The Best “Golden Visa” in Europe

Unlock a Laidback Mediterranean Lifestyle…

It started as a slight uptick from the long-term trend. In the fourth quarter of 2022, the uptick became an explosion. December’s total was 600% of the monthly average for the previous two years.

I’m talking about applications for Greece’s Golden Visa.

Greece has had a Golden Visa program for more than a decade. For a property investment of €250,000, an applicant can get a long-term residency permit that grants them free run of the entire European Union.

But for most of that time, the world of international migration focused on the other end of the Mediterranean. Even though the minimum investment was identical—and Greece had more high-quality properties on offer—Portugal got most of the attention.

As I explained in yesterday’s column, in late 2022 the Portuguese government decided to shift the emphasis of its visa programs from residential property to digital nomads, retirees, and people of independent means.

Word of this evidently got out early… hence the sudden shift in applications to Greece.

Folks who’d already obtained Greek Golden Visas will wonder what the fuss was about. They’ve known for a long time that Greece offers one of the best property-based Golden Visa programs in Europe. Its benefits include:

• In areas outside Athens, Thessaloniki and Santorini, the required residential investment of €250,000 can be spread over multiple properties… meaning you could buy one property to live in and another to rent out for passive income.
• The Golden Visa application costs €2,000 with €150 per additional family member. That’s less than half the cost of applying for the Portuguese program.
• The average processing time is just three months.
• You can apply remotely, on a dedicated government website.
• There is no minimum annual residence requirement.
• Applicants from all non-EU countries are eligible. (Some other programs bar certain nationalities.)
• You’re eligible for Greek citizenship after seven years if you meet an annual minimum physical presence.

The question on everyone’s mind, of course, is whether Greece will follow Portugal and limit its residential Golden Visa.

The government has already made some adjustments. The most densely populated urban centers like Athens and Thessaloniki now require a minimum investment of €500,000. The reason is the same as in Portugal: property prices were getting too high, and locals were getting squeezed. But there’s little chance that Greece will shut down the residential option entirely. A quick look at a map will tell you why:

Greece has far more coastline relative to its surface area than Portugal. There are hundreds of islands all over the Aegean wide open for residential investment by Golden Visa applicants. The same is true of much of the mainland west of Athens.

I know from personal experience that living on one of these islands isn’t as daunting as it might seem.

With thousands of years of maritime history behind it, Greece has developed one of the most efficient ferry systems on the planet. Consumer goods are freely available all over the Aegean. High-quality medical services are never more than an hour or so away by high-speed ferry. And even if you decide to move to one of the far-flung islands of the Dodecanese, you can still get back to Athens in less than a day.

But I suspect many people who go looking for Greek property will appreciate laidback island life. Other than major tourist spots like Santorini and Mykonos, most of the Aegean islands are quiet, peaceful places to live. They’re still governed by the same ancient rhythms that have marked Greek life since ancient times.

If you want to see people, that’s no problem. And if you prefer the quiet life, Greece has got you covered, too.

But with so much attention shifting from Portugal, the rush is on to apply for residential Golden Visas. Eventually, that’s going to translate into upward pressure on property prices.

That’s why my advice is to set your sights on a Greek Golden Visa now!