Golden Visa Greece
Ever thought about Greek Citizenship?
Here at MDC Travel, our Legal Department, our Notary and Real-Estate counselors will help You to find the ideal solution!
Schengen Convention linked to the issuance of Golden Visa in Greece
The Golden Visa status in Greece offers to whomever is a beneficiary owning this certain visa, the advantage of free movement within the zone as provided by the Schengen Convention (“Schengen Convention Area”).
It is an extended area-zone, consisted by 26 EU member-states that have decided to abolish any passport or any other control check among them that would have taken place when at their borders. In other words, and in principle, the total area of the 6 operates as a single common zone which in this way it allows free movement, by practically setting in action a common visa policy. The zone itself has been named after the Convention signed in this small town in Luxembourg called Schengen in 1985.
Visa Free Travel
22 out 28 EU member-states form part of the Convention
Golden Visa and the acquisition of Greek Nationality and of Greek – European Passport
Golden Visa offers the option of acquisition of citizenship in Greece and that of Greek-European Passport and after seven years’ time from the time of acquisition of Golden Visa.
In particular, according to article 31 of Law 4531/2018 the provisions regarding the Greek Nationality Code have been amended and they are to be introduced after 05/04/2018.
In addition and as per the under nr. 130181/6353/2018 of 02.04.2018 decision of the Minister of Internal Affairs του Υπουργού Εσωτερικών (Official Gaz. 1208/Β΄), the following have been added to the deeds of permanent residence that are to be accepted in order for foreigners of different origin to be granted with citizenship, namely the permits of indefinite term, those of ten-years’, residence permits regarding investing activities, residence permit of a real estate owner and permanent residence permit of an investor. The amendment of these permits is valid as of the date of the publication of the aforementioned ministerial decision i.e. as of 02/04/2018.
Therefore in order for someone who is already in possession of a Golden Visa to acquire Greek citizenship, the necessary condition of him/ her residing lawfully and permanently for seven years before the actual date of submission of that specific plea has to be fulfilled.
Greek CitizenShip by Investment
The case of Greece: what does the Program entail?
You and your family shall be able to reside in Greece without any restrictions, or in case you have been already registered here to prolongue your stay. Greece has nowadays left behind the difficult days of its recent past and it has resumed its place as travel hub with flights connecting all of its major cities with major points of reference in Europe, the Americas, Oceania, Africa etc.
One could also mention all other advantages related with the Greece being member of the EU and the rest of the Western world, not forgetting though its connections and roots with the East. Quality of life such as malls, restaurants, beauty centers, archaeological sites of uniqueness, sports, culture, climate, universities are only some of the features Greece may easily offer to you and your family once you decide to embrace it as your second (or first) homeland.
Getting down to specifics
In terms of eligibility the Golden Visa Greece Program applies not only to the actual purchaser, but also to his/ her spouse, the dependent on them children even if they are up to 24 years old, and even more so to the grandparents of both sides. The permit’s permanent status is there for all of the aforementioned members of the wider family and it shall be remaining as such as long as the real estate property remains with its initial purchaser; every 5 years it has to be renewed by just being obliged to appear before the competent state administrative authority that shall confirm the ownership status.
The whole program evolves around the necessary precondition of investing through the purchase of a real estate property of 250.000, 00€ worth (brutto or net). Any property is eligible be it land as such, new property, resale etc. If for any reason the purchaser decides to sell that certain property else before the 5-year period to someone of foreign nationality, he/ she can also apply for the same status, however, the first purchaser needs to forfeit his/ her own permit and ultimately lose any such right at all.
- There is always the case of joint ownership of a real estate property of 250.000, 00€; if it is about spouses, then there is no question of permit at all given that the spouses keep each 50% of the said property. In any other case, though, i.e. the purchase is not that of a spouse, then each of the purchasers has to pay the amount of 250.000, 00€
- If the purchase has taken place by a legal entity of any sort, then it has to be proven that this entity entirely belongs to a single member/ natural person
- There is, of course, the option of purchasing more than one properties as long as they amount to the sum of 250.000, 00€
Having said the above, it also needs to be mentioned that residents of already permanent status are eligible to apply for Greek citizenship after having spent 7 consecutive years in the country. Their children can be eligible on their part if the following boxes have been checked accordingly:
- Attendance of any school in Greece for a 9year-period
- Attendance of a secondary level school in Greece for a shorter period of 6 years
- Attendance of a University in Greece
Please do keep in mind that all EU citizens enjoy free access to employment, travelling, education, healthcare across the whole range of the (still) 28 countries of the EU. The Greek passport is the most useful tool you need when your aim is to travel not only within the EU but practically to all countries with the exception of only a handful of them.
Obtaining the Golden Visa Greece in a plain and simple way
A process which read as follows:
- Getting the Entry Visa and Locate the Property that suits you We have 100’s of suggestions for You)
- Purchasing the Property by signing all necessary documents and the agreement itself
It is to be noted that according to Law 4605/2019 the program regarding the issuance of Golden Visa residence permit extends to all those who shall be proceeding to a:
- Purchase of shares in light of a share capital increase or bonds by contributing capital of at least 400.000 euros at the time of publication of the loan of businesses having a seat or premises in Greece and admitted to Greek official stock-exchange markets
- Contribution in capital of a sum of 400.000 euros at least in an Investment Business of Real Estate (in Greek “ΑΕΕΑΠ”), which shall be investing exclusively in real estate properties in Greece so as to get shares and have its capital share increased
- Contribution in capital of a sum of at least 400.000 euros in a venture capital fund (in Greek “ΕΚΕS”) in order to acquire shares of risk capital fund (in Greek “ΑΚΕS”) in order to acquire shares given that the aforementioned organizations do intend to invest exclusively on businesses having a seat and/ or premises in Greece
- Purchase of Greek state bonds of a value of at least 000 euros and remaining duration regarding the purchase time of at least three years, through a banking institution located in Greece
- Guarantee Fund Fixed Term Deposits in a Greek banking institution. The deposits shall be of at least 400.000 euros, of annual duration renewed once a year via direct debit
- Purchase of shares, corporate bonds or Greek state bonds which are to be admitted for negotiations or have undergone negotiations already in the Greek stock-exchange market. In such case the acquisition value should be estimated at about 000 euros minimum
- Purchase of shares of a purchase value of 400.000 euros in the form of risk capital fund which has been established in Greece or in any other country and which shall be investing exclusively on mobile properties of value (capital shares and corporate bonds or even Greek state bonds) which shall be admitted for negotiations or have being negotiated already in the Greek stock-exchange market. The amount of the positive position of that risk capital fund shall be estimated to at least 3 million euros
- Purchase of shares or capital shares of a value of 400.000 euros in an organization of alternative investments (e.g. venture capital holdings) which shall have been established in Greece or any other member-state of the EU and which shall be investing exclusively on real estate property in Greece
- Initiating the process by filing the necessary documents for a Golden Visa, and by obtaining gradually all supporting documents:
- Valid copy of passport
- 3 pictures, recent & colored
- Copy of a contract or contracts of total value of min. 250.000, 00€
- Transfer certificate issued by the Land Registry
- Application to get Residence Permit: a cost of 2.000, 00€ per person (adult)
Regarding family members, i.e. spouse and children: certificates of marital status, both an original and a copy bearing the APOSTILLE stamp.
Please bear in mind that the signing of the purchase agreement as well as the submission of the application regarding the Residence Permit as such could be processed by a lawyer vested with a proxy.
Greece Golden Visa Program: HOW
- PHASE A’ : Purchase
- PHASE B’ : Golden Visa Procedure
- FINAL STEP
Step two: Getting in contact with our Law Firm.
Step three: issuance of a travel visa by our Law Firm in order for you to visit Greece.
Step four: arrival in Greece and meeting with lawyers and associates of ours to get to locate the property of your liking.
To that end our Travel Dept. Team may as well assist you not only with technical/ legal details but also with all ordinary ones, such as assisting you with booking a hotel for the time you’ll be spending in Greece while in search of the proper property, alet alone all other relevant and not so relevant arrangements that may surface along the way while remaining here in Greece e.g. lease a car, arranging a visit to a doctor in case of an emergency, making arrangement for a visit to an archaeological site or a cultural event of any sort etc.:
Step five: Hands on procedure of actually vising properties here in Greece, checking locations, with at least one member of our Team, preferably a Translator or a property expert.
Step six: selection of a property or properties and, practically, launching of the purchase sequence payment in advance of 10% of the price & Pre-Sales Private Purchase Agreement.
Step seven: signing of a Power of Attorney (“Proxy”) at a Notary’s Office appointing and allowing the representative Lawyer –s to: issue a Tax Number (in Greek “AFM”)
- Open a bank account
- Sign the Final (proper) Purchase Agreement
- Initiate the Golden Visa Application Procedure
Allow us to elaborate a little further on the actual signing of the Final (proper) Purchase Agreement by stressing the following, and in a nutshell what is practically and tangible needed to be done.
First of all, the authorized/ appointed Lawyer (or one of them) after having signed the Final Agreement at the Notary’s Office, makes sure that the same Agreement is registered with the competent Land Registry, in order for the actual Transfer of Deed to take place.
Secondly, and after having concluded the procedure with the Land Registry as such, by paying all necessary fees as calculated by the Land Registry itself, our Associate Lawyer shall be receiving the proper finalized Contract which by now has been completely finalized and settled accordingly.
Our Associate Lawyer, who has already been authorized by you in terms of the above, applies now for the so-called Blue Card, for which the following are necessary:
- The properly concluded Final Contract and relevant attached Certificate
- The INITIAL Entry Visa
- Passport
- Application, filled in and accordingly signed
- Health Insurance
In case of a spouse and dependent children already involved and interested in being arranged simultaneously the following needs also to be in place:
- Family Certificate (issued by competent authority from the country of origin, official and certified translation)
- Marriage certificate (as issued aby the competent authority, and, as above, official and certified translation)
- Birth certificates regarding dependent children of minor age (as issued aby the competent authority, and, as above, official and certified translation)
Please note that all of the aforementioned can be taken care of either by you, if you decide to visit yourself Greece and have us assisting you accordingly, or by the appointed Lawyer –s of our Law Firm provided that they have been vested by you with such authority via a Power Of Attorney.
Final Steps
Whatever the action taken, you should always bear in mind that ultimately what we are aiming to achieve is the issuance of the Golden Visa so as to enjoy all related thereto advantages.
As soon as all of the above take place, we then need to arrange the necessary Biometrics Appointment so as for the purchaser and the rest of his/ her family members to have everything in place by providing their fingertips to competent Greek Authorities.
The appointment shall be taking place in 6 to 10 weeks’ time.
This is actually one of the very few occasions that the actual purchaser and members of his/ her family need to be here in Greece and have this appropriately concluded. It shall then be with the appointed Lawyer to make sure he/ she gets the Golden Visa Card and forward them via regular post to you accordingly. NOTE: It is of vital importance to know that in order for the appointed Lawyer to get on your behalf the Golden Visa Card he/ she needs to have with him/ her the Applicants’ original passports!