Residency Options In Greece

Greece is a culturally fascinating place—the cradle of Western civilization with foundational concepts like democracy, western philosophy, political science, and literature originating here.

Sites of cultural and historical importance, some dating back thousands of years, are found all over the country, making Greece a must-visit for history buffs.

Greek’s worldwide influence is hugely down to its location. At the southernmost point of the Balkan peninsula, Greece is at the crossroads of Asia, Africa, and Europe, resulting in a diverse cultural mix. Greece has also had a colorful history, undergoing the ruling of several empires, contributing to its cultural influence on the world.

The 2008 global recession hit Greece particularly hard, triggering a prolonged debt crisis and years of austerity. By the late 2010s, the country was slowly regaining its footing before the pandemic disrupted global economies in 2020.

Today, Greece’s economy is on an upward trajectory once again, supported by growth in tourism, shipping, renewable energy, and foreign investment. While challenges remain, the overall outlook is far more stable than a decade ago and many investors feel the timing is once again right to explore opportunities in the country’s growing economy.

Greece offers several paths to residency, although technically, it doesn’t offer a retiree-specific visa. The residence permit that most retirees use to live here long-term is an independent means visa called the Financially Independent Person (FIP) Permit.

The basic requirement to qualify for the FIP visa is showing that you receive enough income to support yourself while living in Greece. You need to show that you receive €3,500 (about $4k) per month. This residency permit is available for three years and is renewable.

For remote workers, Greece has a digital nomad visa option which has the same financial threshold as the FIP—this increases by 20% for a spouse and by 15% for each child included. When granted, it permits holders to live in Greece for up to 12 months, with the option to extend for an additional two years through a residence permit.

Greece also offers one of the last Golden Visa options in Europe. There are a number of investment options through which you can qualify including the purchase of shares, corporate bonds, or Greek government bonds… A fixed-term deposit of at least €500k with a Greek credit institution… A 10-year time-sharing or lease agreement for hotel accommodation or furnished tourist residences to the tune of at least €400k… Or, you can qualify through direct real estate investment.

Qualifying investments start at €250k but with an important caveat: that lower price point applies to specialized real estate investments, namely industrial buildings converted to residential use or historical restoration projects.

If you’re looking to make a more straightforward property purchase then your entry point is going to be €400k and again there’s caveats relating to the size and location of permitted properties.

The highest entry point for the golden visa via property purchase starts at €800k for real estate in Greece’s most sought-after areas such as Athens, Thessaloniki, Mykonos, and Santorini. 

A Greek Golden Visa is renewable every five years, so long as you maintain the required investment level.

There is no minimum in-country requirement to qualify or to renew the visa, and your spouse and children under 21 can join you.

You must have a clean criminal record and health insurance valid in Greece to be eligible to apply.

Continued residency leads to eligibility for citizenship after seven years, but you must learn Greek which effectively excludes most candidates for a Greek passport.

Stay diversified,

Lief Simon
Editor, Offshore Living Letter