Temporary First, Then Golden Visa: Phasing Your Move to Greece

Reading time: 15 minutes

Table of Contents

• Introduction
• Understanding Greece’s Visa Options
• The Two-Phase Approach
• Economic Implications of Phased Immigration
• Property Market Dynamics
• Legal Considerations
• Financial Planning for Your Move
• Conclusion
• FAQs

Introduction

As global economic landscapes shift and remote work becomes increasingly prevalent, many individuals are exploring international relocation options. Greece, with its rich history, stunning landscapes, and strategic position in the Mediterranean, has emerged as an attractive destination for expatriates and investors alike. This comprehensive guide delves into a strategic approach for those considering a move to Greece: starting with a temporary visa before transitioning to the coveted Golden Visa program.

This phased approach not only allows for a more gradual integration into Greek society but also provides significant economic and practical advantages. By understanding the nuances of this strategy, potential immigrants can make informed decisions that align with both their personal goals and the broader economic trends shaping Greece’s future.

Understanding Greece’s Visa Options

Before diving into the specifics of the phased approach, it’s crucial to understand the primary visa options available for those looking to relocate to Greece.

Temporary Residence Permits

Greece offers several types of temporary residence permits, including:

• Work permits for employed individuals
• Student visas for those pursuing education in Greece
• Digital nomad visas for remote workers
• Retirement visas for individuals over a certain age with sufficient financial resources

These temporary permits typically have a duration of 1-2 years and can be renewed subject to specific conditions.

The Golden Visa Program

Greece’s Golden Visa program, introduced in 2013, offers a residence permit to non-EU nationals who make a significant investment in the country. The most common route is through real estate investment, with a minimum threshold of €250,000. This visa provides several key benefits:

• 5-year renewable residence permit
• Visa-free travel within the Schengen Area
• Option to include family members
• Path to citizenship after 7 years of residence

The Two-Phase Approach

The strategy of starting with a temporary visa before transitioning to the Golden Visa program offers several advantages:

Phase 1: Temporary Residence

During this initial phase, individuals can:

• Acclimate to Greek culture and lifestyle
• Explore different regions to determine the ideal location for long-term residence
• Build professional networks and explore business opportunities
• Learn the Greek language and integrate into local communities
• Assess the long-term viability of living in Greece

Phase 2: Golden Visa Transition

After the temporary residence period, those who decide to commit long-term can transition to the Golden Visa program by:

• Making the required real estate investment
• Leveraging the knowledge gained during the temporary residence to make informed investment decisions
• Utilizing established networks to facilitate the Golden Visa application process

Economic Implications of Phased Immigration

The phased approach to immigration has significant economic implications, both for the individual and for Greece as a whole.

Individual Economic Benefits

For the immigrant, this strategy offers:

• Reduced initial financial commitment
• Opportunity to assess the Greek economy firsthand before making substantial investments
• Time to develop income streams or business ventures within Greece
• Flexibility to time property investments with market conditions

Macroeconomic Impact

From a broader economic perspective, this phased immigration approach contributes to:

• Gradual, sustainable growth in the real estate market
• Increased foreign direct investment over time
• Diversification of the Greek economy through skills and expertise brought by immigrants
• Enhanced stability in local job markets and consumer spending

Property Market Dynamics

Understanding the Greek property market is crucial for those considering the Golden Visa program. Current trends indicate:

• Steady appreciation in prime urban areas and popular islands
• Increasing demand for flats for sale in greece, particularly in Athens and Thessaloniki
• Growing interest in renovation projects in historic neighborhoods
• Emergence of eco-friendly and smart home technologies in new developments

The phased approach allows potential investors to monitor these trends closely before committing to a purchase, potentially leading to more informed and profitable investments.

Regional Variations

Greece’s diverse geography leads to significant regional variations in the property market:

• Athens: High demand in central neighborhoods, with potential for rental income
• Thessaloniki: Growing tech scene driving demand for modern apartments
• Islands: Seasonal fluctuations with high potential for tourism-related investments
• Rural mainland: Opportunities for larger properties at lower price points

Legal Considerations

Navigating the legal landscape is a critical aspect of both temporary residence and the Golden Visa program. Key considerations include:

Temporary Residence Legal Framework

• Work permit regulations and employment law
• Tax obligations for temporary residents
• Healthcare and social security requirements
• Regulations surrounding remote work and digital nomad visas

Golden Visa Legal Requirements

• Due diligence processes for property purchases
• Compliance with anti-money laundering regulations
• Understanding of property ownership laws for non-EU nationals
• Tax implications of property investment and rental income

The phased approach allows individuals to become familiar with these legal frameworks gradually, reducing the risk of compliance issues and ensuring a smoother transition to long-term residence.

Financial Planning for Your Move

Effective financial planning is crucial for successfully implementing the phased immigration strategy. Consider the following aspects:

Budgeting for Temporary Residence

• Cost of living in different Greek cities and regions
• Rental expenses and utility costs
• Healthcare and insurance premiums
• Transportation and travel within Greece and the EU
• Language courses and cultural integration activities

Preparing for Golden Visa Investment

• Saving strategies to meet the €250,000 investment threshold
• Understanding mortgage options for non-residents in Greece
• Planning for additional costs such as property taxes and maintenance
• Strategies for generating rental income from the investment property

Long-term Financial Considerations

• Retirement planning under Greek tax laws
• Investment diversification strategies within the Greek and EU markets
• Currency exchange considerations for ongoing international transactions
• Estate planning and inheritance laws in Greece

Conclusion

The phased approach to immigration in Greece, starting with temporary residence before transitioning to the Golden Visa program, offers a strategic and economically sound path for those seeking to make Greece their long-term home. This method allows for a gradual integration into Greek society, provides time for thorough market research, and enables more informed investment decisions.

As global economic trends continue to evolve, Greece’s position as an attractive destination for expatriates and investors is likely to strengthen. The combination of lifestyle benefits, strategic location, and economic opportunities makes Greece a compelling choice for those looking to relocate or invest internationally.

By carefully navigating the legal and financial considerations outlined in this guide, potential immigrants can maximize the benefits of this phased approach, setting themselves up for long-term success and integration into Greek society. As with any significant life decision, thorough research, professional advice, and careful planning are key to a successful transition to life in Greece.

FAQs

1. How long does it typically take to transition from a temporary visa to a Golden Visa in Greece?

The transition time can vary depending on individual circumstances, but typically it takes 1-2 years. This period allows for adequate time to explore the country, make informed investment decisions, and complete the necessary paperwork for the Golden Visa application.

2. Can I work in Greece while on a temporary residence permit?

Yes, but the specific work rights depend on the type of temporary permit you hold. Work permits and digital nomad visas generally allow employment or remote work, while student visas may have restrictions on work hours.

3. Are there any restrictions on the type of property I can purchase for the Golden Visa program?

While there are no strict restrictions on property type, the investment must meet the minimum threshold of €250,000. Properties can include residential, commercial, or a combination of multiple smaller properties that collectively meet the threshold.

4. How does the Greek tax system affect Golden Visa holders?

Golden Visa holders are not automatically considered tax residents of Greece. However, if you spend more than 183 days in Greece in a calendar year, you may be considered a tax resident and subject to Greek taxation on your worldwide income. It’s advisable to consult with a tax professional for personalized advice.

5. Can my family members benefit from my Golden Visa application?

Yes, the Golden Visa program allows for family reunification. This typically includes spouses, children under 21, and in some cases, dependent parents. Family members receive the same residence rights as the main applicant, including the ability to live, work, and study in Greece.

Article reviewed by Sophia Georgiadou, Global Expansion Consultant | Market Entry Strategist | Breaking Into Emerging Markets with Tailored Localization Plans, on April 1, 2025