same Golden Visa investment?
 
According to the Greek Golden Visa Program family members that may benefit from the same investment include:
 

 
Note: Brothers/sisters are excluded, and they must own Golden Visa property of their own.

4.      Is it possible for all family members to apply for the Golden Visa at the same time?

Yes, family members can apply simultaneously with the main applicant, provided they meet all the eligibility criteria.

5.      Do children under 6 years old need to submit biometric data??

No, biometrics data are submitted for ages above 6 years old.
 
6.      After the White Paper issuance, how much time do I have for biometric data collection? Should all family member visit Greece together?

Within one year from the White Paper issuance, the main applicant needs to visit Greece once, even for only one day, to give biometric data. It’s not necessary for all family members to come together, they can come separately.
 
 7.       How many trips to Greece are required to complete the Golden Visa process?

A minimum of one trip is required for the main applicant to provide biometric data. Other family members can visit separately if needed.

8.      Are there any residency requirements to maintain the Golden Visa?

No there is no residency requirement to maintain the Golden Visa. However, holders must ensure their residence permit is renewed every five years.

9.      Does an investor have access to work with Golden Visa?

Golden Visa doesn’t provide access to any type of employment. However, employment according to the Law, does not include the exercise of economic activity in the capacity of a shareholder, a Chief Executive Officer or a Board Member.

10.   What is the arrangement regarding access to education and health services? Can the children of the residence permit holder attend a Greek public school?

The holders of the residence permit have access to public education, analogously to that of Greeks. Regarding access to health services, third country citizens and their family members who fall under the regulations of the current law, must have insurance that covers their healthcare and medical care expenses.

11.     Are unmarried partners entitled to a residence permit?

Family members do not include unmarried partners.

12.   Can Investors open a Greek Bank account without physical presence?

Yes, by signing POA.

 13.   Can I travel in Schengen countries directly, after my residence permit has been issued, from my country, or do I need to first come to Greece?

You can travel in any Schengen country you wish to.

14.   For how long is the Golden visa active?

The Golden Visa is valid for 5 years. The investor must renew it as long as they continue to own the purchased property associated with the Golden Visa.  If the investor sells the property, they will no longer be able to renew the Golden Visa unless they proceed with a new qualifying property purchase.
 
 15.    Is there a requirement for physical presence to maintain the Golden Visa?

No, physical presence in Greece is not required to maintain the permit.
 
16.   When can Golden Visa holders apply for Greek nationality, and under what circumstances?

The Golden Visa does not grant citizenship directly.  However, it can lead to citizenship after 7 years in Greece and fulfillment of other required criteria, such as:
 
A.     Minimum Residency Requirement
B.     Demonstrated Integration into Greek Society
C.     Legal and Tax Compliance
D.     Eligibility of Family Members
Family members (e.g., spouses, parents, and children) may also apply for nationality under similar conditions, provided they meet the residency and integration criteria.
 
17.    What are the main costs involved in obtaining the Greek Golden Visa?

Below you may find a breakdown of the primary costs:
 
Legal Fees & Expenses

Note: Percentages refer to the property value

Residence Permit Fees

Note: Legal and RP fees may vary depending on the law firm or agency handling the application.

 18.   What is the minimum investment amount required?

As of August 2024, the minimum investment amount is €250,000 for properties resulting from change of use or restoration of Listed Buildings.

19.   Can I rent out my property?

Yes, properties purchased under the Golden Visa program can be rented out and MIBS Group provides this service through property management.

20. Since what age can a child purchase a property in their name?

At 14 years old, minors in Greece gain limited legal capacity for certain transactions, such as purchasing real estate which still require the involvement and approval of their parent/guardian.

21.   How long does it take to conclude a real estate purchase in Greece?

The time may vary depending on various factors, such as the complexity of the transaction and the prompt completion of required legal documentation. However, on average, a real estate purchase could take from 4 to 8 weeks.

 22. Does the investor have to wait for the construction to be completed to apply for the Golden Visa?
 
No, the investors in an under-construction property can apply for the GV as soon as they complete the property transactions which includes full payment of the purchased property and issuing of the final contracts.  After the final contacts’ issuance, the investors can proceed with the GV application.