Introduction to Financial Independent Person's Visa in Greece

As a general overview, the Financial Independent Person's Visa (FIP) is a residency permit that is best suited for retirees from non-EU countries who can prove a sufficient passive income. These permit holders can travel freely to all Schengen countries during this time, but are required to reside a minimum of 6 months per year in Greece.

The application cost is €1000 for the permit stamp duties, with an additional €16 for the issuance of the electronic card itself. To submit an application, you must go to a Greek Consulate in your nearest neighborhood in Greece, after you have collected all of the correct documents. We'll list all of the requirements in this article, so that you can make an FIP application smoothly and seamlessly.

Recent changes in 2024

According to recent legislation changes regarding the FIP Visa in Greece during June of 2024, the Financial Independent Visa is now valid for three years instead of two. The deposit amount of €48,000 must be shown in the first year, and additional amounts in the second and third year. The applicant can also show (instead of a deposit), a passive income of €3,500 per month from their pensions through bank statements.

Application process

Also note that prior to applying for an FIP residence permit, you will need a “D” Visa to show along with the other validating documents, which you can apply at any Greek Consular Authorities or Visa Application Center in your home country.

To apply for an FIP Visa, you will need:

• Visa Type “D” (as mentioned above)
• Scanned passport copy
• Four recent colored passport photographs
• A private health insurance plan, covering the basic health coverages in Greece. (You can ask the insurance company for a certificate evidencing the area of coverage, and the minimum amount of coverage).
• Proof of sufficient funds corresponding to a stable annual income to cover living expenses i.e. retirement pension, bank account statements, title deeds, social security pension (which needs to be apostilled), lease contracts or any other legal evidence. (Note: The Greek authorities require a stable income at least €3,500 per month, which is increased by 20% if you have a spouse and 15% for each child. Bank deposits are the safest ways to prove your income. You can show a total deposit of at least €126,000, which is essential for covering the total of three years of residency.)

Refusal rate

The refusal rate is usually quite high, as a salary is sometimes not considered a secure income, only a pension. Note that a two-year fund for yourself or the whole family (if you have one) must be deposited in advance to a Greek bank. These permit holders are not allowed to work or have any investment activity in Greece.

For family members, they will need:

• A certificate issued by an insurance carrier concerning the coverage of hospitalization and medical and pharmaceutical care expenses.
• A recent family status certificate or any other official documents issued by the foreign authorities proving the family relationship.
• A true copy of the residence permit of the sponsor or a copy of the application for a residence permit, when submitted simultaneously.

Securing Greek residency can be a complex process, but understanding the various types of visas available is a critical first step. From the financially independent visa to the Golden Visa program, each option has its own set of requirements and benefits. Careful planning and thorough research can make the application process smoother and increase the chances of a successful outcome.

For those who are still unsure which visa type best suits their needs or are looking for alternative options, explore our detailed guide on different visa alternatives.

For more tips on life in Greece, feel free to book an in-depth 30-minute consultation call with us, or a free 15-minute discovery call to learn more about our services.