Legal residence in Greece for financially independent individuals

In the text below, we discuss the opportunity to acquire a legal residence permit in Greece that is attractive by its affordability in the first place. This opportunity is for those who have an average-size stable monthly income. Please read on to find out about the application procedure, the requirements, and the documents to be submitted.

A brief description of the Greek legal residence program for financially independent individuals

Do you have a stable income of a couple thousand euros per month? Would you like to freely cross national borders in Europe when you go there for business or a vacation? Would you like to acquire an opportunity to legally reside on the coast of the Mediterranean Sea? The Greek legislation provides for a chance to obtain a legal residence permit in the country without having to make heavy investments. This is certainly an option to consider if you have a passive income that does not have to be huge.

The following key conditions have to be satisfied if you are to qualify for legal residence in Greece for financially independent individuals:

• You have to have a valid visa to Greece.
• You have to have a guaranteed income of minimum 2,000 euros per month.

Financially independent individuals can apply for a two-year legal residence permit in Greece if they meet the conditions specified above. The permit can be extended if the conditions are still met after two years. The application for the residence permit extension has to be submitted to the Greek immigration authorities two months prior to the current permit expiration date.

This opportunity is available to citizens of non-EU countries only. It is important to note that family applications are also accepted. Main applicant’s dependent family members can obtain residence permits that will remain valid as long as the sponsor’s (that is, the main applicant’s) permit is valid. The following family members can be included in the application for Greek residence:

• The main applicant’s spouse;
• The main applicant’s children below the age of 18 (including the spouse’s children and adopted children).

Several European countries administer various programs that allow foreign nationals to acquire the right of abode on the territory of the European Union. All these programs require investments and the investment amounts vary. If we compare the Greek legal residence program for financially independent individuals with other programs leading to the same goal, we will see that this opportunity to gain legal residency in the EU is among the least expensive ones.

Advantages of legal residence for financially independent individuals program administered in Greece

When you acquire a legal residence permit in Greece, you gain the following rights and opportunities:

• Visa-free travel to Schengen zone countries and the right to stay in any of them for three months over a six-month period;
• The right of abode in Greece for you and your family until the residence permit is valid;
• The right to launch a business venture in Greece or by an existing business company;
• The right to send your children to Greek schools, universities, and other educational institutions;
• The right to apply for a permanent residence permit after five years of holding the residence permit for financially independent individuals;
• The right to apply for full citizenship of Greece after two years of holding the permanent residence permit.

We will be happy to talk to you about the opportunity to acquire Greek residence in more detail. Please contact us about the matter without any hesitation.

Who can apply for a Greek residence permit for financially independent individuals?

Citizens of any country outside the European Union are eligible to apply for residence permits in Greece. The permit is valid for two years. The following conditions need to be satisfied when applying for it:

1. The applicant shall have a stable income of at least 2,000 euros per month, as this amount will suffice to cover the daily costs of living in Greece.
2. The applicant shall submit a clean criminal record from his/ her home country’s police authorities. Applicants whose names are on the Greek list of undesirable persons will not be considered.  

The main applicant is eligible to bring his/ her family to Greece too, including the spouse and children below 18 years of age. A family application for Greek legal residence will entail additional financial obligations.  

Greek residence for financially independent individuals: restrictions for the applicants

The legal residence scheme described here involves some restrictions that apply to financially independent foreign applicants for Greek residence. The restrictions include the following ones:  

• Holders of Greek residence permits for financially independent individuals cannot have employment in Greece.
• The Greek legislation does not allow upgrading the resident status if you hold a residence permit as a financially independent individual. 
• The status of a legal resident in Greece on this scheme does not give access to the country’s social security benefits.
• The residence permit is valid for two years only and proof of financial independence needs to be supplied again when extending the permit.

Greek residence for financially independent individuals: the application procedure

Acquiring legal residence in Greece on this scheme is not overly complicated. You can choose from the following two options if you would like to apply for a Greek residence permit:

1. Apply to the Greek embassy or consulate in your home country for a D-type (national, long-term) visa and file the application documents when in Greece.
2. Hire a local (Greek) attorney to submit the application documents to the immigration authorities on your behalf. A notarized and apostilled Power of Attorney is required in this case.

It is important to bear in mind that you have to visit Greece personally whichever option you choose, as you will have to submit your biometric data to the Greek immigration authorities.

List of application documents required to obtain a legal residence permit for financially independent individuals in Greece

When applying for a D-type visa, you have to submit the following documents:

1. A valid foreign passport that has to remain valid for three months after the visa expiration date. Besides, the passport has to have at least two blank pages and it has to be issued within the same decade as the application for the visa is submitted.
2. A police clearance.
3. A health certificate issued by a state or a private medical institution. The certificate must confirm the absence of infectious diseases (in accordance with the international standards specified by the WHO).
4. Documents confirming a monthly income of at least 2,000 euros:

• Tax declaration.
• Income certificate.
• Dividend certificate.
• Bank statement confirming that the applicant has at least 48,000 euros as a security deposit in a Greek bank (2,000 euros per month multiplied by 24 months).

5. Medical insurance policy.
6. A document confirming ownership of real estate in Greece or a rent agreement. In order to acquire a Greek legal residence permit for financially independent individuals the applicant must have a registered address in the country. Offshore Pro Group partners in Greece will be happy to provide such an address.

There is a piece of legislation that governs the application procedure. All the application documents have to be translated into Greek or English.

The applications for legal residence in Greece are processed within two months. If you have to acquire a D-type visa, you have to add about two extra weeks to the waiting period.

Extending the Greek legal residence permit for financially independent individuals

Please mind that you have to submit an application for the residence permit extension two months prior to the current permit expiry date. The following documents need to be submitted to the Greek immigration authorities when extending the permit:

1. Two color photographs and a flashcard with the photographs in the JPEG format.
2. A copy of the foreign passport or other ID recognized by the Greek authorities. The document must remain valid for three months after the visa expiration date. In addition, it has to have at least two blank pages and it has to be issued within the same decade as the application for the visa extension is submitted.
3. A health certificate confirming the absence of infectious diseases (in accordance with the international standards specified by the WHO).
4. A bank statement confirming the payment of 300 euros as a state duty. This applies to adult applicants for Greek residence only as underage children are not charged state duties.
5. A proof of a stable income of at least 2,000 euros per month (for the last 12 months).
6. A police clearance less than three months old.
7. A medical insurance policy that covers medical/ pharmaceutical services in Greece. The coverage must come up to at least 30,000 euros. Policies from private insurance companies are acceptable.
8. Marriage certificate in case a married couple is applying for residence permit extension.
9. Birth certificates for all underage children if a family application is filed where children are included.

Alternative routes to legal residence in Greece

Obtaining a legal residence permit for financially independent individuals is not the only way to acquire the right of abode in Greece. There are other option that include the following ones:

• Independent business activities in Greece (12-months residence permit).
• Socially beneficial investment (5-year residence permit).
• Strategic investment (10-year residence permit).
• Directorship of a local company/ Greek branch of a foreign company (2-year residence permit).
• Investment into certain kinds of securities (5-year residence permit).
• Purchase of real estate in Greece (5-year residence permit).

According to the statistics, the latter option is the most popular one with foreign investors. This opportunity is often referred to as the ‘golden visa’ program and the choice of real property in the continental Greece and on the islands is superb.

This route to Greek residence requires an investment of at least 250,000 euros in residential accommodations or commercial property. The threshold is thus lower than that in most other European countries. In order to qualify for legal residence in Spain, for example, you have to buy a piece of property that is worth at least 500,000 euros.

Main disadvantages of acquiring a Greek legal residence permit for financially independent individuals

• “Frozen money”: As we have noted above, you have to make a security deposit of at least 48,000 euros with a Greek bank if you are to become eligible for a residence permit on this scheme. If a family of four is applying for Greek residence (husband, wife, and two underage children), the deposit will have to be 72,000 euros. You cannot invest the money and the interest rate is close to zero. This means that over the years, you may even lose part of the money worth due to the inflation.
• Personal presence requirement: The rules were changed in 2020 and now the financially independent individuals who hold Greek residence permits must physically reside in Greece for the best part of each calendar year. If they do not, they will lose the permit.

Professional assistance in acquiring a Greek legal residence permit for financially independent individuals

You are welcome to apply for our professional services if you are a financially independent individual interested in becoming a legal resident of Greece. We have the necessary license to provide such services and vast experience in the field. Please find our price list below:

Service type	Price (€)
Acquisition of a Greek legal residence permit for a financially independent individual	20,000
Acquisition of a Greek legal residence permit for the main applicant’s family members (per person)	10,000
Extension of the residence permit for the main applicant	10,000
Extension of the residence permit for the main applicant’s family members (per person)	5,000

You have to pay only half of the total sum at the moment when you sign a service agreement with us. The rest of the money is due when the goal is achieved.

InternationalWealth portal experts specialize in legal and immigration advice. We will also be happy to provide services in the following areas to you:

• Corporate consulting;
• Investment consulting and assistance with business structuring;
• Operations with real estate;
• International banking.

Our Greek partners are experienced lawyers who are highly knowledgeable about various aspects of business immigration. They offer packaged solutions to individual and corporate clients.

Would you like to learn more about the opportunity to acquire a Greek legal residence permit for financially independent individuals? Are you looking to relocate to a European country other than Greece? Please do not hesitate to contact us by email, WhatsApp, or our live chat and request a personal consultation on the matter! The first consultation is free of charge.