Greece residence by investment
Investors looking for investment opportunities in Europe always keep Greece on their radar. Greece is an old EU member. It holds a strategic position in Europe, making it an attractive destination for foreign investors. The Greece Golden Visa program is a residence by investment program launched in 2013. It enables non-EU nationals and their family members to obtain permanent residence permits in Greece.
Benefits of the Greece golden visa program
- Visa-free travel within Europe’s Schengen Area
- No requirement to reside in Greece
- Residence permits can be acquired within 30–60 days
- Unlimited expiry date for residence permit
- Opportunity to rent out the investment property
- Residence is applicable to the whole family (married spouse, children under 21 years old, and parents of the main applicant and spouse).
- Eligibility to apply for citizenship after seven years of residence
- Ability to hold shares and receive income from dividends of a Greek company (but not employed in Greece).
| Qualifying Option | Requirements |
|---|---|
| Real estate options | – Investment in real estate property worth at least EUR 250,000 plus applicable taxes – 10-year lease agreement for hotel accommodation or furnished tourist residences in tourist accommodation complexes – 10-year time-sharing agreement for hotel accommodation |
| Capital contribution | – Contribution of at least EUR 400,000 to a Greek company for acquisition of shares in a share capital increase or bonds that are admitted for trading on regulated markets or multilateral trading mechanisms in Greece – Investment in a real estate investment company or a closed-end investment company or mutual fund that intends to invest exclusively in Greek companies |
| Shares, bonds, and/or government bonds | – Purchase of Greek government bonds with a minimum acquisition value of EUR 400,000 and residual maturity of at least three years – Purchase of shares or corporate bonds with a minimum acquisition value of EUR 800,000 – Purchase of units of a mutual fund or alternative investment fund |
| Capital transfer | – Term deposit of at least EUR 400,000 in a domestic credit institution for at least one year with a standing order for renewal |
Procedures
Here’s a revised version of the text:
For an immigration permit application, all necessary documentation should be certified and translated into Greek. The following steps need to be taken to acquire a permit:
- Complete the initial due diligence checks.
- Contact the authorised partner
- Sign the client agreement and pay the retainer
- Collect the necessary documents
- Visit Greece with a valid visa and assign a legal representative to conclude the process
- Choose and acquire a preferred property
- Pay the government residence fees and balance of Henley & Partners fees
- Submit the application for Greek residence to the government
- Capture the client’s biometrics, either the same day or within the next six months
- Complete the due diligence checks
- Upon approval, the Greek residence permit will be issued, with the possibility to apply for citizenship after seven years of residence
Popular locations for property investment
Some of the most popular locations for property investment in Greece include Athens, Thessaloniki, and the Greek islands. These locations offer a variety of investment opportunities, from residential to commercial properties. Investors should research the market and consider factors such as accessibility, demand, and potential for growth when selecting a location to invest in.
Types of properties to invest in
Investors have a range of options when investing in real estate in Greece. They can invest in apartments, villas, and commercial properties, among others. It is essential to conduct market research and understand the risks and rewards associated with each type of property before making an investment decision.
Navigating the Greek real estate market
The Greek real estate market can be complex, and it is advisable to work with a reputable real estate agent who knows the local market. A real estate agent can provide guidance and support throughout the investment process, from finding the right property to completing the transaction. Due diligence is also crucial when investing in real estate in Greece. Investors should research the property thoroughly and review any associated costs before investing.