23 Jan Greek Golden Visa On Top of Europe
GREEK Golden Visa on top of Europe: Official 2018 Residency Stats lead to Big Projections for 2019
On May 31st2013, Greece started a Golden Visa Residency Program via implementation of Article 6, Law 4146/2013.
It’s currently the most successful Residency By Investment/Investor Visa program in Europe and still the fastest to process, only 2 months. The popularity of this program has translated into a number of sectors, mainly real estate.
Why is the combination of real estate and residency in Greece so in demand?
Opportunities in Greek real estate perfectly match the desire of international real estate buyers looking for high yield prospects. Let’s not forget lifestyle investors looking for an amazing portfolio of beach properties or non-EU investors looking into permanent residency options within the EU without necessarily having to relocate. It also ticks the boxes with families willing to move to Europe and those looking for a stress-free retirement in Greece.
Greek Golden Visa Residency Program
A non-EU national can obtain residency by investing €250,000 (US$ 284,000 or GBP 220,000) and then travel freely within the entire Schengen European Union member states. In addition, it delivers short-term results for a long-term plan, given its current 2 months processing time and 5 year renewable permit for the whole family.
There is no requirement to spend time in Greece, so investors can live elsewhere without any forced commitment. The Greek Golden Visa law protects the investors.
Aside from international investors and businessmen, the Greek Residency option attracts UK residents in the EU (almost 1 million) now looking for a residency permit to stay given Brexit.
Numbers speak louder than words
As of November 30 2018, the Greek Ministry for Migration Policy shared the most recent figures confirming that 3,620 applications were submitted in 2018. Its more than double than that of 2016 (1,532 applications).
Taking into consideration family members, permits given by Greece are nearly 10.000 alone in 2018. Since 2013, approximately 9,000 investments have been made under this provision and 22,730 individuals received a residency permit since then.
The growth in number of applications year to year in the last 4 years is +170% on average. If this trend continues, we should expect more than 6,000 main applicants plus family members for a total of nearly 18.000-20.000 permits in 2019. Staggering numbers!
Due to the fact that the US EB-5 program is capped at 10,000 individual visas per year, Greece is leading the way of the golden visas worldwide. It is more successful than Spain,Portugal, Italy or Malta.
Chinese Nationals make up 53 % of the total applications in 2018, followed by 9 other nationalities taking together almost 40% of the total.
Affordable Real estate Investment in Greece
The Greek real estate market offers great speculation for those investing now.
For example one can buy a building for Euro 500k or, land in primary location for a custom build villa at a very reasonable price. Distressed hotels, commercial spaces, retail, student accommodation and more are all up for grabs at below market prices..
The rental market is also very dynamic and property owners have made good profits over the last few years. An investment can generate 10% yield in selected areas. Given the high net yield now, there is potential for real estate prices to appreciate by 20-30 % over the next two to three years.
International real estate funds from the US and British private equity appear to be at the forefront of interest for Greek properties.
Although the minimum required to qualify for the Greek Golden Visa Program is 250k, it appears that each applicant spends almost 3 times more than that, roughly 700k per application!
Greece as a destination
Greece is an excellent place to live for its climate, lifestyle and trading ties to key economic markets across multiple industries with the EU, Turkey, Russia, Middle-East and Africa. Thanks to international investments, Greece officially ended nearly 10 years of bailouts in August 2018.
Over the past few years, a Greek real-estate boom has gained momentum as hard times have taken prices down. Be a part of it!
We will process your residency application and present various real estate opportunities to you in five simple steps:
- Receive a consultation
- Decide whether Greece is the right fit for you
- Choose your real estate
- Plan a short trip to Greece over Spring/Summer (March – June is perfect)
- Enjoy a pleasant vacation while your residency is processed
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For more information on the Greek Golden Visa Program, please see:
Greece’s Golden Visa Programs offers the most affordable route to permanent residency in Europe. An investment of 250,000 Euro is required in Greek real estate.