Greece – A Golden Destination for a Real Estate Investment
Greece is located at the intersection of Asia, Africa and Europe. It is renowned for its beautiful coast lines, sandy beaches, sunny weather and the extraordinary nightlife. In addition, one of its distinguished characteristics is the unique natural beauty of its islands and culture. Hence, Greece is very famous for its Mediterranean cuisine and the historical monumental sites, which date back to 7th millennium BC, such as Acropolis in Athens, Knossos Palace in Crete, Ancient Delphi and Epidaurus, Mystras, Ancient Olympia and many more.
Moreover, it is well–known for its rich culture and local traditions especially when it refers to its islands. Each island of Greece has different customs, culture characteristics and lifestyle that make it very interesting to visitors.
Furthermore, Greece is a member of the European Union since 1981, joined the Schengen zone in 1992 and the Eurozone in 2001.
The official language is Greek but a great percentage of the population speaks English. The official currency is euro.
Greece has an exceptional infrastructure that can support all business activities, especially in its mainland towns. In addition, it has an outstanding inland transportation as well as an excellent transportation through air and sea. Furthermore, it has a reliable private and public medical system, which can support its citizens and visitors throughout the country.
The Educational system of Greece is very advanced and reputable over the world. Greece is considered to be a safe destination for travelers since crime rates are considerably low.
Greek people are very polite and they are distinguished for their hospitality all over the world. When foreigners visit Greece they feel like home and they are overwhelmed by the Greek hospitality.
Even though Greece has been suffering from a monetary crisis in the last decade, it continues to be one of the most attractive and safe destinations in the world for investment, due to its location mainly.
Additionally, Greece is considered to be a business hub for various industries and companies such as trading, manufacturing, tourist, energy etc. Nowadays investors that are interested especially in the real estate have the opportunity of acquiring through the Greek Golden Visa Scheme the advantage of living in Greece with a minimum investment of €250.000.
The new rules of the Greek Golden Visa Scheme permit three generations of family members to benefit through the investment program of the minimum total value of €250.000.
The Greek Golden Visa Scheme addresses the third country citizens, who either choose to purchase a property of more than €250.000 or invest a minimum amount of €250.000 to any Greek sector of the economy.
As far as it concerns the purchase of a property, the Greek Golden Visa Scheme is addressed to citizens who:
- Own a real estate property in Greece, personally or through a legal entity, provided that the minimum total amount of the property is €250.000
- Have in possession a timeshare contract for a minimum period of 10 years or lease agreement either in hotel accommodation or furnished homes in combined tourist facilities with a minimum total amount of lease of €250.000
- Already have a property either by purchase or through donation or parental allowance that is fully owned in Greece with a minimum value of €250.000 (donation or parental allowance applies only to the recipient)
- Have purchased a plot of land that they intent to build and at the collective value of a minimum €250.000
With the acquisition of the Greek Permanent Residence, the holders may enjoy the Mediterranean lifestyle that is unique all over the world.
Greece provides an unparalleled way of living with a lot of opportunities especially in the real estate investment market. In addition, with the possession of the Greek Permanent Residence the holders benefit from the visa free regime in the European Schengen zone and acquire the privilege of free education in the educational institutions of the Schengen countries.
- The Permanent Residence can be indefinitely renewed every five (5) years for the whole family including the elderly parents, provided that the main applicant stills possesses the ownership of the property
- The holder can acquire multiple properties, without any restrictions in location and square meters, with a minimum total investment of €250.000
- The applicant must have a proven financial ability for the investment
- There are no language requirements
- The estimated time of issuance is 2 months, but the holder can immediately benefit, after the submission of all the supporting documentation, since a proof of submission is being issued for the Greek Government.
- In case of a joint ownership, the residence permit is granted when and if the owners are spouses, with a minimum total value of €250.000. If the joint ownership is from individuals with no ascending line relationship, then the residence permit is granted when the amount invested for each of the joint parties is at a minimum total value of €250.000
- The applicant owner that acquires a property through a legal entity is eligible to obtain the permanent residence, when his/her company shares ownership is 100%.
- When a non–EU citizen is the owner of one or more legal entities and he/she is the sole owner or shareholder of the referred entities, then he/she is eligible to acquire the permanent residence.
The entry visa needed in order to purchase a real estate property, when a Greek residence permit is requested, is either a type C (Schengen visa) or a type D (national visa).
With the type C (Schengen visa), the holder may stay in Greece and in the other Schengen countries up to 90 days per six month period.
With the type D (national visa) there is a special provision for real estate property owners or perspective buyers. The duration of this visa is one (1) year. The holder of this visa can stay, travel in or out of Greece as often he/she wishes. In addition, the holder may travel to Schengen countries for up to 90 days per semiannual period.
Benefits of the Golden Greek Permanent Residence Scheme:
- Acquisition of a Permanent Residence of a European member state that belongs in the Eurozone
- The family of the main applicant has the right to obtain the Permanent Residence (dependent children up to 21 years old as well as direct relatives of the spouses – elderly parents)
- The Permanent Residence has the privilege of operating as an entrance visa to all the twenty six (26) countries of the European Schengen zone for up to three (3) months, in each six (6) months
- The holder has the right to obtain a long term residence status that serves as a required qualification for naturalization (specific requirements are applied)
- There are no restrictions of residence for a specific period of time
- The holders have access to health care and Greek public education systems, just like any Greek citizen
- The holders of the Greek | EU Permanent Residence are entitle to acquire lower education fees in European member states.
- A real estate investment in Greece is considered to be a great investment since there is a potential of acquiring an immediate return on investment through rent or achieve capital appreciation through the rising prices of the real estate market, in the long run.
- The holders may enjoy the privilege of the Mediterranean culture, the nutrition of the Mediterranean cuisine as well as the blessings of the beautiful sunny weather and sandy beaches of the main land and islands
- The residents have the opportunity of exploiting the incomparable beauties of Greece, enjoying and being part of a vibrant lifestyle and rich culture
- The English language is widely spoken and understood, followed by French, Italian and German
- The Greek people are characterized by their hospitality and warm hearts, therefore a Permanent Residence holder will enjoy all these attributes with his/her residency.
- The holder of the Greek | EU Golden visa can apply for naturalization (citizenship) after 7 years of continuous residency.