Obtaining a retirement residence permit in Greece

Obtaining a retirement residence permit in Greece

People who obtain a Greek passport can travel to 115 countries without a visa, and 83 countries require a Greek border visa. According to a report published by the Passport Index website in 2020, the Greek passport is the fourth valid visa in the world.

Residing in Greece by a retirement visa is suitable for people who have a perfect financial situation and want to immigrate to this European country with all their family members. Living in Greece by a Retirement Visa is one of the best and least hassle-free ways to get Greek residency and live in the EU, which usually takes less than four months.

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Topics reviewed in this article:

• Investment security in Greece
• Economic indicators affecting investment in Greece
• Eligible for a Greek retiree visa
• Greek retiree visa residency philosophy
• Greek retirement visa and companion conditions
• Residence Benefits of the Greek Retirement Visa

Investment security in Greece

Greek investment security is one of the main questions of the people who want to immigrate by Greek retirement visas. Investment in Greece is mainly divided into production, trade and maintenance, information and communication in electricity and gas, entertainment and leisure, real estate, housing, and food services. Property purchases in Greece have increased in recent years. People from all over the world are migrating to this country to buy property. Since 2015, the government has controlled the capital inflows into this country to prevent the banking system breakdown. This negative situation destroys the opportunity for new foreign investors. Despite many structural economic reforms that have taken place since then, foreign investors fear bureaucracy in Greece and government corruption. On the other hand, Greece adheres to various international standards to protect the assets of foreigners who intend to invest in this country. Some of these standards for protecting foreign capital are:

Membership in the Multilateral Investment Guarantee Agency or MIGA Convention.

Membership in the ICCWBO is an international arbitration body and the international chamber of commerce.

Greece is a member of the ICSID International Center for the Settlement of Investment Disputes.

Greece also recognizes bilateral investment conventions.

The seizure rate of Greek property is at its lowest level (1), and this is one of the factors of investment security in Greece.

Economic indicators affecting investment in Greece

Greece sought to attract investment with a positive and long-term impact on the national economy during the post-Greek economic crisis to

Reduce unemployment

Building modern infrastructure

Discovering and using new technologies

Increasing the living conditions of the citizens

For those who want to apply for a Greek retirement visa and intend to live in Greece, it provides several incentives to attract strategic investment, including:

Quick tracking methods

Special financial incentives and exemptions

The special discount fee during licensing

GOLDEN VISA

Public institutions (public strategic investments), private investors (strategic investments), public-private partnerships (strategic PPP investments), or joint ventures may make strategic investments. Strategic investments in large projects include construction, reconstruction, expansion, renovation, or maintenance of infrastructure, facilities, and networks in the following areas:

Construction

Energy

Tourism

Transport and communications

Providing health services

Waste management

High technology and innovation

Education

Culture

The central part and processing of agricultural food

Eligible for a Greek retiree visa

The head of the family must inform the Greek government that one has about 50,000 euros in a bank account (30,000 euros for the main person+ 50 percent of this amount for the spouse + 20 percent of this amount for each child). The applicant must have a monthly income of 2,500 euros for oneself, 500 euros for one’s wife, and 375 euros for each of one’s children under 18 years old (even up to the age of 21 if they are dependent on their parents).  The applicant will initially receive a visa for one year, then three years, then up to two years, and after seven years will get a Greek passport. Those who want to obtain a residence permit through a Greek pensioner visa as an investor or entrepreneur must have the following documents:

Two completed application forms (at the Ministry of Interior)

Original passport and a copy of each page

Three biometric passport photos

Health certificate filled out by a Greek hospital (including a chest x-ray and tuberculosis test)

Health insurance

Sufficient documents to finance your stay

Employment contract (if possible)

Local residency documents (like a lease agreement)

Paying the EUR150 application to the National Tax Office (Eforia)

Those who want to obtain a residence permit for Greece by investing or entrepreneurship must complete a process similar to the mentioned one. Investors issue residence permits for investment activities. Applicants must invest at least 300,000 euros in activities that benefit the Greek economy. In early 2014, the Greek government also launched a five-year residence permit for citizens of wealthy countries and their families who buy property worth at least 250,000 euros in this country. The applicants can expand this residence permit as long as they own the property.

Greek retiree visa residency philosophy

The philosophy of the visa for retirees in Greece or other countries that have this plan for foreigners who intend to immigrate to Europe is in the religious beliefs of that community. There is a holiday called Thanksgiving in Western countries, and people of these countries celebrate this day because of the blessings and the community they have. Therefore, thanks to this Thanksgiving plan, they give this retirees visa to foreigners who can financially support themselves and their families. So they can attend and live in these countries. Countries like Greece, Austria, and Spain are top and pretty suitable countries that offer this plan to foreigners.

Greek retirement visa and companion conditions

It is the best option for those who intend to immigrate as a family. The applicant, spouse, and children under 18 years old can apply to live with the applicant. People who have children over the age of 18 can either apply by the Golden Visa of this country for children up to 21 years old or using the student visa for those who have children over 21 years old.

Documents required for obtaining a retirement residence permit in Greece

The documents required to obtain a Greek retirement visa are as follows:

Passport

Employment Certificate

A stock certificate of the company that shows the profitability of the stock

A Bank Account

Property lease

Valid pay-slip

Retirement certificate and its pay-slip

All ownership documents that show financial assets

A photo

Identity documents of the applicant and all the companions

The document to show that the applicant and all the companions do not have a criminal background

Health certificate approved by the Greek Embassy

The applicants should also present the translation form of the above documents. It is easier to get a Greek retirement visa than an Austrian retirement visa. On the other hand, the Austrian retirement visa method has a capacity limit.

Residence Benefits of the Greek Retirement Visa

It is the fastest and best way to get permanent residence in Europe, which takes less than four months. Immigrating by a Greek retirement visa has several significant benefits for applicants, including:

Possibility to travel to all Schengen countries without a visa

Possibility to obtain residency for all family members

Possibility of free education for children

No need for a language degree

Fast process (between two to four months)

Ability to open a bank account

Low cost of living compared to other European countries

Low cost of obtaining residency in a European country

Relatively easy conditions for obtaining a residence permit in Greece

Ease of immigration and residence from Greece to top European countries such as Austria

The possibility of profitability through methods such as company registration, purchase and rental of property, and purchase of shares