EU Citizen in Greece: Do You Even Need a Golden Visa?

Table of Contents:

1. Introduction
2. Understanding Golden Visas
3. EU Citizens’ Rights in Greece
4. The Greek Real Estate Market
5. Economic Impact of EU Citizens in Greece
6. Alternatives to Golden Visas for EU Citizens
7. Conclusion
8. FAQs

Reading time: 15 minutes

1. Introduction

As the global economic landscape continues to evolve, many individuals are exploring opportunities for international relocation and investment. Greece, with its rich history, stunning landscapes, and strategic position within the European Union, has become an increasingly attractive destination for both EU and non-EU citizens alike. However, for EU citizens considering a move to Greece, the question of whether a Golden Visa is necessary often arises. This comprehensive analysis will delve into the intricacies of EU citizenship rights, the Greek Golden Visa program, and the economic implications of EU citizens relocating to Greece.

2. Understanding Golden Visas

Golden Visa programs, also known as investor visas or citizenship by investment schemes, have gained popularity in recent years as countries seek to attract foreign investment and high-net-worth individuals. These programs typically offer residency rights or a path to citizenship in exchange for significant financial investments in the host country.

2.1 The Greek Golden Visa Program

Greece introduced its Golden Visa program in 2013 as part of efforts to stimulate economic recovery following the financial crisis. The program offers non-EU citizens the opportunity to obtain a residence permit in Greece through property investment. The minimum investment threshold is €250,000, making it one of the most affordable Golden Visa schemes in Europe.

2.2 Benefits of the Greek Golden Visa

For non-EU citizens, the Greek Golden Visa offers several advantages:

• Visa-free travel within the Schengen Area
• Residency rights for the investor and their family members
• No minimum stay requirements to maintain the visa
• Potential path to Greek citizenship after seven years of residency

3. EU Citizens’ Rights in Greece

As a member state of the European Union, Greece is bound by EU treaties and regulations that govern the rights of EU citizens within its borders. These rights are fundamental to understanding why EU citizens may not require a Golden Visa to reside in Greece.

3.1 Freedom of Movement

One of the core principles of the EU is the freedom of movement for its citizens. This right allows EU nationals to:

• Travel freely within the EU without a visa
• Reside in any EU country for up to three months without any conditions or formalities
• Stay longer than three months if they meet certain conditions, such as being employed, self-employed, or having sufficient resources

3.2 Right to Work

EU citizens have the right to work in Greece without needing a work permit. This includes:

• Seeking employment in Greece
• Working for an employer or as a self-employed person
• Receiving the same treatment as Greek nationals in terms of working conditions, social and tax advantages

3.3 Right to Equal Treatment

EU law prohibits discrimination based on nationality. EU citizens in Greece are entitled to:

• Equal access to education and vocational training
• Social security benefits
• Healthcare services
• Public housing

4. The Greek Real Estate Market

While EU citizens may not need a Golden Visa to reside in Greece, many are still drawn to the country’s real estate market for investment or personal use. Understanding the current state of the Greek property market is crucial for potential buyers.

4.1 Market Trends

The Greek real estate market has shown resilience and growth in recent years, driven by factors such as:

• Increased foreign investment, particularly in tourist areas
• Recovery of property prices following the financial crisis
• Growing demand for short-term rentals in popular destinations

4.2 Investment Opportunities

EU citizens looking to buy house in greece have various options, including:

• Residential properties in major cities like Athens and Thessaloniki
• Holiday homes on Greek islands
• Commercial real estate in developing areas

5. Economic Impact of EU Citizens in Greece

The influx of EU citizens to Greece, whether for work, retirement, or investment purposes, has significant economic implications for the country.

5.1 Labor Market Dynamics

EU citizens contribute to the Greek labor market by:

• Filling skill gaps in various sectors
• Bringing international expertise and innovation
• Stimulating job creation through entrepreneurship

5.2 Consumer Spending

EU residents in Greece contribute to the local economy through:

• Daily consumption of goods and services
• Tourism-related spending, especially in seasonal destinations
• Long-term investments in property and businesses

5.3 Tax Revenue

EU citizens residing in Greece contribute to the country’s tax base through:

• Income tax for those employed or self-employed in Greece
• Property taxes for homeowners
• Consumption taxes on goods and services

6. Alternatives to Golden Visas for EU Citizens

While EU citizens don’t require a Golden Visa to live in Greece, there are other legal frameworks and opportunities they can explore to enhance their stay or investment in the country.

6.1 Long-Term Residency

EU citizens who wish to stay in Greece for more than three months should:

• Register with the local authorities to obtain a registration certificate
• Provide proof of employment, self-employment, or sufficient financial resources
• Show evidence of health insurance coverage

6.2 Tax Residency

EU citizens may consider establishing tax residency in Greece if they:

• Spend more than 183 days per year in Greece
• Have their primary residence or center of vital interests in the country
• Wish to benefit from Greece’s tax regime, including potential tax incentives for retirees or high-net-worth individuals

6.3 Business Establishment

For EU citizens looking to set up a business in Greece, options include:

• Registering as a sole proprietor
• Establishing a Greek limited liability company (EPE)
• Creating a Greek subsidiary of an existing EU company

7. Conclusion

In conclusion, EU citizens considering a move to Greece are in a privileged position due to the rights afforded to them by EU membership. The freedom of movement, right to work, and equal treatment principles ensure that EU nationals can live and thrive in Greece without the need for a Golden Visa. However, this doesn’t diminish the attractiveness of the Greek real estate market or the potential economic benefits of establishing a stronger presence in the country.

For EU citizens, the decision to invest in Greek property or establish long-term residency should be based on personal, professional, and financial considerations rather than visa requirements. The Greek economy stands to benefit from the influx of EU talent, investment, and consumer spending, contributing to its ongoing recovery and growth.

As the global economic landscape continues to evolve, Greece’s position as an attractive destination for EU citizens is likely to strengthen. Whether seeking a Mediterranean lifestyle, investment opportunities, or professional advancement, EU nationals have a wealth of options available to them in Greece, all without the need for a Golden Visa.

8. FAQs

Q1: Can EU citizens buy property in Greece without restrictions?

A1: Yes, EU citizens can purchase property in Greece without any specific restrictions. They have the same rights as Greek nationals when it comes to property ownership.

Q2: Do EU citizens need to pay taxes in Greece if they own a property but don’t live there full-time?

A2: EU citizens who own property in Greece are subject to property taxes, regardless of their residency status. However, income tax obligations may vary depending on the amount of time spent in Greece and their tax residency status.

Q3: Can EU citizens retire in Greece without applying for a specific visa?

A3: EU citizens can retire in Greece without a specific visa. They simply need to register with local authorities if staying for more than three months and prove they have sufficient financial resources and health insurance coverage.

Q4: Are there any tax incentives for EU citizens moving to Greece?

A4: Greece has introduced tax incentives for foreign retirees and high-net-worth individuals, including a flat tax rate on foreign income for eligible individuals. These schemes are available to EU citizens who establish tax residency in Greece.

Q5: How does Greece’s healthcare system work for EU citizens?

A5: EU citizens have access to public healthcare services in Greece on the same terms as Greek nationals, provided they have a valid European Health Insurance Card (EHIC) or have registered in the Greek social security system. For long-term stays, obtaining Greek health insurance or registering with the national healthcare system is advisable.

Article reviewed by Ariana Smit, Investment Portfolio Manager | Real Estate & Private Equity Expert | Driving High-Yield Investments, on March 21, 2025