The FIP residency program (article 20 of immigration law 4251/2014) addresses citizens of non-EU countries who want to reside in Greece, and have the financial means, in the form of a stable annual income, to cover their living expenses during their stay.
The FIP residency permit is issued for a period of 2 years. It can be extended, on the condition that the holder of the residency permit maintains his/ her income.
The FIP Law in bullets
- The residency for FIP applies to citizens of non-EU countries who have enough resources at a fixed annual income level to cover their living expenses in Greece.
- The minimum amount of money required is €2,000 monthly, which is increased by 20% for the spouse and by 15% for each child that accompanies the main applicant.
- The proof of funds is evidenced by documents such as for a retirement pension or a bank account.
- The applicant may be accompanied by spouse and children up to 18 years of age.
- The main applicant and all family members must provide proof of full medical and hospitalization coverage from a private institution, during their stay in Greece.
- The initial duration of the residence permit for financially independent persons covers two years and can be renewed every two years.
- Residency permit holders are required to reside minimum 6 months per year in Greece (law amendment 4686/2020).
- Residency permit holders may travel freely to all Schengen countries.
Pros and cons of the FIP residency program
- Low cost
- Simple application process
- Visa free access to Schengen Zone
- The residents should physically reside in Greece in order to hold the residency permit.
- Refusal rate is quite high. Note that while salary is not considered a secure income, a pension is deemed more secure
- The two-year funds for the whole family must be deposited in advance in the Greek banking system
- The initial visa must be issued by a Greek embassy in your country, usually overworked and understaffed leading to considerable waiting times
- The residents are not allowed to work or have any independent economic or investment activity in Greece
- The money used is not invested. Therefore, it produces no return. Bank interest rates are practically zero or close to zero. Unlike the Golden Visa investment where the property generates income and a potential reselling profit (current annual price increase in the real estate market is ~12%)
Learn More About The Golden Visa Program
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Εverything you need to know about how to issue a visa to visit Greece.