Understanding the Greek Golden Visa

The Greek Golden Visa program is a residency-by-investment scheme that offers numerous benefits to non-European citizens. By investing in real estate in Greece, individuals and their families can obtain residency permits, providing a gateway to Europe and numerous other advantages. This guide will explain the benefits of the Greek Golden Visa program and how investing in real estate on Tinos Island can help you secure residency.

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What is the Greek Golden Visa Program?

‍The Greek Golden Visa program was introduced in 2013 to attract foreign investment and stimulate the real estate market. It allows non-European citizens to obtain a five-year residency permit by investing in Greek real estate. This permit is renewable indefinitely as long as the investment is maintained.

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Benefits of the Greek Golden Visa

1. Visa-Free Travel in the Schengen Zone
   • One of the most significant benefits of the Greek Golden Visa is the ability to travel visa-free within the Schengen zone. This includes 26 European countries, allowing you and your family to travel freely for up to 90 days within any 180-day period.
2. Residency for the Whole Family
   • The Golden Visa program extends to the investor’s immediate family, including the spouse, children under 21, and parents of both the investor and spouse. This means that your entire family can enjoy the benefits of residency in Greece.
3. No Residency Requirement
   • Unlike some other residency programs, the Greek Golden Visa does not require you to live in Greece. You can maintain your residency permit while living in another country, offering greater flexibility.
4. Access to Quality Education and Healthcare
   • Residency in Greece provides access to high-quality education and healthcare services. Greece has numerous international schools and world-class medical facilities.
5. Pathway to Citizenship
   • After seven years of continuous residency, Golden Visa holders may be eligible to apply for Greek citizenship, subject to meeting certain conditions. This offers the potential for a European passport, further enhancing your travel and business opportunities.

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How to Secure Residency through Real Estate Investment on Tinos Island

For the Regional Unit of Tinos, the minimum real estate investment value is 800.000€ for a single property with a minimum surface area of 120 square meters.

1. Choose the Right Property
   • To qualify for the Greek Golden Visa, you must invest in real estate with a minimum value of 800.000€. Tinos Island offers a variety of properties that meet this criterion, from luxurious villas to charming traditional houses. Siotos Real Estate can help you find the perfect property that suits your needs and preferences.
2. Understand the Purchase Process
   • The property purchase process involves several steps, including signing a preliminary contract, obtaining a tax number, and opening a Greek bank account. Our team at Siotos Real Estate will guide you through each step, ensuring a smooth and efficient process.
3. Legal Assistance
   • Legal support is crucial in securing your investment and residency. Siotos Real Estate, owned by experienced lawyers, provides comprehensive legal services to handle all necessary paperwork and ensure compliance with Greek laws.
4. Submit Your Golden Visa Application
   • Once your property purchase is complete, you can submit your Golden Visa application to the Greek authorities. The application process includes providing proof of investment, background checks, and biometric data. Siotos Real Estate will assist you in preparing and submitting your application.
5. Renew Your Residency Permit
   • The Golden Visa residency permit is valid for five years and can be renewed indefinitely, provided you maintain ownership of the property. Siotos Real Estate offers ongoing support to ensure your permit remains valid and helps with any renewal processes.

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Exceptions:

1. Conversion from Commercial to Residential Use:

Minimum threshold remains 250.000€ regardless of location or size. Conversion must be completed before applying.

2. Restoration of Listed Buildings:

Minimum threshold is 250.000€ for properties in listed buildings that need restoration. Full restoration must be completed before the first renewal. Non-compliance can result in revocation and a 150.000€ fine.

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Use Restrictions:

Golden Visa properties cannot be rented out for short-term rentals (e.g., Airbnb) and cannot serve as a company’s registered seat if they fall under the conversion scheme. Non-compliance will lead to permit revocation and a 50.000€ fine.

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How to Secure Residency on Tinos Island through Financial Options

The Greek Golden Visa program also offers the opportunity to secure residency through financial options beyond real estate. For a minimum investment of 500.000€, investors can qualify through financial instruments such as government bonds, shares in Greek companies, or deposits in local banks. This option provides a flexible alternative for those looking to diversify their investments while gaining residency benefits.

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Conclusion

‍The Greek Golden Visa program offers an excellent opportunity for non-European citizens to secure residency through real estate investment. Tinos Island, with its stunning landscapes, rich cultural heritage, and growing real estate market, is an ideal location for your investment. Siotos Real Estate is here to guide you through every step of the process, from selecting the right property to securing your residency permit. Contact us today to learn more about how we can help you achieve your residency and investment goals.

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