Greece provides a compelling pathway to residency through its investment program, making it an ideal choice for those looking to live, travel, or conduct business in Europe. With its rich cultural heritage, exceptional quality of life, and strategic location, Greece stands out as a top destination for investors seeking permanent residency through its residency-by-investment program.
Greece Permanent Residency By Investment
Greece’s permanent residency by investment is a program that allows non-European Union nationals to obtain residency by making a qualifying investment in the country; Introduced in 2013, the program’s main objective is to attract foreign capital and boost the economy while offering investors the ability to live in one of Europe’s most desirable locations.
The most common form of investment is in real estate, although the program’s simplicity and flexibility make it accessible to a wide range of investors.
Greece Permanent Residency By Investment Requirements
Securing Greece’s permanent residency by investment is relatively straightforward; The primary requirement is making a qualifying investment in Greek real estate.
Depending on the location of the property, the minimum investment amount is:
- Option 1: Converting Commercial to Residential Properties
Invest €250,000 in a commercial property converted into residential, with the conversion handled by the developer, regardless of location or size. - Option 2: Investing in Prime Properties
Invest €800,000 in properties (minimum 120 sqm) in prime locations like Attica, Thessaloniki, Mykonos, Santorini, or large islands, offering high ROI potential. - Option 3: Investing in Other Areas
Invest €400,000 in a property (minimum 120 sqm) in less-demanded regions of Greece to qualify for the Golden Visa.
Applicants must also meet the following criteria:
- Be a non-EU national.
- Have sufficient funds to maintain their investment and support themselves while in Greece.
- Include all necessary documentation, such as proof of purchase, legal compliance, and personal identification.
The application process also allows investors to include family members, such as a spouse, children under 21, and parents, providing a comprehensive solution for families seeking residency.
Benefits of Greece Permanent Residency by Investment
Greece’s permanent residency by investment offers a wide array of benefits, making it one of the most sought-after programs in Europe; Some of the key advantages include:
- Travel Freedom: Residency allows visa-free travel within the Schengen Area, which includes 26 European countries.
- No Minimum Stay Requirements: Unlike other programs, there’s no requirement to live in Greece to maintain residency.
- Family Inclusion: Spouses, children, and parents can benefit from the same residency rights as the primary investor.
- Renewable Residency: Permits are valid for five years and can be renewed indefinitely as long as the investment is maintained.
- Pathway to Citizenship: After seven years of residency, applicants may be eligible to apply for Greek citizenship, gaining access to all European Union benefits.
- Quality of Life: Greece offers a high standard of living, excellent healthcare, and access to world-class education.
How to Apply for Greece Permanent Residency
The process for securing Greece permanent residency by investment is straightforward and typically completed within a few months.
Here’s a step-by-step guide:
- Contact an Authorized Agent:To guide you through the application process, ensure compliance with all program requirements, and assist in selecting the best investment option for your needs.
- Choose Your Investment Option: Decide whether to invest €250,000 in converted commercial properties, €400,000 in other areas, or €800,000 in prime locations.
- Complete the Purchase: Finalize your real estate transaction and ensure all legal requirements are met.
- Prepare Documentation: Gather proof of investment, identity documents, and any additional paperwork required.
- Submit Your Application: File your application with the relevant Greek authorities.
- Wait for Approval: The processing time usually ranges from two to three months.
- Receive Your Residency Permit: Once approved, you and your family can enjoy the benefits of permanent residency.
Additional Costs and Considerations
While the investment is the core component of the application, there are additional costs to consider:
Application Fees
- Main Applicant: €2,016
- Dependents above 18: €166 per dependent
Taxes and legal fees
- Notary Fees 1.5% of property value plus VAT
- Legal Fees 1.5% plus VAT
- Land registry 0.8% of property value
- Property Transfer Cost 3.09 % of property value
These costs should be factored into your overall investment to ensure a smooth application process.
In Conclusion; Greece permanent residency by investment is a compelling opportunity for individuals and families looking to secure residency in a European country with a rich history, natural beauty, and economic potential; With its straightforward application process, flexible requirements, and numerous benefits, the program is a practical and appealing choice for investors worldwide.