Case Study: A Family’s Golden Visa Journey – From Application to Settling in Athens

Reading time: 15 minutes

Table of Contents

• Introduction
• Understanding the Greek Golden Visa Program
• The Smith Family’s Decision
• Step-by-Step Application Process
• Property Search and Investment
• Navigating Greek Bureaucracy
• Settling in Athens
• Economic Impact of Golden Visa Programs
• Challenges and Rewards
• Conclusion
• FAQs

Introduction

In recent years, Greece has become an increasingly attractive destination for individuals and families seeking new opportunities, both for investment and lifestyle changes. The Greek Golden Visa program, launched in 2013, has played a significant role in attracting foreign investment to the country. This case study delves into the journey of the Smith family, a fictitious but representative example of many families who have embarked on the path to obtaining a Greek Golden Visa and settling in Athens.

As we explore their experience, we’ll uncover the intricacies of the application process, the challenges faced, and the ultimate rewards of becoming part of the vibrant Greek community. This comprehensive analysis will provide valuable insights for those considering similar ventures and shed light on the broader economic implications of such programs.

Understanding the Greek Golden Visa Program

Before delving into the Smith family’s journey, it’s crucial to understand the fundamentals of the Greek Golden Visa program. Launched in 2013 as part of Greece’s efforts to attract foreign investment and stimulate economic growth, the program offers residency permits to non-EU nationals who make significant investments in the country.

Key Features of the Greek Golden Visa

• Minimum Investment: €250,000 in real estate
• Residency Benefits: Five-year renewable residency permit
• Family Inclusion: Spouse and dependent children under 21
• Visa-Free Travel: Access to the Schengen Area
• Path to Citizenship: Possibility after seven years of residency

The program has been particularly attractive due to its relatively low investment threshold compared to similar schemes in other European countries. This accessibility, combined with Greece’s rich cultural heritage and Mediterranean lifestyle, has made it a popular choice for investors worldwide.

The Smith Family’s Decision

John and Sarah Smith, along with their two children aged 10 and 14, had long dreamed of a life change that would offer new experiences and opportunities. As successful professionals in their mid-40s from the United States, they were drawn to the idea of living in Europe while maintaining their global business interests.

After extensive research and consultation with international relocation experts, the Smiths zeroed in on Greece’s Golden Visa program. The combination of affordable real estate, the chance to immerse themselves in a new culture, and the potential for long-term residency in the EU made Greece an appealing choice.

Factors Influencing Their Decision

• Investment Opportunity: The Greek real estate market showed promising signs of recovery and growth.
• Quality of Life: Athens offered a blend of modern amenities and historical richness.
• Education: International schools in Athens provided quality education options for their children.
• Business Potential: Greece’s strategic location offered possibilities for expanding their business into European and Middle Eastern markets.

Step-by-Step Application Process

The Smiths’ journey to obtaining their Golden Visa involved several carefully planned steps. Here’s a breakdown of their experience:

1. Initial Research and Consultation

The family spent several months researching the program, reading experiences of other expatriates, and consulting with legal experts specializing in immigration and international real estate. This thorough preparation helped them understand the nuances of the process and set realistic expectations.

2. Selecting a Legal Representative

Given the complexity of navigating foreign legal systems, the Smiths wisely chose to work with a reputable Greek law firm specializing in Golden Visa applications. This decision proved crucial in smoothly navigating the bureaucratic aspects of the process.

3. Document Preparation

With guidance from their legal team, the Smiths began assembling the necessary documentation. This included:

• Valid passports for all family members
• Criminal record checks from their home country
• Proof of sufficient funds for the investment
• Health insurance coverage for Greece
• Birth and marriage certificates

4. Property Search and Investment

Simultaneously with their document preparation, the Smiths began their property search. They decided to buy property in greece, focusing on Athens due to its combination of cultural richness and modern amenities. This phase of their journey deserves a closer look, which we’ll explore in the next section.

Property Search and Investment

Finding the right property was a critical step in the Smiths’ Golden Visa journey. They approached this task with a blend of excitement and careful consideration.

Criteria for Property Selection

• Location: Central Athens, with easy access to international schools and business districts
• Size: A spacious apartment or small house to accommodate their family comfortably
• Investment Potential: Properties with the possibility of appreciation or rental income
• Cultural Significance: Proximity to historical sites and cultural amenities

The Smiths worked with a local real estate agent who specialized in Golden Visa investments. After viewing numerous properties, they settled on a beautifully renovated 150 square meter apartment in the Kolonaki neighborhood, known for its upscale amenities and central location.

Investment Details

• Purchase Price: €350,000
• Additional Costs: Approximately €25,000 for taxes and fees
• Total Investment: €375,000

This investment comfortably exceeded the minimum €250,000 requirement for the Golden Visa program, providing a buffer and demonstrating their commitment to their new life in Greece.

Navigating Greek Bureaucracy

With their property secured, the Smiths faced the next challenge: navigating the Greek bureaucratic system to complete their Golden Visa application.

Key Steps in the Bureaucratic Process

1. Obtaining a Greek Tax Number (AFM)
2. Opening a Greek Bank Account
3. Finalizing the Property Purchase
4. Submitting the Golden Visa Application
5. Biometric Data Collection
6. Waiting for Application Approval

Throughout this process, the Smiths found their legal representation invaluable. Their attorneys guided them through each step, often acting as translators and intermediaries with various government offices.

Challenges Encountered

Despite their thorough preparation, the Smiths encountered several challenges:

• Language Barrier: Many official documents were only available in Greek, requiring translation services.
• Bureaucratic Delays: Some processes took longer than anticipated, testing their patience.
• Changing Requirements: They had to adapt to occasional changes in document requirements or procedures.

These challenges, while frustrating at times, were not insurmountable. The Smiths’ persistence and the support of their legal team eventually saw them through the process.

Settling in Athens

After nearly six months of paperwork, property searches, and bureaucratic navigation, the Smiths finally received their Golden Visas. With this milestone achieved, they began the exciting process of settling into their new life in Athens.

Initial Steps in Their New Home

1. Enrolling Children in International Schools: The Smiths chose a reputable international school that offered both the International Baccalaureate program and Greek language classes.
2. Setting Up Utilities and Services: This included electricity, water, internet, and mobile phone services.
3. Healthcare Registration: The family registered with local healthcare providers and familiarized themselves with the Greek healthcare system.
4. Cultural Integration: They enrolled in Greek language classes and joined local expat and community groups to build their social network.

Adapting to Greek Life

The Smiths found that adapting to life in Athens came with both joys and challenges:

• Cuisine: They quickly fell in love with Greek cuisine, enjoying local tavernas and learning to cook traditional dishes.
• Pace of Life: Adjusting to the more relaxed Mediterranean lifestyle took some time but was ultimately embraced.
• Cultural Differences: Understanding and adapting to Greek social norms and business practices required patience and open-mindedness.
• Language: While many Athenians speak English, the Smiths found that learning Greek significantly enhanced their daily interactions and sense of belonging.

Economic Impact of Golden Visa Programs

As the Smiths settled into their new life, it’s worth examining the broader economic impact of Golden Visa programs like Greece’s. These initiatives have become increasingly popular across Europe, attracting significant foreign investment and sparking both praise and controversy.

Positive Economic Effects

• Real Estate Market Boost: Golden Visa programs have injected new life into real estate markets, particularly in countries like Greece that were recovering from economic crises.
• Foreign Direct Investment: Beyond real estate, these programs often lead to increased investment in local businesses and start-ups.
• Job Creation: The influx of wealthy immigrants often leads to job creation in various sectors, from real estate and construction to services catering to expatriates.
• Tourism Boost: Golden Visa holders often become ambassadors for their new home countries, encouraging tourism from their networks.

Potential Drawbacks and Criticisms

• Property Market Distortion: Critics argue that these programs can inflate property prices, making housing less affordable for local residents.
• Wealth Inequality: There are concerns that such programs exacerbate wealth inequality by catering primarily to high-net-worth individuals.
• Security Concerns: Some worry about the potential for money laundering or the entry of individuals with criminal backgrounds.
• EU Pressure: The European Union has expressed concerns about the security and transparency of some Golden Visa programs.

Challenges and Rewards

As the Smiths reflect on their journey, they acknowledge both the challenges they faced and the rewards they’ve reaped from their decision to pursue a Greek Golden Visa.

Challenges

• Language Barrier: Despite their efforts to learn Greek, language remains an ongoing challenge, particularly in official or medical settings.
• Cultural Adjustment: Adapting to different social norms and business practices required patience and flexibility.
• Education System: While their children adapted well, differences in educational approaches and curriculum required adjustment.
• Bureaucratic Complexity: Navigating government processes and paperwork continues to be a learning experience.

Rewards

• Quality of Life: The family enjoys a high quality of life, with access to excellent food, healthcare, and cultural experiences.
• Travel Opportunities: Their Golden Visa allows easy travel throughout the Schengen Area, expanding their horizons.
• Cultural Enrichment: Immersion in Greek culture has broadened their perspectives and enriched their lives.
• Investment Growth: Their property investment has shown promising signs of appreciation.
• Business Expansion: John has successfully expanded his business into European markets, leveraging Greece’s strategic location.

Conclusion

The Smith family’s journey from considering the Greek Golden Visa program to settling into life in Athens offers valuable insights into the realities of such a significant life change. Their experience highlights the importance of thorough research, patience, and adaptability when embarking on international relocation and investment.

While the process came with its share of challenges, particularly in navigating bureaucracy and cultural differences, the rewards have been substantial. The Smiths have not only secured a valuable investment and expanded their business opportunities but have also enriched their lives through cultural immersion and new experiences.

For those considering similar paths, the Smiths’ story underscores the potential of Golden Visa programs to open doors to new lifestyles and opportunities. However, it also serves as a reminder of the commitment and resilience required to successfully navigate such a significant transition.

As countries like Greece continue to attract foreign investment through such programs, it’s clear that they offer mutual benefits – providing new opportunities for families like the Smiths while contributing to economic growth and cultural diversity in the host countries. The key to success lies in approaching the process with open minds, realistic expectations, and a willingness to embrace new challenges and experiences.

FAQs

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

The process can vary, but typically takes between 3 to 6 months from the initial application to receiving the visa. This timeline can be affected by factors such as the completeness of the application, the efficiency of local bureaucracies, and the complexity of the property purchase.

2. Can Golden Visa holders work in Greece?

Yes, Golden Visa holders are permitted to work in Greece. However, if employment is the primary goal, there may be other visa options more suitable for this purpose. The Golden Visa is primarily designed for investment and residency purposes.

3. Is it necessary to live in Greece to maintain a Golden Visa?

No, there is no minimum stay requirement to maintain the Greek Golden Visa. However, if you’re considering applying for citizenship in the future, you would need to meet residency requirements, which typically involve living in Greece for a significant portion of the year.

4. How often does the Golden Visa need to be renewed?

The initial Golden Visa is valid for five years. After this period, it can be renewed for another five years, provided the holder still meets the program requirements, including maintaining their qualifying investment.

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

Golden Visa holders are required to have private health insurance as part of the application process. While they may have access to public healthcare facilities, having comprehensive private insurance is recommended to ensure access to a wide range of medical services and to avoid potential language barriers in public facilities.

Article reviewed by Jasna Jovanovic, Real Estate Asset Manager | Bridging Profitability and Community in Mixed-Use Spaces, on April 1, 2025