If you’re considering living in Europe, obtaining a Greece residence permit through investment, known as Golden Visa, could be an excellent option; The process is straightforward and offers many benefits, including access to the Schengen Zone; This guide will help you understand how to navigate the process and what to expect
What is The Greece Residence Permit?
The Greece residence permit allows non-EU nationals to live and work in Greece, with the added benefit of traveling freely within the Schengen Area; This residence permit is available through various investment options, primarily real estate, making it an attractive option for investors looking to diversify their portfolios or find a new place to call home.
Investment Options for the Greece Residence Permit
The permit for Greece residency is primarily obtained through investment, specifically in real estate; There are different levels of investment based on the property’s location, and each option offers its own advantages; as follows:
- Option 1: Converting Commercial to Residential Properties
One of the most attractive options under the new regulations is converting commercial properties into residential ones. Investors can buy a commercial property valued at €250,000 that will be converted into a residential space, regardless of location or size. In most cases, this conversion is done by the developer with no additional work on the investor’s end.
- Option 2: Investing in Properties Worth €800,000
For high-budget investors, an option is to invest in properties with a minimum area of 120 square meters located in prime locations, such as the Attica region, Thessaloniki, Mykonos, Santorini, and large islands with over 3,100 inhabitants. Although the minimum investment is €800,000, the return on investment can be substantial.
- Option 3: Investing in Properties Worth €400,000
In other parts of Greece, investors can obtain the Golden Visa by investing €400,000 in a property with a minimum area of 120 square meters.
The real estate investment requirement is relatively straightforward, but understanding the full financial commitment, including additional fees, is essential.
Benefits of the Greece Residence Permit
This residence permit offers numerous advantages, making it one of the most attractive residence-by-investment programs in Europe; Here’s why many people choose Greece:
- Schengen Zone Access: One of the most significant benefits of the residence permit is access to the Schengen Zone; This allows residents to travel freely across 29 European countries, making it perfect for both business and leisure travel.
- Family Benefits: The program allows you to include your family members, such as your spouse, children under 21, and even your parents; This means your loved ones can also enjoy the perks of living in Greece and traveling within the Schengen Zone.
- Path to Citizenship: While this residence permit does not automatically grant citizenship, it can serve as a pathway to Greek citizenship; After maintaining your investment for a certain period and livin in the country, you may become eligible for citizenship, allowing you to enjoy full European Union rights, including the ability to live and work in any EU country.
- Favorable Tax System: Greece offers a favorable tax regime for new residents, which can be especially beneficial for those looking to manage their financial affairs; For example, non-domiciled tax status may reduce taxes on foreign income.
- High Quality of Life: Greece’s rich history, stunning landscapes, and Mediterranean climate make it an attractive place to live; From the bustling streets of Athens to the relaxing beaches of Crete, the country offers a unique lifestyle that appeals to many investors.
The Application Process for the Greece Residence Permit
The process of applying for a Greece residence program is relatively simple, though it does involve several key steps:
- Choose Your Investment: Start by selecting your investment property; This could be residential or commercial real estate, depending on your preferences; Make sure the property meets the minimum investment requirements, either €250,000, €400,000 or €500,000, depending on the location.
- Submit Your Application: You’ll need to gather the necessary documents, including proof of identity, proof of investment, and biometrics; It’s highly recommended to work with a lawyer who is familiar with the process to ensure everything is in order.
- Wait for Approval: After submitting your application, it typically takes a few months to receive approval; This depends on various factors, including the complexity of your case and the workload of the immigration authorities.
- Receive Your Residence Permit: Once approved, you’ll receive your residence permit, which is initially valid for five years; You can renew this permit as long as you maintain your investment.
Why Choose a Greece Residence Permit?
The Greece residence program is an appealing option for individuals looking to enjoy the benefits of living in Europe; With its attractive investment requirements in real estate, and the additional advantages of Schengen Zone access and family inclusion, it’s a compelling choice for many.
The process is relatively simple, and the financial requirements are lower than those of other European countries, making Greece an accessible option for investors; Whether you want to live in a bustling city or enjoy the tranquility of the Greek countryside, the Greece residence program offers flexibility and opportunity.