For such enthusiasts, Greece is the perfect country to get European residency easily. The residency by investment program of Greece is getting lots of global attention. As an investor, you must invest only €250,000 in Greece and become eligible for a Greek Golden Visa. This Visa makes you a Schengen resident. Thus you and your family become eligible for Visa-free travel through 27 countries in Europe.
Greece is one of the most beautiful mainland countries of Europe, full of majestic natural destinations. People worldwide travel here for thousands of mystic islands, fresh food, beautiful weather, and so much more. This is a safe space for anyone to settle down, and the people here are also quite hospitable.
To attract foreign investment and promote tourism, Greece introduced the Golden Visa in January 2013. This program grants legal residency to foreigners who invest at least €250,000 into the economy. There are two options for legal residency: a five-year renewable visa or a ten-year non-renewable visa. If you have a family, they may also apply with you, as long as they come with you to Greece during the application process!
The Greek Golden Visa was the first investment program to be launched in the European Union. Holders can travel freely across Europe, and staying in Greece does not count as a "two-out-of-three-year period" for permanent residency. If you are looking for the best option to establish your second residency or offshore business plan, this Greek Golden Visa is the perfect tool. However, first, you need to understand some basics related to this Visa and the benefits you can explore with it.
An Introduction to the Economy of Greece
Greek may seem like a strong and stable economy, but it has its own set of problems. Several factors have caused Greece's economic crisis. The economic downturn has resulted from an unsustainable debt burden, poor financial management, and many other factors. The Greek debt crisis of 2008 is a prime example of how things went south for the Greek economy.The crisis led to a standoff between representatives of the EU and the Greek government. The situation became worst when the crisis reached people as most ATMs in Greek started running dry out of cash. However, since then, Greek has worked hard to rebuild the country's economy and come back stronger. The government is now working to bring reforms through various radical cuts on different types of taxes.
Golden Visa is also one initiative Greek authorities took to restore its economy. This Greek Golden Visa is a good catch for investors that provide the most favorable economic environment. The country offers the most advantageous Golden Visa program. Compared to other European nations, It allows investors to obtain a visa by investing directly into property or other asset-based projects without complications.
Understanding Residence by Investment
This is one of the ways through which you can get legal residency in any country in Europe. Most people worldwide are interested in getting a legal residency visa to live and work across Europe. There are various options available for this purpose, but most require you to have certain skills or exceptional educational background. However, one program will allow anyone to acquire a European residence with an investment option.Greek Golden Visa is one program that allows you to get a residence with just an investment into the country's economy. The program was established as a part of Greece's economic growth strategy to attract foreign capital and grow the country's economy. It is a very lucrative program that greatly benefits investors who enjoy the residency. This is one of the best programs if you are looking for a legal way to gain a European residence.
Among all available options, Greece's version of the Golden Visa is one of the most favorable in Europe. The program has a very low entry barrier. With just €250,000 investment in Greece, you can gain residency in the country and travel freely through 27 countries of the continent. If you have a larger amount to invest, it will make your application process easier and faster.
How Does The Program Work?
This Visa aims to attract foreign capital and promote tourism. This program was introduced by the Greek government in 2013, along with new investment laws and amendments to existing real estate laws. The program was initially available for only three years but was extended for another two years in 2015. The policy was further extended for another year in 2016.According to the country's authorities, the Greek Golden Visa program aims to attract more foreign investment in real estate and other sectors of the economy. This Visa will not only make investors eligible for a European residence but also allow them to work in various countries of Europe without any restrictions. Furthermore, the priority is given to those without criminal records or are under investigation.
Moreover, they will have access to an extended Visa that is renewable over a period of five years. However, there are some restrictions on moving around Europe after acquiring your Golden Visa since Greece is part of the EU. Therefore, you need to keep checking that you are living within the country at least two months after applying for permanent residency to make sure that your Visa hasn't changed from the temporary residence permit to the permanent resident card.
Why Should You Consider Golden Visa to Greece?
This makes it easier for you to make investments with your own money without involving banks. In addition, if you are interested in business opportunities, Greek offers some lucrative tax benefits and direct investment options like construction and infrastructure development related to the tourism and housing industry. These benefits help you get direct access to the European market, something that was previously only meant for EU nationals or residents. Here's why Golden Greek Visa is the best choice for you:Hassle-Free & Simple Process
While there are several different ways to get a residence permit in Europe, this investment visa from Golden Greece is one of the easiest. You do not need to go through all the trouble of obtaining citizenship or any other types of visas, for that matter. As long as you have enough money, you will be able to get it!
Allows Easy Travel Across Europe
This investment visa allows you to invest in properties and other real estate-related projects in Greece. In return, you will be given legal residency, which can be renewed every five years. This Visa also allows you to travel freely within the Schengen countries with no time limitations.Opportunities To Invest In Other Countries Of Europe
The European Union has many different countries, each of which has unique rules for acquiring a residence permit. However, Greece's Golden Visa program is so attractive that it does not restrict your investment. You can invest anywhere you want, either in Greece or some other country in the EU. With this via, you can visit any country in Europe without any major complications.Access to EU Markets
If you are looking for an opportunity to expand your business or start a new one, this Visa is a great way to do it. Because of this Visa, you can easily enter the EU market by investing in real estate or other businesses.There are many other benefits of this visa program, but those mentioned above should make you consider this one of the best investment options for your future. Furthermore, this is one of the most durable choices for those who want to live and work in Europe. All you need to do is buy a property and claim residency until you want to renew it every five years.
Application Process For Greek Golden Visa
One of the most attractive things about Greece's Golden Visa program is its non-bureaucratic application process. You do not need to undergo lengthy or complicated processes to get residency. Instead, you can complete the whole process by yourself without involving any lawyers or consultants.Another positive thing about this program is that you can obtain residency for your family. According to Greek law, there are two ways through which you can apply for a permanent residency:
- Invest in Real Estate Under this option. You must invest at least €250,000 in a real estate project in Greece. These projects include buildings, residential units, and holiday homes. However, the minimum price to invest has been reduced from €500,000 with the amendment of 2015.
- Make an Investment in Tourism Infrastructure This option is designed for those individuals or companies who want to invest in tourism-related infrastructures like hotels and restaurants as long as you meet certain requirements related to capacity and availability. These projects must be located within a specific radius of 50 kilometers from the Greek capital Athens.
- You must be at least 18 years old.
- You must have a valid passport that is not expiring anytime soon.
- You should have a clean criminal record and no pending criminal investigations.
- You need to give proof of your financial status and ability to meet the program's requirements.
- You should produce the evidence of your investment in Greece on how much you invested and where you invested it, or else you can invest in real estate.
Greece's Golden Visa program has helped many individuals and companies worldwide acquire EU residency, which was once a dream for them. However, this Visa is not only meant for those investors who want to live in Europe. It also helps investors enter the EU market directly as long as they are willing to invest in real estate or tourism-related projects.
Step By Step Application Guide for Golden Visa
To stay on the safer side of things and get your Golden Visa without complications, you must follow some guidelines while investing. Take a look at these five essential steps you need to follow while applying for this Visa:Step 1: Choose Your Preferred Investment Route
The crucial part of applying for a Golden Visa is that you must invest before submitting your application for residence. This means, in one way or another, you need to travel to Greece by taking a valid visa. Once you are all set to visit Greece, make sure to line up some real estate properties and get yourself a bank account here in Greece.Additionally, you need to find a trustworthy legal representative and transfer your power of attorney to him. This representative will take care of all the paperwork and formalities for you while you can relax and plan for your future. If you wish to go with a different investment route, you will still need to proceed with the process of transfer of power of attorney.
Step 2: Prepare Application
After you have made your investment, you must fill out an application form for residence and send it to the Directorate for Citizenship and Migration Affairs or any other local authority. However, you must not forget to include a bank statement of your investment. In addition, ensure that every document attached to your file is certified and translated into Greek.After the submission, you will receive a receipt from the agency to prove that your application has been sent. Shortly after this, officials will conduct a due diligence investigation which will take about two months on average. So now, all you need to do is simply wait for their decision.
Step 3: Application Review
After the due diligence investigation, you will be required to attend an interview at the Directorate for Citizenship and Migration Affairs. This is a very important step because it will help them assess your eligibility and whether or not you qualify for the Golden Visa of Greece.You must be prepared to give necessary information about your business and investment in Greece. In addition, to become a permanent resident of Greece, you will need to spend at least two months here to prove that you are living here permanently.
Step 4: Get Your Golden Visa
After the interview, you will get a decision from the Greek government. If you get a favorable decision, someone from the Directorate for Citizenship and Migration Affairs will contact you and inform you about your temporary residence permit.You will be required to provide the payment receipt showing that your temporary residence permit has been paid. Additionally, they will inform you about your permanent residence card, which must be requested within two months of receiving the decision.
Step 5: Apply For Greek Citizenship
The Golden Visa of Greece is a great program, but it may not be your final destination. In such a case, you need to look into getting permanent residency in Greece. But this is only possible if you apply for Greek citizenship and spend at least five years as a citizen of Greece.This process is still very complex and complex for those who wish to stay in the country for long periods, but it will surely be worth the effort.
There are many different categories for investing in the Golden Visa of Greece program. Some investors prefer to invest in tourism-related services or real estate, while others may settle down and open a business. Once you receive your permanent residence card, there are no restrictions on moving elsewhere in Europe and staying as long as necessary since Greece is part of the European Union.
Cons of Golden Visa Program
The Golden Visa Program is one of the most attractive programs in the world for investing and living in Greece. However, certain drawbacks have to be considered as well. One of the major drawbacks that should be considered before applying for this program is that you will have to pay some fees upon acquiring your residency. Also, you will be required to make an initial investment of at least €250,000. Despite these two reasons, it can easily be a good investment because many countries offer similar programs for much lower investment caps and fees.Is Golden Visa Program Made For You?
The Golden Visa program is a great investment opportunity for buying properties and making money in Greece. Because of the low minimum requirements, purchasing a property in Greece costs much less than in other EU countries. This demand has made real estate investments popular among foreigners and Greek buyers in recent years.Because of the high liquidity and opportunities it offers, this program will help investors diversify their portfolios with better tax advantages and several advantages that can be used to help their businesses grow more. In addition, Golden Visa gives you the right kind of business environment to spend time and money on managing your own business rather than being bogged down by paperwork, compliance checks, immigration management, etc.
Frequently Asked Questions
Is it possible to invest in Greece as a non-resident?
Yes, it is possible. For example, if you are not a Greek citizen but want to invest in one of the buildings that are available for sale, it is possible to make an application. However, the maximum investment amount should not exceed €250,000 per investor.How much does it cost to become a permanent resident in Greece?
It depends on how much you want your investment to be worth and what services you request from the local authorities to get the most out of your investment. Even though the fees vary for each case, there are usually some standard fees, such as giving a copy of your passport; however, other costs can contribute towards these fees before you get your decision letter.What is the minimum investment you need to make in Greek citizenship?
You will need to put up a minimum investment amount of €250,000 for your applications. The amount will depend on the type of application you are making. You can diversify your investment across different sectors and add every single one to your application process.Is it compulsory to live in Greece after getting Golden Visa?
No, it is not compulsory, but it is recommended. It will be compulsory to stay in Greece for two months while the Greek government investigates your application. If you want permanent residency, you will be required to stay in the country for a minimum of five years to become eligible for citizenship.Final Words
The Golden Visa program was created to attract investors from around the world who want to invest in real estate and enjoy the protection and ease of living in Greece. The program is easy to apply for, straightforward, has no set criteria for investment amount, has a low minimum investment amount for investments above €250,000, and seems like a very simple way to make money as an investor. Therefore, the Golden Visa of Greece program is a highly attractive real estate investment opportunity worth investing in.
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