The Greek Golden Visa Program is one of the most popular and accessible options for American investors considering a Citizenship By Investment program in Europe. The program allows foreigners to obtain a residence permit by purchasing real estate worth at least €250,000.
The Greek Golden Visa’s principal advantages are its relatively low investment threshold and its flexible conditions, together with the availability of easy access to Schengen zone countries without being required to have continuous residence in the country.
Today many Americans look to gain residency in Greece through investment, attracted by the opportunity to live and conduct business in Europe, an expanding market. Over time, residency opens up the path to European citizenship and tax optimisation. In 2022 alone, more than 4000 applications were submitted for the Greek program, with American investors at the forefront as one of the fastest growing applicant groups.
With its rapidly developing economy, great mild climate, rich history and culture, and high quality yet affordable lifestyle, Greece represents an excellent solution for investors and their families.
Our team of experts at Astons will advise and guide you through the entire process, from document collection to visa application submission, while finding the best investment options for your needs.
Advantages of Greek Residency Through Investment
One of the most valued benefits of Greek residency is having the opportunity to live and work in Greece, while being able to travel freely within the 27 “Schengen Zone countries as a resident rather than a visitor.
Greek residence permits are issued for five years and can be renewed for another five years if the investments are maintained. After seven years as a resident, you will be eligible for Green citizenship which will unlock even greater opportunities for life, work and travel.
The Greek Golden Visa Program allows you to include your immediate family members (spouse, children and parents) within your application. All your family members will enjoy equal rights to reside in Greece and travel. In addition, your children will gain access to prestigious educational institutions and healthcare systems in Europe.
The Greek real estate market is lively and continuously growing and investments in the market are likely to yield good returns either through rentals or from future sales at higher prices. A critical indicator of property profitability is the ROI (Return On Investment) which can vary by region. For example, properties on popular tourist islands in Greece, such as Santorini and Mykonos, may yield 5%-8% or even more, depending on the season. This is an attractive option for American investors, with Greece offering favourable conditions for investing in tourist properties, hotels, commercial buildings and residential homes. This provides a stable income, especially in popular tourist zones such as Athens, Thessaloniki or the Greek Islands, offering reliable reassurance for your investment.
The warm Mediterranean climate is a significant attraction to American investors, particularly those from the cooler northern states, making Greece a pleasant place for year-round living, which in turn improves the quality of life for expatriates.
American investors particularly enjoy immersing themselves in Greece’s unique culture, experiencing centuries-old landmarks and becoming part of a country with an incredible history. Almost everywhere you go, you will encounter echoes of antiquity – imagine yourself wandering among the ancient ruins of the Acropolis of Athens for exploring the stunning island of Crete with its folklore, myths and legends. Greece offers the rare and wonderful combination of ancient traditions and a modern, sophisticated European lifestyle, making it especially attractive to art, history and culture enthusiasts.
Greek leisure culture is equally compelling. Offering an irresistible blend of mouth-watering cuisine and a pleasant Mediterranean climate, the scene is set for a truly exceptional quality of life. Active lifestyle enthusiasts will find an amazing choice here, such as sailing, swimming and snorkelling, among many others.
Taxes for American Residents in Greece
The Greek tax system taxes individuals based on their residency status. If you are living in Greece for more than 183 days per calendar year, they consider you a tax resident and therefore charge tax on your global income.
However, in 2020, Greece introduced tax incentives under the Non-Dom program for foreign investors and high-income individuals. This program offers a flat tax rate (around €100,000 annually) on global income for new tax residents.
This means you as a new tax resident would pay a fixed amount, regardless of income earned outside Greece. Additionally, the program offers further benefits for family members and would not require you to declare foreign assets. If the program’s conditions are met, these benefits can last for up to 15 years, making the program extremely attractive to many high-income Americans.
Dual Citizenship and Taxes for Americans in Greece
A further advantage for US citizens is that, while Greek citizenship can only be obtained after seven years living in the country as a resident and is subject to passing a language test, you do not have to renounce your American citizenship in order to become a Greek citizen. Moreover, the Golden Visa itself does not require you to live in Greece. You can live anywhere in the USA or elsewhere but with the added reassurance of having a backup plan in the beautiful Mediterranean. You will need to keep in mind that your global income will remain subject to tax, which means that even as a Greek citizen, you will still need to pay taxes in the USA. However, there are also advantages:
The United States and Greece have a tax treaty to prevent double taxation, which helps determine which country has tax priority over particular types of income.
US citizens living abroad may qualify for an exclusion from US taxable income of up to a certain amount (around $120,000 in 2023) for income earned overseas. If you pay taxes in Greece, you may be eligible for a particular tax credit that reduces your US tax liability and helps avoid major double taxation.
If you choose to renounce your US citizenship and take full Greek citizenship, your Greek passport will grant you free movement within the EU, together with visa-free entry to 128 countries worldwide.
Given the complexities of dual citizenship and taxation in two countries, we do recommend consulting a tax advisor as well as contacting Astons’ experts for assistance in navigating all the intricacies.
Investment Options for Greek Residency
To obtain Greek residency through investment, US citizens can choose from the following investment opportunities:
- Real Estate Investments
The acquisition of residential or commercial property with a value of at least €250,000. This is the primary and most popular method with investors. When choosing such investments, you must select a property, sign a purchase agreement, and register it before applying for the Golden Visa with supporting documents. Compared to other European countries, investing in Greek real estate requires a lower amount, and carries with it the attractive possibility of generating rental income in the future.
Examples of properties for €250,000:
https://www.astons.com/property/greece/athens/modern-apartments-in-the-center-of-elliniko/
https://www.astons.com/property/greece/pentkhaus-s-terrasojj-i-dzhakuzi-v-piree/
https://www.astons.com/property/greece/apartments-in-vibrant-suburb-of-athens/
- Business Investments or Job Creation in Greece. Investors can inject capital into Greek companies or establish their own businesses. The investor must register their business or confirm participation in an existing enterprise, develop a business plan, and verify their capital investment.
- Capital Investments. Another option involves investing in Greek securities (bonds or shares) or making large deposits in Greek banks. Purchasing stocks or bonds is done through licensed Greek financial institutions. The benefits of these investments include high liquidity and the opportunity to engage in various economic sectors. However, they come with market risks and a higher minimum threshold (approximately €400,000).
Holders of the Greek Golden Visa can travel freely across Schengen countries, staying for up to 90 days within any 180-day period without additional visas. A recent change (with effect from November 2024), means that non-EU citizens will need prior entry approval via the ETIAS system to enter the EU. This is typically processed quickly but sometimes takes up to 14 days for review. ETIAS is a pre-screening mechanism that either approves or denies entry to any of the 29 Schengen countries or Cyprus. Having Greek residency eliminates this requirement, allowing for unrestricted EU entry with a passport and residence card.
Other changes to the Golden Visa Program in 2024:
- The investment threshold has increased in some popular areas. Applicants for Greek residency now need to invest at least €800,000 in Attica, Thessaloniki, Mykonos, and Santorini, as well as on islands with populations over 3,100, while a €400,000 threshold applies in all other regions.
There are exceptions: the minimum investment remains at €250,000 if the property is converted from commercial to residential use or if the property is of historical or cultural significance and under protection.
- For the first renewal of the visa after five years, full restoration of properties classified as architectural landmarks is mandatory, though they can be of any size and located in any region of Greece.
Astons’ specialists have prepared a portfolio of projects tailored to different program conditions. Detailed consultations are available for further information.
Requirements and Conditions for Americans to Obtain a Golden Visa
To participate in the program, applicants must meet the following criteria:
- Minimum Investment: The most popular route for obtaining Greek residency is the investment of at least €250,000 into real estate.
- Age Restrictions: Applicants must be at least 18 years old.
- Clean Criminal Record: This applies to both the country of residence and the country of the original citizenship.
- Proof of Financial Means: Applicants must demonstrate sufficient funds to cover all investment and living expenses in Greece.
The following documents are also required, with Astons’ specialists able to assist at every stage:
- Identity Documents: A valid passport and proof of residence.
- Source of Funds Evidence: Applicants must prove the legality of the funds used for investments through bank statements, tax returns, and other financial documents.
- Proof of Property Purchase or Investments: This will include documents such as sales contracts, agreements, and bank transfers.
- Criminal Record Check: This must be provided by both the US authorities and the applicant’s country of residence.
- Health Insurance: Applicants must have insurance covering medical expenses in Greece.
Family members can also be included in the application. Spouses and children under 21 can be added without additional investment. Children over 21, parents of the investor and spouse, and other dependents can also be included if financially dependent on the applicant.
European Residency and Citizenship through Investments in Greece
Astons’ specialists will assist you in obtaining Greek residency through investments by handling all documentation and easing the bureaucratic process. Our experts will help select the most suitable property and prepare all necessary documents for Greek residency.
What We Will Do for You:
- Choose the Investment Type In Consultation With You: This could involve purchasing property (minimum €250,000 in most Greek regions), investing in business, capital markets, or infrastructure projects. The most popular option currently is property purchase.
- Prepare Required Documents: These include:
- A valid passport.
- Proof of income sources and financial means.
- Real estate purchase agreement (for property investments).
- Criminal record certificate.
- Health insurance.
- Open a Bank Account and Obtain a Taxpayer Number: After selecting a property or other investment type, you will need to open a bank account in Greece to transfer funds; purchases must be made through a Greek bank.
- Complete the Purchase and Submit the Application: Finalizing property purchases must take place with a notary, who provides all necessary documents for the Golden Visa application. Applications are submitted through local Greek consulates or directly with Greek immigration authorities.
- Visa Acquisition Support: The application review can take 2-4 months. Upon approval, investors receive a residence permit valid for five years, renewable if investments are maintained.
Your Path to Greek Citizenship
After obtaining residency through investment, Greek citizenship can be pursued through long-term residence. Key requirements include:
- Continuous Residence: Applicants must legally reside in Greece for at least seven years, spending the majority of each year (at least183 days) in the country. Evidence of residence (rental agreements, utility bills, income statements) must be provided when applying for citizenship. It is important to note that the Golden Visa itself does not require continuous residence for permit renewal.
- Knowledge of the Greek Language: Applicants must have at least basic (A2) proficiency.
- Integration into Greek Society: Applicants must demonstrate knowledge of Greek culture, laws, political systems, and history, usually verified through an interview with local authorities.
- Good Standing: This includes no criminal records, major violations, or numerous fines.
The citizenship application process may take several months. During this period, the applicant must maintain residency status. US laws allow citizens to hold dual citizenship, including Greek citizenship, without requiring a choice between the two.
Summary: The Future of Your Investments
The Greek Golden Visa Program is an ideal option for American investors seeking global mobility, secure investments, and European residency. The application process for the Golden Visa is straightforward and transparent.
Investors can obtain a residence permit by investing a minimum of €250,000 in real estate. This program does not require applicants to reside in Greece permanently, making it particularly flexible for those who continue to run businesses or plan to live in other countries.
Investing in Greek real estate is considered one of the safest paths, especially given the growing property market, particularly in tourist zones and major cities.
The program allows applicants to include spouses, children, parents, and financially dependent family members in their application, making it an attractive option for family investors. Additionally, after seven years of living in the country, an investor may apply for citizenship.
For personalised consultations on obtaining Greek residency and citizenship through the Golden Visa Program, contact Astons — an international expert in immigration programs and investments.
