The Greek Golden visa program has become super popular among foreign investors. The Scheme requires EUR 250,000 investment in Real estate or in a strategic investment, in exchange Greece will issue permanent resident card valid for 5 years to investors and all family members.
- Greece has lowest property prices in Europe
- Greek economy on a positive growth
- Permanent resident status in EU schengen area
- Major tourist destination
- Major Trade hub and Gateway in the mediterranean
- Warm climate with more sunny days
- Tax incentives for investments
- Path to become a Greek citizen after 7 years of residence.
- Greek passport is a very powerful passport in the world with visa free access to UK, US, Canada
What is Greece planning for the future?
- Greece as a part of new reforms of its golden visa scheme may increase the minimum to EUR 500,000 in the future.
- Greece is also planning to introduce EUR 2 million citizenship by investment program by 2020 to attract more foreign investment in the country
1. Greek Economy
Greece’s economy grew at a 1.9% rate in the second quarter, confirming the country’s two-year long recovery from its recent crisis, and is expected to grow by more than 2% this year. But the government wants to boost growth further by reducing taxes and cutting red tape on investment projects.
Greek economy has undergone a transformation based on increased exports and foreign direct investment. Both are at historic highs with Greek exporters reaching out to new overseas markets and the country welcoming many first time foreign investors.
The Economic Sentiment Index rose to 108.4 points in August, the highest level since 2007, up from 105.3 points in July. Greek exports jumped 7.2% in July compared with a year earlier to €3.17 billion
Since 2012, the number of foreign visitors to Greece has almost doubled to 33 million and tourism receipts have grown by a third to €16 billion. The sector currently accounts for roughly one fifth of GDP.
Greece is one Europe’s most attractive investment destinations for hotel real estate.
Greece is seeing record demand and investment in its hotel sector. In the last four years, more than 55,000 new 4- and 5-star hotel beds have been added around the country, while in Athens alone, more 40 new hotel units have opened in the first half of 2019. Greece remains a prime investment opportunity for international hotel chains with only 1.7% of total units currently being operated by an international brand.
4. Capital Controls Lifted
Greece lifted its last remaining capital controls on Sept. 1, 2019 marking another milestone in the country’s emergence from its recent crisis. The capital controls, put in place in 2015, have been steadily relaxed as deposits have returned to the Greek banks.
This ends four years of restrictions on transfers abroad by companies and individuals since 2015
5. Increase in Property Prices
According to Bank of Greece data, residential property rose 7.7% year-on-year in the second quarter of 2019, up from a 1.3% increase in the first quarter. In Athens, where investor interest has been strongest, home prices rose by 11.1% year-on-year in the three months through June
6. Tax cuts
The Greek parliament has voted to cut personal, property and value-added taxes as part of the government’s program to boost economic growth. The legislation reduces business tax rates to 20% from 28% over the next two years, lowers property tax rates by 22% on average, and cuts selected VAT rates.
24% VAT exemptions to all new property developments for next 3 years
According to the decision of the Minister of Interior no. 130181/6353/27.3.2018, published in the Government Gazette 1208/Β/2.4.2018, the residence permits of Real Estate Owners and permanent residence permit for Investors have been added to the categories of residence permits that are eligible for the submission of an application for the acquisition of Greek citizenship. In this case, the applicants must fulfill all the preconditions of the Greek Citizenship Code applied for the acquisition of Greek citizenship by naturalization. The above ministerial decision applies only to the real estate owners and investors themselves, and not their family members, who must first obtain the long-term residence status, which is a prerequisite for naturalization
8. Golden visas
The Golden visa scheme has raised more than €1.25 billion in foreign investments mostly invested in the property sector (residential properties and hotels).
More than 5000 residence permits were granted to foreigners investing in properties.
There are the top countries nationalities receiving golden visas for property investment
EU/EEA nationals cannot apply for Greek golden visa scheme.