About the Greek FIP (Financially Independent Persons) Visa
The FIP residency program is a Greek visa designed for people from non-EU countries. If the people have the financial capacity to support themselves to cover their living expenses when they stay in Greece, then they are generally eligible for the visa. The financial requirements are subject to change, but at the time of writing, people require a stable consistent and passive annual income of 3,500€ income, or have at least €48,000 savings in the bank account (for the first year).
The good news is that the recent changes in the law have resulted in the permit term being extended from two years to three years.
The Financial Independent Person’s Visa in Greece is usually suited to retirees – as they have passive income and are often from non-EU countries. However, it applies to all ages and gives you the freedom to travel freely to all Schengen countries – as long as you reside in Greece a minimum of 6 months per year.
Applications need to be made at the Greek consulate – at a cost of €1000 for the permit stamp duties, with an additional €16 for the issuance of the electronic card itself.
What documentation do you need to apply for an FIP Visa?
In order to apply for an FIP residency permit, you need a type “D” visa as well as a number of other documents. The visa application process is conducted at the Greek Consular Authority (or application centre) in your country. Key documents include:
- Type D Visa
- Scanned copy of your passport (it needs to be a clear, high quality scan)
- Four coloured passport photos taken within the past six months
- Confirmation and evidence of your private health insurance coverage (a certificate from your insurance company is required which details the area and amount of coverage).
- Proof of funds. This is generally the hardest part as the Greek government is relatively strict. You need to show stable annual income (for example a pension, or bank account balances) and you need to have all of the documentation apostle to prove that it is legitimate. If you are applying with a spouse or child (or children) there is an increase of 20% and 15% respectively for the amount of income you require. The easiest way to prove your funds to the Greek government is through a bank account statement for the full three years. The definition of a salary as ‘secured income’ is not clear and showing a salary is often not accepted as a source of valid income.
- If you are applying with a family you need documentation to provide your family status (signed and apostle once again) and either your residency permit or a copy of your residence permit application.
Conditions, requirements and benefits associated with the FIP visa
There are a number of conditions, requirements and benefits with the FIP visa. These include:
- The potential to apply for permanent residency in Greece after five years or temporary residency
- The potential to apply for citizenship in Greece (subject to other conditions)
- You must be physically present in Greece for 183 days of the year to maintenance the residence status – therefore becoming a tax resident.
- Your entire family (spouse, children) can apply for the permit.
- The permit gives you entrance and freedom of movement into the EU (entire Schengen area).
- You do not need to make an investment like through the Golden Visa scheme which makes this a very attractive visa option since there is no need to insert substantial capital.
- You are not permitted to work or do business in Greece and carry out commercial activities.
- The FIP visa is renewable as long as you maintain health insurance, have the financially capacity to continue to support your lifestyle and continue to reside in Greece for over six months per year.
Different Greek visas for different situations, objectives and stages of life
In addition to the FIP visa, there are a number of other residency options which people can consider. These include:
- Spouse (marriage not a pre-requisite for non-EU residents who have a family member that is an EU citizen.
- A short-term visa which is called a ‘Type D’ Visa and can be applied for in your home country and then extended through a residency permit. More information on Type D visas are available here.
- Digital Nomad Visa
- “Golden” or Investor Visa: this has recently been amended to include a minimum investment of €800,000 for properties in Attica, Thessaloniki, Central Macedonia and South Aegean / Islands with over 3100 resident. There is also a minimum requirement of 120 square meters for the property.
- A citizenship application through Greek heritage. This can be complex but certainly possible for those of Greek heritage (or a spouse with Greek heritage). You need to go through the citizenship application process and prove your heritage.
Our team of lawyers and migration experts are able to assist with your Greek residency requirements and are able to quickly understand your situation and recommend you the best avenue for Greek residency and / or citizenship. Talk to us today about how we can assist.