Greek Golden Visa: The Flexible, Fast, and Profitable Route to Permanent EU Residency
Georgaki and Partners Law Firm
Sponsor
EU governments continue to tinker with their investment migration programs: Malta recently revamped its citizenship by investment program; Portugal, as of this year, restricts residential real estate investments to the country’s interior; Italy reformed its golden visa last year.
But one constant in this dynamic sphere remains – no other program can match the Greek golden visa’s investment framework. The combination of low investment requirements, the chance to select assets on the open market, and the flexibility to switch between investments make it unbeatable in the European context.
The Hellenic Republic continues to offer global investors a vast array of wonderful investment options under the umbrella of a simple program with numerous benefits. As other programs restrict and increase their investment options, more high-net-worth individuals realize the importance of choosing a program that offers great financial returns.
Greece’s golden visa outperforms its EU counterparts in three crucial investment-related respects; total outlay, optionality, and flexibility. This framework allows investors to choose the optimal investment that results in obtaining a Greek residence permit for themselves and their family members.
The Greek golden visa, with a minimum outlay requirement of just EUR 250,000, remains one of the most affordable EU residency by investment programs.
It’s true that Portugal’s minimum is set at EUR 250,000, but that is in the form of a donation to arts and culture. To end up with a tangible asset, the you’ll need to invest at least EUR 280,000, and that property must be older than 30 years and listed in a low-density area, which make profiting from it a much greater challenge.
Spain’s golden visa, moreover, mandates a minimum investment double that of Greece’s; no less than EUR 500,000.
Even for more liquid investments, the Greek golden visa’s minimum threshold for banking products is set at EUR 400,000, or 20% below what Portugal has set for its investment fund category.
Considering that other fees, such as for permit issuance and renewal, are lower than those of Portugal and that the processing time of the Greek golden visa is much faster, total expenditure of both time and capital is considerably lower in Greece.
The ability to profit from an investment is potentially much higher - and simpler - in Greece thanks to the lack of geographical restrictions on golden visa property. To wit:
There's no Greek "golden visa property market" - only the Greek property market
One of the most important components of any investment the ability to choose the investment or asset that suits one best.
This is where the Greek golden visa excels, as it offers investors a truly open market in terms of real estate. Investors can pick literally any property - or create a portfolio of properties - as long as they meet the minimum investment amount.
Compare this to Portugal, where investors are limited to certain areas when buying residential property, or Malta, where investment requirements vary by location. In Greece, you can invest in whatever you want, wherever you want, as long as you invest at least EUR 250,000.
This ability to choose one or more properties allows investors to create investment portfolios that meet their needs and objectives. They can get great places for themselves to use or look for properties that have the potential for great ROI in one of the world's most touristic countries. They can also choose properties they would like to rent for the short or long term.
The absence of an artificially created, restricted "golden visa property" market also means investors are far less likely to suffer from inflated or manipulated prices; You may be a foreigner, but you'll pay the same prices that local Greeks would.
Another great thing about the program is how seamlessly investors can switch between investments if something better pops up, which is the third important factor of the golden visa:
Seamlessly switch between investment assets and investment types
The golden visa may have soard in popularity due to its affordable cost, simple and quick procedure, and extensive benefits, but one element of the program is often overlooked: Its long-term flexibility.
If an investor wants to sell a property for any reason and buy another one that keeps their investment above the minimum threshold, they can do so in a heartbeat. Swapping out the initial property is simple, and maintaining the residency status throughout the transition is legally uncomplicated.
Not only does the Greek golden visa allow for smooth within-category changes to the investment, it also permits between-category switching: If you'd like to switch your investment from, say, real estate to bank deposits, or from business investment to government bonds, you can do so easily and keep your residence permit throughout the process.
Say you initially got your golden visa through a EUR 400,000 term deposit but then found a very interesting property you'd like to acquire, you can do so easily and immediately recoup the EUR 150,000 difference.
See also: The Greek Golden Visa’s Safe, Tax-Efficient, and Passive Alternative to Real Estate Investment
The Greek golden visa has repeatedly proved that it is the best residency by investment program the world has to offer. Finding a great investment in Greece is easy and so is changing it to an even better one later down the road. The golden visa provides endless opportunities for those savvy enough to look for them, and its simple process makes the entire journey an enjoyable one.
To know more about the Greek golden visa contact us today via our website, or by emailing us directly at c.georgaki@georgakilawfirm.com.