Greece has made significant progress in restoring its economic stability in recent years. According to recent official statistics, Greece’s economy ranks 81st in terms of Gross Domestic Product (GDP), which amounts to $307 billion. Furthermore, Greece is considered one of the top 15 economically strong countries within the European Union consisting of 27 members. In this article, you will learn about obtaining permanent residency in Greece through real estate investment.
About the Golden Visa Program in Greece
The Greek economy is classified as advanced and robust, driven by sectors such as services, industry, agriculture, and tourism. Greece offers investment opportunities, making it highly popular among investors seeking to improve their family’s lives and take advantage of employment opportunities that can yield positive returns on their investments.
Among the economic support plans introduced by the Greek government is the launch of the Golden Visa program in 2013, This program allows eligible investors and their families to obtain permanent residency. According to the Golden Visa program’s specific regulations, investors interested in applying for the program are required to make an investment in Greek real estate (apartment, house, store, land, or a portfolio of real estate assets) with a minimum amount starting from 250,000 euros in specific areas in Athens and some Greek islands.
Investors are required to maintain ownership of the property they purchased to renew their residency. This program is considered one of the strongest among European countries and has seen significant interest from several Arab countries. For instance, in Lebanon, 304 visas were issued last year, 250 in Egypt, 135 in Iraq, and 86 visas in Jordan.
Benefits of the Golden Visa Program in Greece
The Golden Visa program in Greece offers many benefits, which are as follows:
- The investor and his family members obtain the right to reside in Greece.
- Freedom of movement between all countries of the Schengen Area for all family members.
- Achieving a return on investment by renting the property.
- Greece has the lowest property transfer tax in Europe.
This program also allows you to obtain a Greek passport if you meet the conditions, which is ranked 7th according to the Reach Immigration Passport Ranking Index, allowing you to enter 187 destinations around the world without a visa or visa on arrival.
It’s worth mentioning that the Golden Visa program for Greece witnessed a significant increase in the number of approvals in 2021, with a total of 1,035 approved applications, representing a 10.3% increase, These statistics place Greece’s Golden Visa program among the top programs, alongside Portugal, Cyprus, and Spain, with the highest number of approved applications.
If you are interested in real estate investment in Cyprus, Greece, Spain, or the United Kingdom, contact us by clicking on the link here.
