Greece Golden Visa Scheme
The Golden Visa program in Greece is a unique investment opportunity for real estate investors seeking to gain residency in the European Union.
The program offers a fast-track process for non-EU citizens who invest in Greek real estate, granting them a five-year residency permit that can be renewed every five years as long as the investment is maintained.
This program was introduced in 2013 as a response to Greece’s economic crisis, aiming to boost the country’s struggling real estate market and attract foreign investment.
It has since become a popular option for investors worldwide, with thousands of permits issued to date.
Recent statistics indicated that more than 50% of the properties solid in 2022 were acquired by foreign investors.
Eligibility Criteria
To be eligible for the scheme, investors must purchase a property in Greece with a minimum value of €250,000. This investment can be in residential, commercial, or hotel properties, and can be made either individually or through a legal entity.
The property can be rented out or used as a vacation rental home, but it must be owned by the investor throughout the residency period.
Investor Benefits
The program offers several benefits for investors, including access to Greece’s high-quality healthcare and education systems, as well as visa-free travel throughout the Schengen Area. This can be particularly appealing for investors from countries with limited visa-free travel options.
Additionally, the scheme allows investors to bring their families with them to Greece, including spouses, children under 21, and dependent parents.
The Golden Visa program also offers a potentially lucrative investment opportunity for real estate investors. Greece’s real estate market has been steadily recovering in recent years, with property prices increasing in many towns, cities, and popular tourist destinations.
By investing in Greek real estate, investors can benefit from rental income, capital appreciation, and potentially even citizenship in the future.
Investment Requirements
However, it’s important to note that the Golden Visa program is not without its drawbacks. The minimum investment amount of €250,000 can be a significant barrier to entry for some investors, and there are additional costs associated with purchasing and maintaining the property.
The minimum investment amount is set to be increased to €500,000 in key economic areas of Greece, including Athens, the capital city.
Additionally, investors must be prepared to navigate Greece’s legal and bureaucratic processes, which can be complex and time-consuming.
Furthermore, investors should carefully consider their investment strategy and the location of the property. While some areas of Greece have seen significant property price increases, others have not experienced the same level of growth.
Investors should also be mindful of the potential risks associated with investing in real estate, such as market fluctuations and unforeseen maintenance costs.
Overall, the Golden Visa program in Greece can be a valuable opportunity for real estate investors seeking to gain residency in the European Union. By investing in Greek real estate, investors can benefit from the program’s numerous advantages, including visa-free travel, access to high-quality healthcare and education systems, and a potentially lucrative investment opportunity.