Greek Golden Visa
Real estate investment
The Golden Visa for Greece is one of the most popular investment visa programs in the EU. It is a residence-by-investment visa, issued to non-EU citizens who make a significant contribution to the Greek economy. There are several investment options, but the most common route is through purchasing real estate worth at least a quarter of a million.
Why investors should not ignore Greece’s golden visa program
Many people want to obtain residency for other purposes, such as to facilitate interaction with foreign banks, travel freely across the EU, or as a safety precaution in case of an urgent need to emigrate.
This being one of the major motives among Turkish, Iranian, Russian, and Chinese nationals.
A good option in such cases is the so- called “Golden Visa,” which is a residence permit issued to buyers of real estate or other assets above a certain value.
This is the easiest and quickest way to obtain a residence permit. The most accessible immigration programs in the EU is the one offered by Greece.
There are several investment options, but the most common route is through purchasing real estate worth at least a quarter of a million.
A Greek Golden Visa is one of the most competitive Golden Visas in the EU and is accompanied with the following benefits:
- The threshold investment options are relatively lower than in most other EU countries with Golden Visa routes.
- You can extend the visa to include your family members, like your spouse, (unmarried) children under 21 years of age, and dependent parents of either yourself or your spouse. There are no requirements to live in Greece for any duration in order to renew the residence permit.
- You can choose to rent out your property after purchase.
- You can apply for Greek citizenship after seven years of residence. Greece is an EU Member State, so you would have access to the EU free market and visa free travel to more than a hundred countries.
- You can live, work, and invest in Greece.
- You have access to Greek education and healthcare.
If you ultimately choose to live in Greece, then after seven years of continuous residence, you can also apply for Greek citizenship.
How long do you need to live in greece to renew the golden visa?
Unlike most other countries who issue Golden Visas, you do not need to live in Greece at all in order to renew the residence permit. You can keep renewing it every five years, as long as you have still maintained your investment. To renew the residence permit, you have to provide proof that the real estate property is still in your ownership or a solemn declaration by the relevant representatives that the investment is still ongoing.
Can you get Greece citizenship by investment?
Yes, you can become a Greek citizen by making an investment in Greece and obtaining the Golden Visa.
However, unlike residency, you cannot apply for Greek citizenship without actually living there and paying taxes. You must live in Greece for at least seven years before being eligible to apply for citizenship.
In addition, you must also be able to prove you have ties to the country and knowledge of the Greek language and culture, at least on a basic level.
How to apply for a Greece golden visa?
Greek Golden Visa Law changed on 23.12.2020: You can now apply for the program completely remotely.
You or your dependents don’t have to enter Greece during or prior to the application process.
Family reunification
Can your family join you? They sure can. The residence scheme allows you to include your spouse and children under the age of 21 in the program. This means that all these family members can also receive and enjoy all the benefits of a Golden Visa card. In addition to the other Golden Visa programs, the Greek program provides an Extended Family benefit. This means that the principal applicant’s parents and parents-in-law can also receive cards without any further requirements.
Low investment threshold in a promising real estate market
Among the Golden Visa programs in Europe, Greece has the lowest investment threshold. You can invest as low as 250,000 Euros in Greek real estate in order to qualify for the program.
The Greek property market took a big hit in the 2008 financial crisis and suffered for more than a decade. As of 2021, the Greek real estate market is expected to adjust in an upward trend.
Greece golden visa statistics
Between 2014 and 2021, a total of 8,011 main applicants and 15,774 dependents received their Golden Visa in Greece. So, as of 2021, a total of 23,785 Greek Golden Visa permits were granted to their owners.These applications directed in excess of €2 billion of global funds into Greece.
Nationalities
The highest number of applicants came from:
- China: 5,927 applicants
- Turkey: 524 applicants
- Russia: 322 applicants
- Lebanon: 178 applicants
- Egypt: 166 applicants
- Iran: 136 applicants
- Iraq: 94 applicants
- Jordan: 66 applicants
- Ukraine: 56 applicants
- Syria: 56 applicants
Eligibility criteria for the greece golden visa program
In order to qualify for a Golden Visa in Greece, you must meet the following requirements:
- Be a non-EU/EEA country citizen
- Be at least 18 years of age
- Have a clean criminal record
- Have medical insurance for yourself and your family
- Be of good character
How a remote application works
The Greek Golden Visa program changes will be in effect as of 2021.
This will make a big difference for many prospective investors as the Covid-19 pandemic made international travel difficult for many people across the world.
This new option will make it possible for many more families to consider and apply for Golden Visa in Greece.
As a Golden Visa investor, you need to sign a Power of Attorney (PoA) with a local law firm in Greece.
You can do this at the local Greek Consulate in your city. This document would allow your law firm to:
- Submit your Greece Golden Visa application on your behalf, • Complete your investment remotely on your behalf, which is a purchase of real estate worth at least €250,000
You could always use a PoA for the completion of your investment in Greece. However, changes in the program now allow you to also apply for the Greece Golden Visa program, without the need to enter Greece at the time of the application, or prior to the application.
Just as you are not required to enter Greece as a main applicant, your dependent family members are not required to enter the country either.
When are you required to enter greece?
You and your dependents will only need to present yourself physically in Greece once, in order to provide your biometrics data.
Investing in real estate in Greece 2021
The investment projects of our company, aiming at ensuring a stable income for the owner, investments that are worth highlighting are those located on Halkidiki peninsula and multiple islands found in Greece.
There’s an increased demand of investors for purchase and construction of real estate located on the coastline and not far from popular vacation spots, is quite logical.
Investing in real estate in Greece is one of the most profitable investment types.
What to consider if you invest in Greece
Greece’s main assets are:
- Member of the European Union and European Monetary Union • Economic Hub of South-Eastern Europe: geographical location, which makes it the strategic link with the markets of the Balkans, the Black Sea, Eastern Europe and Eastern Mediterranean regions
- One of the strongest shipping sectors in the world
- Strong tourism sector
- Greatly improved financial management
Investment opportunities
The Key Sectors of the National Economy
Tourism is the first sector of the country, followed by the merchant marine. The service sector is the fastest growing sector in the Greek economy (commercial and financial services, real estate, transport and communications).
The other main sectors are cosmetics, information and communication technologies (especially e-commerce) and agribusiness.
Returns on investment in real estate
There is also an expectation of a sizeable return on investment in real estate such as those gotten from rental properties in Greek islands where the yield obtained from such rental properties of about 120 square metres in the “town” is approximately 8%. Analysis shows that similar rental apartments outside the “town” and returns of about 10% which is a little higher than the centre.
It is however important to note that rental apartments or houses which are located in the centre of cities such as Athens or Thessaloniki offer a yield of about 4% to 6% which is not as much as those of the rental properties in the islands.
Conclusion
A general review of the Greek economy highlights the expansion being experienced with a 2% growth rate in 2019 and a projection of between 2% and 2.4% growth in 2020 according to the European Commission and the International Monetary Fund.
These optimistic economic projections combined with the relatively low mortgage interest rates and steadily growing rental apartment returns mean that Greece is in a prime position for substantial investment in real estate through building projects and property development of houses for sale and long-term rental apartments.
Further, in 2020 Athens has risen to 14th position as more capital funds are focused on investment in real estate both for long-term rentals or houses for sale.
All these reasons make Greece the ideal market and bargain economy for strategic investment in real estate in 2021.
What we do
We guide our clients by giving them all the details of an investment with potential return.
Our Team anticipate steps to ensure that our clients are informed and ready to take on their investment.
We make sure that you invest in the right time, in the right place and for the right reason.