Golden Visa Greece — Rights, Obligations & Renewal of the Residence Permit
Golden Visa Greece: Overview of Rights, Obligations & Renewal
The Golden Visa Greece programme bestows all the rights one would expect from such an investment - including extending the right of application to the parent of both spouses - with few limitations. Most notably, Golden Visa applicants need to maintain the investment under their name for as long as they wish to benefit from the programme and, under the new law, they may no longer short-term lease their property (e.g. AirBnB).
- ➤ Visa-free travel within all 29 Schengen countries
- ➤ Legal residence including family
- ➤ Visa renews every five years on same conditions as issuance
- ➤ Restrictions on short-term leasing & investment maintenance
- ➤ Income from leasing the property is taxed in Greece
Golden Visa Greece: Rights and Freedoms of the Golden Visa Holder
Holders of a Greek Golden Visa residence permit enjoy several key rights:
- ⚫︎ Residence in Greece:
- Legal residence throughout the validity of the five-year permit. This is a right, not an obligation, and you may spend zero days in Greece if you so choose.
- ⚫︎ Schengen Area Travel:
- Freedom of travel within all 29 Schengen countries without additional visas. These include: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland. Cyprus is not yet a fully-fledged Schengen area member. Ireland, although a member state of the EU, has opted out from the Schengen Treaty.
- ⚫︎ Business Activity (Non-Employment):
- Golden Visa holders may establish or participate in businesses in Greece as shareholders, partners, or directors. While the residence permit does not entitle holders to employment in Greece, non-executive board positions that are unpaid may be lawfully exercised. These roles are not considered employment and do not activate social security obligations.
- ⚫︎ Family Reunification:
- Eligible family members (spouse, children, and dependant parents) may obtain derivative residence permits. Recognised civil partners may also qualify, now irrespective of genders.
Golden Visa Greece: Obligations and Restrictions
Golden Visa holders are subject to the following legal and financial obligations:
- ⚫︎ Maintenance of the Investment:
- The qualifying investment must remain active and compliant for the duration of the permit. Transfer or disposal of the asset, or change of use in breach of the law, triggers revocation.
- ⚫︎ Asset Substitution:
- Disposal of the qualifying asset will trigger revocation of the permit unless it is promptly replaced with another eligible investment of equal or greater value, provided all procedural requirements are met before expiry or revocation. Timing and compliance are essential to avoid status lapse.
- ⚫︎ No Employment:
- Golden Visa holders are barred from taking up employment in Greece.
- ⚫︎ Use Restrictions on Real Estate:
- Properties acquired under the new Law may not be short-term leased (e.g. Airbnb) - long leases are permitted. Properties acquired under restricted investment categories may not be subleased. Certain converted properties may not serve as business premises. Listed buildings must be restored prior to permit issuance or renewal. Failure results in permit revocation and a fine.
- ⚫︎ Penalties:
- Violation of short-term rental or use restrictions leads to revocation of the Visa and fines of €50,000 to €150,000 depending on the breach.
- ⚫︎ Notification Requirements:
- Investors must notify the Directorate of Foreign Direct Investments within one month of any liquidation, bankruptcy, or corporate change affecting their investment. Changes in personal status or documentation (e.g. passport details, marital status).
Golden Visa Greece: Renewal of the Residence Permit
Conditions for Renewal
- ⚫︎ Ongoing Investment Compliance: Proof of continued ownership, custody, or corporate participation in accordance with the original investment type.
- ⚫︎ Health Insurance: Valid health insurance covering the entire period.
- ⚫︎ Public Order and Security: No grounds for exclusion based on national security or public order.
- ⚫︎ Special Rule for Start-Ups: Renewal is possible even if the start-up is delisted from the national registry, provided all other terms remain satisfied.
Renewal Process
- ⚫︎ Application must be filed before expiry – renewable every five years according to current law.
- ⚫︎ Updated documentation must be submitted (e.g. health insurance, investment confirmations).
- ⚫︎ No minimum stay in Greece is required.
Renewal Application Costs
Same costs as initial application apply:
- ⚫︎ Main applicant: €2,000
- ⚫︎ Dependants above age 15: €150, each
- ⚫︎ Children above 21 and up to 24: €450, each
- ⚫︎ Permit card issuance fee: €16, each
Golden Visa Greece: Tax Considerations for Golden Visa Holders & Succession
- ⚫︎ Rental Income from property situated in Greece:
- Any rental income derived from property situated in Greece is subject to Greek taxation. You may read more on taxation in the property section here.
- ⚫︎ Staying over 183 days may trigger tax residency status in Greece:
- Golden Visa holders do not automatically acquire Greek tax residency. Although this implication is not associated with the Golden Visa Programme per se and does not affect the validity or renewal of the residence permit, investors should exercise caution.
Exceeding 183 days of physical presence in Greece, although allowed under the Golden Visa Programme, may trigger tax residency status, potentially subjecting them to taxation on their global income. This is not a direct Golden Visa Programme provision but rather an indirect effect of the taxation laws governing Greece, in general. The 183 days rule for tax residency classification is common in most western countries.
- ⚫︎ Succession & Intergenerational Transfer of Property in Greece:
- Greek jurisdiction governs all inheritance and intergenerational transfers involving assets located within Greece (Greek situs assets), regardless of the tax residency or nationality of the beneficiary or the benefactor. While, unlike the property, the Golden Visa itself is not automatically transferable, limited succession of status may be permitted under specific regulatory conditions.
Golden Visa Greece: Other Key Considerations for Investors
In addition to tax treatment, Golden Visa applicants and holders should consider the following factors when planning their investment:
- ⚫︎ Legal and Financial Due Diligence:
- Investors should perform full legal and financial checks before any transaction. This includes reviewing title deeds, land use, encumbrances, corporate share structures, or compliance obligations, depending on investment type.
- ⚫︎ Bank Account Opening:
- A Greek bank account is not strictly necessary for completing transactions, managing property-related expenses, and receiving local income. Nonetheless, especially in relation to paying taxes and dealing with the authorities it can prove to be beneficial.
- ⚫︎ Citizenship Pathway:
- While the Golden Visa grants residence status, it does not itself confer citizenship. Investors interested in Greek citizenship must meet additional conditions, such as language proficiency and active integration. However, years spent under Golden Visa residence count towards the residency requirement.
- ⚫︎ No Minimum Stay Requirement:
- Golden Visa holders are not required to reside in Greece for a minimum number of days to maintain or renew their permit, providing significant flexibility for international investors.
- ⚫︎ Property Management:
- Especially for non-resident owners, appointing an attorney to safeguard their interests can facilitate the management of maintenance, leasing and rent collection, and compliance with local property regulations.
Golden Visa Greece: Rights & Obligations FAQ
What rights do Golden Visa Greece holders have?
Golden Visa holders enjoy legal residence in Greece, visa-free travel across all 29 Schengen countries, business activities as shareholders/partners/directors, family reunification rights for spouse, children and parents, and no minimum stay requirements. They may also establish or participate in Greek businesses.
What are the main obligations and restrictions for Golden Visa holders?
Key obligations include maintaining the qualifying investment, no employment in Greece, no short-term rental of properties (Airbnb prohibited), asset substitution rules if disposing of investment, and notification requirements for corporate changes. Violations can result in fines of €50,000-€150,000 and permit revocation.
What are the conditions for Golden Visa renewal?
Renewal requires ongoing investment compliance, valid health insurance, no public order/security issues, and updated documentation. Applications must be filed before expiry, renewable every five years with no minimum stay requirement in Greece.
Can Golden Visa holders apply for Greek citizenship?
Yes, after seven years of residence, Golden Visa holders may apply for Greek citizenship. Additional requirements include Greek language proficiency, active integration, and meeting other legal conditions. Years under Golden Visa residence count towards the residency requirement.
What are the costs for Golden Visa renewal?
Renewal costs are identical to initial application: €2,000 for main applicant, €150 for dependants above age 15, €450 for children aged 21-24, and €16 permit card issuance fee each. No additional fees or hidden costs apply.