Capital: Athens
GDP: $326.7 billion
Language: Greek
Air temperature: average annual temperature in summer + 30°C, in winter + 10°C

In 2005, Greece launched a residence permit programme for foreigners in the country. The goal of the program is to stimulate the economy.

Advantages of Greek residence permit are the following:

• Visa-free and free entry into all Schengen countries;
• The whole family has the right to reside in any Schengen country for the duration of the residence permit;
• Residence in Greece is not mandatory residence in Greece;
• The right to register or acquire own business;
• The right to get an education at educational institutions in Schengen countries;
• The right to obtain a permanent residence permit after five years from the date of obtaining a residence permit.

Investment options

Greece provides foreigners with several options for obtaining a residence permit: purchase of real estate or proof of economically-independent status.

Purchasing real estate

Features of a residence permit in Greece through real estate investments are as followed:

• Buying a property or several properties together worth more than 250 000 EUR;
• Own real estate can be rented out;
• The renewal of the residence permit does not require residence in Greece.

Application for a residence permit can be submitted by the spouse of the investor, children under 21 years and parents of the applicant.

Residence permit for economically independent persons

Foreigners whose income or savings allow them to live comfortably in Greece are entitled to apply for a residence permit based on financial independence.

Features of the program:

• The applicant must have a stable income (from 2000 euros per month) or an account in a Greek bank of €24 thousand or more, which allows them to live in Greece without having to apply for the social security authorities benefits in the country. If the applicant has a family, the amount is increased: plus 20% for the spouse and 15% for each child.
• No criminal record in the past.

Application for a residence permit may be filed by the spouse of the investor as well as children under 18 years.

In contrast to the "visa through the purchase of real estate", the owners of this type of residence permit must spend more than 183 days a year in Greece. There is also a ban on employment.