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Procedures for Issuing the Golden Visa – Investment Amounts and Zones
Procedures for Issuing the Golden Visa – Investment Amounts and Zones
For the Attica Region, the Regional Units of Thessaloniki, Mykonos, Santorini, and islands with a population over 3,100 inhabitants (such as Corfu), the minimum property purchase value is €800,000.
For the rest of the country (such as Larissa, Kavala, Halkidiki), the minimum property value is €400,000.
The investment must be made in a single property with a minimum area of 120 sq.m.
EXCEPTIONS
- Conversion of commercial property into residence:
If the property was a commercial space (e.g., industrial) and is converted into a residence, the minimum investment amount remains €250,000, regardless of location or size. The change of use must be completed before submitting the Golden Visa application. - Restoration of listed buildings:
If the investment concerns a listed building fully restored by the investor, the minimum investment amount remains €250,000. The property cannot be transferred before restoration is completed. If restoration is not completed, the residence permit is revoked and a fine is imposed.
Investment Options for the Golden Visa:
a. Residence of at least 120 sq.m., valued at least €800,000 (Attica, Thessaloniki, islands)
b. Residence of at least 120 sq.m., valued at least €400,000 (rest of Greece)
c. Commercial property converted into residence, regardless of size, valued at least €250,000
d. Listed property renovated by the investor, valued at least €250,000
Investment must always be made in a single property.
IMPORTANT
Golden Visa properties are prohibited from short-term rentals (e.g., Airbnb), even via subletting.
Properties converted from commercial to residential use may not be used as business headquarters.
Violation results in residence permit revocation and fines.
The only permitted exploitation is long-term leasing to private individuals.
Who Can Apply for the Golden Visa?
The investor and their family:
- Spouses
- Parents and parents-in-law
- Children (including spouse’s children from another marriage) under 21 years old (unmarried)
- Ages 21 to 24 may receive a three-year independent permit
- Cohabitation agreements allowed (same-sex couples)
- Parents and parents-in-law are included without other conditions
Step-by-Step Guide for the Golden Visa
- Obtain Tax Identification Number (AFM) and bank account in Greece
(Can be done via power of attorney – POA – through a Greek or Turkish notary) - Choose property
- Property purchase procedure:
Legal due diligence, document collection, tax payments, contract signing, registration with the Land Registry - Submit Application:
Can be done remotely via lawyer (POA) - Temporary Residence Permit:
After application, you receive a “blue certificate” valid for 1 year - Biometric Data:
At least one visit to Greece required
– Fingerprints (not required for children under 6)
– Signature sample (not required for children under 12)
Must be submitted within 6 months or a fine applies
Types of Entry Visas
- Visa-free entry (for many countries) up to 90 days
- National Visa type D (365 days)
- Schengen Visa (up to 90 days in 180)
After submitting biometrics, the residence permit is issued within 2 months.
The permit is valid for 5 years and can be renewed indefinitely as long as the investment is maintained.
Property Acquisition Costs
- Transfer tax: 3.09%
- Land Registry: ~0.475%
- Notary: 1–2% + VAT
- Real estate agency: 2% + VAT
- Lawyer: 0.75–1% + VAT (legal review, support, procedures)
Golden Visa Processing Costs
- Immigration Service Fees:
– Investor: €2,000
– Family members >13 years old: €150 per person
– Card issuance: €16 per person - Private insurance:
– Up to 65 years: €100–250 per person
– 66–76 years: €250–350 per person
– Over 76: Upon agreement - Document translations: Depending on volume & difficulty
- Golden Visa legal services:
– Investor: €1,000
– Each family member: €500
For further clarifications or updates to legislation, please contact us.
Article by Aikaterini Panagiotas