The Golden Visa program, in Greece, is a profitable investment program which is addressed to third country nationals and their immediate family members (spouses, children of themselves and their spouses, under the age of 21, parents) who wish to obtain a residence permit. In order to obtain a residence permit, the interested party is required to invest and own real estate anywhere in Greece (mainland or island), worth at least 250.000 euros with the exception of the regional units of the Northern, Central and Southern Athenian suburbs and the Municipality of Vari-Voulas-Vouliagmeni (part of the Eastern Athenian suburb), the Municipality of Thessaloniki and the regional units of Mykonos and Santorini (part of the Cycladic islands) where the value amounts to 500.000 euros.
In cases of co-ownership, where the value of the property is at least 250.000 euros, the residence visa is issued to both parties, provided that the owners are spouses with indivisible ownership of the property. If the owners are not spouses, the residence permit is granted only if each of the co-owners invests at least 250.000 euros. The residence permit is permanent, valid and renewable every five years, as long as the real estate remains in the ownership of the resident or residents.
With the acquisition of Golden Visa, the interested party acquires the right of residence in Greece, if and when they desire so. For those who wish to live in Greece, it is possible, however with the current type of residence permit they are not allowed to work in our country. If the resident, who has obtained the Golden Visa, resides abroad, he can rent his property in the form of an investment by paying the prescribed rental income tax.
Furthermore, with the acquisition of Golden Visa, the third country national enjoys the right to travel throughout Europe and the Schengen Area (27 countries) directly from the country of origin, without further visa applications. Once granted a residence permit, he can travel to Schengen countries for a period of up to three months, within a period of six months. If he decides to sell the property to a citizen outside the European Union, the residence becomes transferable to the new investor and the seller's residence permit is canceled.