Greece FIP Visa: The Ultimate Guide to The Greece Retirement Visa

History of the Greece Financially Independent Person Visa

Art 20 of Greek Law 4251 of 2014 established the Greek Financially Independent Person residence permit.

The visa allowed third-country nationals to live in Greece on the basis of their wealth and financial independence.

Initially the FIP visa Greece program did not impose any physical presence requirement on the applicants. In 2020, the program was amended by Law amendment 4686/2020, which introduced the physical presence requirement. Currently, the applicant must stay in Greece for at least six months or 183 days in a calendar year to maintain the permit for financially independent persons.

Law 5038/2023 has revised the sufficient funds requirement from €2,000 to €3,500 per month. This is specified in Circular 6 – Application of the provisions of Law 5038/2023.

Further, the amendment increased the validity of the FIP residency visa from two years to three years. The visa will be issued for a period of three years and can be renewed further for three years at a time.

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Greece Retirement Visa…Why retire in Greece?

Greece is that place where history and modernity exist together. A place where a relaxed and easy-paced life strikes the perfect balance with the practical realities of affordable cost of living.

• Greece is a beautiful place to live with sun-kissed beaches, big cities, and rugged mountains located within the same country.
• An affordable place to live where a luxurious life costs significantly lower than other European countries.
• Enjoy a perennial holiday in this tourist hot spot that attracts happy vacationers from across the world.
• Moderate Mediterranean climate that encourages outdoor living with no extreme conditions.
• Greek civilization is as old as history itself, which makes Greece the obvious choice if you are appreciate culture and heritage
• Easy accessibility to the EU means your family can plan their education, professional careers, or even holiday sprees with minimal visa worries.

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Greece Financially Independent Person Visa Requirements

The most important requirement to qualify for the Greece Financial Independent Personal visa is to prove that you fulfill the income requirements.

It is important to note that salary or business income will not help you qualify for this visa. You must be earning a passive earnings, which means there must be certainty that you will receive the income even if you don’t do anything for it.

Since income earned from a job or by working in a business requires active efforts and is not passive, you won’t qualify for the FIP visa based on these incomes alone.

Examples of passive sources of incomes eligible under the Greece Retirement Visa include pension income, rental income earned from your property or other real estate investments, dividends earned from shares that you own, or other non-active income from your investment portfolio.

If the applicant does not have passive sources of income or if the applicant’s income sources are not considered passive for the purpose of this program, then one can qualify by depositing the required income covering a two-year period in a bank account in Greece.

Apart from income requirements, other conditions to be fulfilled to qualify for the Greek FIP include:

• Applicant’s age must be 21 years or higher;
• Buying or renting a residential property in Greece;
• A clean criminal record proved by a character certificate or clean police record issued by authorized police authorities in the applicant’s country of origin;
• Good health and absence of any disease that poses danger to public health. This is proved by submission of a medical certificate obtain from the proper medical authority.

Greece FIP Visa

Greece Financially Independent Person Visa Minimum Passive Income Requirements

To qualify, the primary applicant must have monthly income of €3,500. Including the spouse requires additional 20% or €700 per month while each dependent child will require an additional 15% or €525.

For a family of four persons to qualify, the applicant must submit proof of monthly income of €3,500 + €700 + €525 + €525= €5,250 per month (€ 63,000 per year).

If the applicant cannot prove the passive source of income through bank statements, pension deposits, or other documents, then he or she can qualify by depositing the income required for living in the country for two years in a Greek bank account.

It is important to note that salary and business income will not help you qualify for the FIP visa program.

Currently, an application covering a family of four persons will require a bank deposit of € 5,250 x 24 months = €126,000.

Greece Financially Independent Person Visa Processing Time

The processing time for the first step, i.e. issue of Visa by the local consulate or nearest embassy, is approximately 10 (ten) days after the submission of the application.

The FIP permit card is issued within one to two months, after the applicant has entered Greece on the first-conceived visa.

Greece Financially Independent Individual Visa Cost

Applying for the Visa at the Greek embassy will cost you around €75 per applicant along with the processing charges of the visa application center. This varies depending on where you apply for the Visa.

The Greek FIP program will cost you around €1016 in government fees*. This includes the €1000 visa stamp duty and €16 fee for the electronic residence permit card.

In addition to this, you may have to pay for the legal and administrative services provided by the immigration law firm along with the fees for getting your documents translated into Greek. Further, you will have to pay for the medical examination as well as the health insurance coverage that you are required to purchase in order to become eligible to live in Greece.

*Important: Governmental Fees are subject to changes, book an appointment with our team to get a precise cost calculation of your process.

Greece FIP Visa

Greece FIP Visa Benefits

The Greek FIP is a relatively simple and easy way for financially independent persons to move and live in Greece with his or her family.

One can experience the joys of living in a warm and pleasant country like Greece with its friendly people, its rich culture and heritage, and easy accessibility to other developed countries of the European Union. Right to Reside in GreeceYou can enter Greece and live in the country for as long as you want if you continue to fulfill the minimum income requirements. You can study, live, or manage your business in Greece. Visa-Free Access to Schengen CountriesThe Greek FIP visa allows you to travel to any of the 29 Schengen Area countries without any visa requirements. Zero Investment RequiredFinancially independent persons need not make or maintain any investment in Greece. This is a comparatively less-expensive option as compared to the Greek golden visa program.5 Years to Permanent Residence PermitBecome a Greek permanent resident after five years of living in Greece and enjoy complete freedom to live and work across the Schengen countries with minimum visa requirements. 7 Years to CitizenshipBecome a Greek citizen through the FIP visa after seven years of residing in Greece.

Bring your Family to Greece

The FIP visa Greece program allows you to bring your spouse and dependent minor children with minimal additional income requirements. Quality Education for your ChildrenGift your children the fantastic benefit of easy access to quality educational institutions in Greece as well as other European countries. Freedom to Work RemotelyThe financially independent individuals can work remotely for any non-Greek employer even as you continue to reside in Greece. However, you cannot undertake salaried work in Greece. Unrestricted RenewalsExtend your FIP visa for three years at a time without difficulties as long as you meet the income requirements at all times. No Age, Education, Or Language RequirementsNo, age, education, or language requirements to qualify for this Greek residence permit.Request A CallbackThe Application Process

Greece Permit for Financially Independent Application Process

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Step 1: Initial consultation with Lincoln Global Partners

This should be your first step so that our team can do a comprehensive review of your eligibility and help you understand all the options available at your disposal to qualify for a resident permit in Greece.

You will also get a clear idea of the extent of due diligence and preliminary preparation required to ensure minimal complications at a later date.

Step 2: Apply for a long-term visa or Visa D that is valid for a period of 12 months

(This serves as the entry visa and must be done in the Greek consulate or embassy in your country of origin)

1. Appear in person with your family members and attend the interview to get the visa.

2. Submit the following documents

• Valid passport with minimum validity of at least three months
• Police clearance certificate of clean criminal record by competent authority in the country of origin
• Medical certificate by authorized private or public institution proving that applicant does not suffer any disease that poses danger to public health.
• Documents for proof of minimum income
• Bank account statements
• Proof of employment income for the main applicant from sources outside Greece
• Annual pension statements
• Other sources of income like rental income, dividends, sale of assets or investments or business holdings
• Proof of private health insurance for the applicant and the family or proof of applying for the same.

Step 3: Enter Greece with your family members and apply for residence permit at the Ministry of Immigration before expiry of the special visa

• Submit the documents including application form, passport photographs, copy of passport, proof of payment of stamp fee, proof of application for medical insurance, proof of annual income.
• Upon submission, the applicant receives a confirmation of submission that is called the blue certificate.

Pathway to Citizenship

Greece Retirement Visa Minimum Stay

Along with the financial requirements like sufficient income, the applicant must stay in Greece for at least 183 days or six months in a calendar year to maintain the Greek residency. This will effectively make him or her a tax resident of Greece. Since you won’t be allowed to work in Greece, you will have to plan your taxes on foreign incomes only.

Greece Financially Independent Individual Visa Permit Validity

The visa is valid for a period of three years. It can be extended by further periods of three years. There are no restrictions on the number of renewals if the applicant continues to fulfill all the eligibility requirements including having sufficient passive income.

Greece Financially Independent Persons Visa Permit Renewal

To renew the Greek residency visa that is issued based on having sufficient income, one must submit all the documents submitted at the time of the application along with these two additional proofs.

– The applicant continues to have adequate funds as required by the program, and

– The applicant was physically present in Greece for not less than 183 days per calendar year.

Greece Financially Independent Persons Visa Pathway to Permanent Residency

Can you become a long-term resident of Greece through the FIP visa program? Yes.

This visa is a temporary permit that can be extended without any limitations as long as you have the money to cover living expenses and continue to fulfill the eligibility requirements of the visa.

You can become a long-term resident of Greece through this visa program.

To qualify, you must

• Have a registered address in Greece. You can buy a home or opt for lease contracts.
• Live in Greece for a at least five years. You should not have lived outside Greece for more than six months at once and more than ten months over this five-year period, and
• Have A2 level language proficiency in Greek language. If you don’t fulfill this requirement, then the minimum period of residence in Greece will increase to 12 years.
• You will be free to work for any other employer or in your business after you become a long-term resident.

Greece Retirement Visa: Pathway to Citizenship

You will become eligible to apply for Greek citizenship through the FIP visa program by residing in Greece for a period of seven years.

This means a financially independent person must first qualify for long-term residence by living in Greece for five years on the Greece Retirement Visa, and then qualify for citizenship by living an additional two years in the country.

You must successfully clear a written exam and an oral exam and qualify for the Certificate of Adequacy of Knowledge for Naturalization. This will prove you are proficient in Greek language, familiar with Greek history, culture, and heritage, and can harmonize and integrate with the Greek community.

It is important to note that you can choose not to become a Greek citizen. If your country of origin does not permit dual citizenship or you don’t want to acquire Greek citizenship for any other reason, then you can simply continue residing in Greece as a long-term resident.

Alternative Residency Programs in Greece

Your Greek residency journey should always begin with a comprehensive review of all the residency options including EU golden visa programs. You may not have retirement pension or you may have sufficient funds to apply for the Greece retirement Visa but may want an option offering direct permanent residence.

You can go through our program guides below or get in touch with our team to click on the button below to setup a complimentary consultation with our team.

Greek Golden Visa—Ideal for Passive Investors

Greek Digital Nomad Visa—Best Option for Remote workers and Digital Nomads

Greece Financially Independent Individual Visa Vs Golden Visa

The FIP visa and the Greek golden visa programs have one point in common—whether you qualify depends on whether you are wealthy or financially independent.

 However, there are some important differences between the two programs. .

Residence Permit

• The FIP visa Greece program offers only a temporary residence permit.
• The Golden Visa offers Greek permanent residency.

Minimum Investment

• No investment required for the FIP visa. You qualify if you demonstrate sufficient funds for yourself and your family.
• You qualify for the Golden visa by investing between €250,000 and €800,000 in real estate, investment funds, government bonds, Greek companies, mutual funds or corporate bonds etc

Physical Presence

• FIP visa holders must stay in Greece for at least 183 days in a year
• Golden visa holders need to stay just seven days in a year to maintain status.

Schengen Benefits

• You will enjoy visa-free travel to Schengen countries with the FIP visa.
• Golden visa holders can study and work in Schengen countries with minimal visa formalities.

The comparison shows that the FIP visa is a smart choice for a financially independent person who cannot or does not want to invest €250,000 and €800,000 in Greece.

On the other hand, the golden visa investment is the best choice for anybody who wants the advantage of direct permanent residence in Greece without bothering about monthly income and other financial requirements.

Of course, the real estate market can grow and your investment can appreciate in value, which means this can even prove to be a profitable investment for the applicant.

Greece Financially Independent Person Visa - Is this the right option for the Financially Independent?

This program is the right option for a financially independent person- FIP- who either has passive earnings or sufficient savings to live in Greece without working. It is important to note that the independent person FIP visa does not allow you to work or carry out any independent economic activity.

So, you can choose this option among all the residence permits in Greece as long as you are earning enough or have enough wealth in your home country that can be deposited into the Greek banking system to take care of your expenses when living in Greece.

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Lincoln Global Partners: FIP Visa consultants Apply with us today!

Lincoln Global Partners is an international immigration consultancy firm that specializes in Residency and Citizenship programs. Our team of Greece FIP permit consultants will help you throughout the journey, including the question whether this is the right program for you in the first place.

You can start with a complimentary consultation to set the ball rolling. Our team members are located across the world, which means we offer local and regional assistance in multiple countries to make your dream of moving to Greece come true.

At Lincoln Global Partners, we assist clients from the US, the UK, South East Asia, the Indian subcontinent, and Africa keen on exploring investment migration programs and second citizenship programs offered by different countries across the world.

With us by your side, you will be assured of our best efforts in helping you have a great experience in quickly qualifying for residence in Greece from your home country.

Financially Independent Persons -FIP- for US Citizens

• The FIP is a smart choice for US citizens seeking to retire in Europe and enjoy the freedom to travel through the Schengen region with virtually no visa restrictions. We have served many US nationals and helped them qualify for residency in Greece. Use our complimentary consultation option to start today.

• Have A2 level language proficiency in Greek language. If you don’t fulfill this requirement, then the minimum period of residence in Greece will increase to 12 years.
• You will be free to work for any other employer or in your business after you become a long-term resident.

Greece Retirement Visa -FIP- for UK Citizens

With Brexit complicating matters, UK citizens keen on knowing more about the FIP route to Greece can contact Peter, our team member in the UK, at peter@lincolnglobalpartners.com.

Financially Independent Person -FIP- for Indians

If you are in India and considering moving to Greece through this program, then just chat with us or contact us visa email at info@lincolnglobalpartners.com.

Life in Greece

What better place to enjoy your retired life than the cradle of civilization called Greece? Famous for its long sunny days and picturesque locales, living in Greece is all about enjoying with friends and family, savoring the outdoors, and experiencing the relaxed pace of living surrounded by friendly people.

If you love the water, then the Aegean Sea will keep you spell bound. Love roughing it out in the mountains? Greece has it all. The best part about moving to Greece is that it is an affordable place to live compared to other destinations in the EU.

This means you need not worry about running out of money even as you indulge in the delicious Mediterranean cuisine or go shopping in Athens. According to International Living, two adults can live comfortably in Greece on a monthly budget of around €1,850.

Since the income requirement is considerable higher, you can enjoy the necessities as well as the luxuries when living in Greece with complete financial independence.

Greece FIP Visa FAQ's

Here are answers to some Frequently Asked Questions about moving to Greece as a financially independent individual or family. Does the FIP program lead to permanent residence?

You won’t qualify directly for permanent residence. However, living in Greece for three years and extending it by another three years will make you eligible to apply for the long-term residence permit. You can separately apply for it by fulfilling all the eligibility requirements.

How much time do I need to spend in Greece to retain the FIP permit?

You must stay for at least 183 days or six months in a year to maintain your status in Greece.

What if I don't have passive earnings? Will I be ineligible?

If you don’t have an assured source of income that does not require any active work or effort on your part, then you can qualify for the FIP program by depositing funds required for two years of living in public or private institution or bank in Greece.

Can I bring my family along with me to Greece?

Yes. Keep in mind that the income requirement increases by 20% and 15% respectively if you include your spouse and your child in the application. The 15% increase is applicable per child, which means adding three kids to the application will increase the income requirement by 3 x 15% = 45%.

How much should I earn to qualify for the FIP?

Under the revised Immigration Code, financial requirements have been fixed at €3,500 per month for the primary application with an additional €700 for the spouse and an additional €525 per dependent child.

Will I become a tax resident of Greece under the program?

Yes. Anybody spending 183 days or more in Greece becomes a tax resident of the country. Since this is the minimum physical presence requirement under the program, you will become a resident for tax purposes.

however, since you are not allowed to work in Greece, you need to plan your taxes for your foreign incomes only.