SPANOS - FOUSKARINIS AND ASSOCIATES LAW FIRM

The Greek Golden Visa Program offers a range of strategic advantages for international investors seeking residency within the European Union. 

One of its most significant benefits is visa-free travel throughout the Schengen Area, granting unrestricted access to 29 European countries. This unparalleled mobility opportunity not only enhances personal and professional freedom, but also positions investors at the heart of Europe’s dynamic economic and cultural landscape.

The program also allows for the inclusion of eligible family members - such as a spouse or registered partner, dependent children under the age of 21, and the parents of both the applicant and their spouse - under a single application. This inclusive policy ensures that immediate family members can benefit from residency rights alongside the principal applicant, reinforcing family unity as a cornerstone of the Greek Golden Visa program.

Under the Greek Golden Visa framework, specific provisions apply to children of the main applicant as they transition beyond the age of 21. (the detailed provisions for applicants from 21-24 years old and over 24 years old will be analyzed in different post)

Moreover, Greece offers a clear path to citizenship, with applicants becoming eligible to apply for naturalization after seven years of continuous residency, provided they meet integration and language requirements. 

Another notable advantage is the program's relatively low investment threshold, particularly when compared to similar residency-by-investment programs in other EU countries. 

Finally, there is no obligation for physical presence in Greece to maintain residency status, making it an attractive option for global investors seeking flexibility, long-term security, and access to European markets and lifestyle benefits.

Under the Greek Golden Visa framework, specific provisions apply to children of the main applicant as they transition beyond the age of 21:

• Initial Residence Permit for Adults Under 21 years old: Children included in the original Golden Visa application who are under 21 at the time of approval receive a residence permit valid until their 21st birthday. 
• Residence Permit for Adults Over 21 years old: Upon reaching 21, these individuals have 2 choices:

1. Apply for “Golden Visa” as the Main Applicant. This requires the applicant to proceed with a qualifying investment in Greece. The application must adhere to the official procedures outlined under the residency pathway detailed in “Option 1: Greek Residency Through Property Investment.” 
2. Apply for “Independent Residence Permit”. This residence permit is valid for three years and is intended for adults from age 21 up to age 24. Holders of this permit are granted the right to work and generally engage in economic activity in Greece. During the validity of this permit, the holders must legally reside in Greece for at least six months per year. This “Independent Residence Permit” is independent of the main Golden Visa and is subject to general immigration requirements applicable to non-EU residents, such as continued residence compliance.

• Residence Permit for Adults Over 24 years old: Adults aged 24 and above that do not want to follow the Golden Visa path to residency, they may apply for a residence permit under general immigration categories, depending on their circumstances and purpose of stay. 

These permits are governed by Greek immigration law and tailored to various legal grounds. The most common choice is the Employment-Based Residence Permit. This permit is applicable to individuals with a valid job offer or employment contract in Greece. This permit requires sponsorship from a Greek employer and approval from relevant labor authorities and grants full access to the labor market and the right to reside legally in the country.

Under the provisions of Greek Law (Law 4251/2014, as amended), foreign investors who acquire real estate property in Greece with a minimum value of €250,000, €400,000, or €800,000 - depending on the region and type of investment - are eligible for a Greek Residence Permit, commonly known as the Golden Visa. This permit also extends to the investor’s immediate family members, offering visa-free access to all countries within the Schengen Area.

Investors may choose from several tiers depending on their investment goals and the characteristics of the property:

1. An investment of €250,000 qualifies if it is directed toward the conversion of commercial properties into residential use or the restoration of listed historic buildings. This category is location-independent and does not impose restrictions on the size of the property.
2. The second tier requires an investment of €400,000 in a single residential property located anywhere in Greece. To qualify, the property must have a minimum surface area of 120 square meters. This option is suited for investors interested in high-quality properties outside of premium real estate zones.
3. For properties located in high-demand urban and touristic areas, including Athens, Thessaloniki, and islands with populations exceeding 3,100 inhabitants, the minimum investment threshold rises to €800,000. This investment must also be made in a single property. 

At SF Legal we ensure full compliance with Greek property and immigration laws, offering end-to-end support throughout the real estate acquisition process. Below is a structured overview of the essential legal steps:

1. Property Selection & Investment Consultation

Once the client identifies a property of interest, we initiate a targeted consultation to confirm its eligibility for the Golden Visa program and discuss all legal and procedural requirements. 

       2. Legal Due Diligence on the Property

Our legal team conducts a thorough due diligence review of the selected property, including:

• Verification of the property's legal title and registered ownership (title deeds)
• Examination of encumbrances, mortgages, liens, or other third-party claims
• Confirmation of compliance with zoning laws, urban planning regulations, and building permits

At the end of the review the client receives a detailed Legal Due Diligence Report, summarizing all findings and potential legal issues that may require resolution before the purchase of the property.

       3. Tax Registration and Financial Settlements

As part of the Golden Visa application process, each investor is required to obtain a Greek Tax Identification Number (AFM), which is essential for carrying out any financial or legal transactions within Greece. This identification number enables investors to complete property purchases, open bank accounts, and fulfill tax-related obligations.

In addition, all applicable financial obligations to the Greek State must be settled prior to or during the acquisition process. These obligations may include:

• the Property Transfer Tax, currently set at 3.09% of the purchase price, or Value Added Tax (VAT) at 24%, depending on the legal classification and construction status of the property
• additional costs may involve stamp duties where applicable, as well as
• notary fees, legal fees, and Land Registry fees, all of which are necessary to complete and formalize the property transfer process in accordance with Greek law.

Our team in SF Legal Law Firm will provide comprehensive guidance throughout the process to ensure a seamless and efficient experience.

      4. Notarial Deed and Contract Finalization

To ensure a smooth and legally sound property acquisition, our firm collaborates with a network of experienced notaries across Greece to facilitate the prompt preparation and signing of the final purchase contract. The timeline for completion depends not only on administrative efficiency but also on the seller’s ability to provide all necessary documentation in a timely manner.

Legal representation ensures that all contractual terms are thoroughly reviewed and that the investor’s rights are fully protected throughout the signing process. 

      5. Registration of Ownership

The filing and registration of the notarial deed at the pertinent Land Registry or Cadastral Office is a critical step in the legal transfer of ownership. This procedure finalizes the transaction, ensuring that the buyer is officially recognized as the new legal owner of the property. By completing this registration, the transfer is not only validated but also publicly recorded, providing an essential legal safeguard for the rights of the new owner. 

      6. Residence Permit Application (Golden Visa)

Following the successful completion of the property acquisition, the next step involves filling the Online Application for the submission of the residence permit. At this step, all required documentation must be submitted in accordance with the program’s legal and procedural requirements. After the application process and within 12 months, biometric data—including fingerprints and a digital photograph—will be collected to verify the applicant's identity. Upon successful submission, the applicant is issued a White Paper, which serves as a temporary residence document. This certificate grants legal residency rights in Greece and remains valid until the final residence permit is officially approved and issued. The issuance of the White Paper ensures that applicants can legally reside in Greece and enjoy the associated benefits while their application is under review. 

During this period, travel rights are limited strictly to movement between Greece and the applicant’s country of origin; the certificate does not allow travel within the Schengen Area. Once the residence permit (Golden Visa) is formally issued, the holder gains the right to unrestricted travel across the Schengen Zone, in accordance with the standard rules for short-term stays—up to 90 days within any 180-day period in other Schengen member states. This phased approach ensures lawful presence during processing and broader mobility upon approval. 

      7. Issuance of the Residence Permit

The permanent Golden Visa residence permit is typically issued within a few  months following the submission of biometric data. The exact processing time may vary depending on the workload and efficiency of the local immigration office responsible for reviewing the application.

Once approved, the permit grants the investor and eligible family members the right to reside in Greece indefinitely, subject to renewal every five years, provided the qualifying investment is maintained. Our firm, upon receiving the card, will either send it to the client’s agent or directly to the client after relevant communication.

      8. Power of Attorney (POA) options

For investors who are unable to be physically present in Greece, the process allows for full legal representation through the issuance of a Power of Attorney (PoA). This document can be executed in any of the following ways:

•  at a Greek Consulate or Embassy in the investor’s country of residence, 
• with Apostille PoA (Hague Certification)
• in person before a notary public in Greece.

Once the Power of Attorney is granted, our legal team is authorized to act on the client’s behalf for all essential procedures, including property acquisition, tax registration, contract signing, and submission of the Golden Visa application. This provision ensures maximum flexibility and convenience, allowing the entire investment and residency process to proceed efficiently, even in the investor’s absence.

     9. Bank Account Opening and Financial Compliance Support

Leveraging our network of connections, our firm offers comprehensive legal assistance throughout the process of opening a bank account with a licensed financial institution in Greece, ensuring full compliance with Anti-Money Laundering (AML) regulations and Know Your Customer (KYC) protocols. We handle the preparation and submission of all required documentation, facilitate the issuance of the Greek Tax Identification Number (AFM), and maintain direct communication with the chosen bank to expedite account approval and activation.

Establishing a Greek bank account is not a mandatory requirement for the Golden Visa process; however, it is highly beneficial. It can simplify property transactions, facilitate the payment of taxes and fees, help meet the financial requirements for the residence permit application, enable the receipt of rental income, support investment activities, and offer financial security against foreign monetary policies. By managing this process end-to-end, we ensure that our clients meet all regulatory obligations while minimizing delays and administrative burdens.

Pursuant to the provisions of Article 20(B) of Law 4251/2014, as amended by subsequent legislative acts governing the Greek Golden Visa Program, third-country nationals are eligible to apply for a residence permit through capital investment in the form of a fixed-term deposit. Specifically, eligibility is granted to individuals who place a time deposit of no less than five hundred thousand euros (EUR 500,000) with a Greek credit institution, held solely or jointly in their name. The greatest advantage of this option is that the applicant is not required to be physically present in Greece to complete the procedures.

The deposit must be maintained continuously throughout the validity period of the residence permit. If the funds are withdrawn, the residency right will be revoked. The funds must be freely transferable from abroad through a recognized banking channel, and clearly traceable to the applicant. 

This investment pathway is subject to oversight by the Bank of Greece and the Hellenic Ministry of Migration and Asylum, ensuring full compliance with anti-money laundering regulations and other applicable financial and immigration laws. The resulting residence permit grants the holder the right to reside in Greece and to travel freely within the Schengen Zone.

At SF Legal we ensure full compliance with Greek financial and immigration laws, offering end-to-end support throughout the real estate acquisition process. Below is a structured overview of the essential legal steps:

1.Power of Attorney (POA) options

For investors who are unable to be physically present in Greece, the process allows for full legal representation through the issuance of a Power of Attorney (PoA). This document can be executed in any of the following ways:

•  at a Greek Consulate or Embassy in the investor’s country of residence, 
• with Apostille PoA (Hague Certification)
• in person before a notary public in Greece.

2. Issuance of Tax Identification Number (AFM)

Once the Power of Attorney is granted, our legal team is authorized to act on the client’s behalf for all essential procedures.  As part of the Golden Visa application process, each investor is required to obtain a Greek Tax Identification Number (AFM), which is essential for carrying out any financial or legal transactions within Greece. This identification number enables investors to complete property purchases, open bank accounts, and fulfill tax-related obligations.

3. Required Documents

The following documents are required as per the current legal framework 

1. Income Certificate – Issued by the relevant Chinese authority or employer, this document should state the applicant’s current annual or monthly income and include the company’s official stamp or signature. It must also specify the date of initial employment, a detailed description of the applicant’s position, and comprehensive information about the employer.
2. Utility Bill – confirming our residential address.
3. Hukou (Household Registration Booklet) – complete copy showing family members and residential registration.
4. Recent Bank Statement – reflecting sufficient funds and traceable capital for the investment.
5. Tax Certificate (if available) – showing tax payments and income declaration (optional but included if applicable).
6. Chinese Mobile Phone Invoice (if available) – for communication verification purposes.
7. Email Address – this email address may be used for further correspondence regarding this application.

All documents must be translated into English (and notarized, if required) to ensure compliance with the application procedures.

4. Opening of Bank Account and Capital Deposit

The applicant must NOT physically travel to Greece to complete the account opening process. Following the successful opening of a bank account in Greece, the applicant must proceed with the transfer and placement of the capital investment in accordance with the requirements of the Golden Visa program under Article 20(B) of Law 4251/2014.

5. Certification by the Financial Institution

The Greek financial institution is required to issue an official certification. This document serves as critical evidence of compliance with the investment criteria set forth in Article 20(B) of Law 4251/2014.

The certificate must explicitly confirm the following:

• The existence of the fixed-term deposit account
• The total amount deposited, which must be equal to or greater than EUR 500,000
• The term of the deposit, along with confirmation of the automatic renewal clause
• That the applicant is the sole or joint account holder of the deposit

6. Certification by the Ministry of Development

Following the placement of the fixed-term deposit and the issuance of the bank's certificate, the applicant must submit a formal request to the Hellenic Ministry of Development for certification of the capital investment. This step is a prerequisite for proceeding with the Golden Visa application under the provisions of Article 20(B) of Law 4251/2014, as amended. The certification serves as an official acknowledgment by the competent national authority that the investment meets the legal and regulatory requirements of the Greek Golden Visa Program.

The application must include:

• The bank’s certificate confirming the deposit
• Supporting documentation verifying the origin of funds and compliance with AML/CTF obligations
• Any additional documentation required by the Ministry

The Ministry of Development typically issues the investment certification within an estimated 1 to 2 months, subject to completeness of documentation and administrative processing. 

7. Residence Permit Application (Golden Visa)

Following the successful completion of the aforementioned procedures, the next step involves filling the Online Application for the submission of the residence permit. At this step, all required documentation must be submitted in accordance with the program’s legal and procedural requirements. After the application process and within 12 months, biometric data—including fingerprints and a digital photograph—will be collected to verify the applicant's identity. Upon successful submission, the applicant is issued a White Paper, which serves as a temporary residence document. This certificate grants legal residency rights in Greece and remains valid until the final residence permit is officially approved and issued. The issuance of the White Paper ensures that applicants can legally reside in Greece and enjoy the associated benefits while their application is under review. 

During this period, travel rights are limited strictly to movement between Greece and the applicant’s country of origin; the certificate does not allow travel within the Schengen Area. Once the residence permit (Golden Visa) is formally issued, the holder gains the right to unrestricted travel across the Schengen Zone, in accordance with the standard rules for short-term stays-up to 90 days within any 180-day period in other Schengen member states. This phased approach ensures lawful presence during processing and broader mobility upon approval.

8. Issuance of Residence Permit

The permanent Golden Visa residence permit is typically issued within a few months following the submission of biometric data. The exact processing time may vary depending on the workload and efficiency of the local immigration office responsible for reviewing the application.

Once approved, the permit grants the investor and eligible family members the right to reside in Greece indefinitely, subject to renewal every five years, provided the qualifying investment is maintained. 

Our firm, upon receiving the card, will either send it to the client’s agent or directly to the client after relevant communication.

Investors interested in the Greek Golden Visa program that DO NOT want to proceed either with property acquisition or with capital investment (fixed-term deposit) can choose one of the following options:

1. A time-sharing or lease agreement for hotel accommodation or furnished tourist residences with a minimum duration of 10 years, valued at no less than EUR 400,000 or EUR 800,000, depending on the designated threshold zone.

2. A capital investment of at least EUR 500,000 in one of the following:

- a public limited real estate investment company operating exclusively in Greece, through a share capital increase;

- a closed-end investment company or mutual fund;

- a Greek-based company, either through participation in a share capital increase or by purchasing bonds listed on regulated markets or multilateral trading facilities in Greece.

3. Acquisition of Greek government bonds with a minimum value of EUR 500,000 and a remaining maturity of at least three years, purchased through a Greek credit institution.

4. Investment of at least EUR 350,000 in one of the following:

- a mutual fund that exclusively invests in shares, corporate bonds, or Greek government bonds traded on regulated markets or multilateral trading facilities in Greece;

- an alternative investment fund (AIF) established in Greece or another EU member state, provided it is solely focused on investing in Greece.

Our firm will provide you with all the necessary information should you are interested in any of these choices.