Astons answers frequently asked questions about Greece Government Approved Residency By Investment Programme
Q: I’ve been thinking for a while about residency in Europe and I’m leaning towards Greece. Is it possible to become a resident of Greece after buying real estate there?
A: Yes. The government-approved residency programme in Greece allows investors to become residents of this Mediterranian country after buying real estate starting from €250,000. These requirements are the most beneficial in Europe. For example, you will have to invest more to become a resident of Spain, Monaco or Malta.
Q: What are the main benefits of the Greek residency programme?
Residency in Greece allows you to travel to 26 European countries visa-free and spend up to 90 days during a given 180-day period.
This particular privilege offers investors an opportunity to be free from the effects of the worldwide pandemic, such as border closures and travel restrictions, and make decisions based on personal and business circumstances instead of current restrictions. The whole process is pretty quick, it is possible to become a resident of Greece just in 60 days after applying.
Q: Can my family get a residency too?
A: Of course. According to the terms of the governmental residency programme, investor’s relatives are also eligible. It is possible to apply for residency for partners, financially dependent children under 21 years old, parents and grandchildren of the main applicant.
Q: Ok, sounds good. What do I have to do to become a resident of Greece?
According to the requirements of the programme for foreign investors, there are two main ways to participate in it:
- Real estate investment, starting from €250,000
- It is possible to invest in more than one property for a shared price of €250,000
- An applicant will get a residency permit for 5 years and will be able to prolong it for 5 more years as many times as he wishes if the investor still owns the property.
- Real estate lease, starting from €250,000
- It is possible to lease a property or to invest in a timeshare property for at least 10 years. In the case of a timeshare, it should be a hotel or apartment registered with the Greek National Tourism Organization.
- An applicant will get a residency permit for 5 years and will be able to prolong it for 5 years an unlimited number of times.
Q: I like the idea of renewing the residency permit. But what if I would like to become a citizen of Greece? Is it possible?
A: Of course. If an investor wants to become a Greek citizen, he or she, along with family members, can apply for permanent residency and citizenship.
It is necessary to spend at least 183 days per year in Greece to become a permanent resident. Permanent residency can be obtained after five years of being a temporary resident, after five more years it is possible to apply for citizenship.
Bear in mind: one of the most appealing options of the Greek residency programme is the lack of requirement to travel to Greece before or after applying for residency. Sometimes it is one of the most important features for investors who are looking for economic residency.
Q: I’m just wondering, how popular is the Greek residency programme?
A: Government-approved residency programme in Greece has existed since 2013. During all these years 3620 happy investors became residents of this Mediterranian country. Most of them are citizens of Russia, China, Turkey and Egypt.
Q: Let’s pretend I got a residency in Greece after I bought some real estate. Can I sell it for profit?
A: Of course. House prices in Greece are generally 1.5-2 times lower than in Spain or Portugal, but experts think that it will rise in the foreseeable future. Aside from that, it is possible to rent your property.
Q: What cities in Greece are the best to buy a house?
A: Don’t worry, you don’t have to be an expert in the Greek real estate market. We at Astons work with the Greek real estate market every day and will find an optimal solution according to your needs and desires.
The whole market is booming now. Most foreign investors prefer Athens and buy flats or apartments in central areas like Kolonaki and Plaka, where prices for premium properties start from €4,000 per sq. m.
Among other popular cities are Pireas, Pallini, Polygyros, Chania, Thessaloniki, Ermoupoli, Corfu, Corinth and Lefkas.
Q: What’s more popular, villas or apartments?
A: Astons advises you to choose according to your own needs and desires. One of the key features of the Greek real estate market is the consistency of prices across the whole country.
Generally, townhouses, cottages and villas close to the sea are considered more profitable properties in Greece. Also, apartments in central areas of Athens and Thessaloniki, and boutique hotels in resort cities are very popular among investors.
But every case is different. In order to decide what’s best for you, it is necessary to go through the questionnaire:
1. What’s the purpose of your purchase?
2. Are you planning to relocate to Greece?
3. Are you planning to use our new property as a second home and spend vacations and holidays there?
4. Are you planning to sell your property for profit?
5. What is your budget for purchase?
6. What are your preferences? Do you enjoy apartments, studios, townhouses, villas or cottages?
7. How many bedrooms do you want?
8. Where in Greece do you want to buy a house?
9. Is it important for you to live in a big city?
10. Do you want a house with a sea view?
11. What are your requirements for infrastructure, including schools and kindergartens?
A team of professional real estate and migration law experts at Astons with impeccable reputations will help you with each question and advise and guide you through the whole process of residency by investment in Greece according to your personal circumstances, desires and needs.
Astons is a leading global immigration advisory firm with offices worldwide. We support investors with residency & citizenship investment solutions across the EU and the Caribbean. For further information or to discuss your personal circumstances in a private consultation, please contact Astons at [email protected].
