To help spur international investment and to keep pace with its European neighbors, Greece enacted its investment-based immigration program that offers a renewable five-year Greek residency visa to foreign nationals who invest at least 250,000 Euros into residential real estate that is physically located in the country.
One reason why the Greek program is particularly attractive is because this required investment amount is the lowest among the Southern European countries that have their own investment-based real estate programs. Additionally, a foreign investor may purchase multiple properties whose values total 250,000 Euros in order to meet the required investment amount.
Process for Obtaining Residence
In order to apply for Greek residence, the applicant must first have a visa valid for entry into the country. The process for this first step is widely dependent upon the foreign national’s country of origin as nationals of European Union countries and the United States have different entry visa requirements than other nations.
Once a foreign national has entered Greece – regardless of the type of visa used for entry – the national can apply for residence pursuant to the real estate investment-based immigration program. The application for foreign real estate owners must contain three color photos of the investor, a copy of the investor’s passport, and a health certificate from a Greek doctor certifying that the investor is free of communicable diseases.
Additionally, the application must have a copy of the contract for the purchase of the property (or properties) that are valued at a minimum of 250,000 Euros, along with a notarized statement confirming that the contract meets the requirements for investment-based residence in Greece. If the real estate has already been transferred to the investor, the application must contain proof of the title transfer.