According to the law, family members of third country citizens entering the country include:
- the direct ascendants of the investors and/or their spouses (parents).
- the direct descendants of the investors and/or their spouses, who are under the age of 21 (children).
The applicants’ children, who have originally been admitted to the country under the terms and requirements of the Golden Visa, are provided with a residence permit for family reunification until the age of 21. After that, they can apply for a renewal in the form of an independent residence permit until they reach the age of 24 and then it is possible to renew it further according to pertinent immigration legislation.
The holders of the Golden Visa may apply for Greek Citizenship and a European Passport after seven (7) years of lawful residency in Greece.
Greek citizens enjoy visa-free or visa on arrival access to 171 countries and territories, ranking the Greek passport 7th in the world. Once applicants have acquired citizenship, they can dispose of their investment in Greece as no further visa renewals are required.
In case one of the parents successfully applies for the Greek Citizenship, the children are automatically granted the citizenship, provided they are not married and still under 18.
The following conditions must be fulfilled to receive a residence permit:
a) The real estate properties must be owned by and be in possession of its owners.
b) In cases of joint ownership, where the value of the property is €250,000, the residence permit is only granted if the owners are spouses with undivided ownership of the property. In all other cases of joint ownership, the residence permit is only granted if each of the joint owners has invested a minimum amount of €250,000. (i.e. two investors are required to purchase a property of a minimum value of €500,000).
c) If the owner has acquired the property through a legal entity, the applicant must own 100% of the company shares.
d) The residence permit is also granted in cases where the third country citizen is the owner, either directly or through a legal entity, of more than one real estate properties, provided the minimum value of the total real estate investment is €250,000.
e) In the case of third country citizens who have signed a lease of at least 10 years for hotel accommodations or furnished tourist residences in integrated tourist resorts provided the minimum value of the lease is € 250,000, the contract must require a single payment of the lease for the equivalent of the ten-year leasing of the property.
In all cases outlined above, the value of the real estate property shall be determined based on the value of the property, or the lease, as indicated in the contract of purchase. The value of the property is determined as the amount stated explicitly on the contract regarding the purchase of the real estate properties.
The objective, or assessed, value of the property is not relevant, unless it corresponds to the amount which was, according to the contract, been paid for the purchase of the property.