The investment migration experts at Astons elaborate on the Greek Residency by Investment Program and explain why you should submit an application without delay to obtain an EU residence permit under the beneficial conditions.
I heard Greece offered residence permits at a good price – is this true?
Yes, you can obtain a residence permit with minimum investment. All you need to do is purchase property at a minimum of €250,000. This is the most affordable offering in the EU. For instance, a Spanish residence permit will set you back at €500,000. In Cyprus, you’ll pay from €300,000 onwards, Malta’s residency program requires €330,000, and in Monaco it’s €1,000,000.
If you plan to obtain a residence permit in Greece, we advise you not to delay your decision since the immigration program conditions may change and the minimum investment may rise.
How much time do I have to make up my mind?
As of now, the Greek immigration programme remains unchanged: you can get a residence permit by investing from €250,000 onwards into property. However, the Greek media have published information that the government is considering a twofold increase of the qualifying investment as well as other changes.
For instance, the closest competitor of Greece’s program – Spain – reveals high efficiency with a minimum investment of €500,000.
If you want to jump on the opportunity and obtain a European residence permit with minimum investment, you should submit your application right away. At this point, the Greek program operates under the most lucrative conditions in the EU.
I see. What are the benefits of a Greek residence permit?
The Greek residence permit will allow you visa-free travel to any Schengen country. You’ll be able to enter 26 countries without a visa and stay for 90 days within every half-a-year. This opportunity will greatly improve your mobility and quality of life.
You can obtain a Greek residence permit very fast: you’ll become a resident of the country within 60 days after application submission.
You can obtain the permit not only for yourself but also for your family – in a broad sense: your spouse, financially dependent children under 21, as well as parents and grandchildren.
Another benefit of Greek residency is the clear and simple requirements. You invest into property, get a residence permit for the term of five years. After that, you may extend your permit as many times as you wish provided that you still hold the property.
Please note that Greece’s residency by investment scheme unlocks the opportunity to live in the country, and access free healthcare and high-quality European education at discount rates, but without a right to work.
Will I be able to obtain a passport after I become a Greek resident?
Yes! You will be able to apply for permanent residence and citizenship in Greece for yourself and your family members. According to the Greek immigration programme, you don’t have to live in the country either before or after obtaining the residence permit (which is a decisive factor for many foreign investors).
If you plan on getting permanent residence, you will need to stay in Greece for the larger part of the year (at least 183 days). On meeting all immigration requirements, you’ll be able to apply for permanent residence in five years and citizenship in 10 years.
Good. To procure a residence permit, I need to invest €250,000 into Greek property, right?
According to the immigration programme of Greece, you can choose one of the options based on your needs and interests.
1. Invest into Greek property from €250,000
You can purchase one or multiple real estate objects at the total cost of €250,000. You will obtain a residence permit for five years and you will be able to extend it for multiple five-year terms (as long as you hold the property).
2. Invest into property rental from €250,000
You rent a property or invest in a timeshare for a minimum term of 10 years. A timeshare option is a hotel or residence registered by the Greek National Tourist Organisation. You will obtain a residence permit for five years and you will be able to extend the permit for multiple five-year terms.
3. Other investment options
The Greek government has recently enhanced the criteria for getting a residence permit. Now, foreign investors from outside the EU can get a residence permit in Greece by investing a minimum of €400,000 into stocks or enterprise shares. To get a residence permit, you can open a €400,000 deposit held for one year with further extension in a local bank. Alternatively, you can invest €400,000 into a realty investment company.
The Greek authorities offer other options as well, yet the most popular scenario for residence permit purposes is still property investment.
I see. I don’t know much about the Greek real estate market. Where should I purchase the property?
No worries, the Astons experts will advise you on the local real estate market and any other questions. They will look into your specific case and suggest a best-fitting option based on your preferences.
The property market in Greece is now on the rise. Most foreign investors who purchase real estate in Greece within the immigration programme – opt for Athens. The most demanded neighbourhoods in the capital are Kolonaki and Plaka with deluxe apartment rates starting at €4,000 per square metre. Athens is followed by Piraeus, Pallini, Poligiros, Chania, Thessaloniki, Ermoupoli, Corfu, Corinth and Lefkada.
Can I yield revenues from the Greek property?
Sure! The current property rates in Greece are very moderate. A square metre rate here is 1.5–2 times lower than in Spain, Portugal or Malta. That said, Greek property experts predict the increase in real estate prices in the near future. Greece has a dynamic tourist market so resort property owners will be able to rent it out with solid ROIs.
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].