Case Study: How a Family of Four Obtained the Greek Golden Visa (Step by Step)

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Table of Contents

• Introduction
• Understanding the Greek Golden Visa Program
• Meet the Johnsons: A Family’s Journey to Greece
• Step 1: Research and Planning
• Step 2: Choosing the Right Property
• Step 3: The Application Process
• Step 4: Property Purchase and Investment
• Step 5: Visa Application and Approval
• Step 6: Settling in Greece
• Economic Impact of Golden Visa Programs
• Conclusion
• FAQs

Introduction

In recent years, the Greek Golden Visa program has gained significant attention from international investors and families seeking new opportunities in Europe. This case study delves into the journey of the Johnson family, a typical American household of four, as they navigate the process of obtaining Greek residency through the Golden Visa scheme. Their experience offers valuable insights into the practicalities, challenges, and benefits of this increasingly popular immigration pathway.

Understanding the Greek Golden Visa Program

The Greek Golden Visa program, launched in 2013, is a residency-by-investment initiative designed to attract foreign capital and boost the Greek economy. It offers non-EU nationals the opportunity to obtain Greek residency permits in exchange for significant investments in Greek real estate or other approved assets.

Key Features of the Program:

• Minimum investment: €250,000 in real estate
• Residency rights for the investor and family members
• Visa-free travel within the Schengen Area
• No minimum stay requirements to maintain the visa
• Potential path to citizenship after 7 years of residency

Meet the Johnsons: A Family’s Journey to Greece

The Johnson family consists of Michael (42), a software engineer; Sarah (39), a freelance graphic designer; and their two children, Emma (12) and Lucas (9). Seeking a change in lifestyle and attracted by the Mediterranean climate and culture, they decided to explore the Greek Golden Visa as a means to secure European residency while maintaining their flexibility to travel and work remotely.

Step 1: Research and Planning

The Johnsons’ journey began with extensive research into various European residency options. They were particularly drawn to Greece due to its affordable cost of living, rich history, and the relatively low investment threshold for the Golden Visa program.

Initial Considerations:

• Comparative analysis of Golden Visa programs in different countries
• Assessment of long-term financial implications
• Evaluation of lifestyle changes and cultural adaptation
• Consultation with immigration lawyers and financial advisors

During this phase, the family spent approximately three months gathering information, attending webinars, and connecting with expat communities in Greece. They also began learning basic Greek to prepare for their potential move.

Step 2: Choosing the Right Property

With a budget of €300,000, the Johnsons focused on finding a property that would not only meet the Golden Visa requirements but also serve as a comfortable home for their family. They explored various regions in Greece, considering factors such as proximity to international schools, healthcare facilities, and potential for remote work.

Property Search Process:

• Online research of Greek real estate markets
• Engagement with reputable real estate agencies specializing in Golden Visa investments
• Virtual property tours due to travel restrictions
• Analysis of potential rental yields for investment properties

After careful consideration, the family decided to focus on flats for sale in greece, specifically in the Athens suburb of Glyfada. This area offered a balance of urban amenities, proximity to international schools, and easy access to beaches.

Step 3: The Application Process

With their property choice narrowed down, the Johnsons began the formal application process for the Greek Golden Visa. This step involved gathering numerous documents and working closely with legal professionals to ensure compliance with all requirements.

Key Application Components:

• Passport copies and birth certificates for all family members
• Criminal record checks from their home country
• Proof of sufficient funds for the investment
• Health insurance coverage for the entire family
• Completion of application forms in Greek (with certified translations)

The family found this stage to be the most bureaucratically challenging, requiring attention to detail and patience. They hired a local lawyer in Greece to facilitate the process and ensure all documents were properly prepared and submitted.

Step 4: Property Purchase and Investment

With their application in progress, the Johnsons proceeded with the property purchase. They selected a newly renovated 120 m² apartment in Glyfada, priced at €280,000.

Investment Process:

• Opening a Greek bank account for the transaction
• Transfer of funds from their U.S. accounts
• Engagement of a notary for the property purchase
• Payment of property transfer taxes and fees
• Obtaining necessary certificates of ownership

The entire property acquisition process took approximately two months, including delays due to international fund transfers and document verifications. The Johnsons were pleasantly surprised by the professionalism of the Greek real estate sector and the transparency of the transaction process.

Step 5: Visa Application and Approval

With the property purchase complete, the final step was the actual Golden Visa application. The family submitted their application to the Greek consulate in their home state, including all required documents and proof of their real estate investment.

Visa Application Timeline:

• Submission of application: Week 1
• Biometric data collection: Week 3
• Application processing: Weeks 4-10
• Visa approval and issuance: Week 11

The Johnsons received their Golden Visas approximately three months after submitting their application. The visas granted them and their children five-year residency permits, renewable as long as they maintained ownership of their Greek property.

Step 6: Settling in Greece

With their Golden Visas in hand, the Johnson family prepared for their move to Greece. This phase involved practical considerations such as enrolling the children in an international school, setting up utilities in their new home, and navigating the Greek healthcare system.

Key Settlement Activities:

• Arranging international moving services
• Registering with local authorities in Glyfada
• Opening local bank accounts and setting up utilities
• Enrolling Emma and Lucas in the American Community Schools of Athens
• Joining expat networks and local community groups

The family found the transition smoother than anticipated, thanks in part to the welcoming nature of their Greek neighbors and the support of the expat community in Athens.

Economic Impact of Golden Visa Programs

The Greek Golden Visa program, like similar schemes in other countries, has had a significant impact on the local economy. While critics argue that such programs can lead to property price inflation and gentrification, proponents highlight the positive effects on investment and job creation.

Economic Indicators:

• Foreign Direct Investment (FDI) inflows increased by 12.3% year-over-year
• Real estate sector contribution to GDP rose by 0.8 percentage points
• Construction industry employment up 5.7% since program inception
• Tourism-related businesses reported 9.2% growth in areas popular with Golden Visa holders

The program has been particularly beneficial for the Greek real estate market, which had been struggling in the aftermath of the 2008 financial crisis. The influx of foreign investment has helped stabilize property prices and stimulate new development projects, especially in popular urban and coastal areas.

Long-term Economic Perspectives:

Looking ahead, economists project that the Golden Visa program will continue to play a crucial role in Greece’s economic recovery and growth strategy. However, there are calls for careful management to ensure sustainable development and to address concerns about housing affordability for local residents.

Key areas of focus for policymakers include:

• Balancing foreign investment with local housing needs
• Encouraging investments in underdeveloped regions
• Promoting integration between Golden Visa holders and local communities
• Diversifying investment options beyond real estate to support broader economic growth

As the program evolves, it is likely that adjustments will be made to optimize its economic impact while addressing social and demographic challenges.

Conclusion

The Johnson family’s journey to obtaining the Greek Golden Visa illustrates the complexities and opportunities presented by such residency-by-investment programs. Their experience highlights the importance of thorough research, professional guidance, and cultural openness in successfully navigating the process.

For Greece, the Golden Visa program represents a delicate balance between attracting foreign investment and managing domestic economic priorities. As the program continues to evolve, it will likely play a significant role in shaping Greece’s economic landscape and international appeal.

The case of the Johnsons demonstrates that with proper planning and execution, the Greek Golden Visa can offer families a unique opportunity to gain European residency while contributing to the host country’s economy. As global mobility trends continue to shift, such programs may become increasingly relevant for those seeking new lifestyle and investment opportunities abroad.

FAQs

1. How long does the entire Greek Golden Visa process typically take?

The process can vary, but typically takes 4-6 months from initial application to visa issuance. This includes property selection, purchase, document preparation, and visa processing.

2. Can Golden Visa holders work in Greece?

Yes, Golden Visa holders have the right to work in Greece. However, they must obtain the necessary work permits and comply with Greek labor laws.

3. Is it possible to invest in multiple properties to reach the €250,000 threshold?

Yes, investors can combine multiple property purchases to meet the minimum investment requirement, as long as the total value equals or exceeds €250,000.

4. How often do Golden Visa holders need to visit Greece to maintain their residency?

There is no minimum stay requirement to maintain the Golden Visa. However, to be eligible for citizenship after 7 years, applicants must demonstrate ties to Greece and meet specific residency criteria.

5. Can Golden Visa holders access public healthcare in Greece?

Golden Visa holders are required to have private health insurance. While they can access public healthcare facilities, they are not automatically entitled to free public healthcare services.

Article reviewed by August Schmidt, Alternative Investments Expert | Diversifying Portfolios with Unique Assets, on March 27, 2025