Europe is a diverse region, every country has its own culture and lifestyle. Greece has always been the best European vacation destination globally. Greece Golden Visa scheme was initiated in 2013 and it is one of the cheapest residency programs in Europe. After the abrupt closing of Ireland’s Golden Visa and the chances of Portugal ending their residency program, Investors are now taking interest in Greece to invest in luxury real estate. But the government of Greece made an announcement to revise the investment amount for Golden Visa Scheme from 1st May 2023. Looking at the global response toward this decision, the government is ready to extend the transition period till 31st July 2023.
Greece is going to double its investment amount for a single applicant. Currently, the investment amount is EUR 250,000 till the end of April 2023. But the new real estate investment for Greece Golden Visa will be EUR 500,000. The permanent Residency Program of Greece has seen a surge in applications in 2022 and it is still trending among investors in 2023. Last year, 4000+ applications were submitted which is double the number of applications in 2021. As of the last week of February, authorities have already received more than 1200 applications this year. This rapid increase in demand is a result of the ending of two European Golden Visa Programs all of sudden. As Portugal’s golden visa is also going through twists and tunnels, Investors are shifting their attention toward Greece now.
About the Program:
Greece Golden Visa Scheme targets individuals with high net worth all around the world. The country offers 5 years residency permit in return for an investment in the real estate of the country. However, the five years residency permit will keep getting a renewal after every 5 years and in long term, under certain circumstances, individuals can get citizenship too. Moreover, Investors need to make an investment of €250,000 in Real Estate by 30th April 2023 to get a five-year residency along with their families. Individuals are eligible to work and live in the country after the application approval.
Why Choose Greece Golden Visa?
There are multiple benefits individuals can enjoy after getting the Golden Visa. Investors usually ask why they should choose Greece Golden Visa Scheme and how it will benefit them and their family. In this article, we are enlisting a few major reasons why Investors need to invest in the Real Estate of Greece.
Freedom of Global Mobility
Greece is located in the European region and the applicant being a resident of Europe is eligible for visa-free traveling to the Schengen region with any visa requirements. Greece itself is one of the major tourist attractions and keeping that in mind, the Greek authorities operate in a manner to provide hassle-free traveling opportunities to its residents. It is a huge relief for frequent travelers that they do not need to waste time & expenses on visa approvals. Once you will achieve citizenship status, you can travel to 185+ countries visa-free.
Inclusion of Dependents
While making such great investments, investors are usually panicking about their family members. There are countries that do not cater to multiple dependents. But Greece Golden Visa Scheme gives great consideration to this concern. Children under the age of 21, parents & grandparents of the applicant & spouse are eligible to become part of the application as dependents. Basically, it covers 4 generations at a time which is a major reason to opt for this program.
Minimum Residency Requirement
Most of the countries offering Golden Visa have a major requirement of stay. Golden Visa countries ask you to stay in the country during and after the process. Investors who invest in the real estate of any country for the sake of getting residency usually do not have time to live in the country. They mostly attain a golden visa for other benefits than living in the country. This program only requires a one-day stay per year. In order to achieve permanent citizenship, residents need to live in the country for seven years in the country.
Investors who plan to move to another country really don’t want to wait for months to get an application approval. This is one of the major reasons why investors should consider Greece a prior choice. From application submission to final approval, it takes 90 to 120 days only.
High Quality Education & Healthcare
The European region has some of the best educational institutions. People who want their children to study in these reputed institutions with low tuition fees should definitely apply for a golden visa. Having a resident status makes a lot of difference in the fee structures in high schools & universities.
If you are a citizen of a developing country, you can realize the pressure of taxes every individual is facing. Opting for residency in Greece is a good choice because the overall taxation rates are very low. Being a resident of Greece, investors can experience how sustained the country’s economy is. Also, Recently Greece is offering a flat 7% tax rate incentive to pensioners who decide to move their tax residency to Greece.