Investing in Greece real estate is an excellent option because of the Golden Visa Program Greece offers. Through this program, people can invest in real estate in Greece for permanent residency. The Greek government introduced this program in 2013. The primary purpose of this was to encourage investment in Greece.
Necessary details about the Greece residency visa
Investors have to invest in a real estate property and, based on that, gain citizenship. The approved applicant Greece residency through real estate investment will get a permit for five years. After this, they can apply for permanent residence. People who are residing in Greece are eligible to apply for citizenship after seven years.
The Greek passport is one of the best passports and has its perks of visa-free travel to the US and across all Europe. Greece is also renowned for its tourism, making it a good country to live in.
Means to acquire the Greece golden visa
There are many options available for getting the Greece Golden Visa. Outlined below are a few of them:
- Through real estate investment
- Through business investment
- Through investment cost
Out of all these 3, real estate investment is the best-suited option. This is due to its affordable investment need and providing permanent residence in a European Union country.
Why invest in Greece real estate?
Once you invest in real estate in Greece, you are eligible to apply for the Golden Visa Program. As an investor, you can travel to Europe and the Schengen zone without any problems. Even your family members will be eligible to apply for the residency permit.
Qualifying family members include spouses and all children under 18. Children who are 18 or over can apply if they are studying. The Greek residency program was recently extended to the parents of both investors and spouses.
If you are not a resident of Greece but are investing in real estate in the country, you will have to pay lower taxes than others. Taxes will be charged on your income from outside the country.
As an investor, you will be eligible to apply for citizenship and a passport after seven years of residency. Once you have citizenship, then you can dispose of your investment. Any further visa renewals won’t be needed in such instances.
If the resident sells the property to another non-EU citizen, the Greek residency becomes transferable to the new investor.
How to apply for the Golden Visa program?
The application for an entry visa to Greece has to be submitted to the authorized Greek consulate. The Greek consulate needs to be in your respective country. The next step is to collect all necessary documents. These documents include a sale agreement for the real estate option.
Submit all these documents to the Alien and Immigration Department at the Decentralized Authority. After receiving all the documents, the authorities send a confirmation message, and the process begins.
You will have a duration of 12 months to submit the biometrics. The investment option should be completed in this period as well.
Eligibility for investing in Greece through real estate
There are a few basic requirements if you wish to invest in real estate in Greece. Just like any other scheme, you will need to have a clear criminal record. You will also need to have medical insurance. This will cover your stay in Greece.
If you are wondering whether there is any minimum stay requirement, the answer is no. You can stay for as long as you want. You will also have to renew the residency visa every five years.
The total fees for investing in real estate in Greece
The total real estate investment amounts to at least € 250,000. Government and lawyer fees are an additional fee; these will cost you €15,000. The notary fee will be included in €15,000. An additional VAT of 24% has to be paid for making any real estate investments in Greece.
If you are interested in investing in real estate, Greece should be among your top preferences. If you make an investment in real estate in this country, you will be eligible to apply for a residency visa. It is possible through the golden residency visa permit. Discussed above are a few details regarding the golden residency visa permit. The requirements and eligibility are outlined as well. Not only this, but you will also be able to travel across the EU Schengen zone with no difficulty.