The Greek Residency Program: Why invest into the Hellenic Republic

Over the past few years Greece has become an attractive pole for investors due to the countrys’ unique location, history, climate and natural resources. Situated at the crossroad of three continents, Greece is a major business center, particularly within the shipping and tourism sectors, while it is considered to be the number 1 holiday destination. Most investors choose the Hellenic Republic for their permanent residency for the entire family, in order to live, travel, study or just have a secondary home in the EU.

Greece has been a member of the European Union since 1981 and a member of the European Monetary Union since 2000. The country is known for its’ stability, effective and transparent legislative and regulatory framework, high levels of safety and security, excellent healthcare, as well as a dynamic educational system which is offered in various languages. As a matter of fact, most Hellenic citizens speak several foreign languages, due to the tourism which is the heartbeat of the countrys’ economy.

The approval of the Hellenikon Project, which is one of the largest investments in Europe, aspires to become the most impressive seaside park, with six massive skyscrapers that promise to change the Athenian skyline forever! The Greek Riviera will thus be the ultimate destination to reside in, as luxurious hotels, impressive museums, aquatic parks, malls and cafes will decorate the new Athenian landmark. The Project is expected to dispose of a luxurious residential area, natural parks, a world class new yachting marina, as well as Europes’ biggest casino!

The Law N. 425/2014 of the Immigration and Social Integration Code and other provisions, published in the Official Gazette of the Hellenic Republic on April 1st of 2014, introduced one of the fastest and most economical gateways to the acquisition of an EU Permanent Residency!

The investment options offered by the Law are the following:

  • Purchase of a real estate property worth at least €250,000;
  • A lease agreement with a hotel or tourist establishment for a time period of at least ten years;
  • A capital investment of at least €400,000 into a company registered in the Hellenic Republic;
  • An investment of €400,000 into Greek government bonds.
  • An investment of €400,000 into bonds or shares of real estate investment companies registered in the Hellenic Republic;
  • A deposit of at least €400,000 into a Greek bank;
  • An investment of €800,000 into shares, corporate or government bonds of the Greek Treasury, listed in trading facilities operating in Greece.

The eligibility criteria is as follows:

An investment of at least 250,000 € + VAT;

A Clear Criminal Record;

A Health Insurance valid within the EU, provided by a Hellenic insurance company;

The investor must be an adult (over 18 years old).

The benefits of the Greek Golden Visa Program are numerous:

  • It is one of the fastest tracks to the acquisition of an EU permanent residence, as the process takes approximately 2 months
  • It is one of the most economic Golden Visa Programmes in the EU!
  • It is a Programme that includes the entire family, including the parents and in-laws within the same initial investment amount!
  • Unlimited renewal, as long as the investment is maintained
  • It gives access the Greek Citizenship after 7 years
  • There is no obligation to reside permanently in Greece
  • It gives the opportunity to own a business in Greece
  • Visa free travel within the EU, under the same conditions as EU citizens
  • Immediate access to all EU educational institutions, both public and private
  • Excellent healthcare, under the same conditions as EU citizens. This includes both public and private establishments.
  • A real investment opportunity! Generate income from day 1, by renting out your property!

With regards to the duration of a Greek residency permit, the Golden Visa is valid initially for a timeframe of five years and can be renewed indefinitely, as long as the investment is maintained. In addition, in the event that the investor decides to permanently reside in Greece, he/she may apply for the Greek citizenship, provided that several criteria is fulfilled, such as knowledge of the Greek language, history, politics and geography, as well as a seven year continuous residency in the country.

The present article is for informational purposes only and does not, under any circumstances, constitute legal advice. For further information on the subject, please contact our law firm  and one of our attorneys shall be glad to assist you.

Nika Kalifatidou
Advocate – Legal Consultant
T.K. & Partners