The popularity of its mythical stories and picturesque countryside has helped Greece to sustain its standing as one of the most popular countries in Europe. Once termed as the “Cradle of Western Civilization”, more than 80% of the land area is engorged with mountains, hills, and valleys. In addition to being a full-fledged EU member, the country is also a member of multiple international organizations.
Greece Real Estate Investment Option & Requirement
The Greece Residency by Investment Program was introduced by the Greek government in 2013 to enable genuine investors to acquire residency in Greece by investing in real estate. Greece also holds another record as having the cheapest residency by investment rate in Europe. Above all, the program entails investing in Real Estate and some other forms of investment.
An investment in real estate property with a minimum value of €250,000 is required. The property can be located anywhere on the Greek mainland or the islands, can be either residential or commercial. Any number of properties can combine to make up the €250,000 minimum investment. Joint buyers can combine investments into one property.
The application process takes about 30-40 days from the time of investment until the Residency Permit is issued. The applicant needs to have made the property investment in Greece prior to applying for the visa.
An applicant:
- No criminal record in the country/countries you have lived in previously
- Evidence of excellent health and certain documents are required for proving it
- Have a high personal net worth for making investment and keeping it for a minimum of five years
- Reside with the family members who are included in the application in the country for a minimum of 35 days within five years.
Benefits
- Visa-free travel within Europe’s Schengen Area
- Applicants are not required to reside in the country during the application process
- Your spouse, parents, and children up to 21 years of age can be clubbed into this investment
- Eligibility to apply for citizenship after seven years of residence
- Individuals require a work permit to be employed in Greece but have the right to establish a business
- Taxes need to be paid for income generated within the country; however, no tax is required to be paid for income generated outside the country
- It can be renewed after five year