What is the Greek Residency by Investment Program?
The Greek Residency by Investment Program, also known as the Greece Golden Visa Program, was introduced in 2013. It provides residency to non-EU nationals who invest in Greece. This program allows foreign investors and their families to receive a Greece residency permit valid for 5 years, with unlimited renewal options.
Key features of the program include:
- Eligibility for the entire family of the applicant, including spouses, dependent children and parents.
- No requirement to reside in Greece, either before or after the residence permit is issued.
How does the Greek Residency by Investment Program work?
According to new rules of Greece Golden Visa, applicants from Turkey can get a Greece Visa by purchasing real estate with a value from:
- € 800 000 — for properties in Attica, Thessaloniki, Mykonos, Santorini and islands with populations of more than 3 100 residents.
- € 400 000 — for properties located in all other regions of Greece.
- € 250 000 — for properties converted from commercial to residential use, with the expert assistance of Astons. Also, the regulation applies to the restoration of listed buildings (properties officially registered with the Greek government as having historical or cultural value) in all regions of Greece. There are no restrictions on the location or size of the real estate.
Requirements for Greece Visa for Turkish citizens
To qualify for the program, applicants must meet the following criteria of Greece Golden Visa:
- At least 18 years of age.
- No criminal record in any country where they have ever lived.
- Health insurance valid in Greece.
- Investment in a property with a minimum size of 120 sq. m, unless opting the € 250 000 option.
Stages of the process of obtaining a Golden Visa residence permit in Greece
The Golden Visa residence permit is issued for a period of 5 years and can be renewed every five years, provided that the applicant maintains property ownership. The process for Turkish investors to obtain a Greek residence permit involves several key steps.
Note! Specialists of Astons will accompany you at every stage of the process, including the collection and preparation of documents. You will only need to make one visit to Greece.
- Select the property, sign a preliminary sale and purchase agreement, and provide a down payment for the property (usually 10% of the total cost).
- Collect and prepare personal documents, arrange a Power of Attorney for all applicants, and secure a Greek tax number for the main applicant.
- Sign the final sale and purchase agreement after paying all taxes and government fees.
- Pay the remaining balance for the property and sign the final notarized settlement contract with the developer.
- Submit the application for a residence permit and receive official confirmation of the application.
- Submit biometrics.
- Receive official approval of the Golden Visa and issuance of the residence permit cards.
Note! The typical approval time frame is approximately 3–6 months.
Advantages of a Greek residence permit for Turkish citizens
Greece offers a high standard of living, featuring Michelin-starred cuisine, world-class healthcare and year-round comfort. By obtaining residency in Greece, individuals also gain access to prestigious European universities.
When compared to the rest of the EU, property prices in Greece are among the most affordable, making it an attractive option for foreign investors seeking residency and a lucrative ROI, which can reach up to 6%. Moreover, by purchasing investment real estate in Greece, you can enjoy this property as your summer residence by the Mediterranean Sea.
Benefits and privileges for holders of the Greek residence permit
Key advantages of obtaining a Greek residence permit for Turkish citizens include:
- The right to reside legally in Greece in accordance with European Union Regulation 1030/20.
- The entire family is eligible for the Greek residence permit. This includes the investor’s spouse, children up to the age of 21, parents of the main applicant and the spouses of the parents.
- Greece provides one of the most economical residency-by-investment programs in the EU, with a minimum investment of just € 250 000.
Greece passport visa free countries
Turkish citizens who obtain a Greek residence permit can enjoy global mobility, allowing visa-free travel to 28 countries within the Schengen area.
Greece tax residency for Turkish citizens
The Non-Dom tax regime in Greece, introduced in December 2019, allows global investors and entrepreneurs to optimize their taxes on international income. This program encourages foreign investors and wealthy expats to transfer their tax residency to Greece by offering a preferential tax arrangement for income earned outside the country.
Under the Non-Dom tax regime, a wealthy foreigner who relocates their tax residency to Greece and makes a substantial investment of at least € 500 000 in the country will only be required to pay a fixed annual tax of € 100 000, which covers all their foreign income.
Note! If the individual wishes to include additional family members in the program, the payment increases by € 20 000 for each person.
How to become a tax resident of Greece
To qualify as a tax resident of Greece, an individual must spend at least 183 consecutive days in the country each year, beginning from their initial entry date. Additionally, an investment valued at a minimum of € 500 000 in the Greek economy is necessary.
Greek citizenship
Turkish citizens who obtain residency in Greece through investment can apply for Greek citizenship after completing 7 years of residency. The key benefits of Greek citizenship for Turkish citizens include:
- The right to study, live and work in Greece and anywhere in the EU.
- Political stability along with high-quality healthcare and education.
- Access to 180+ countries worldwide with visa-free or visa-on-arrival options, simplifying international travel.
How can Astons help
Astons is a leading expert in global investment migration with over 30 years of experience. We have been awarded the Best Real Estate Agency Single Office in Greece category by The European Property Awards 2024-2025.
We provide personalized citizenship and residency solutions in Greece, focusing on tailored services. With the support of Astons’ expert team, more than 130 clients have successfully invested in Greek property through our Athens office in summer 2024.