What You Need To Know About Greece Golden Visa

Golden Visa, or Citizen/Residence by Investment program, is a ‘golden’ opportunity for investors to invest in certain countries and acquire permanent residence and/or citizenship. These programs have become quite a vogue since the late 1980s. They are known to be innovative modes of attracting foreign investments in diverse areas, especially real estate.

European countries, particularly those which are part of the European Union (EU), are increasingly offering these programs and have been quite a hit among investors considering the nature of the benefits provided. One such country that is tapping the potential of these programs is Greece. The Greece Golden Visa program has only started recently but is being touted as a potential favorite among seasoned investors. Today, we will explore what is offered under this program. Knowing these details might help you ascertain whether or not this program works for you. 

A brief introduction

Before anything else, let us know the most basic information about the said program. The Greece Golden Visa Program started in the year 2013 that allows successful applicants to acquire a permanent residence permit. For that, they are required to make certain real estate investments in the country, the amount of which is among the lowest in the EU. Once you invest €250,000 (there are other alternatives as well) and pass the background check, you will be eligible for the permit. Moreover, you are allowed to add your family members to the program. 

The Eligibility Criteria

While I have already given some idea of the criteria, I will cover them in more detail. Broadly speaking, there are five things you must take into account: you must not be a citizen of a member of the EU or European Economic Area (EEA), must be at least 18 years of age, must not possess any criminal history, must have a good character, and must have your and your family’s health insurance. The application you submit undergoes due diligence on these grounds. Initially, you had to come all the way to Greece to apply for the Golden Visa Program but not anymore. Interested applicants can remotely apply for the program.

Types of investments that can be made

Now let us move to the major part. You must have a legal source of investments you make. As mentioned above, you can make many types of investments under the program. You can invest a minimum of €250,000 in real estate, enter into a 10-year lease agreement pertaining to tourism resorts or hotels, or invest €400,000 in government bonds or shares of real estate investment companies. Within these as well, there are conditions. For instance, when you decide to invest in real estate, the ownership and possession of the property must be with you. So, make sure you read through the terms and conditions diligently. 

Benefits under the program

Under the program, you will get all the benefits concomitant to golden visa programs. To begin with, you and your family will be allowed to live in Greece as long as you want. In fact, you don’t have to stay there for any particular amount of time under the program. With this right will come the necessary access to educational opportunities and healthcare benefits as well. Moving on, you will be offered visa-free mobility across the EU and Schengen Area, making your experience hassle-free. Also, and it must have become quite evident, the minimum investment requirements are pretty reasonable in comparison to Greece’s European counterparts. Before I wrap up this point, I must tell you that you may be extended tax benefits depending on your country of origin/residence and the duration of your stay in Greece. 

How successful the program has been

The Greece Golden Visa Program is actually very successful. Until this year, more than 27,000 permits have been granted under the program. These successful applicants have injected as much as €2.6 billion worth of investments into Greece. The highest number of applicants comes from China, followed by Turkey and Russia. As time progress, the program is being increasingly touted as a gateway to even more gigantic volumes of investment.

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