The Greek Golden Visa has gained considerable traction in the recent years. By 2018, it had broken all previous records in European residency programme applications and 2019 saw an additional 34% increase, largely thanks to the Mitsotakis government’s VAT-tax holiday for developers, introduced in August. In short: Buildings with permits issued between 2006 and 2022 are entirely exempt from the 24% VAT they would otherwise have to pay, which resulted in soaring demand for the Greek Golden Visas.

Aside from the above, there are multiple reasons why Greece is considered the best gateway to Europe: at 250,000 euros, Greece’s minimum investment requirement is significantly lower than that of most other European residency programmes. In addition to this, real estate prices in most areas of Greece continue to be under-valued, meaning that there is ample opportunity for investors to make profitable investments with high ROIs. Seeing as that the country is only just recovering from its decade-long economic crisis, means that an investor’s 250,000 euros can go a long way. A new, 2-3 bedroom apartment in one of Athens’ best areas can be acquired with the minimum investment amount.

Another important reason why Greece’s programme is preferred by investors is the lack of residency requirements. Investors are required to visit Greece in order to choose their preferred property and provide biometric data for the application, and then have no obligation to visit or reside in Greece. With no residency requirements made, the investors and their families are able to enjoy the full benefits of the residency permit, including visa-free travel throughout the Schengen zone, with no necessity to ever visit or reside in Greece.

In addition to the above, Greece’ s Golden Visa process is straightforward and quick. Within just 2-3 months, the investor and his/her family (spouse, minor unmarried children under the age of 21, and the parents of both spouses) will be in possession of the residency permit.

With all the above in mind, it’s no surprise that Greece’s residence by investment programme became Europe’s most subscribed-to by 2018. By 2019, the Greek Golden Visa had already surpassed their nearest competitor (Portugal) by more than 40%. Predictions for 2020 are that this upward trend will continue.

For further information on the Greek Permanent Residence Permit (Greek Golden Visa), please contact Mr Charles Savva at c.savva@savvacyprus.com