For those who are seeking residence within the European Union, the Greek Golden Visa seems to be a good option. The straightforward investment paired with the fast process, resulting in visa-free travel to other Schengen countries, makes this program appealing. More importantly, it is cost efficient.

Procedure:

1. Purchase of property(ies) in Greece for a minimum amount of EUR 250,000;
2. Settle the taxes in respect of the purchase of the property(ies);
3. Register the purchase of the property(ies);
4. Supply a valid passport, marriage certificate, birth certificate of the children and a family certification document (documents should be translated and duly legalized);
5. Obtain health insurance in Greece;  
6. Apply for a residence permit;
7. Visit Greece in order to give biometrics for the issuance of the residence permit.

The application is filed for the entire family, except for the parents of the spouse, who apply after the residence permits of the investor’s family have been issued. The residence permits are issued in 1 month after the application has been submitted.  The residence permit is issued for 5 years and is renewed for another 5 years if the property(ies) is/are still in the possession of the applicant.

Expenses:

Bear in mind that in addition to the purchase of the property a number of additional fees will be incurred. For example:

• Properties that have a building permit which was issued before 1.1.2006 have transfer fees of 3,09% of the purchase price. For properties that have building permits issued after 1.1.2006 these fees are 24% of the purchase price;
• As properties in Greece are purchased through notary deed, notary fees are also payable;
• Lawyers’ fees;
• Property registration fees;
• Real estate agent’s fees;
• Municipality fees /Stamp duty;
• Government fees in the approximate amount of EUR 5,000 for the issuance of the residence permits.

Eligibility:

1. Investor and spouse;
2. Minor children;
3. Adult children up to the age of 21;
4. Parents of the investor and the spouse.

Advantages of the program:

• Access to education in Greece and Europe (some universities may apply restrictions);
• Visa free travel to other Schengen countries (as per the 90 days/6month rule);
• Access to Greek and European health care;
• The property(ies) can be rented and the investor can therefore receive a return on the investment;
• There is no requirement to physically be present in Greece or become a tax resident.