Golden Visa in Greece: new opportunities and advantages for investors

Greece: A Unique Country for Investments

Greece, with its unique cultural history and deep traditions, is a true gem of the Mediterranean. Every year, this country attracts a significant number of tourists thanks to its stunning landscapes and historical monuments.

State Program for Foreign Investors

The Greek authorities are actively interested in foreign investments, particularly in the real estate market. As of early 2024, Greece remains one of the few countries in the European Union that continues to offer a unique government program for foreignreal estate buyers, allowing them to obtain residency permits.

Golden Visa Investment Program

This program has been functioning since 2013 and includes a mechanism known as“golden visa”It allows foreign investors to legalize their stay in the country in exchange for investments in the Greek economy. The minimum investment amount is 250,000 euros and can be directed towards:

• acquisition of real estate;
• participation in business;
• the purchase of securities;
• opening a large bank deposit.

This type of residence permit is granted for a five-year period with the possibility of extension, provided that the investments are maintained.

Terms of Registration

Since 2020, an important feature has emerged: foreign investors can now apply for a visa without having to travel to Greece; all necessary procedures can be completed remotely. After obtaining resident status, the investor can freely travel to all countries in the European Union, and there is no mandatory requirement to learn the Greek language or to reside in the country on a permanent basis.

Changes for Russian Citizens

However, since 2022, new rules have come into effect for Russians, and now they can only participate in the program if they have a second citizenship. After that, potential program participants will be able to purchase real estate using the passport of another country. One of the most optimal solutions for Russian citizens is obtaining a Turkish passport or another passport from a CIS country.

Norms of Legislation

It is important to emphasize that both Greek and Russian legislation do not impose limits on the number of passports that citizens can hold. The process of obtaining a passport from another country typically takes about two months and is quite fast.

Advantages of Temporary Residence in Greece

The advantages of obtaining a residence permit in Greece are not only the right to reside within the European Union, but also:

• the ease of opening an account in a foreign bank;
• economic maintenance of real estate;
• possibilities for increasing capital;
• stable rental income;
• absence of double taxation.

Family Program

In addition, there is an option for obtaining residency for all family members of the investor, which makes this program particularly attractive for entire families looking to live in Europe.

Investment Prospects

Finally, due to its favorable geographical location and stable economy, Greece is considered an attractive country for investment, which strengthens its popularity among foreign investors and opens new horizons for business development and improvement of the quality of life.

Comprehensive support for investors

Experts from our company provide comprehensive assistance to all clients looking to purchase real estate in Greece for obtaining a "golden visa." Since 2023, the Greek government has introduced a number of new rules regarding the acquisition of real estate for the purpose of obtaining residency through investment. These changes affect not only citizens of the Russian Federation but also foreign investors in general.

New measures have been initiated due to the increase in international investments in the Greek real estate market and with the aim of regulating housing prices in key regions of the country. The updated program conditions are designed to protect the interests of local residents in order to reduce the rising cost of living, while still remaining attractive to international investors.

Changes in the rules for obtaining a "golden visa"

From 2023, new conditions have been set for obtaining a "golden visa" in Greece. Thus, the minimum investment amount in capital cities such as Athens and Thessaloniki, as well as on famous islands such as Santorini and Mykonos, must be no less than500 thousand euros.

It is important to note that it is no longer possible to distribute this amount among several real estate properties; in the case of shared ownership, the amounts of the shares must also exceed the specified threshold. The Greek authorities have announced a transitional period that will last until the end of 2023. For those who make a 10% down payment by August 1, 2023, and complete the transaction by December 31, 2023, the conditions for obtaining a "golden visa" will remain the same.

Advantages of investing in Greece

Investing in Greece opens up numerous opportunities for foreign investors. Among the main advantages of the country, we can highlight:

• Mild Mediterranean climate;
• Beaches available at all times of the year;
• High-quality natural products;
• Rich cultural heritage.

Real estate for rent or personal vacation is in high demand among foreign citizens from various countries, including China, the USA, the UK, Russia, and other CIS countries.

Advantages of the "golden visa"

Having a "golden visa," an investor gains the right to stay in Greece without a visa forfive yearswith the possibility of extension, and can also obtain citizenship after theseven yearsresidences. In addition, residence permit holders can freely move around the countries of the European Union, staying in other EU countries for up toninety daysfor six months.

Simplifying travel

It is also important to note that a Greek residence permit provides opportunities to cross borders that are closed to Russian citizens with tourist visas. This greatly simplifies the travel process and reduces both the time and financial costs of traveling between different states.

Opening a bank account for investors

The right to open bank accounts in Greece is becoming available to those investors who have received a "golden visa." This opens up new horizons for conducting online transactions on various European and international platforms, as well as allows for subscriptions to a wide range of services. Additionally, having such an account is a necessary condition for regular payments, including utility bills and property taxes.

Savings on property maintenance

The costs of maintaining real estate in Greece are generally lower than in developed countries of Western and Northern Europe with similar infrastructure. This factor makes living in Greece more economically accessible and attractive.

Capital investment opportunities

It is also important to note that investors have the opportunity to significantly increase their capital. After the expiration of the "golden visa," selling real estate can yield quite a good profit. Considering the growing interest in the residency by investment program, property prices in sought-after regions of Greece are increasing by 10-11% annually. Currently, the market is on the verge of significant growth, as prices have not yet reached the levels recorded in 2008.

Stable rental income

Ekaterina Maslova, a recognized expert in real estate in Greece, emphasizes the stability of rental income that can be generated from such investments.

The right to obtain a residence permit

In addition, the right to obtain a residence permit (Golden Visa) in Greece extends to the investor's children who are under 21 years old and were born from any of the marriages. When they reach the specified age, there is an option to extend the residence permit for another three years or to register property in the child's name. Additionally, the parents of both spouses are entitled to receive a Greek "Golden Visa," which opens up many opportunities for them.

Ways of obtaining a residence permit through investments

There are three main ways to obtain a residence permit through investments in the Greek economy:

• investment in real estate;
• investments in securities;
• opening a bank deposit.

Real estate investments

Investing in real estate is the most popular route among foreign investors wishing to take advantage of this program. When purchasing a property in well-known cities such as Athens, Thessaloniki, Mykonos or Santorini, the minimum investment amount is as follows500 thousand eurosIn other regions of Greece, this amount may be significantly lower and amount to250 thousand eurosThere is also the option to invest in a 10-year lease of tourist real estate, including hotels or furnished properties, where the amount of investment will depend on the specific location.

Investments in securities

Regarding investments in securities, these instruments refer to stocks, bonds, and other instruments of Greek companies and investment funds. One of the options for obtaining a "golden visa" is the purchase of Greek government bonds for an amount starting from400 thousand euroswhich entitles you to stay in the country for the period offive years.

Bank deposit

There is also the option to open a deposit in a Greek bank, where the deposit amount must be at least400 thousand eurosIt is important to note that all the mentioned ways to obtain a residence permit are valid only if the initial investments are maintained in full. If the investor decides to sell their property or withdraw money from the deposit, their "golden visa" will be automatically canceled.

Required documents for application

To apply for the Greek residency program through investments, you need to prepare the following set of documents:

• a foreign passport with copies of all pages;
• birth certificate;
• two copies of the application for resident status;
• four color photographs measuring 35×45 mm;
• proof of funds;
• documents confirming the nature of the investments;
• certificate of no criminal record;
• marriage certificate;
• a medical certificate from a Greek medical organization confirming the presence or absence of infectious diseases;
• a tax number in Greece;
• confirmation of payment of the state duty;
• documents confirming family ties (for family members);
• medical insurance that meets European standards.

Some of these documents require apostille certification in Russia and subsequent notarized translation into Greek to ensure their legitimacy.

Conclusion

The conclusion of the article summarizes the research on Greece's Golden Visa program and its advantages for foreign investors. I have considered the attractiveness of this offer against the backdrop of changing global circumstances and adapting legislation. Greece, with its unique climate and cultural heritage, continues to be a priority destination for those seeking stability and investment opportunities.

Despite the introduction of new requirements and restrictions, Greece offers a number of significant advantages for investors. The rights granted by the "Golden Visa" greatly simplify life, opening doors to visa-free travel throughout the EU and providing security amid complex economic and political situations. This makes Greece not just a country for investment, but also a comfortable place to live.

Advantages of the "Golden Visa"

• The right to unlimited residence in Greece for 5 years with the possibility of extension.
• Free movement within EU countries for up to 90 days in a six-month period.
• Reduction of time and financial costs when crossing closed borders.

Given the new conditions that are becoming increasingly relevant in the context of the global economy, individuals interested in obtaining resident status can expect qualified support.It's important to considerMany investment opportunities remain on the agenda, and those who seize the moment will be able to take advantage of favorable offers. I believe that the development of the real estate market in Greece and further changes to the "Golden Visa" program will attract more international investments, which in turn will serve as an additional stimulus for the country's economic growth.

In conclusion, Greece, maintaining a high quality of life and favorable conditions for investment, continues to attract the attention of both local and foreign investors. The "Golden Visa" offers unique opportunities that are worth considering as a strategic step towards asset diversification and opportunities for travel enthusiasts. We can only wish all potential investors a successful experience in this exciting process.