The Golden Visa Program in Greece

Unlocking Opportunities for Global Investors

Introduction

The Golden Visa Program in Greece has gained significant attention and popularity among global investors seeking lucrative investment opportunities and a pathway to European residency. This innovative program offers a host of benefits to foreign individuals and families who invest in Greek real estate, stimulating economic growth, attracting foreign capital, and fostering international collaboration. In this comprehensive guide, we delve into the details of the Golden Visa Program in Greece, exploring its advantages, eligibility criteria, application process, and the potential it holds for investors around the world.

Understanding the Golden Visa Program

What is the Golden Visa Program?

The Golden Visa Program, officially known as the Greek Residency by Investment Program, was introduced in Greece in 2013. The program allows non-European Union (EU) citizens and their families to obtain a renewable five-year residence permit in Greece by making a qualifying real estate investment in the country.

Eligibility Criteria

To be eligible for the Golden Visa Program in Greece, investors must meet the following criteria:

1 – Real Estate Investment:

Applicants must invest a minimum amount of 250,000 euros in residential or commercial property in Greece. The investment can be made through the purchase of one or multiple properties.

2 – Legal Requirements:

Investors must be at least 18 years old, have a valid passport, and provide proof of a clean criminal record. They should also have medical insurance coverage for themselves and their family members.

3 – Financial Capacity:

Applicants must demonstrate that they have sufficient funds to support their living expenses in Greece without relying on public welfare.

Benefits of the Golden Visa Program

1 – Residency Permit:

Successful applicants and their families receive a renewable five-year residence permit, allowing them to live, work, and study in Greece, as well as travel freely within the Schengen Area.

2 – Family Inclusion:

The Golden Visa Program extends to the investor’s spouse, children under the age of 21, and the investor’s parents.

3 – Pathway to Citizenship:

After maintaining their residency permit for at least seven years, investors and their families become eligible to apply for Greek citizenship, subject to meeting additional requirements.

4 –  Access to European Union:

Obtaining a Greek residence permit through the Golden Visa Program provides investors with access to the European Union and the numerous benefits that come with it, including access to healthcare, education, and business opportunities.

5 – Investment Opportunities:

The program allows investors to capitalize on the potential of the Greek real estate market, which offers attractive options for long-term growth, rental income, and capital appreciation.

Application Process

The application process for the Golden Visa Program involves the following steps:

1 – Property Selection:

Investors must identify suitable properties in Greece that meet the minimum investment requirements and align with their investment objectives. It is advisable to seek guidance from real estate professionals or legal advisors to ensure compliance with the program’s regulations.

2 – Due Diligence:

Conducting thorough due diligence on the chosen property is essential to ensure its legal status, ownership documentation, and compliance with building regulations.

3 – Documentation and Application:

Investors must gather the necessary documents, including property purchase contracts, proof of funds, identification documents, and a clean criminal record certificate. The application is submitted to the Greek authorities for review.

4 – Residence Permit Issuance:

Once the application is approved, investors receive a residence permit valid for five years. The permit can be renewed provided the investor maintains the ownership of the property and fulfills the program’s requirements.

FAQs about the golden visa program in Greece

A: Yes, as a participant in the Golden Visa Program, you have the flexibility to rent out the property you purchase. This provides an opportunity to generate rental income and maximize your investment returns.

A: No, there is no requirement for Golden Visa holders to reside in Greece permanently. However, it is necessary to visit Greece at least once every two years to maintain the validity of the residency permit.

A: Yes, you can sell the property at any time. However, it is important to note that in order to maintain your residency permit, you must maintain ownership of a qualifying property in Greece. If you sell the property, you will need to invest in another property to remain eligible for the Golden Visa.

A: Yes, the Golden Visa Program allows for the inclusion of parents of both the main applicant and their spouse. This offers the opportunity for families to live together and enjoy the benefits of residency in Greece.

A: Golden Visa holders are subject to the Greek tax laws and regulations. It is advisable to consult with a tax professional to understand the specific tax obligations and benefits associated with the program, including any applicable property taxes, income taxes, and capital gains taxes.

A: Yes, the Golden Visa residency permit allows you to travel freely within the Schengen Area, which includes 26 European countries. This provides additional convenience and flexibility for business or leisure travel.

Conclusion

The Golden Visa Program in Greece has revolutionized the investment landscape, offering global investors an attractive pathway to European residency and access to a vibrant and culturally rich country. With its benefits such as a renewable five-year residence permit, inclusion of family members, and the potential for Greek citizenship, the program has garnered significant interest worldwide.

 

By making a qualifying real estate investment, investors not only gain a foothold in the Greek market but also unlock the potential for long-term growth, rental income, and capital appreciation. The program provides an opportunity to diversify investment portfolios and explore the unique opportunities Greece has to offer.

 

However, it is crucial to thoroughly understand the program’s eligibility criteria, application process, and legal requirements. Seeking guidance from experienced professionals, such as real estate advisors and legal experts, can ensure a smooth and successful Golden Visa application.

 

The Golden Visa Program in Greece opens doors to new horizons, combining investment opportunities with the allure of European residency. Embrace this opportunity, explore the possibilities, and embark on a rewarding journey in one of the most captivating countries in the world.

Contact our experts at Travok Europe for a free consultation.

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