Understanding the Greece Golden Visa Program: Benefits, Conditions, and Limitations

The Greece Golden Visa program offers a pathway to residency for non-EU investors through real estate investment. Launched in 2013, this program has attracted a significant number of investors due to its relatively low entry threshold and access to the European Union. However, potential investors should understand the conditions, benefits, and some inherent disadvantages of the program.

What is the Greece Golden Visa?

The Greece Golden Visa program allows non-EU nationals to obtain a renewable five-year residency permit by investing in real estate. The minimum investment required is โ‚ฌ250,000, making it one of the most affordable European residency-by-investment schemes. This visa also extends to the investor’s family, including their spouse, children under 21 years of age, and dependent parents. The primary allure of this visa is that it offers free movement within the Schengen Zone, though it does not grant automatic work rights in Greece.

Conditions for Obtaining a Greece Golden Visa

To qualify for the Golden Visa, investors must fulfill several conditions:

  1. Investment Threshold: The applicant must invest at least โ‚ฌ250,000 in real estate in Greece. This can be through a single property or multiple properties totaling this amount.
  2. Property Ownership: The property must be maintained for the duration of the residency. Selling the property effectively means relinquishing the residency rights unless another qualifying investment is made.
  3. Legal Entry: The applicant must have legally entered Greece or any other Schengen country, with valid entry documents.
  4. Clean Background: The investor must have a clean criminal record in their country of origin and in Greece.

Once these conditions are met, the application process involves due diligence checks, submission of documents including proof of investment and health insurance coverage, and payment of applicable fees.

Can the Golden Visa Get Cancelled?

Yes, the Greece Golden Visa can be cancelled under certain circumstances. These include:

  • Failure to Maintain Investment: If the investor sells or otherwise disposes of their property without making another qualifying investment.
  • Legal Issues: Involvement in criminal activities or discrepancies in the information provided during the application process.
  • Non-Compliance with Renewal Requirements: Failure to comply with the administrative requirements for visa renewal.

Disadvantages of the Greece Golden Visa

While the program offers significant advantages, there are some drawbacks:

  • No Employment Rights: The visa does not grant the right to work in Greece. Investors wishing to work would need to apply for a different type of permit.
  • Economic Dependence: The Greek economy has faced significant challenges, and property values can be volatile. Investors may find their investments at risk if the local market experiences downturns.
  • Bureaucratic Delays: The Greek bureaucracy can be slow, and some investors may experience delays in the processing of their applications or renewals.

Residency Duration and the Six-Month Rule

Investors often wonder about the length of stay allowed under the Golden Visa and whether there is a six-month rule similar to other types of visas. Under the Golden Visa program, there is no minimum stay requirement. This means that investors are not required to live in Greece for any specific period to maintain their residency status. They can come and go as they please, provided that they maintain their investment.

Regarding the six-month rule, it does not apply to the Golden Visa. This rule typically refers to the requirement for non-residents who must not stay in the Schengen area for more than 90 days within any 180-day period. Golden Visa holders, however, have the right to stay continuously in Greece or visit any Schengen country without adhering to the 90/180 rule, as long as their visa remains valid.

Conclusion

The Greece Golden Visa is an attractive option for non-EU investors seeking to gain a foothold in Europe. It offers the freedom to travel within the Schengen Area and is accessible through a relatively modest investment in real estate. While there are some disadvantages, such as the lack of work rights and potential bureaucratic delays, the benefits for those looking to reside part-time in Europe or secure a plan B for their family’s future are considerable. Like all investment decisions, prospective applicants should weigh the benefits against the risks and consider their long-term residency and investment goals before proceeding.