GREECE

Advantages

  • Dependents included:
    • Spouse
    • Children under 21
    • Parents of the investor and spouse
  • Member of EU/Schengen
  • Right to reside indefinitely in Greece
  • High standard of education and healthcare, and children have access to free education
  • Fast processing, typically within 6 months
  • Free travel within Schengen zone 90 days out of every 180 days
  • No physical residency requirement
  • Right to establish a business
  • No language requirement
  • Can apply for Greek citizenship after 7 years subject to meeting actual residency and language requirements
  • No wealth tax
  • Low property tax
  • No education or management/ business experience required
  • The GIRP is valid for 5 years and can be renewed

Investment

  • Minimum investment of EUR 250,000 in property
  • Property can be held Freehold or Leasehold
  • Property can be either Commercial or Residential
  • Investment can be made singly or jointly providing each applicant invests at least EUR 250,000
  • Leases must be for a minimum of 10 years with a minimum prepayment of EUR 250,000
  • The investment can be made personally or through a wholly owned company in Greece
  • The investment can be made in a single property or multiple properties providing the combined value of the properties is at least EUR 250,000

Requirements

  • The applicant must be a Non-EU citizen
  • The applicant must be over 18 years old & in good health
  • Must have medical insurance
  • Make a qualifying real-estate investment which must be held for the entire duration of the residence permit

Process

  • Apply for a Schengen visa for Greece (Type C or Type D)
  • Visit Greece and select property and sign Power of Attorney
  • Complete property purchase
  • Book submission date in Greece for application
  • Lawyer submits application documents and obtains temporary residence permit for applicant which is valid for 1 year
  • The applicant must visit Greece to submit biometrics prior to issuance of the permit (can be done at same time as submission)
  • Approval of the permit is typically granted within 2 months
  • Family members have the option to visit Greece at a later date to submit biometrics and collect their permits
  • May renew every 5 years providing the investment is still held

FAQ

WHAT IS THE MINIMUM INVESTMENT AMOUNT?

The minimum legal requirement is EUR 250,000.

DOES THE APPLICANT’S FAMILY ALSO BENEFIT FROM THE RESIDENCE PERMIT?

Yes, the spouse and children who are under 21 years old (including adopted children) as well as the parents of both the investor and the spouse of the investor can be included.

What happens when a dependent reaches 21 years old? Do they lose their residence permit?

No. However, from 21 to 24 years old, the dependent must annually renew their permit. If the dependent wants to keep their residence permit after becoming 24 years old, they must make their own investment.

Does the Application process include an interview?

No.

With the residence permit, in which countries can the client go without a visa?

The permit holder can travel into the Schengen area up to 90 days in any 180-day period.

Can the applicant work in other EU countries, automatically, under the GIRP?

No.

Is there any obligation to reside in Greece after the issuance of the residence permit?

No, the applicant does not have to reside in Greece after receiving the residence permit. However, the applicant will be required to visit Greece during the process.

The residence permit is valid for 5 years – What happens after?

The investor must renew the permit, which may be renewed as long as the investor can prove that the investment has been maintained.

Does the applicant receive subsidized healthcare and education benefits as a Greek Resident? Any other social benefits?

Yes, a Greek resident benefits in the same manner as Greek citizens, such as social cover, free medical access, free education system.

Is it possible to obtain the Greek citizenship?

Since March 2018 holders of the GIRP may apply for Greek citizenship after 7 years of lawful residence in Greece subject to meeting residency and language requirements.

Can the investment be made anywhere in Greece or some specified areas only?

The investment can be made anywhere in Greece.

Can the investor live in the property that has been purchased?

The investor will fully own the property. Therefore, the investor has full access to it, as the owner and landlord and is fully entitled to live there or rent out the property

Can the applicant make other investments in Greece after the qualifying investment?

Yes, the investor is totally free to make additional investments or make other individual acquisitions.

How long does the client need to keep the investment in Greece?

There is no maximum period. It should be noted that the residence permit is renewable as long as the conditions are satisfied, including maintaining the qualified investment.

The present document is intended for guidance and general information only and does not constitute or purport to provide you with legal advice. Such information is subject to changes without notice. Each case is unique and depends on the facts and circumstances of the individual and due consideration should be taken if applying the general information to your personal situation. For an evaluation of your personal circumstances one of our legal team would be happy to assist.