The Greece Golden Visa Program, Residence-by-Investment

Is Greece’s Investment Golden Visa Program Right For You?

Greece Golden Visa Program 

There are many different Golden Visa Programs that countries across the globe offer to taxpayers who are either seeking a second citizenship or possibly residents (or at least a visa) in that country. Especially for U.S. Taxpayers who are considered U.S. citizens that are seeking to formally expatriate they cannot complete the expatriation process until they have a second citizenship. In other words, the U.S. government would not allow a U.S. citizen to renounce their US citizenship unless they can prove that they have citizenship in another country already. While there are many golden visa programs that offer these rights, there are fewer programs that offer citizenship. Greece is one of the programs that offers citizenship by investment, so let’s look at the basics of the Greece Golden Visa Program.

Main Greece Law

The main Greece law that refers to the residency by investment program is LAW 4251/2014 Article 20B ‘aka The Immigration and Social Integration Code (Law 4251/2014, Government Gazette  1, no 80)’ – but other Greek laws also apply.

Greece Residency-by-Investment Program

The first thing to keep in mind is that the Greece Residency-by-Investment program is not citizenship-based but rather a residency-based program. It provides the taxpayer with a significant opportunity to invest in Greece without having to reside in Greece – while still obtaining travel rights available under the investment program. A Taxpayer may subsequently determine that they want to consider becoming a Greek citizen, but it is important to note for those considering expatriation from the United States and do not already have second citizenship that the Greece residency by investment program is not sufficient to allow them to expatriate from the United States.

As provided under Greece Law:

• • • By decision of the Secretary General of the Decentralized Administration, a  residence permit for five years, subject to renewal,  is granted to  a third-country national who: has legally entered the country with any type of visa or legally resides in the country, even if the type of residence permit that he possesses, does not permit change of purpose.

Minimum Investment and Update

Currently, taxpayers who are considering investing in the residency by investment program we’ll be glad to know that the investment component is relatively smaller compared to other countries and is 250,000 EUR What is also important to note, is that there is a proposal to increase the investment requirements by mid-year 2024 – so taxpayers who were considering the grease residency by investment program we want to consider the investment protocol and any potential timing issues.

Type of Investments

There are various types of investments that Taxpayer can make toward obtaining the Greece Golden Visa. As provided by Greece Law in pertinent part:

• • • Owners of property in Greece

      • Has the full ownership, possession and peaceful enjoyment of real estate property in Greece via a legal entity whose shares are fully owned by such national;

      • Has made a agreement with a minimum term of ten years for the lease of hotel accommodation or furnished tourist residences in tourist accommodation complexes pursuant to Article 8(2) of Law 4002/2011 (Government Gazette, Series I, No 180);

      • Personally has the full ownership, possession and peaceful enjoyment of real estate property in Greece. In case of joint ownership of a property to the value of EUR 250 000, the right of residence shall only be granted if the owners of the property are spouses with indivisible shares in the property. In all other cases of joint ownership, the right of residence shall only be granted if the joint ownership rate of each joint owner equals to the value of EUR 250 000;

      • Has made a time sharing agreement pursuant to the provisions of Law 1652/1986 regulating time sharing agreements and related matters (Government Gazette, Series I, No 167), as in force. 2. The minimum value of the real estate property and the contractual consideration of leases of hotels or tourist residences referred to in this Article is set at two hundred and fifty thousand euros (EUR 250 000) and must be fully paid up on the signing of the agreement.

Additional Investments

Greece recently expanded the investment component to entail more than just Real Estate.

As summarized by the U.S. Department of State:

• • • Law 4605/2019 expands the types of investments that qualify an individual for a residence permit, allowing investments in intangible assets.  In particular, capital contribution of at least  EUR 400,000 in a real estate investment company, in a company registered in Greece, in a purchase of state bonds, corporate bonds, or shares, in a venture capital investment company, or in mutual funds, allows the investor and his or her family members a five-year residency permit in Greece.

Family Members Can Come Too

As provided by Greece Law in pertinent part:

• • • Such third-country nationals may be accompanied 1318 GOVERNMENT GAZETTE (SERIES A) by their family members to whom an individual residence permits shall be issued following a relevant application, which shall expire together with the residence permit of the sponsor. Family members shall mean: (a) the spouse; (b) the lineal descendants of the spouses or either spouse, who are under 21 years old.

Visa-Renewal is Also Available

As provided by Greece Law in pertinent part:

• • • The above permit may be renewed for an equal period each time, provided that the real estate property remains in the ownership and possession of the third country national, or the agreements referred to in paragraph 1 above remain effective and all other requirements provided for by law are met. Periods of absence from the country shall not hinder the renewal of the residence permit

No Actual Residency Required

Oftentimes, taxpayers want to obtain residency by investment to obtain the visa to allow them to travel to various countries that may not be easily accessible through their current passport, such as traveling through the Schengen Area. One benefit of the Greece Residency-by-Investment program is that taxpayers who do not have any current intention of residing in Greece do not have to reside in Greece to gain approval under this particular program—noting, that the taxpayer will have to travel to Greece to perform some of the actions and requirements including signing certain documents before a person that is equivalent to a notary in the United States.

As provided by Greece Law in pertinent part:

• • • Submission of the application through a proxy, without the obligation of having previously entered Greece: Non-EU citizens who have made an investment through the three options of the Greek Golden Visa program, can apply for a residence permit through a proxy, without the obligation of previously visiting Greece. The Power of Attorney for the appointment of a proxy, must be signed before a Greek Consular authority.

Family Members

For taxpayers who are considering investing in the Greece residency by investment program, they will also be happy to know that they can be accompanied by family members who will gain similar access as well.

As provided by Greece Law in pertinent part:

• • • The above third-country national may be accompanied by members of his family to whom, at their request,  an  individual residence permit is issued,  which expires together with the residence permit of the sponsor. The term family members means: Spouses The other spouse or partner with whom a third-country national has a cohabitation agreement in Greece The direct unmarried descendants of the spouses, who are under the age of 21 The direct unmarried descendants of the supporter or of the other spouse/partner, provided that their custody has been legally entrusted to the sponsor (for his/her children) and to the other partner (for his/her children), under the age of 21 The direct relatives of the spouses in the ascending line.”

Opportunity for Renewal

Taxpayers also have the opportunity to renew their residency by investment for the same period as the residency by investment– which is typically five years — as long as they still own the residency bone investment property that they invested in (or presumably a similar property as well).

As provided by Greece Law in pertinent part:

• • • The above permit may be renewed for an equal duration, provided that each time,   the real estate property remains in the possession of the third-country national, or the agreements in paragraph 1 of the present text remain in force and that all other requirements required by law, are fulfilled.  Periods of absence from the country will not disrupt the renewal of the residence permit. “The re-sale of the real estate property during the period of validity of the residence permit, to another third-country national shall provide the right to the granting of residence permit to the new buyer with simultaneous withdrawal of the vendor’s residence permit.”

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