Golden Visa Program

The Greece Golden Visa program provides non-EU nationals seeking a stable European base and strong business opportunities with an affordable route to permanent residency in Europe. With this program, investors secure a Greek Permanent Residence Permit through real estate acquisition.

Why Invest in Greece, and Specifically Kefalonia?

Greece, a full European Union Member State, scores high on all major factors taken into consideration when choosing a new country for relocating, such as quality of life, regulated environment, secure living conditions, access to efficient services, and freedom to travel. As a Golden Visa holder, you and your family gain the right to live freely in Greece or continue to live in your home country and use the permit whenever necessary, ensuring you always have a second place to call home. Greece offers a high quality of life, including a warm climate, natural beauty, sports, and cultural events.

Key Benefits of the Golden Visa:

• Permanent Residency and Travel: The program grants a Permanent Residence Permit. This permit allows visa-free travel throughout all countries in the Schengen zone, for up to 90 days within every six-month period. There is no minimum stay requirement to maintain the residency visa, which is renewed every 5 years as long as the buyer keeps possession of the property.
• Family Inclusion: The program covers the entire non-EU family, including the investor, their spouse, unmarried dependent children up to age 24 (extendable until the 24th year of age), and the dependent parents of both spouses.
• Access to Services: All family members have access to the same health and education rights as Greek nationals. Greece offers a modern healthcare infrastructure and a wide variety of international educational options, including schools offering the International Baccalaureate (IB) program and universities teaching in English, French, and German.
• Citizenship Pathway: Permanent residents have the right to apply for Greek (EU) citizenship after living in Greece for 7 years, in accordance with legal provisions. Their children may also apply if they attend any school in Greece for 9 years, or attend a secondary school in Greece for 6 years, or attend a University in Greece.
• Kefalonia Lifestyle: Kefalonia is described as an unspoiled, picturesque place offering a relaxed, stress-free lifestyle with the lowest crime rate. It is an ideal family environment with unparalleled beauty and diversity in landscape and vegetation, perfect for outdoor activities and sports of all kinds.

Investment Requirements for Property in Kefalonia

Following significant amendments announced by the government, new investment criteria for the Greek Golden Visa will apply from September 1, 2024.

Kefalonia falls under the higher investment threshold:

• Minimum Investment Amount: The island of Kefalonia is included in the €800,000 Investment Zone.
• Property Requirements: The investment must be on a single property.
• Minimum Size Requirement: The property must have minimum covered areas of 120 square meters (m²).
• Rental Restrictions: Short-term rentals (such as ‘airbnb’) are not allowed. Only long-term tenancy agreements will be possible, and serious penalties will be imposed on violators. The property also cannot be used as a business headquarters or branch.
• Note on Joint Ownership: In cases of joint ownership, the Golden Visa is only granted if the amount invested by each of the joint owners meets the minimum required investment amount.

Special Investment Category (Exemption):

While the standard residential minimum for Kefalonia is €800,000, there is a €250,000 Special Investment Category. This exemption applies to Industrial, Commercial, or similar assets that are successfully converted to ‘Residential’ use. These restored properties can be sold at €250,000 and still qualify for the Golden Visa, regardless of their location and size.

The Golden Visa Application Process

The application process typically takes approximately 3 months (in some areas, less time), or approximately 40 days from the time of investment until the Residency Permit is issued.

The process is generally divided into five key steps:

1. Start/Entry Visa and Property Search (STEP ONE): The client decides whether or not to travel to Greece. To purchase property, either a Type C Schengen visa (allows stay up to 90 days per six-month period) or a Type D National visa (allows stay up to 365 days) can be used.
2. Purchase Property and POA (STEP TWO): After viewing and selecting a property, a reservation payment (e.g., 10%) is made, and a Private Sales Contract is signed. The client meets with a lawyer to sign a Power of Attorney (POA) in a Public Notary Office. This POA allows the lawyer to handle crucial steps on your behalf, including issuing the ‘AFM’ (Tax number), opening a Greek bank account, signing the final sales contract, and completing the Golden Visa application. Investors are allowed to sign the POA in their country of origin without visiting Greece, either at the Greek Consulate or at any foreign public notary, provided the POA is certified with the Apostille Stamp or legalized by the Greek Consulate.
3. Signing of Final Contract (STEP THREE): The appointed Greek lawyer fulfills the final signing procedure in the Notary Office, and the Title Deed is transferred to the client’s name(s). Settlement of the full contract amount and issuance of the Title Deed take place on the same day.
4. Start Application (STEP FOUR): The lawyer applies for the Blue Card. Required documents include a valid copy of passport, three recent color photographs, the final sales contract, the Transfer Certificate from the Land Registry, and medical insurance. For family members, additional certified documentation proving the relationship (e.g., marriage and birth certificates, translated and stamped APOSTILE) is needed. The applicant can submit the application for the Residence Permit through a power of attorney.
5. Finalise Application/Biometrics (STEP FIVE): After the Blue Card is issued, the lawyer arranges the appointment for Biometrics (fingerprints), which typically takes place 6–10 weeks later. Clients must visit Greece to do this. Afterwards, the lawyer can retrieve the Golden Visa Card and send it to the client’s country of residence.

Important Note on Taxes:

Non-residents in Greece pay tax on their income derived within Greece, but not on income from outside of the country. Income tax starts at a rate of 22%. Rental income from property in Greece is taxed at rates ranging from 11% to 33%, with certain deductible expenses allowed from the gross income.

Simplifying Your Investment in Kefalonia

Through our legal team and as real estate developers and agents, we assist real estate investors to obtain their Golden Visa and Property. We study thoroughly the best route for every client to ensure a stress-free investment process. Our company can guide you thoroughly to present all your opportunities. We offer comprehensive services including Legal and Engineering Due Diligence, Tax Budgeting, Bank Account Opening Services, Notarial Services, Legal Services, and Tax Services through our partners.

NOTE: All information on this page is subject to change due to changes in laws concerning the Golden Visa. Please consult official sources or request a consultation with our legal team before taking action.