In 2013, the Greek government introduced the Greece Residency by Investment Program (GRIP), aiming to attract foreign investment, stimulate economic growth, and enhance global competitiveness. This article gives details on inception, evolution, and impact of the GRIP, shedding light on its significance within the context of Greece’s economic landscape and the broader realm of investment migration programs.

Inception of the Greece Residency by Investment Program

Against the backdrop of a severe economic downturn and the need to revitalize the economy, Greece launched the GRIP as a strategic initiative to attract foreign capital and talent. Modeled after similar programs in other European countries, such as Portugal and Cyprus, GRIP offered residency permits to non-EU citizens investing in real estate or other qualifying sectors within Greece.

The program provided a pathway for investors to obtain residency permits for themselves and their families, granting access to the Schengen Area and facilitating travel and business opportunities within Europe. With a minimum investment threshold, typically ranging from €250,000 to €500,000 depending on the investment option, GRIP sought to appeal to a diverse pool of international investors seeking residency or second citizenship.

Evolution and Amendments

Since its inception, the GRIP has undergone several iterations and amendments aimed at optimizing its effectiveness, enhancing investor confidence, and addressing emerging challenges. Over the years, the Greek government has introduced changes to streamline application procedures, expand investment options, and reinforce due diligence measures.

One notable evolution of the GRIP was the expansion of eligible investment categories beyond real estate. In addition to property investment, applicants could invest in Greek bonds, business ventures, or strategic sectors identified for economic development. This diversification of investment options broadened the program’s appeal and aligned it with the evolving needs of investors seeking alternative pathways to residency or citizenship.

Moreover, Greece introduced measures to strengthen the integrity and transparency of the program, including enhanced due diligence protocols and stricter compliance requirements. By prioritizing the integrity of the program and safeguarding against potential risks, the Greek government aimed to foster investor trust and bolster the credibility of the GRIP on the global stage.

Impact on Greece’s Economy

The Greece Residency by Investment Program has had a multifaceted impact on the country’s economy, contributing to economic recovery, job creation, and infrastructure development. The influx of foreign investment injected vital capital into various sectors of the economy, including real estate, tourism, and entrepreneurship.

Real estate, in particular, emerged as a primary beneficiary of the GRIP, with investors flocking to acquire properties in Greece’s picturesque islands, historic cities, and coastal regions. This surge in demand revitalized the property market, stimulated construction activity, and generated employment opportunities in related industries.

The GRIP played a vital role in promoting regional development and attracting investment to underserved areas of Greece. By incentivizing investments in designated regions or priority sectors, the program facilitated inclusive growth and helped bridge regional disparities within the country.

Challenges and Considerations

Despite its successes, the Greece Residency by Investment Program has faced certain challenges and criticisms, prompting ongoing scrutiny and calls for reform. Concerns have been raised regarding the potential impact of the program on property prices, housing affordability, and urban development, particularly in popular tourist destinations. The questions regarding the long-term sustainability and socioeconomic implications of investment migration programs have prompted policymakers to reassess the balance between economic incentives and social considerations. Striking a delicate equilibrium between attracting foreign investment and safeguarding national interests remains a key priority for Greece and other countries offering residency or citizenship by investment programs.


  • Freedom of movement: As a permanent resident of Greece, you are entitled to freedom of movement in the Schengen area.
  • Guaranteed by Law: The program is based on the law and is guaranteed by the government OG Greece since 2013.
  • Health and Education: You will enjoy access to a world class healthcare system, have the right to attend schools up to universities.
  • Top Location: Strategically located, beautiful natural environment, safe country and sunny Mediterranean climate.


Main applicant requirements:

  • 18 plus years of age
  • Good health
  • No criminal records
  • Pass due diligence checks
  • Confirmed investment sources

Eligible Dependents:

  • Spouse of main applicant
  • children (biological and adopted) under 21 years of age
  • Dependents parents


Application process is 6 months. Below are the steps:

  1. Savory & Partners shall pre-screen your passport copy for Government pre-approval to ensure fast processing.
    A down payment of the professional fees will be required to open your application. Savory & Partners will provide assistance and advice with regards to the collection of the necessary documents in the checklist.
  2. The applicant must apply for an entry visa to the Greek consulate authority in their country of origin. Either a type C Schengen visa or a type D national visa is required to purchase a property in Greece.
  3. Savory & Partners will guide you to the Greek property that fully satisfies your requirements and starts preparing property purchase documentation required to be presented for Residency application.
  4. The applicants must travel to Greece to get their passports stamped before submitting the Residency application.
  5. Savory & Partners will prepare property purchase documents to complete the purchase. Property purchase funds and taxes will need to be transferred.
  6. The application is then submitted to the official Directorate of Immigration. If the Secretary-General approves the application, the investor and family will receive the residence permit.

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