A Vanuatu passport gives Russians back access to Greek residency

In brief

• Greece has not accepted first-time golden visa applications from citizens of Russia and Belarus since 2022. Circular 1/2026 kept this in place and extended it to family members and to a change of the basis of stay.
• A person with two nationalities chooses one and goes through every step with it: the investment, powers of attorney, entry into Greece, the application and the card. The nationality cannot be switched along the way.
• Hence the order: first the Vanuatu passport, then the power of attorney, the purchase, entry and the application on it.
• A Vanuatu passport is issued in about 2-3 months. Greece takes 6 to 12 months to process the residence card, up to 24 in Attica.
• It is safest when the whole family obtains Vanuatu passports in one application: spouse, children, parents.
• The EU limit on bank deposits above 100,000 euros is tied to Russian citizenship, and a second passport does not lift it. Payment for the property is planned before the deposit.

Four years of suspension

Until 2022 the Greek golden visa was one of the most straightforward programmes for Russians. You bought a flat from 250,000 euros, filed the documents, received a five-year card and travelled around Schengen. Everything changed within one week.

On 28 February 2022 Greece's migration minister suspended the issue and renewal of investor residence permits for Russian citizens. On 1 April the same year the ministry partly stepped back: renewals of existing cards were restored, while the filing and approval of new applications from citizens of Russia and Belarus stayed suspended "until further notice". That notice never came.

Over four years the programme changed even without Russian buyers. In 2024 Greece raised the thresholds: 800,000 euros in Attica, Thessaloniki, Mykonos, Santorini and the larger islands, 400,000 elsewhere, and 250,000 only for converting commercial premises to residential use and for restoring listed buildings. Demand did not disappear; it changed face. According to the migration ministry, 4,846 first-time permanent investor permits were issued in 2025. Chinese citizens lead, with Turkey in second place.

In spring 2026 the ministry issued Circular 1/2026, detailed guidance on dozens of practical questions, from co-ownership to renewals. Its paragraph on Russia and Belarus is short but firm.

• First-time application on a Russian or Belarusian passport: not accepted.
• Renewal of a card issued before 2022: accepted.
• Switching to a golden visa from another permit on a Russian passport: not accepted, treated as a first-time grant.
• Family members of a Russian citizen in a first-time application: not accepted.
• Application on a third-country passport, including Vanuatu: filed on general terms.

Based on the migration minister's decision of 1 April 2022 and Circular 1/2026.

The point about a change of basis deserves attention. A Russian citizen living in Greece on a work, study or other permit cannot switch to a golden visa. The ministry treats such a switch as a first-time grant, not a renewal.

What this means for you. With a Russian passport alone, a new golden visa cannot be obtained in 2026, either directly or by changing the basis. With a Vanuatu passport the application is filed as one from a citizen of Vanuatu.

The one-nationality rule

For our topic, the key part of Circular 1/2026 is not the paragraph on Russia but the one on people with two nationalities. The ministry sets out two cases.

The first case. The applicant already holds two nationalities when the investment begins. They choose one and use it for every action: making the investment, granting powers of attorney, entering Greece, filing the application and receiving the card. From then on they hold the permit under the chosen nationality. It can be changed only if the person proves the loss of the first nationality.

The second case. The second nationality is acquired after the card has been issued. The person may then request a reissue of the card under the new nationality, even while keeping the old one.

For a Russian citizen the second scenario is closed: a first card cannot be obtained on a Russian passport today. The first remains, and the main practical rule follows from it. The Vanuatu passport must be in hand before the first Greek step.

Russian citizenship is not hidden. The Greek form asks about other nationalities, and false information is a ground for refusal and for revoking the permit. The one-nationality rule is lawful precisely because the ministry itself described the dual-nationality case and said how to handle it. Applying on a Vanuatu passport is not a workaround; it is the application of a rule written for this situation.

What this means for you. If the power of attorney, the contract or the payment is made on the Russian passport, the order is broken. A Greek lawyer has to review such a situation before filing, and it may have no clean solution.

The most common mistake

A typical situation looks like this. A family has long been looking at flats in Greece, finds a suitable one, and the seller is in a hurry. The Vanuatu passports are in progress, a month to go. The estate agent suggests paying the deposit now "so as not to lose the property" and filing the residence documents later.

The deposit is paid on the Russian passport, and the reservation agreement is signed on it too. A month later the Vanuatu passports arrive, and it turns out the investment was started under one nationality while the family plans to apply under another. The circular requires every step under one. The property is bought, the money paid, and the basis for the permit becomes questionable.

This cannot always be fixed. Sometimes a termination and a new contract help, sometimes not, if the seller is unwilling or the taxes have already been paid. A month of waiting for the passport would have cost less.

What this means for you. You can select and check a property while the Vanuatu passport is in progress. Deposits and signatures come only after the passport is issued.

Steps in order

Here the sequence matters more than the speed.

1. Vanuatu passports for the whole family. Preliminary check, documents, decision of the Citizenship Commission, contribution, biometrics. About 2-3 months.
2. Power of attorney to a Greek lawyer. Granted on the Vanuatu passport. From then on the lawyer can act in Greece without you: obtain a tax number, open an account, prepare the deal.
3. Selecting and checking the property. Threshold, main living area of at least 120 sq m for the standard thresholds, the one-property rule, legal title audit and technical survey.
4. Payment plan. Bank, account, source of funds, the payment path to the seller. Settled before the deposit.
5. Visa for entry. Vanuatu citizens need a Schengen visa: visa-free travel to the EU ended on 3 February 2025. A D visa is not needed to apply; a C visa is enough. Under the one-nationality rule, entry must be on the Vanuatu passport.
6. Notarial deal and registration of title. Full payment, property transfer tax of 3.09% of the taxable value, entry in the land registry.
7. Application and biometrics in Greece. The lawyer files the application under power of attorney through the ministry's online system; biometrics are given in person. One trip is usually enough: signing at the notary, filing and biometrics.
8. Blue certificate and card. The certificate confirms the filing and makes your stay in Greece lawful while the application is processed. A representative can collect the finished card under power of attorney.

What this means for you. You personally need one trip to Greece. Everything else is done by lawyers in both countries under your powers of attorney and signatures.

Family: who to include from the start

The suspension covers family members of Russian citizens. If the head of the family applies as a Vanuatu citizen while the spouse keeps only a Russian passport, practice for such a combination has not settled. The safest option is for everyone who will be in the Greek application to hold a Vanuatu passport. In Vanuatu this is done in one application for the whole family, and it costs less than it seems: a family of four pays $180,000 under the contribution programme against $130,000 for one person.

The family definitions of the two programmes do not fully match, and the differences need to be seen in advance.

under the rules of the Vanuatu and Greek programmes, checked on 9 October 2026. Age limits are confirmed on the filing date of each application.

A separate word about children around 21. A child's Greek card is valid while they meet the definition of a family member. After 21 there is no automatic renewal, and the child moves to an independent basis. If your son or daughter is 20, take this into account before filing.

What this means for you. The Vanuatu application is put together with the Greek goal in mind. Including a relative from the start is simpler and cheaper than adding them after the passports are issued in a separate application.

Money: the EU deposit limit

This point is easy to miss, yet it can cost months. Since 2022 EU banks do not accept deposits from Russian citizens if their total balance at one bank exceeds 100,000 euros. In its guidance on the sanctions regulation the European Commission answered the dual-nationality question directly. The exemption applies to citizens of the EU, the European Economic Area and Switzerland, and to holders of a residence permit in one of these countries. If the second nationality is not on that list, the limit remains. A Vanuatu passport does not lift it.

That gives a sequence worth keeping in mind. Until the Greek card is issued, the limit applies. Once the card is issued, you hold an EU residence permit and the limit falls away.

So the payment scheme for the property is built before the deposit. Where the money comes from, through which bank, how its origin is proved, which account receives the payment to the seller. The Greek notary and the bank check the source of funds regardless of which passport the deal is made on. A passport changes the nationality on the application, not the history of the money.

What this means for you. The lawyer and the bank agree the payment scheme in advance, not on the day of the deal. This is the step that most often shifts the timeline when it is remembered too late.

What the combination costs

The budget has two independent parts. In Vanuatu you pay the state for citizenship. In Greece you invest in an asset that stays your property and can earn long-term rental income.

Vanuatu, all-in under the BRIDGES estimate:

• One applicant: $135,000 under the contribution programme or $165,000 through the investment fund.
• Couple: $155,000 or $165,000.
• Couple and a child: $170,000 or $165,000.
• Couple and two children: $185,000 or $165,000.

Of the $165,000 in the fund, $50,000 is returned after five years.

The amounts include the contribution and the FIU due diligence fee ($5,000 under the contribution programme, $8,000 under the fund, per application). Translations, apostilles and bank charges are invoiced separately.

For a family of four the fund is better value: $165,000 against $185,000, and after five years the state returns $50,000. For a single applicant the contribution programme is better.

Greece, confirmed base for one investor:

property, 3.09% property transfer tax and state card fees. For a family of four the fees rise by €198. Lawyer, notary, property audit, insurance and translations are calculated for the specific property.

The 250,000-euro threshold is real but narrow. Conversion from commercial to residential use must be legally and physically completed before filing. Restoration of a monument may be finished within five years after the card is issued, and its cost does not count towards the threshold. One more detail people miss: "all of Attica" means not just central Athens but the whole region, including the suburbs and the coast. A flat in Glyfada or Vouliagmeni falls under the 800,000-euro threshold.

What this means for you. A family of four with a 400,000-euro property budgets $165,000 for Vanuatu through the fund and about €414,600 for Greece before the lawyer and transaction costs. The flat in Greece remains yours.

Timeline: where the time goes

The Vanuatu passport is the fast part of the combination. The long part is the Greek one, and it is worth knowing about in advance.

• Vanuatu passport: 2-3 months.
• Selecting and checking the property: 1-3 months, in parallel with Vanuatu.
• Schengen visa on the Vanuatu passport: as long as the consulate takes.
• Deal and registration of title: 1-2 months after the passport is issued.
• Processing of the residence card application: 6-12 months, 12-24 in Attica.

According to Greece's migration ministry, as of December 2025 there were 9,095 pending golden visa applications in Attica alone.

Time can be saved on the parallel steps. While the Vanuatu check is under way, the lawyer in Greece selects and checks properties. Deposits and signatures stay after the passport is issued.

While the application is processed, the blue certificate makes your stay in Greece lawful. It does not give the right to travel around Schengen: until the card is issued, trips are made on a visa.

What this means for you. Budget roughly 9 to 17 months for the whole combination with a property outside Attica. The Vanuatu passport is in your hands after 2-3 months and works on its own.

What the Greek residence card gives

The card is issued for five years and renewed as long as the investment is kept. Living in Greece is not required: there is no minimum number of days. The card brings back what the Vanuatu passport lost in 2023-2025: visa-free travel around Schengen for up to 90 days in any 180.

A common objection goes like this: once passports started being sold en masse, Britain and the EU ended visa-free travel. That is correct. The combination answers exactly this point. Visa-free travel in Europe comes back through the Greek card, and the Vanuatu passport gives the right to obtain it.

The card also covers three generations of the family: spouse, children under 21, and the parents of both spouses. It is one of the broadest family formulas in Europe.

What the card does not give is also worth knowing in advance:

• the right to employment in Greece;
• the right to live and work in other EU countries;
• qualifying time towards permanent residence and Greek citizenship if you do not actually live in the country. Citizenship requires seven years of real residence, an exam and proof of integration.

The card does not automatically create Greek tax residence. That arises with 183 days in the country within 12 months or with your centre of vital interests in Greece.

What this means for you. A Vanuatu passport and a Greek residence permit solve different tasks. The passport gives a second citizenship, speed and the right to apply. The card gives life in Europe and Schengen travel for the whole family.

What to keep up after receiving the card

The card rests on the investment, and the investment has rules.

• The property stays in your ownership. A sale without a formalised replacement ends the basis for the permit. A replacement is registered with the ministry in advance, and the new property must itself meet the current threshold.
• Short-term rental is prohibited. The property cannot be let through short-stay platforms: a 50,000-euro fine, 100,000 for a repeat breach, and the risk of losing the basis for the permit. Long-term rental under an ordinary lease is allowed.
• Annual property tax is paid regardless of residence.
• Renewal is filed in advance, before the card expires, with proof that the property is still yours.

What this means for you. A five-year card needs little attention, but that little is mandatory. It is convenient to hand it to a Greek lawyer under an annual contract.

What we do not promise

Here is what we do not promise clients, and why.

We do not promise a card in three months: real processing takes 6 to 24 months. We do not promise that a flat under 120 sq m will qualify at the standard thresholds or that the threshold can be reached with two flats. We do not promise that the blue certificate lets you travel around Europe. And we do not promise a result for a mixed family where some relatives keep only a Russian passport: practice for such combinations has not settled, and we propose an option in which the question does not arise.

Greece's migration ministry can change its approach with a new circular. So before any deposit we obtain a Greek lawyer's opinion on the specific family and the specific property.

What this means for you. The combination of a Vanuatu passport and Greek residency works under rules the ministry itself has described. Our job is to go through it without mistakes in the order of steps.

In 2026 the question "does Greece take Russians" is answered by the order of actions. The ministry itself has described how a person with two nationalities applies, and that rule works for those who start with a Vanuatu passport. Mistakes are usually made in one place: paying a deposit before the second passport. That is why we handle both countries with one team and do not let a contract be signed until the Vanuatu passport is in hand and the bank question is settled.

Sergey EvdokimovManaging Partner, BRIDGES

What applicants should do now

• Do not pay a deposit on a property in Greece before the Vanuatu passport is issued.
• Include everyone who will move to Greece in the Vanuatu application: spouse, children, parents.
• Check the children's ages: those over 21 will need their own basis for Greece.
• Grant the power of attorney to the Greek lawyer and sign documents only on the Vanuatu passport.
• Agree the payment scheme with the bank and the lawyer before the deposit: the deposit limit applies until the card is issued.
• Budget 6 to 12 months for the Greek part, up to 24 in Attica.

Sources

• Suspension for Russian citizens and the two-nationality rule: decisions of Greece's migration minister of 28 February and 1 April 2022 and Circular 1/2026 of 21 April 2026.
• Thresholds, tax, fees, family definition, rental rules and timelines: Greek Migration Code 5038/2023 as amended in 2024 and migration ministry data as of December 2025.
• The deposit limit: EU sanctions Regulation 833/2014 (Article 5b) and the European Commission's guidance.
• EU visa regime for Vanuatu citizens: EU Regulation 2025/11.
• Cost of Vanuatu citizenship: BRIDGES estimate, contribution plus the FIU fee.
• All facts checked on 9 October 2026.

Related: Vanuatu passport and Greek residency (service), Greek golden visa for Russians, Greek golden visa for 250,000 euros, Greek golden visa zones and thresholds, Vanuatu citizenship for the whole family, Vanuatu after the EU visa suspension, How much Vanuatu citizenship costs.