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 of 500,000 euros.
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 numerous benefits and advantages to interested individuals. Investors and their families are granted the right to reside in Greece and enjoy social benefits and educational rights for permanent residency holders. Additionally, they benefit from the freedom of movement within all Schengen Area countries for all family members.
Furthermore, investors can generate returns on their investments by renting out the property they have acquired. Greece has the lowest property transfer tax in Europe, adding to the program’s appeal, This program also allows you to obtain a Greek passport if you meet the conditions. Greek passports are highly regarded, ranking ninth in the Henley Passport Index, granting you visa-free or visa-on-arrival access to 184 destinations worldwide.
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.
At Reach Real Estate Investment, we have experience and expertise in the real estate sector, with branches spread around the world. If you are interested in real estate investment options in Europe, you can get your free consultation and contact us through the link provided here.