Golden Visa Greece

 

Achieving a Greek Golden Visa Through Financial Product Investments: A Comprehensive Guide 

 

The Greek Golden Visa program has established itself as a gateway for non-European Union investors seeking to combine financial growth with European residency benefits. Traditionally centered on property investments, recent legal and financial innovations have introduced alternative paths for investors, including:

  • A €500,000 fixed-term deposit in a Greek bank.
  • A €350,000 investment in mutual funds.

This guide explores these investment options, outlining their advantages, legal framework, and strategic considerations for obtaining a Greek Golden Visa.

Legal Framework of the Greek Golden Visa Program

Under Greek Law 4251/2014, non-EU nationals can secure a five-year renewable residence permit through strategic investments in the Greek economy. Initially focusing on real estate, the program has expanded to include financial investments, offering diverse and flexible residency options.

With the recent introduction of Law 5038/2023, the Greek Golden Visa program has transitioned to a new regime, enhancing clarity and aligning with updated EU standards. This new framework aims to streamline the process and expand the opportunities for non-EU investors.

Core Benefits of the Golden Visa

  1. Residency for Investor and Family: Covers the investor, spouse, children under 21, and the investor’s parents.
  2. Visa-Free Travel: Access to the Schengen Zone without additional visas.
  3. No Minimum Stay Requirement: No need to reside in Greece to maintain the permit.

Investment Options: Fixed-Term Deposit vs. Mutual Fund

  1. Fixed-Term Deposit
  • Minimum Investment: €500,000.
  • Eligibility: Deposit must be held in a Greek bank for at least 12 months.
  • Returns: Stable interest income, subject to deposit agreement terms.

Key Advantages:

  • Security of capital: Fixed-term deposits are low-risk.
  • Immediate eligibility for the Golden Visa.
  • Simplicity in compliance and renewal.

Legal Considerations:

  • Comprehensive documentation (proof of funds, anti-money laundering compliance).
  • Retention of deposit is necessary for visa renewal.
  1. Mutual Fund Investment
  • Minimum Investment: €350,000.
  • Eligibility: Investment in qualifying mutual funds.
  • Fund Structure: Includes Greek equities, government bonds, and corporate bonds.

Key Advantages:

  • Lowest entry cost among all options.
  • Potential for higher returns through diversified portfolio growth.
  • Flexibility within the fund structure.

Legal Considerations:

  • UCITS-compliant funds ensure transparency and investor protection.
  • Requires a detailed understanding of fund risks and returns.

Legal and Strategic Analysis: Choosing the Right Path

Factor

Fixed-Term Deposit (€500,000)

Mutual Fund (€350,000)

Risk Profile

Low (secure deposit)

Moderate (market-linked)

Capital Growth Potential

Limited (fixed interest)

Medium to High

Golden Visa Validity

Renewable with deposit

Renewable with fund

Ease of Management

Simple, one-time deposit

Active monitoring needed

Tax Implications:

  • Fixed-Term Deposits: Subject to Greek withholding tax on interest income.
  • Mutual Funds: Gains may incur capital gains tax, depending on tax residency.

Conclusion

The Greek Golden Visa program offers unparalleled opportunities for investors. Whether you prefer the stability of a €500,000 fixed-term deposit or the affordability and growth potential of a €350,000 mutual fund, both options provide a clear path to European residency.

 

—

 

Greek Government to ratify amendments to Golden Visa Program

 

In a pivotal move, the Greek parliament is set to ratify new amendments to the Golden Visa program, reflecting a strategic balance between invigorating the nation’s real estate investment landscape and addressing the residential needs of its citizens. As we stand on the brink of these changes, it’s crucial for investors to understand the forthcoming shifts and the opportunities they present.

The heart of the reform lies in the adjusted investment thresholds aimed at promoting residential availability and curbing the inflationary pressures on housing costs attributed to the program’s popularity. 

Starting March 31, 2024, the Golden Visa program will introduce a tiered investment criterion, setting the bar at €800,000 for properties in high-demand regions such as Attica, Thessaloniki, Mykonos, Santorini, and islands with a population exceeding 3,100. 

For the rest of Greece, a minimum investment of €400,000 will be required, ensuring a broad spectrum of opportunities for prospective investors.

Moreover, the reform champions cultural heritage and urban renewal by incentivizing the conversion of non-residential buildings into homes and the restoration of buildings of historical significance. A notable pivot is the program’s stance on the utilization of acquired properties, explicitly barring short-term rental arrangements and repurposing properties as business premises, aligning with broader housing policy goals.

Recognizing the impact of these changes, a transitional period has been carefully designed to accommodate investors midway through their investment journey. This grace period extends until September 30, 2024, for initiating investments under the current conditions, with a completion deadline of December 31, 2024, offering a seamless transition to the new regime.

The new draft law to be ratified by the Greek parliament introduces significant changes to the Golden Visa program, with the aim of balancing the housing needs of residents and attracting foreign investments. Here’s a summary of the key changes and the transitional period as per the new provisions:

Key Changes to the Golden Visa Program

  1. Increase in Minimum Investment Amount:For Attica region, Thessaloniki, Mykonos, Santorini, and islands with a population over 3,100, the minimum property investment rises to €800,000.For other areas, the minimum investment is set at €400,000.The investment must be in a single property of at least 120 sq.m., not in multiple properties of lesser value.
  2. Conversion of Buildings to Residential Use:A minimum investment of €250,000 for buildings being converted to residential use, with the conversion completed before applying for residency.
  3. Heritage Buildings:A €250,000 minimum investment for purchasing and restoring heritage buildings.
  4. Renewal of Residency Permits:Residency permits can be renewed for another five years if the property remains under the investor’s ownership. For heritage buildings, the permit’s renewal is contingent on the completion of the restoration.
  5. Rental and Usage Regulations:Investors can rent out their properties but cannot offer them for short-term leases or use them as business premises.
  6. Alternative Investments:Long-term leases or timeshare agreements for tourist accommodations also qualify for residency, with investment thresholds matching those for direct property purchases (€800,000 in specified regions, €400,000 in the rest of the country).

These changes reflect the Greek government’s strategy to address the impact of the Golden Visa program on housing costs and availability, while still maintaining Greece as an attractive destination for foreign investment. The introduction of higher investment thresholds, combined with incentives for converting buildings to residential use and preserving cultural heritage, aims to increase the housing supply for long-term rentals and contribute to the overall housing policy.

For individuals interested in the Golden Visa program or property investment in Greece, understanding these new regulations and planning accordingly is crucial, especially considering the transitional period that allows for adjustments under the previous conditions.

 

 

AMOIRIDIS LAW SERVICES® is a Greek Law firm specializing, amongst other sectors, in Immigration Law & Real-Estate Property Law having a wide range of experts, composed by both in-house and external solicitors, notaries, accountants, tax experts, civil engineers, topographers, real estate agents, enabling us to provide an “all-in-one package” of legal guidance.

As a single team with an international focus and creative thinking AMOIRIDIS LAW SERVICES® has successfully concluded numerous Golden Visa cases tackling successfully any challenges that might arise, by representing an exclusively foreign clientele from all over the globe, providing high standard legal advice tailored to the personalized profile of our clients.

AMOIRIDIS LAW SERVICES® handles each case with devotion and creative spirit.

 

For any further information and clarifications please do not hesitate to contact our qualified legal team, ready to provide you with further personalized information tailored to your needs and your profile.

You can email us:  or call/text us directly at : +306908351705

 

Athens, January 2025

All rights reserved, Amoiridis Law Services®