A few weeks ago, the consultancy firm specializing in residency and citizenship by investment, Henley & Partners, published its ranking of the best Golden Visa programs in the world. The list is compiled taking into account factors such as the required investment amounts, tax payment or exemption, and processing time, among other factors.
This year, the ranking was topped by Portugal and includes Greece among the top five. Both countries have announced several changes to their investment residency programs in recent months; in the case of the Hellenic nation, several of the involved amounts were modified. We will delve into that aspect later.
The fact is, even with these reforms, the Greek Golden Visa continues to be of great interest to investors worldwide. Why? That’s what we want to discuss in this blog.
Like its counterparts in other European countries, this program was launched in 2013, aiming to attract foreign capital and stimulate the Greek economy. One of its main advantages is the simplicity and speed of the process. Applicants can obtain a residence permit within three to four months from the submission of the application, provided all necessary requirements are met.
Until early 2024, the minimum investment of 250,000 euros in real estate was one of the lowest compared to similar programs in Europe. However, in February, it was announced that the minimum investment thresholds for the golden visa would be increased.
The confirmation came in April when the Parliament approved the new rules, which increased the real estate investment to a minimum of 400,000 euros, depending on the geographical area where the property is located. This property can also be intended for rental.
At the same time, it was also established that investors could still take advantage of the 250,000-euro rule, as long as they make a 10% deposit before August 31 of this year, and complete the investment before December 31. Under certain circumstances, the deadline could be extended until the end of April 2025.
This situation does not overshadow the other advantages offered by the Greek Golden Visa, such as the freedom of movement it provides for traveling to any of the 27 countries that make up the Schengen area. This not only facilitates business and leisure travel but also opens up opportunities for business expansion and professional networking throughout Europe.
The program also provides benefits for family reunification. Residence permits are extended not only to the main investor but also to their spouse, children under 21 years old, and the parents of both spouses. This allows entire families to benefit from the opportunities that living in Greece offers, without the need to meet additional investment requirements for each family member.
Another advantage is that interested parties are not required to reside in Greece to maintain their residence permit. Although after seven years of continuous residence, the option to apply for citizenship becomes available, this is not always the goal of those investing in the Golden Visa.
Henley & Partners also highlight, regarding living in this country, “its high levels of security, excellent educational opportunities, solid healthcare options, and a reliable rule of law.”
If you are interested in Greece as an investment opportunity, the Golden Visa is an excellent option. In this field, AIM Global has extensive experience, available to help you achieve your projects.
Schedule a meeting with our team now. We have offices in Europe and will accompany you every step of the process.
