Greece intends to rely on its popular golden visa program to jumpstart economic activity and revive vital sectors like tourism and real estate following the impact of coronavirus restrictions
Like other countries, Greece suspended its golden visa program in a bid to stem the spread of COVID-19.
Having escaped relatively unscathed compared to its European peers, Greece has been among the quickest to reinstate its program.
Taking advantage of the forced hiatus, Greece has modified its golden visa rules to reduce red tape and make it a more investor-friendly program.
About the Greek Golden Visa Program
One of the least-expensive golden visa programs within the EU, Greece offers a five-year permanent residence permit to applicants investing in one of the following asset classes.
| Asset Class | Minimum Investment |
| Real estate, including land provided a building is constructed on it, in Greece. | €250,000 |
| Lease agreement for a minimum period of ten years for hotel accommodation or furnished tourist residences integrated tourist resorts. | €250,000 |
| Timeshare agreement for use of tourist accommodation and additional related services for a period between one and 60 years. | €250,000 |
| Investment in Greece that will have a positive impact on the country’s development and economy. | €250,000 |
| Listed shares or bonds issued by a company established or headquartered in Greece. | €400,000 |
| Shares of a Real Estate Investment Company investing exclusively in Greece. | €400,000 |
| Shares issued by or contribution to Venture Capital Fund of a Venture Capital Company that invests exclusively in companies headquartered or established in Greece. | €400,000 |
| Government bonds for a period of at least three years. | €400,000 |
| Term deposit in a Greek bank for at least one year with a standing renewal order. | €400,000 |
| Listed shares, corporate bonds or government bonds listed in a regulated market/exchange/facility operating in Greece. | €800,000 |
| Shares issued by a Greek or foreign mutual fund that invests exclusively in securities listed in a regulated market/exchange/facility operating in Greece | €400,000 |
| Shares issued by an eligible Alternative Investment Fund established in Greece or in another EU member state investing exclusively in real estate in Greece. | €400,000 |
The permit can be renewed for an additional five years provided the investor continues to comply with the investment requirement.
Preferred Asset Class: Real Estate
Real estate has been the preferred asset class for golden visa investors across the world. In Greece, its vibrant tourism sector offers investors the additional advantage of generating high long-term returns as well as recurring income through investments in holiday homes and tourist accommodation.
The government intends to take advantage of the pandemic-induced crash in real estate prices to attract precious foreign investment to aid the revival of this vital sector of the Greek economy.
Despite the availability of multiple asset classes, real estate remains the preferred option for golden visa investors, which is why the government has sought to revive the real estate market by relaunching the program.
The government has also modified the program’s rules with the intent of reducing red tape in the execution of real estate transactions.
New Rules
Those submitting new or renewal golden visa applications can send additional supporting documents by registered letter or by courier, which means applications can be filed despite continuing disruptions due to the pandemic.
New applications can also be submitted at the Immigration Policy Directorate of the Ministry of Immigration and Asylum.
Further, approved golden visa investors with pending collection of their residence permits now have the option of receiving them through their appointed legal representative or via courier post.
Robust promotion of the golden visa program aimed at wealthy foreign investors is considered a significant factor behind Greece’s transition from crippling austerity measures to progressive reforms that helped accelerate economic revival post the 2008 global recession.
Now the country is looking to repeat the trick in 2020 and beyond.