Within the Golden Visa programs, Greece has positioned itself as one of the most attractive countries for investment since the inception of these programs in Europe.
Residency vs. Citizenship
It is important to differentiate between residency and citizenship. Golden Visa programs grant European residency in exchange for an investment, subject to conditions and responsibilities to maintain it. To convert this residency into citizenship, certain requirements must be met, which vary depending on the country.
Residency allows for freedom of movement, access to healthcare and education, among other rights, and generally includes the same rights as citizenship, except for the option to vote. However, residency must be renewed, while citizenship cannot be revoked and can be passed on to descendants.
The European Union is increasingly imposing barriers to obtaining citizenship, phasing out programs that allow for its convenient acquisition.
Regarding residency and its easy maintenance, the Greek Golden Visa is a leader in Europe. To qualify for citizenship, similar requirements to other options are required; however, residency is so convenient, durable, and easy to maintain and renew that there is often no real need to become a citizen.
Golden Visa in Greece
Greece offers the most affordable Golden Visa option in Europe, starting from a real estate investment of 250,000 euros. It has no restrictions on population density, property type, age, or subject to renovations, as is the case with most other programs. You can purchase the property that best suits your specific needs, whether for personal use or for investment profitability, capital appreciation, etc. The only restriction is that properties cannot be acquired in certain neighborhoods of Athens, Thessaloniki, Mykonos, and Santorini, but 99% of the country is still available.
In terms of investment, some of the most attractive returns can be found in terms of rentals, as they are almost always vacation rentals with high demand, as well as in capital appreciation. Greece has emerged from a 10-year recession characterized by a downward trend in the real estate market. The rebound began a few years ago, allowing for attractive discounts throughout the national territory. Some tourist islands have reached their lowest point since 2011 in terms of property purchases. Popular islands such as Milos, Santorini, and Mykonos are already overcrowded, making it difficult to find good projects, but there are emerging gems with tremendous popularity and capital appreciation, such as Crete or Corfu.
Regarding residency, Greece grants a 5-year permit that does not require a minimum stay in the country (not even the need to visit) to maintain and renew residency in the fifth year. The only requirement for renewal is to continue owning the property. Residency is granted within 1-2 months and provides almost the same rights as a citizen, except for the right to vote and have a Greek employer.
If you want to obtain Greek citizenship, things become a bit more complicated, as it is necessary to live (spend the majority of the year) in Greek territory for 7 years. With the European Union increasingly placing more obstacles to obtaining citizenship through investment in all countries that offer this alternative, the question arises: is it necessary to obtain citizenship? Does maintaining permanent residency without worrying about losing it satisfy the same needs?
Of course, if you are seeking European citizenship to find work in Denmark, for example, maybe it does. However, if you are looking for something that allows you to travel and spend indefinite time in the European Union without having to worry about residency, permanent residency is sufficient, especially in a country like Greece, where there is no need to visit the country to maintain it, and renewals are not subject to any restrictions and occur every 5 years.
One of the best ways to obtain European citizenship.
If you are considering obtaining the Greek Golden Visa, you should think about the following: Do I want to make a profitable investment that I can freely use to generate income and for my own use? As long as I do not liquidate this investment, I will never have to worry about my tourist visa expiring. My family and I will be able to travel and work remotely indefinitely throughout the European Union, as well as study in Greek territory. Contact us for more information.
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As a country sustained by tourism, you can feel like you’re on vacation in these destinations that are truly designed for the foreign experience. Natural wonders are not the only things that make up this beautiful country, home to one of the richest histories in the world—a journey into the ruins of what was once the cradle of our modern civilization. It is also home to one of the most hospitable cultures in Europe, an iconic cuisine, and an unbeatable climate.
