Important Changes to the FIP Visa in Greece 2024
It looks like as of June 2024, the Greek FIP Visa now requires a deposit of €72,000 or a monthly passive income of €3,500.
Hi everyone,
As you may know, there are several different types of visa you can live in Greece on. One of those is the FIP or Financially Independent Persons Visa.
And sadly, it looks like there is some bad and potentially far reaching news.
Key Changes to the FIP Visa
As of June 2024, the Greek government has enacted new legislation affecting the FIP Visa:
Extended Validity: The FIP Visa’s validity has been extended from two years to three years.
Increased Financial Requirement: The required deposit amount has increased from €48,000 to €72,000 for the three-year period. Alternatively, applicants can now demonstrate a stable passive income of €3,500 per month through bank statements, instead of depositing the amount into a bank account.
Cost of Application: The FIP permit application requires a €1000 deposit fee and an additional €16 for the issuance of the electronic card.
What do the Greece 2024 FIP changes mean?
If you can cover the additional amounts, no worries. If you can’t, things become more problematic.
First of all, if you are in the process of applying for an FIP, you need to contact your lawyer or accountant straight away. Don’t make any moves like selling your property in your own country before getting some clarification.
If you are currently in Greece on a FIP visa, you might have issues in the future renewing if you can’t meet the new thresholds. Again, start reaching out to your lawyer to get a clearer picture.
Why did they make these changes?
The Greek government likely introduced these changes to the FIP Visa to ensure that applicants have sufficient financial stability to support themselves without burdening the state's resources.
By raising the financial requirements and extending the validity of the visa, they aim to attract financially independent individuals who can contribute positively to the economy while ensuring that these residents can sustain themselves for a longer period without needing to renew their permits frequently.
Bottom Line
The FIP visa is a temporary visa. You should not be planning to live in Greece permanently on this visa, as it is subject to change. The levels of income might raise again in the future, or they could cancel the entire concept of an FIP visa - anything is possible.
Keep in mind that the Greek FIP visa is of a temporary nature only, and make your decisions based around that. Selling all your property in your own country, cutting ties, and planning to live the Expat life in Greece on a temporary visa can be a good stepping stone to achieving permanent residency depending on your circumstances. It is not a good long term plan however.
Join our Facebook group for more information about living in Greece: Expats in Greece
What is the monthly amount for a married couple? 4200 Euro/monthly ? 20%
Definitely get a Greek bank account if you're going to be living in Greece.