What is the Greece Golden Visa and Why and Why US Citizens Are So Interested?
The Greece Golden Visa is a Residency by Investment (RBI) program introduced by the Greek government in 2013, allowing non-EU citizens to live in Greece by making a minimum investment. For US citizens, this program offers more than just access to Greece - it provides entry to the entire Schengen Area, making travel across Europe more convenient and hassle-free. This program is particularly attractive to high-net-worth individuals and retirees seeking a stable environment with exceptional lifestyle benefits.
Why Are Americans Particularly Interested in Greece?
With travel restrictions and complex visa requirements growing for US citizens worldwide, including the ETIAS Authorization in Europe, the Greece Golden Visa offers a long-term solution to visa-free access to Europe. Moreover, Greece presents a lower cost of living, beautiful landscapes, a rich history, and proximity to other key European destinations.
- Schengen Visa-Free Travel: Gain access to the Schengen Area (29 European countries) with ease access and avoid the new ETIAS system.
- Investment Opportunities: Greece’s real estate market is on the rise, with properties in high-demand tourist destinations offering attractive returns.
- Cost of Living: Compared to many US cities, Greece showcase a lower cost of living without compromising your life quality
- Tax Optimization: Greece provides favorable tax treatment for foreign residents, including no tax on global income for certain qualifying individuals (to know more about this, contact Investment Visa)
- Path to EU Citizenship: After holding the Golden Visa for 7 years, you can apply for Greek citizenship, which opens the doors to living, working, and studying anywhere in the European Union.
Benefits of the Greece Golden Visa for Americans
The Greek Golden Visa has several advantages to American investors that go beyond the investment itself. By investing in Greece, Americans can secure a home in one of the most beautiful countries in the world and also unlock unparalleled access to Europe. Whether looking to retire, relocate, or simply diversify assets, the Greece Golden Visa offers a wide range of benefits that would suit perfectly an investor’s needs. Here are some key benefits that stand out:
- No Residency Requirement: Unlike other European visa programs, the Greece Golden Visa does not require you to live in the country to maintain residency. You can hold the European Residency Visa indefinitely while residing elsewhere.
- Flexible Investment Options: While real estate is the most popular and beneficial route, other investment options include government bonds, business investments, or lease agreements.
- Family Inclusion: The Golden Visa covers your immediate family, including your spouse, children under 21 (or dependent), and even yours and your spouse's parents, offering a solution for multi-generational relocation.
- Return on Investment: Greece’s real estate market is growing, particularly in major cities like Athens and Thessaloniki, as well as in tourist hubs such as Crete and Santorini.
- Low-Cost Entry Point: Compared to other European Golden Visa programs, Greece’s minimum investment requirement of €250,000 for real estate renovations makes it one of the most accessible options for American investors.
- European Citizenship: After 7 years of holding a Golden Visa, US citizens are eligible to apply for Greek citizenship, which grants them full EU rights, such as work and live in any other EU country.
Greece Golden Visa Requirements for US Citizens
One of the most common questions US citizens have been asking is: Can US citizens apply for the Greece Golden Visa? Yes. Although, as with any residency programs, there are specific eligibility requirements that must be met.
To qualify for the Greece Golden Visa, American applicants must make a minimum investment, with real estate being the most attractive option. Investing in property not only secures the residency permit, which is the primary goal, but also offers the potential for rental income and property value appreciation, particularly in Greece's thriving real estate market.
General Requirements for Americans seeking the Golden Visa
- Investment: Minimum €250,000 investment in real estate.
- Clean Criminal Record: Applicants must provide a police clearance certificate.
- Medical Insurance: Health insurance coverage is required for both the primary applicant and family members. However, if this requirement brings up concerns, know that insurance in Greece costs way less than in the United States and it is very accessible.
- Proof of Funds: In case of the real estate purchase, you can use the deeds of the property as proof.
Additional Eligibility Factors
- No language requirements.
- No requirement to reside in Greece after receiving the residency visa.
- No upper age limit for applicants.
There is no need for you to prove knowledge of the Greek language, making it accessible for those who may be new to the country.
In essence, the Greek residence permit gain through the Golden Visa is granted for life, as it has the option of renew every 5-years' time frame. There is no limit on the number of renewals, as long as the applicant continues to hold full ownership and control of the required minimum investment, whether in real estate or financial assets. However, Golden Visa applicants must return to Greece every 5 years to update their biometric data.
Greece Golden Visa Investment Options for US Citizens
The main investment route for obtaining a Greece Golden Visa is through real estate purchases. On the front, US citizens have a broad range of choices, from vacation homes to commercial properties and urban apartments.
Investment Requirements for US Citizens Purchasing Real Estate in Greece
An American can invest a minimum of €250,000 in the Greek real estate. This investment can be in a single property or multiple properties with a combined value of €250,000 or more. The property value is determined by the amount listed on the purchase contract or, for long-term timeshare agreements, the lease contract.
There are no restrictions on the type or age of the property, meaning that you can invest in residential properties, commercial properties, or land. Furthermore, there is no requirement to invest in new developments; you are free to purchase second-hand or older properties on the open market. Additionally, it is clearly stated that you can buy a leased property or rent out your property to generate a stable income stream.
However, depending on the region, Americans can explore high-end luxury properties or strategically located rental investments in cities like Athens, Thessaloniki, or popular islands such as Crete and Santorini. The truth is that the real estate market in Greece is quite diverse, and properties often provide a good return on investment, especially in tourist areas. Greece’s thriving short-term rental market, driven by platforms like Airbnb, allows investors to capitalize on the country’s booming tourism industry.
New Rules for the Greece Golden Visa 2024: What to Consider?
Effective September 1, 2024, Greece introduced significant changes to its Golden Visa program, following an April 2024 announcement. Since then, to obtain a Greece Golden Visa through real estate, the investment requirements vary based on location and property type.
In high-demand regions like Attica, Thessaloniki, and Greek islands with populations over 3,100 inhabitants, the minimum investment is €800,000 for a single property of at least 120 sqm (around 1,292 sqft). These areas are economically significant and popular with international buyers. In the rest of Greece, the minimum investment drops to €400,000 for a single property with the same size requirement, offering opportunities in more affordable regions.
For conversions from commercial to residential use, the investment threshold is €250,000, with no minimum surface area required, even in prime locations like central Athens. Lastly, for listed buildings of historical or cultural significance, the investment requirement is also €250,000, regardless of the property’s size or location, allowing investors to support the restoration of Greece’s cultural heritage.
Greece Golden Visa Costs and Fees for Americans
The Golden Visa Law requires a strict process for investments, including a specific payment schedule for real estate and pre-approval of financial products by the government. Compliance with Greek tax laws and European anti-money laundering regulations is also mandatory.
Due to its complexity and cross-border aspects, specialized legal advice is essential, covering areas such as real estate, tax, banking, immigration, and international law.
- Real estate law (for real estate investments)
- Tax law
- Banking law
- Anti-money laundering regulations
- Immigration law
- International taxation
- Private international law
Besides the property investment itself, there are other fees associated with obtaining the Greece Golden Visa for US citizens:
- Government Fees: The main application fee for the Golden Visa is approximately €2,000 per applicant.
- Legal Fees: Engaging with an immigration lawyer to help with the process is common and advised.
- Notary and Registration Fees: These fees, which relate to the property purchase, are typically 2-3% of the property value.
How to Get the Greece Golden Visa for Americans: Step-by-Step Process
Getting the Greece Golden Visa is a straightforward process for US citizens:
- Select Your Investment: Choose a property or investment opportunity in Greece that meets the program’s requirements.
- Hire Legal and Financial Assistance: It is recommended that you work with a lawyer and possibly a financial advisor to help guide you through the process and ensure compliance with Greek regulations.
- Submit Your Application: After making your investment, you can submit your Golden Visa application through the relevant Greek authorities, either in person or via a legal representative.
- Biometrics Appointment: You will need to attend an appointment in Greece to submit your biometrics (fingerprints and photos) for the residency permit.
- Receive Your Residency Permit: Once approved, you will be granted your Golden Visa, allowing you to live in Greece or simply visit and enjoy visa-free travel throughout Europe.
How Americans Can Obtain EU Citizenship After the Greece Golden Visa
One of the key benefits of the Greece Golden Visa for Americans is its potential pathway to European naturalization. After holding the visa for 7 years, you can apply for Greek naturalization, gaining full EU citizenship rights, including the ability to live, work, and study in any other EU country.
To apply for citizenship, you will need to show some integration into Greek society, such as property ownership, regular visits, or learning basic Greek.
Best Destinations for Greece Golden Visa Applicants
When considering the best destinations for your Greece Golden Visa investment, several locations stand out for their unique appeal and investment potential. Athens, with its growing real estate market, is ideal for those seeking urban sophistication and long-term property value appreciation. If you're looking for a quieter yet culturally rich environment, Thessaloniki offers a more relaxed lifestyle with lower real estate costs.
For Americans interested in vacation homes or high-yield rental properties, the picturesque islands of Mykonos and Santorini are hard to beat, providing breathtaking scenery and steady tourism-driven demand. Crete is also popular for its beautiful landscapes and historical significance, making it a perfect blend of lifestyle and investment opportunities.
Santorini & Mykonos
Peloponnese
Patras
How Investment Visa Team Can Help You to Obtain Your Golden Visa
At Investment Visa, we pride ourselves on offering personalized, expert assistance tailored specifically to high-net-worth individuals looking to secure their future through international investment. Our team understands the unique needs and concerns of US citizens seeking residency in Greece through the Golden Visa program. From initial consultations to identify the best investment opportunities to navigating the complexities of Greek legal and immigration systems, we provide end-to-end support, allowing you to focus on enjoying the benefits of your new investment.
What sets Investment Visa apart is our commitment to offering bespoke solutions that align with your financial and personal goals. Whether you're purchasing property for family relocation, vacation use, or rental income, we tailor our recommendations to maximize your return on investment while ensuring compliance with all visa requirements. Our experts are also well-versed in helping US citizens extend residency to their family members, making it easier for you and your loved ones to enjoy the advantages of European residency. With our guidance, you can confidently navigate the path to obtaining your Greece Golden Visa and all the opportunities it provides.
FAQs
Can Americans Apply for the Greece Golden Visa?
Yes, US citizens are fully eligible to apply for the Greece Golden Visa, provided they meet the investment requirements.
What Is the Greece Golden Visa for US Citizens?
It is a residency by investment program that grants US citizens the right to live in Greece and travel freely in the Schengen Zone.
Can I Live in Greece as a US Citizen?
Yes, with a Greece Golden Visa, you can live, work, and study in Greece.
Can US Citizens Apply for the Greece Golden Visa Remotely?
While most part of the application can be started remotely, you will need to visit Greece for your biometrics appointment.
Do I Need to Live in Greece to Maintain the Golden Visa?
No, there is no residency requirement, which means you can keep your visa even if you do not live in Greece.
Can My Family Members Also Obtain Residency Through the Golden Visa?
Yes, your spouse and children under 21 can be included in the application.
Can Americans Work in Greece with a Golden Visa Permit?
Yes, the Golden Visa grants you the right to live and work in Greece.
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