Golden Visa Program
Cohousing group members who do not have European or Greek residency will take advantage of several permanent residency programs such as the investor visa, digital nomad visa, "financially independent" visa, and more often, property ownership– through the Greek Golden Visa.
The "Financially Independent" visa currently requires an outside income of €3500 a month, with an additional 20% for the spouse and 15% for every child. It can be renewed every 3 years. The Digital Nomad Visa also requires an outside income of €3500 per month.
The property ownership residency program, The Greek Golden Visa, is our GVC residency program of choice because of it's substantial benefits compare to other residency programs and compared to other European Golden Visa programs. The area of Laconia in Greece provides the lowest cost permanent residency program in all of Europe - enabling the entire family to receive permanent residency for a real estate purchase of €400,000 or more in our area of Laconia (Starting August 31st). The Golden Visa requires a purchase of €800,000 for many other areas of Greece.
NonEuropeans who join our cohousing group will be able to take advantage of the The Golden Visa permanent resident program.
Through a purchase of an ELIA Greek Village Cohousing real estate interest, our members will have the additional benefit of permanent residency in Greece. This Golden Visa is one of the best deals in Europe and in the world
and will open the door to:
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Access to living in our community!
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Complimentary University & Education Opportunities
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Access to Visa-free travel in Schengen
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Potential to do business in Schengen via regulatory compliance
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Access to Healthcare in Greece and Europe
For Themselves, Their Spouse, Their Children Under 21and unmarried,
and Their Parents!
***Note: We are not lawyers, and the information provided here is for informational purposes only. It should not be construed as legal advice. You should consult with a licensed Greek attorney for advice regarding the most up to date information and any immigration benefit as it applies to you and your circumstances.
Secondary Opportunities for Permanent Residency in Greece
Those Greek Village Cohousing members who, in addition to their real estate interest, also want to contribute to or start their own business headquartered in Greece, whether remote or local (ie: winery, olive oil mill, boutique hotel, gym, trade in local products, natural cosmetics manufacturing, remote online shop, etc), they can also take advantage of this method of obtaining permanent residency below:
"While European citizens can already enjoy the above, non-European self-employed individuals, freelancers, or employees working remotely using Information and Communication Technologies for employers or clients outside Greece can apply for a national visa at the relevant consular authority for entry into our country for up to twelve months. Their family (spouse/partner and children under 18) can also accompany them.
Additionally, they must prove they have sufficient resources, with a stable monthly income of at least 3,500 euros, increased by 20% for a spouse/partner and by 15% for each child.After entering Greece, digital nomads can apply for a corresponding two-year residence permit, which is renewable every two years as long as the conditions are continuously met.In summary, legislation for digital nomads is an attractive option for non-European citizens wishing to change their lifestyle and work culture while boosting the Greek economy. As it appears, this provides Greece with the opportunity to play a significant role among Europe’s leading destinations for digital nomads."
source: Sept. 2024: https://eurofast.eu/digital-nomads-choose-greece-in-the-post-covid-19-era/?utm_source=mondaq&utm_medium=syndication&utm_content=articleoriginal&utm_campaign=article
Digital Nomad Permanent Residency Program
Most Recent Changes to the Golden Visa Law, As Of Sept. 204. Source of English Translation and Material: Varnavas Law Firm site, the Premier Golden Visa Law Firm and used by Ministry Of Migration Offices to write their Golden Visa Material. "All other provisions of the current Golden Visa Law remain unchanged. FULL TEXT OF THE AMENDMENT BILL Article 100 Investments in real estate (investor’s permanent residence permit) (Residence permit “type B.5.”) 1. With a decision of the Secretary of the Decentralized Administration, a residence permit for five (5) years, with the possibility of renewal, is granted to a citizen of a third country, who: a) Has entered the country legally with any entry visa, or resides legally in the country, even if the residence permit he holds does not allow a change of purpose. b) Has, by full ownership and possession immovable property in Greece. In cases of undivided co-ownership with an acquisition value at least equal to that defined in par. 2, the right of residence is granted, only if the co-owners are spouses or partners who have entered into a cohabitation agreement. Otherwise, the right of residence is granted, only if the percentage of each co-owner is of a value equal at least to that defined in par. 2 c) Has, by full ownership and possession of immovable property in Greece with an acquisition value of at least equal to the one defined in par. 2, through a legal entity based in Greece or another EU member state, whose stocks or corporate shares he owns entirely d) Has entered into a long-term contract of complex tourist accommodation, according to par. 2 of article 8 of Law 4002/2011 (A’ 180) or a timeshare rental contract of tourist accommodation, according to Law 1652/1986 (A’ 167), of a value at least equal to the one defined in par. 2. e) Is an adult and has acquired full ownership and possession, as a result of interstate succession or as a result of succession due to a will, or through parental donation, of immovable property of an objective value equal at least to the one defined in par. 2. 2. For the Region of Attica, the Regional Unit of Thessaloniki of the Region of Central Macedonia, the Regional Units of Mykonos and Thira of the South Aegean Region and for the islands with a population according to the latest census, of more than three thousand one hundred (3,100) inhabitants , the minimum value of the real estate at the time of its acquisition, as well as the total contractual rent of the contracts of point (d) of paragraph 1 hereof is set at eight hundred thousand (800,000) euros. In the case of the investment through the purchase of real estate in the areas of the above section, the investment is carried out in a single property. Specifically, if it is an already constructed/built property, or a property for which a building permit has been issued, a minimum surface area of one hundred and twenty (120) square meters is required. In the case of investment through purchase in undivided co-ownership percentage of a property, the minimum value of the co-ownership percentage is set at eight hundred thousand (800,000) euros, subject to the conditions of the previous paragraphs. b) For the rest of the regions of the country, the minimum value of the real estate at the time of its acquisition, as well as the total contractual rent of the contracts of point (d) of paragraph 1 hereof is set at four hundred thousand (400,000) euros. In the case of the investment through the purchase of real estate in the areas above, it is carried out in a single property. Specifically if it is a constructed/built property, or a property for which a building permit has been issued, a minimum surface area of one hundred and twenty (120) square meters is required. Inthe case of investment through the purchase of an undivided coownership percentage of a property, the minimum value of the co-ownership percentage is set at four hundred thousand (400,000) euros, subject to the conditions of the previous paragraphs c) Specifically in cases of investment through purchase in real estate, and provided that the property’s main areas are converted into residential use, the minimum value at the time of its acquisition is determined at two hundred and fifty thousand (250,000) euros. The above terms also apply in cases of investment through purchase in immovable property which consists of an industrial building, or part of an industrial building, or within which an industrial building is situated, exclusively if for the last five (5) years at least there was no established and operating industry in it. The investment of the above section is carried out in a single property and the conversion of the use must be completed before submitting the application for the granting of the investor’s permanent residence permit. In the cases of the above sentences, the conversion of use can also be carried out by the seller. In the case of investment through the purchase of an undivided co-ownership percentage of a property, the minimum value of the co-ownership percentage is set at two hundred and fifty thousand (250,000) euros, subject to the conditions of the previous paragraphs. d) In cases of investment through the purchase of real estate consisting of listed buildings that are to be restored or reconstructed, or parts of listed buildings, or real estate within which a listed building is located, the minimum value at the time of its acquisition is set at two hundred and fifty thousand (250,000) euros. The investment of the above section is carried out on a single property. In the case of investment through the purchase of an undivided co-ownership percentage of a property, the minimum value of the coownership percentage is set at two hundred and fifty thousand (250,000) euros, subject to the conditions of the previous paragraphs. Transferring of the ownership of the real estate asset of this section before the completion of the full restoration or reconstruction is void. 3. The minimum value of the immovable property at the time of its acquisition, as well as the total contractual rent of the leases of hotel accommodation or tourist residences herein, as derived from the notarial deeds of purchase, and, in case the purchase is subject to the payment of a credited price, from the corresponding, legally transcribed, notarial acts of repayment and removal of dissolution clause, or the lease contracts, respectively, determined according to par. 2, must have been paid in full before submitting the request for the granting of the permanent investor residence permit. 4. Citizens of third countries – holders of an investor’s permanent residence permit may renew their residence permit, for an equal duration each time, as long as the real estate remains in their ownership and possession or the contracts of par. 1 remain in force and the other conditions are met of the present. Exceptionally for the cases of citizens of third countries – holders of a permanent residence permit of an investor who have implemented an investment of case (d) of paragraph 2, an additional requirement for the first renewal of their residence permit is the implementation of the full restoration of the real estate and/or its total reconstruction, regardless of the cause of the deterioration or collapse or demolition of the building, or parts of it. Periods of absence from the country do not constitute an impeding reason for renewing the residence permit. 5. The agreed price or rent is paid in full in the following ways: a) by two-line bank check to the beneficiary’s account held at a credit institution operating in Greece, b) by credit transfer, according to section 24 of the article 4 of Law 4537/2018 and c) through a POS installed by a payment service provider, which operates in Greece, by charging the buyer’s bank credit or debit card, to the beneficiary’s payment account held at a payment service provider, according to paragraph 11 of article 4 of Law 4537/2018, which operates in Greece. The above payment can also be made by the buyer’s spouse or relatives by blood or by marriage up to the second degree. All the above provisions also cover the payments that have taken place with the above payment methods from 1.1.2017 until today. All particulars of the payment, including in particular the identification details of the seller, the buyer and any third party payer, the payer’s payment account number, their address, their official personal document number, the payer’s identification number or their birthdate and of his place of birth, the method of payment and the relevant payment accounts of credit for the payer and debit for the beneficiary,, as well as the solemn declaration of the buyer about the marital relationship or kinship with a third payer, are declared and submitted responsibly by the contracting parties before the Notary Public who drafts the contract and are referenced in it. 6. The third country citizen, when submitting the application for the granting of the permanent residence permit of an investor, submits a certificate from the notary who drew up the notarial acts of sale or the lease contracts of point d) of paragraph 1, which certifies the details of the contracting parties, the details of the property, the method of payment of the agreed price or rent and all the specific details of making the payment, in accordance with the provisions hereof, the existence of any dissolution clause, as well as whether the specific property has been used by the seller for the issuance of a permanent investor’s residence permit. In cases of acquisition due to sale, a copy of the investor’s real estate data declaration (E9) is submitted. 7. Citizens of third countries, owners of real estate, are given the possibility to rent out their properties. 7A. The properties acquired in full ownership by citizens of third countries for the initial granting or renewal of an investor’s residence permit, are prohibited from being rented out short term in the context of the sharing economy, and also to be subleased/sub-rented. In addition, the properties acquired by full ownership by citizens of third countries for the initial granting or renewal of an investor’s permanent residence permit under the conditions of point (c) of paragraph 2 are not allowed to be used as a company headquarters or branch. In case of non-compliance with the provisions of the first and the second sentences, the residence permit is revoked and an independent administrative fine of fifty thousand (50,000) euros is imposed on the owners and/or holders of the property. In case of non-compliance of the provisions of the second sentence of paragraph 4, an independent administrative fine of one hundred fifty thousand (150,000) euros is imposed on the owners and/or holders of the property. In case that a contract to transfer the ownership of the property is signed despite the prohibition set out at case (d) of paragraph 2, the residence permit is revoked and an independent administrative fine of one hundred fifty thousand (150,000) euros is imposed on the owners and/or holders of the property. The fines of the present paragraph are considered public revenue and are collected in accordance with the Public Revenue Collection Code. 8. The resale of the real estate during the validity of the residence permit to another citizen of a third country, gives the right to grant a residence permit to the new buyer with the simultaneous revocation of the seller’s residence permit. 9. Residence permits granted under this article do not establish any right of access to any form of employment. 10. The residence permit is issued within two (2) months from receipt of all the elements of the file to the issuing authority. 11. In case of entering into a contract for the sale of a property at any price, the seller, a citizen of a third country, must provide a certificate from the locally competent Aliens and Immigration Service of the Decentralized Administration, mentioning whether the specific property has been used for the issuance of an investor’s permanent residence permit. The above applies accordingly in the case of the sale of a property by a legal entity, the shares of which are wholly owned by a citizen of a third country, in accordance with point c) of paragraph 1.” 2. (typical authorization provisions) 3. Investor residence permits that have been granted to citizens of third countries under paragraph B of Article 20 of Law 4251/2014 (A’ 80), the special conditions of Article 92 of Law 5007/2022 (A’ 241) or the conditions that were in force before the entry into force hereof remain in force and are renewed, as long as the conditions that were in force at the time of their grant continue to be met. 4. Under the requirements of article 92 of Law 5007/2022 (A’ 241) citizens of third countries may finalize their investment by December 31, 2024 subject to the conditions that were applicable until the entry into force of the present (amendment), under the condition of an advance payment of ten percent (10%) on the purchase price or the total contractual rent of the contracts of para. d) of par. 1 of article 100, or the payment of the agreed price or rent in accordance with par. 5 of article 100, either by signing a notarial preliminary agreement or by signing a private agreement of certified date and submitting relevant proof of credit from the buyer’s bank regarding the remittance of the amount of the advance payment to the seller’s account until August 31st, 2024. If the purchase of the property or properties of the previous paragraph is not completed, the citizen of a third country may complete his investment in another, or other properties under the conditions that applied before the entry into force of the present (amendment), under the requirements of article 92 of Law 5007/2022, and no later than April 30, 2025 in any case."
From the Official Greek Government website, Enterprise Greece, concerning the Golden Visa. The link to the English translation of the entire immigration permanent residency regulation, Law 4251/2014, can be found here and below:
A. "Permanent residence permit of the investor." (Article 20B)
1. By decision of the Secretary General of the Decentralized Administration or the Directorate for Migration Policy of the Ministry of Migration and Asylum, a residence permit for five years, subject to renewal, is granted to a third-country national who:
(a) has legally entered the country with any type of visa or legally resides in the country, even if the type of residence permit that he possesses, does not permit a change of purpose.
(b) has personally the full ownership, possession, and peaceful enjoyment of real estate property in Greece. In the case of jointly owned property, worth 250,000 euros or 500,000 euros depending on the location of the property, the right of residence is granted only if the owners of the property are spouses with indivisible shares in the property. In all other cases of joint ownership, the right of residence is granted only if the joint ownership rate of each joint owner is worth 250,000 euros or 500,000 euros depending on the location of the property.
(c) has the full ownership, possession, and peaceful enjoyment of real estate property in Greece via a legal entity, whose shares are fully owned by him.
(d) has concluded an agreement for at least a ten-year lease of hotel accommodation or furnished tourist residences in tourist accommodation complexes, pursuant to Article 8 par. 2 of Law 4002/2011 (Government Gazette 1, no 180).
(e) has concluded a time-sharing agreement pursuant to the provisions of Law 1652/1986 "Time-sharing agreement and related issues" (Government Gazette 1, no 167), which is in force.
2. The minimum value of the real estate property, as well as the contractual consideration of hotel accommodation or tourist residences leases of this Article, is determined at two hundred and fifty thousand (250,000) euros or 500,000 euros depending on the location of the property, and must have been paid in full upon the signing of the contract.
The increase of the minimum investment amount, depending on the area where the property is located, will apply from August 1st, 2023. Investors are entitled to buy a property with a minimum value of 250,000 euros even in the affected areas, provided that they have already paid a 10% of the property value as a deposit until July 31st, 2023, and finalize the purchase contract by December 31st, 2023 as required by law.
“ The consideration is paid by a crossed bank cheque to a bank account of the beneficiary, held in a credit institution operating in Greece or with a credit transfer, as defined by Law 4537/2018 article 4, par. 24 (Official Government Gazette Α΄ 84) to a beneficiary’s bank account held in a payment service provider, as defined by Law 4537/2018 article 4 par. 11 operating in Greece or through a POS installed by a payment provider, operating in Greece, by charging a debit or credit card issued by a bank in the name of the buyer, to a beneficiary’s account held in a payment service provider, as provided in Article 4(11) of Law 4537/2018, operating in Greece. The afore-mentioned payments may be also executed by the buyer’s spouse or family members by blood or affinity, up to 2nd degree”.
By joint decision of the Ministers for the Interior and Finance, the value of the above real estate property may be adjusted and shall result from the property value stated in the contracts or from the lease agreements.
3. Το third country nationals, real estate property owners, the possibility of leasing that property is granted.
4. The above third-country national may be accompanied by the members of his family to whom, at their request, an individual residence permit is issued, that expires together with the residence permit of the sponsor.
Family members shall mean:
a. Spouses
b. the other spouse or partner with whom a third-country national has a cohabitation agreement in Greece
c. The direct unmarried descendants of the spouses, who are under the age of 21
d. the direct unmarried descendants of the supporter or of the other spouse/partner, provided that their custody has been legally entrusted to the sponsor (for his/her children) and to the other partner (for his/her children), under 21 years of age
e. the direct relatives of the spouses in the ascending line.
5. The above permit may be renewed for an equal duration, each time, provided that the real estate property remains in the ownership and possession of the third-country national or the agreements of paragraph 1 of this remain in force and all other requirements, provided by law, are fulfilled. Periods of absence from the country shall not disrupt the renewal of the residence permit.
"The resale of the real estate property during the period of validity of the residence permit, to another third-country national shall provide the right to the granting of residence permit to the new buyer with simultaneous withdrawal of the vendor's residence permit."
6. The residence permits, being granted pursuant to paragraphs 1 and 4 of this Article, do not establish the right of access to any form of employment.
Please download here a Brief Guide to Residence Permits for real estate owners in Greece, edited by Enterprise Greece, in the following languages: English and Greek.
B. Issue and renewal of residence permit for investment activity (Article 16)
1. The entrance and residence of third-country nationals is permitted in Greece, for the purpose of making investments that will have a positive impact on national development and economy.
Depending on the amount and the characteristics of the investment, up to ten third-country nationals may enter and reside in the country, including the investors, for the implementation and operation of the investment.
2. On the motion of the Foreign Funds Directorate of the Ministry of Development and Investment concerning the characterization of the investment and the feasibility of granting a residence permit, the entry and residence of third-country nationals may be permitted in Greece for the implementation and operation of the investment.
3. The application and the required documents, as specified by the Joint Ministerial Decision, referred to in paragraph 12 of Article 136, are submitted to the Greek Consular Authority of the area of residence of the interested persons, which, within one month, forwards them to the Foreign Funds Directorate of the Ministry of Development and Investment. The above Directorate, within a month, examines the application and forwards the relevant motion to the competent Consular Authority in order for the required national visas to be issued.
4. To the third-country national, who has been granted a visa for the realization of an investment, a residence permit shall be granted for the same reason, on procurement of the required documents.
The duration of validity of the residence permit is for five years and is subject to renewal for an equal period each time, provided the implementation of the investment or its operation is continued after its completion.
5. The above third-country nationals, by way of derogation from the provisions of Article 70, par. 1, may be accompanied by the members of their families who are granted a residence permit for family reunification, expiring simultaneously with the residence permit of the sponsors.
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6. The Directorate for Migration Policy of the Ministry of Migration Policy is responsible for the examination of the application and the decision on the issue or the renewal of the residence permit for the realization of investment activity.
7. The provisions of this Article shall apply accordingly for the entry and residence of third-country nationals in the context of new investments realized by Greek undertakings, already operating, or third-country nationals who already reside legally in Greece and hold residence permits for purposes of independent economic or investment activity.
8. In the residence permit of third-country nationals referred to in paragraph 1 of this Article, it shall be stated as “Residence permit for investment activity "and in the" Remarks," the professional status of the holder shall be referenced.
Please download here a Brief Guide to Residence Permits for investment activity in Greece, edited by Enterprise Greece, in the following languages: English and Greek.
II. 1. Up to ten (10) third-country nationals, per investment, deemed necessary, are allowed to enter the country if they have been granted, where necessary, a visa (Visa D), in order to realize investments, which have been characterized as "Strategic Investments", pursuant to a decision of the Interministerial Committee of Strategic Investments on inclusion in Law 3894/2010 (Government Gazette 1, no 204).
The above visa is issued free of charge, on the procurement of the decision of the Interministerial Committee of Strategic Investments, which characterizes the investment as "Strategic Investment" and the motion of the Secretary-General for Strategic and Private Investments referring to the relation of third-country nationals with the entity realizing the strategic investment.
2. The above are granted, by the decision of the Minister for the Interior, a ten-year residence permit, which is renewed for ten years, provided the same requirements are met.
3. For the granting of the residence permit, an application with the required documents is submitted to the Directorate for Migration Policy to the Ministry of Migration and Asylum, as these are defined, by the provisions of Article 136, par. 1, in the Joint Ministerial Decision. The residence permit shall be issued within five (5) days from the date that the application was submitted.
4. The above third-country nationals, by way of derogation from the provisions of Article 70, par. 1, may be accompanied by the members of their family, being granted a residence permit for family reunification, expiring simultaneously with the residence permit of the sponsors, as well as by the support staff, in the case of people with disabilities.
III. 1. Third-country nationals, being subject to Chapters A and B of this Article and legally residing in the country, are not obliged to leave Greek territory in order to apply for a residence permit.
2. The competent departments of the Ministry of Development and Investment shall notify, in writing or by e-mail, the Directorate for Migration Policy of the Ministry of Migration and Asylum, about any change in the evolution of implementation of the investment activity.
C. Residence Permits for investment in securities or a bank deposit in Greece
1. The entrance and residence of third-country nationals is permitted in Greece, for the purpose of making an intangible investment in Greece in specific forms of securities or a bank deposit exceeding the value of €400,000, either as individuals or through legal entities.
2. Beneficiaries of the right to enter and obtain a permanent residence permit under this program are:
- non-EU/EEA citizens who, as individuals, invest in Greece in securities or a bank deposit,
- non-EU/EEA citizens who invest in Greece in securities or a bank deposit through a domestic legal entity of
which they hold all corporate shares,
- shareholders or executives of a foreign legal entity that makes an investment in Greece in securities or a
bank deposit (up to three residence permits are granted depending on the amount of the investment),
- family members of the non-EU/EEA citizen.
The residence permit granted to the above non-EU/EEA citizens does not entitle them to work in Greece.
3. Categories of investment:
a. Capital contribution, amounting to at least four hundred thousand (400,000) euros, to a company headquartered or established in Greece, except for Holding Companies and Real Estate Investment Companies, for the acquisition of stock in a capital stock increase or bonds upon the issuance of a bond loan, which are listed for trading in regulated markets or multilateral trading facilities operating in Greece.
b. Capital contribution, amounting to at least four hundred thousand (400,000) euros, to a Real Estate Investment Company (REIC) under article 21 of Law 2778/1999 (OJHR A-295), whose object is to invest exclusively in Greece, for the acquisition of stock in an increase of its capital stock.
c. Capital contribution, amounting to at least four hundred thousand (400,000) euros, to a Venture Capital Company (VCC) under article 5 of Law 2367/1995 (OJHR A-261) for the acquisition of stock, or capital contribution to a Venture Capital Fund (VCF) under article 7 of Law 2992/2002 (OJHR A-54) for the acquisition of stock, provided that the object of the said Alternative Investment Funds (AIF) is to invest exclusively in companies headquartered or established in Greece.
d. Purchase of Greek Treasury bonds, with an acquisition value of at least four hundred thousand (400,000) euros and a residual duration, at the time of purchase, at least three (3) years, through a credit institution established in Greece, which is also their custodian.
e. Term deposit of at least four hundred thousand (400,000) euros, in a domestic credit institution, for at least one year, with a standing renewal order.
f. Purchase of shares, corporate bonds, or Greek Treasury bonds, which are listed for trading or traded in regulated markets or multilateral trading facilities operating in Greece, of an acquisition value of at least eight hundred thousand (800,000) euro.
g. Purchase of shares of an acquisition value of at least four hundred thousand (400,000) euros in a mutual fund, which has been established in Greece or another country and whose object is to invest exclusively in shares, corporate bonds or Greek Treasury bonds that are listed for trading or traded in regulated markets or multilateral trading facilities operating in Greece.
h. Purchase of shares or stock of an acquisition value of at least four hundred thousand (400,000 euros) in an Alternative Investment Fund (AIF), which has been established in Greece or another Member State of the European Union and whose object is to invest exclusively in real estate in Greece, provided it is included, upon its request, in the list compiled by the Foreign Funds Directorate of the Ministry of Development and Investment in cooperation with the Hellenic Capital Market Commission.