Greek Golden Visa: Your Complete Guide to Citizenship Through Investment

Reading time: 12 minutes

Table of Contents

• Introduction to Greece’s Golden Visa Program
• Eligibility and Requirements
• Application Process and Timeline
• Investment Options and Financial Considerations
• Benefits and Limitations
• Path to Greek Citizenship
• How Greece’s Program Compares to Other EU Options
• Real Estate Investment Strategies
• Common Challenges and How to Overcome Them
• Your European Citizenship Roadmap: Strategic Next Steps
• Frequently Asked Questions

Introduction to Greece’s Golden Visa Program

Looking for a foothold in Europe through investment? Greece’s Golden Visa program might be your gateway, but there’s a critical distinction you need to understand from the outset: the Golden Visa is not an immediate path to citizenship.

Let me clear up a common misconception right away. The Greek Golden Visa program grants residence permits to non-EU nationals who make qualifying investments in the country. While this residency can eventually lead to citizenship, it’s not a direct “citizenship by investment” program as many initially believe.

Launched in 2013 during Greece’s economic recovery period, this program has evolved from a simple economic stimulus initiative into one of Europe’s most popular residency-by-investment schemes. The program has attracted over 9,500 main applicants, primarily from China, Turkey, and the Middle East, bringing approximately €3 billion in foreign investment to the Greek economy.

As Anna K., a legal consultant specializing in European immigration, puts it: “Greece’s Golden Visa program offers one of the most accessible thresholds for European residency, but the path to full citizenship requires patience and genuine connection to the country—it’s a marathon, not a sprint.”

Eligibility and Requirements

Basic Eligibility Criteria

To qualify for Greece’s Golden Visa program, you must:

• Be a non-EU/EEA citizen
• Be over 18 years of age
• Have a clean criminal record in your country of origin and residence
• Have comprehensive health insurance covering you in Greece
• Make a qualifying investment (more on this shortly)
• Not pose a threat to public policy, security, or public health

The program also extends to family members, including:

• Spouse or registered partner
• Children under 21 years of age
• Parents and parents-in-law of the main applicant and spouse

Required Documentation

Preparing your application requires meticulous attention to detail. You’ll need:

• Completed application forms
• Valid passport with at least 6 months validity remaining
• Four recent passport-sized photographs
• Criminal record certificate from your country of origin/residence
• Medical certificate from a recognized institution
• Proof of comprehensive health insurance
• Documentation proving your investment
• Marriage certificate or civil partnership agreement (if applicable)
• Birth certificates for dependent children (if applicable)

One often overlooked requirement: all non-Greek documents must be apostilled or legalized and officially translated into Greek by a certified translator or the Greek Consular authorities.

Application Process and Timeline

The journey from application to holding a Greek residence permit typically follows these steps:

1. Investment Selection: Choose and complete your qualifying investment
2. Documentation Preparation: Gather all required personal and financial documents
3. Application Submission: File your application with the Greek Immigration Department
4. Biometrics: Provide fingerprints and photographs at a Greek authorities office
5. Application Review: Officials verify your application and investment
6. Residence Permit Issuance: Receive your residence permit card

Here’s what the timeline typically looks like:

Pro Tip: While the official processing time is quoted as 2-4 months, practical experience shows that engaging an experienced immigration lawyer can sometimes expedite the process by avoiding common application errors.

Investment Options and Financial Considerations

Qualifying Investment Pathways

Greece offers several investment options to qualify for the Golden Visa:

1. Real Estate Investment: Purchase property worth at least €250,000 (increased to €500,000 in certain high-demand areas as of May 2023)
2. Bank Deposit: Term deposit of €400,000 in a Greek bank for at least 12 months
3. Government Bonds: Purchase of Greek government bonds valued at least €400,000 with at least 3-year maturity
4. Company Shares or Corporate Bonds: Investment of at least €400,000 in shares or bonds of real estate investment companies
5. Business Investment: Investment of at least €400,000 in a Greek business, creating at least 10 full-time jobs

Let’s visualize how these investment options compare:

Additional Costs and Financial Considerations

Beyond the core investment, prepare for these additional expenses:

• Application Fees: €2,000 for the main applicant and €150 for each family member
• Legal Fees: €2,000-€10,000 depending on complexity and service provider
• Property Transfer Tax: 3.09% of the property’s value for real estate purchases
• Annual Property Tax (ENFIA): Varies based on property size and location
• Due Diligence Costs: €1,000-€2,000
• Translation and Notary Fees: €500-€1,000

Maria S., who obtained her Golden Visa in 2021, shares: “I initially budgeted only for the €250,000 property purchase, but was surprised by the additional €15,000 in taxes, fees, and legal costs. Prepare for these extras to avoid financial stress during the process.”

Benefits and Limitations

Understanding what the Golden Visa does—and doesn’t—offer is crucial for making an informed decision.

Key Benefits

• EU Mobility: Visa-free travel within the Schengen Area for up to 90 days in any 180-day period
• Family Inclusion: Permits extend to spouse, children under 21, and parents of both spouses
• Minimal Residency Requirements: Just one visit to Greece during the permit’s 5-year validity period
• Renewable Permits: Initial 5-year permit can be renewed indefinitely as long as the investment is maintained
• Potential Income: Real estate can be rented out, potentially generating returns on investment
• Path to Permanent Residency: After 5 years of legal residency
• Path to Citizenship: Possible after 7 years of legal residency (with conditions)

Important Limitations

• Not Immediate Citizenship: The Golden Visa is a residency program, not direct citizenship
• No Automatic Work Rights: Residence permit doesn’t automatically grant right to work in Greece
• Language Requirement for Citizenship: Greek language proficiency required for citizenship
• Physical Presence Requirements: Significant time in Greece required if seeking citizenship
• Investment Maintenance: Must maintain qualifying investment to keep permit valid
• Tax Implications: Potential tax residency if staying more than 183 days per year

Path to Greek Citizenship

Here’s where we address the core question: can you get Greek citizenship through the Golden Visa? Yes, but not directly and not quickly.

The Citizenship Timeline

The journey from Golden Visa to Greek passport follows this path:

1. Initial Residence Permit: Obtain and maintain Golden Visa for 5 years
2. Long-Term Residence: Apply for long-term EU residence after 5 years
3. Citizenship Eligibility: Become eligible to apply for naturalization after 7 years of legal residence
4. Citizenship Application: Submit naturalization application with supporting documents
5. Citizenship Tests: Pass Greek language and history/culture examinations
6. Citizenship Decision: Receive decision (typically 1-2 years after application)
7. Oath of Allegiance: Take the Greek oath of allegiance
8. Greek Passport: Apply for your Greek passport

Naturalization Requirements

To obtain Greek citizenship, you must:

• Have legally resided in Greece for at least 7 years (consecutive or cumulative)
• Demonstrate sufficient knowledge of the Greek language (B1 level or higher)
• Have knowledge of Greek history, culture, and geography
• Be financially self-sufficient
• Have a clean criminal record
• Show sufficient integration into Greek society
• Have good character and genuine connection to Greece

Yannis D., an immigration attorney in Athens, notes: “Many investors are surprised by the language requirement for Greek citizenship. While residency through the Golden Visa is straightforward, citizenship requires genuine integration—you need to speak Greek at a functional level and demonstrate real ties to the country.”

How Greece’s Program Compares to Other EU Options

Greece’s Golden Visa program has distinct advantages and disadvantages compared to similar programs in other EU countries.

Comparative Analysis

Consider this case study: The Rodriguez family from Venezuela chose Greece over Portugal despite Portugal’s faster citizenship path. Their reasoning: “Greece’s lower investment threshold and minimal residency requirements allowed us to maintain our business operations in South America while securing European residency. The longer path to citizenship was an acceptable trade-off for the immediate flexibility and lower capital commitment.”

Real Estate Investment Strategies

Since real estate is the most popular investment route, understanding strategic approaches is crucial for maximizing both visa eligibility and investment returns.

Location Selection Strategies

Greece’s real estate market varies dramatically by region. Consider these key areas:

• Athens: Higher prices (€2,500-€5,000/m²) but strong rental potential, especially in neighborhoods like Kolonaki and Glyfada
• Thessaloniki: More affordable (€1,500-€3,000/m²) with growing demand and urban regeneration projects
• Greek Islands: Premium prices on Mykonos and Santorini (€4,000-€10,000/m²) with strong seasonal rental potential
• Emerging Areas: Regions like Peloponnese offer lower entry prices (€1,000-€2,000/m²) with potential for appreciation

Remember: Since May 2023, properties in central Athens, Thessaloniki, Mykonos, and Santorini now require a minimum €500,000 investment rather than €250,000.

Investment Structures

Consider these strategic approaches:

1. Portfolio Diversification: Splitting your investment across multiple smaller properties rather than one large property
2. Joint Investment: Pooling resources with family members for a shared investment (each investor can apply separately)
3. Commercial + Residential: Combining a small commercial space with residential property
4. Pre-Construction Purchase: Investing in off-plan properties at lower entry prices

Andreas M., a real estate developer specializing in Golden Visa investments, advises: “The most successful investors are those who balance visa eligibility with genuine market opportunity. For example, renovating a historical property in an emerging Athens neighborhood like Kypseli can meet the investment threshold while potentially yielding stronger appreciation than a turnkey property in an already established area.”

Common Challenges and How to Overcome Them

The path to Greek residency through investment is seldom without obstacles. Here are common challenges and practical solutions:

Administrative Hurdles

Challenge 1: Documentation Bureaucracy

Greece’s bureaucratic system can be complex and slow-moving, with frequent requirements for additional documentation.

Solution: Work with an attorney experienced specifically with Golden Visa applications, not just a general immigration lawyer. Prepare a complete documentation package from the start, including backup documents that might be requested later.

Challenge 2: Language Barriers

Many government offices operate primarily in Greek, making communication difficult for non-speakers.

Solution: Hire a bilingual assistant or translator for all official meetings. Request English translations of all forms in advance. Some regions with high foreign investment volume, like Athens and Thessaloniki, now have specialized English-speaking Golden Visa units.

Investment-Related Challenges

Challenge 3: Property Title Issues

Greece has complex land registry systems, and some properties may have unclear ownership histories or unresolved legal issues.

Solution: Conduct thorough due diligence through a specialized property lawyer. Request a certificate from the land registry (Κτηματολόγιο) and ensure the property has no outstanding liens, mortgages, or building code violations.

George P., who obtained his Golden Visa in 2020, shares: “We nearly purchased a beautiful property on a Greek island, only to discover through our attorney that it had pending building code violations. Switching to a different property added three months to our process but saved us from potential legal complications that could have jeopardized our visa status.”

Your European Citizenship Roadmap: Strategic Next Steps

So you’ve decided to pursue the Greek Golden Visa with citizenship as your long-term goal. Here’s your actionable roadmap:

Phase 1: Preparation (3-6 months before investment)

• Conduct thorough financial planning, including investment capital and additional costs
• Engage with specialist immigration and real estate attorneys in Greece
• Begin compiling personal documentation (birth certificates, marriage certificates, etc.)
• Research property areas aligning with both investment goals and lifestyle preferences
• Set up a Greek bank account (can be done remotely through some banks)

Phase 2: Investment Execution (1-3 months)

• Visit Greece to view potential properties or finalize your chosen investment
• Complete property purchase or alternative investment
• Obtain all necessary investment documentation
• Secure comprehensive health insurance coverage
• Prepare and submit your Golden Visa application

Phase 3: Residency Management (Years 1-5)

• Maintain your investment (property management if applicable)
• Comply with minimum visit requirements
• Begin Greek language studies if citizenship is your goal
• Consider tax implications and residency planning
• Renew your residence permit as needed

Phase 4: Citizenship Preparation (Years 5-7)

• Increase time spent in Greece to establish genuine links
• Intensify Greek language studies to reach B1 proficiency
• Study Greek history and culture for citizenship test
• Document your integration into Greek society
• Apply for long-term EU residence at the 5-year mark

Phase 5: Citizenship Application (Year 7+)

• Submit naturalization application with comprehensive documentation
• Complete language and civics testing
• Attend citizenship interview
• Take oath of allegiance upon approval
• Apply for Greek passport

Your journey to Greek citizenship through investment requires strategic patience. The process isn’t about finding shortcuts but about making intelligent investments while gradually building genuine connections to Greece.

Are you ready to transform your European residency dream into a practical, step-by-step plan that balances investment strategy with long-term citizenship goals?

Frequently Asked Questions

Can I get Greek citizenship immediately through the Golden Visa program?

No, the Greek Golden Visa is a residency program, not an immediate citizenship program. It provides a residence permit that can eventually lead to citizenship after 7 years of legal residency in Greece, and only after meeting additional requirements including Greek language proficiency (B1 level) and integration into Greek society. There is no fast-track option for citizenship through investment in Greece.

Do I need to live in Greece to maintain my Golden Visa status?

One of the most attractive features of the Greek Golden Visa is its minimal physical presence requirement. You only need to visit Greece once during the 5-year validity period of your initial residence permit to maintain your status. However, if your goal is eventual citizenship, you’ll need to spend significant time in Greece (though not necessarily continuous) to meet naturalization requirements and demonstrate genuine ties to the country.

What happens if I sell my investment property before getting citizenship?

Your Golden Visa residence permit is directly tied to maintaining your qualifying investment. If you sell your property or liquidate your investment before obtaining citizenship, your residence permit and that of your family members will be revoked. However, you can replace your investment with another qualifying investment (such as purchasing a different property of equal or greater value) without losing your residency status. Any time accrued toward citizenship eligibility would continue uninterrupted if the new investment is made immediately.

Article reviewed by Nathan Dubois, Commercial Real Estate Financier | Structured Deals & Debt Solutions, on May 15, 2025