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Greece-One of the best countries to invest in real estate as a foreigner

Greece-One of the best countries to invest in real estate as a foreigner

A Greek legend claims that God distributed all of the available soil through a sieve and used the stones that remained to build Greece. Maybe that is why Greece has stunning landscapes and beautiful islands of various sizes.

Greece is a fascinating country with a rich culture and the perfect Mediterranean climate. It is also known for its delicious food and historic sites. Hence it is one of the most popular European countries.

Greece is a core member state of the European Union and the Schengen area, which provides many benefits for its residents. Non-EU citizens who wish to stay in Greece for more than three months require a residence permit issued by the Greek authorities .

GOLDEN VISA

The Golden Visa for Greece is one of the most popular investment visa programs in the EU. Africans seeking to relocate to live in Europe but don’t want to be restricted as to where and when they must move, will find Greece’s Golden Visa the perfect opportunity. It is a residence-by-investment visa (launched in 2013), issued to non-EU citizens who make a significant investment in the Greek economy. There are several investment options, but the most common route is through real estate investment.

Greek Golden Visa Law

  • The minimum investment to apply for a Golden visa has been increased to €500,000 (as revised on 10 September 2022).
  • The effective date for the law has not been declared, hence investors planning on applying for the program have the opportunity to invest in Greek real estate at the older benchmark of €250,000.
  • You can now apply for the program remotely (as revised on 23.12.2020).
  • You and your family need not reside in the country during the application process
  • The Greece Golden Visa offers immediate five-year residency to the investor as well as their immediate family members.

Benefits of Greek residency

  • Visa-free travel within the 26 Schengen countries
  • There is no minimum stay requirement.
  • Residence and benefits applicable to the whole family.
  • The residence permit can be renewed for as long as the property is maintained.
  • Opportunity to rent out the investment property.
  • Eligible to apply for Citizenship after 7-years of residence.
  • Visa on arrival for more than a hundred countries
  • Access to Greek education and healthcare.
The increase in the minimum investment for the Golden visa, aims at making real estate more affordable to the locals. However the increased rates will likely depress foreign demand and slow down sales, forcing builders and property owners to focus on amenities and luxuries the properties provide.