Understanding Greece's New Golden Visa Investment Requirements
Greece's renowned Golden Visa program has undergone significant changes as of August 31, 2024, introducing a tiered investment system. This update aims to enhance the attractiveness of the program by aligning it with regional real estate values.
Investment Zones and Requirements
The revised system categorizes investments into three distinct zones:
Residency Benefits and Family Inclusion
Greece's Golden Visa grants a five-year residency permit, renewable indefinitely as long as the investment is maintained. The program allows for family reunification, including spouses, dependent children under 21, and dependent parents. Notably, there is no mandatory stay requirement in Greece to retain the residency permit, granting flexibility to visa holders.
Pathway to Citizenship
Golden Visa holders may apply for Greek citizenship after seven years of continuous residence, provided they spend at least 183 days annually in Greece. This offers a pathway to permanent integration within the EU, enhancing the appeal of the program.
Application Process
The application process involves selecting a qualifying property, submitting necessary documentation (passport, health insurance, proof of investment, and a clean criminal record), and biometric data collection. The approval process typically takes 2-3 months, facilitating a relatively swift transition to residency.
Comparative Analysis
While Greece remains a competitive option, it's important to note that Portugal continues to offer its Golden Visa program, though Spain has closed its similar program for real estate investments. This landscape shift has positioned Greece as a leading destination for high-net-worth individuals seeking residency options with lifestyle, taxation, and mobility benefits.
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