Formal requirements
For natural persons who have neither Greek nationality nor the nationality of another EU Member State and wish to make an investment in Greece.
Economic requirements
Regarding Real Estate
The minimum acquisition value of property to be granted a residence permit is now set at € 800,000 in the Region of Attica, Thessaloniki, Mykonos and Thira, as well as on the islands with a population exceeding 3,100 residents.
For other regions of the country, the minimum acquisition value will be €400,000.
In case of investment in structured property or property for which a building permit has been issued, a minimum area of 120 sq.m. of main premises is required.
In addition, the minimum acquisition value is set at €250,000 regardless of the location of the property and without a minimum surface area of the investment property provided by law, in the following cases:
(a) investment property whose main premises are changed into a residence,
(b) investment property consisting of an industrial building, provided that no industry has been established and operating therein for at least five years; and
(c) investment through the purchase of a listed building to be restored.
In cases (a) and (b), the change of use must be completed prior to the submission of the application for a permanent permit. In case (c), the transfer of the property prior to the completion of the restoration or reconstruction is invalid.
Investors may lease their property, however, short-term leasing as well as the sub-leasing of the property is prohibited. It is also forbidden to use this property as a registered office or branch of a business. In case of non-compliance, the residence permit is revoked and an administrative fine of € 50,000 is imposed.
Other investment opportunities
Minimum stay requirements: No minimum or maximum.
Ongoing requirements
Regarding Real Estate
There is a transitional period during which the following will apply:
The residence permits of investors shall remain valid and shall be renewed for 5 years, provided that the conditions in force at the time of their issuance continue to be met.
Ability to bring in family
Permit extended to the whole family.
Language requirements
Not applicable.
Tax implications or related issues
Tax reductions through Double Tax Treaties
Other benefits/considerations
Visa-free travel in Europe's Schengen area
No minimum or maximum stay in Greece required