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Greece Golden Visa Update

 

Currently, many countries are offering the ‘residency by investment’ route to foreign investors. Many investors have made use of this route to gain residency for themselves and their family. Besides the more popular United States, Australia, Canada and the UK, Greece is also one of investor’s top choice. It is not surprising noting the low entry requirements and the brand name of the country.

Greece’s golden visa program requirements are not difficult to meet:

“Just invest at least €250K into properties (which you can rent it out for income).”

This investment amount is the lowest among the EU countries and best of all there is no stay requirements, unlike Portugal which requires an average of 7 days a year.

Since 2013, Greece had introduced their ‘residency by investment’ program (golden visa) to attract investments into Greece. It had become one of the more popular country that thousands of investors are attracted to and applied for the Greek residency permit, especially the Chinese.

Greece passport and residency

An apartment in Greece

However, due to the Covid pandemic, the Greece golden visa residency program was temporary halted.

Now that the pandemic is well under control in Greece, the Greek government has relaunched the golden visa program in hopes that it will jump start the real estate market and bring in much needed investment back into the country’s economy, which is emerging out of the lock down.

As the pandemic subsides, the Greek economy, like other countries, is expected to rebound. There is no doubt that as tourists begin to make their way gradually back to the shores of Greece, property rentals, property price and economic activities will in turn pick up. The National Herald has written an informative article here.

This may be a good time to consider investing in Greece properties and reaping its rewards. At the same time, if you invest more than €250K, the Greek government will be glad to grant free residency status for you and your family.

And not forgetting the mature foreigners, the Greek government is also enticing the foreign pensioners/ retirees to make Greece their home by luring them with a 7% flat tax across all foreign income earned.

To its credit, Greece has done a stellar job of responding and managing the pandemic. The country has also proved that their healthcare system is solid and a good healthcare system is a critical factor in attracting pensioners’ decision to migrate.

Emerging from the pandemic, Greece is now targeting a wider range of  foreigners to take up residency in Greece. Not only smart investors can invest and apply for 2nd residency, a rising trend of ‘working remotely’ or ‘working from home’ workers and retirees can consider relocating to Greece for a more relaxing work environment and lifestyle too.

Key advantages of the Greece Golden Visa Program:

  • Schengen member means visa-free travel within Schengen Area;
  • Absolutely no requirement to stay in Greece;
  • Residence permits approved within 30–45 days;
  • Able to rent out the investment property for income;
  • Family is able to apply (married spouse, children under 21 years old, and parents of the main applicant and spouse);
  • No need to provide a clean criminal record;
  • Low entry level of investment with low government fees.

Do contact us for more  information on getting your Greek residency!

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