Greece’s Golden Visa Program allows non-EU nationals who invest a minimum of €250,000 in Greek real estate to obtain a Greek permanent residency.
The Facts
First launched in 2014 in an attempt to redress the Greek economic crisis, the Golden Visa has proved widely popular. According to Greece’s Migration Policy Ministry, the government has issued a total of 18,616 residence permits to eligible investors and their family members as of December 27, 2019.
What’s more, the program has been gaining in popularity with each passing year. The number of residence permits awarded annually grew from just 723 in 2014 to 6,304 in 2019. That amounts to an increase of more than 700%.
Around 80% of the properties acquired by Golden Visa investors are in Attica. There are also some in Crete and the Thessaloniki region.
In terms of the nationalities of the investors, the Chinese lead by a long stretch. They account for 13,075 residence permits or over 70% of the total number. The second and third places go to the Turkish (1,342) and Russian (1,004) nationals, respectively. These are followed by the Lebanese (466), Iraqi (369), Iranians (337), Egyptians (336), Syrians (212), Jordanians (206), and Ukrainians (183).
Great Value for Money
The attractiveness of the Golden Visa is hardly surprising, given its great value for money. A study by the Portuguese property service company Imovirtual showed that the program is the second cheapest in the EU and the fifth cheapest in the world.
Besides, the property market in Greece can still offer real estate that is both high quality and budget-friendly. Currently, investors can buy a 178 m2 property for as little as €250,000. According to the Imovirtual study, that is one of the best deals offered by EU member states.
In comparison, the minimum investment threshold of €200,000 for permanent residence in Hungary can only fetch a 122 m2 property. The tradeoff in Malta is even worse. There, the minimum threshold of €270,000 will only suffice to get a 98 m2 property.
In addition to capitalizing on the low investment threshold and affordable property market, prospective investors can make high returns on their purchases by reselling the property once they obtain Greek citizenship. With the country’s economy getting back to normal, real estate prices have been on the rise and show no sign of slowing down any time soon.
To Conclude
Greece’s Golden Visa Program is the perfect choice for anyone looking to make a sound real estate investment as well as obtain permanent residence in the EU for themselves and their family members. However, interested investors should move fast to make the best of the current optimal market conditions.
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How Can Savva & Associates Be of Help?
Savva & Associates offers the following professional legal services to third-country nationals interested in obtaining Greek Permanent Residency through real estate investment:
Real Estate Transactions
- Assistance at all stages of the real estate transaction, including real estate sourcing, title search, and property due diligence
- Drafting of the sale and purchase contract and any other required documents
- Registration with the Land Registry
- Obtaining certificates from the cadastral authorities and notaries
Tax, Finance, and Accounting
- Opening a bank account in Greece for the purposes of the real estate transaction
- Tax registration, including applying for a Tax Identification Number (TIN)
Golden Visa Applications
- Preparation of the application and all supporting documents
- Arranging biometric data appointments
- Filing of the application and all supporting documents with the Ministry of Internal Affairs
Permanent Residence Permits
- Help with applying for both temporary and five-year residency permits
- Applying for renewal of permanent residence permits every five years
For further information on Greece’s Golden Visa Residency Program, please contact us at info@savvacyprus.com
