The Path to “Golden Visa” Investment in Greece
As a natural gateway to the Mediterranean, located at the crossroads of Asia, Africa and Europe with more than 140 million consumers, and a key player in the Balkan region, Greece remains as one of the hubs of emerging markets which are diversified across a variety of sectors. Greece is currently an attractive investment location, by dint of extending a wide array of new investment opportunities for investors that blend the advantage of the strategic location and unparalleled competitive advantage it offers.
Investment Opportunities in Greece
International investors have started looking into the combination of distinct characteristics and competitive edge that Greece offers. Leading global tourism destination, emerging regional energy hub, and highly educated and multilingual workforce making Greece a favorable choice of investors. Traditionally a pillar of Greek economy, real estate today offers an excellent investment opportunity as prices continue to plunge. Property near and around coastal regions are usually rented out on a short-term basis to tourist and yields sustainable profits during the peak tourist season from June to September backed up by the soaring tourism industry which is a top contributor to the country’s GDP.
What Is the Greece Golden Visa Scheme?
The golden visa program allows investors to secure Greek residence permit from any non-European country, granting them freedom of movement in the Schengen zone, which includes 26 countries of the European Union. It is an investor visa and it can be renewed indefinitely as long as the investor holds the investment and there is no requirement to stay in Greece. The golden visa scheme by Greece has seen a record rise in numbers in 2018 from the Non-EU investor segment which issues them a Greek residence permit in return for major real-estate investments in Greece. The expansion of the “Golden visa Scheme” to international investors as the incentive has been in the priorities of the Greek Economy and Development Ministry.
Eligibility/Requirement for Greece Golden Visa
- All Non-European citizens are allowed to apply for golden visa
- Granted to investors spending €400,000 in real estate investment corporations as bonds, shares or deposits at the country’s banks
- Anyone who invests €250,000 in real-estate in Greece can benefit from the golden visa scheme even as a non-EU citizen
- Foreign nationals and investors acquiring Greek government bonds
- Property acquisition is one of the most common ways to get the Greece golden visa
Procedure to Obtain a Greece Golden Visa
- Visit Greece to pick your favorite property options
- Open a Greek bank account and register a Greek tax number
- Choose your property [the types of property can be Residential, Commercial or Agricultural]
- Select the final property and purchase
- Submit the golden visa application along with a copy of the registered contract of sale of properties, no less than €250,000, and Greek certificate of health insurance to get temporary residence permit
- Get a biometric test conducted, and collect your temporary residence permit
- Wait for 20 days, the golden visa would be issued
The process takes less than two months.
Advantages of Obtaining the Golden Visa through Investment in Greece
Investment in Greece comprises of a multitude of lucrative investment opportunities, accompanied by the privilege of the freedom of movement provided by investor visa. The investor can have a favored position in Greece by taking into consideration the ideal time of the Greek economy which is recovering at a rapid phase from a recession. Foreign investors can have a leading edge by leveraging the benefits of Golden visa program by investing at the right time in Greece and reap the return of investment as the economy grows over time.
Greece is coming back with the support of IMF, and European Central Bank. With the budget deficit is steadily decreasing creditors and investors are looking to capitalize on the momentum and take advantage of the upcoming financial growth. The Focus of international investors are keen on the debt-stricken country has the assets ranging from transport companies, public utilities, hotels, and resorts are up for the grab.
Access to the Schengen Zone
- The Schengen Zone comprises of 26 European countries excluding UK and Cyprus
- It allows for Visa-free movement and travel between member countries effectively removing borders, bringing countries and people together inside Europe
- Travel to any other Schengen country without any customs checks, and the right to have multiple entries across internal borders
- Visa valid for 5 years and can be renewed after every 5-year period
- Family members, spouse, children, and dependents can be included for the residency visa
- Citizenship can be availed after 10 years of Permanent Residency, if required
Prime location in the European sub-continent allows one to reach major European cities within an hour via airplane at cheap costs. Dominance over the Mediterranean makes it an excellent choice for maritime trade and shipping.
Competitive Real Estate Rates
- Property prices in Greece are undervalued as the result of the long-lasting impact created by the financial crisis. By comparison with other European capitals, Athens offers a very competitive advantage in pricing per square meter without compromising on the land quality
- Investors can rent their acquired property from day one. This remarkable factor combined with the steady rate of incoming tourists the return of investment can be yielded within a short period of time even after the payment of taxes
- Property in Greece is economical and priced several-times lower when compared to other European cities
Low Investment Capital
- An analysis of the Greek Real Estate Sector in 2018 by agencies shows that that country presents very attractive real estate options for international investors
- Low capital costs provide the opportunity to buy several properties and participate in larger projects considering the growth potential in the future
- Investors are allowed to purchase any type of property with no need to reside in the country. Also moving to Greece can be economical as the cost of living is cheap
Overall, around 3,000 golden visa permits have been authorized to non-EU investors since the commencement of the scheme in 2013. Residing in Greece offers a unique experience and opportunity to discover well-preserved monuments, ancient sites, sunny beaches, island resorts spread throughout the country. As one of the most popular tourist destinations in Europe, it has something to offer to everyone.