Greece is planning to raise the investment needed for non-EU nationals to obtain residence by investment in the country. This was announced by Greek Prime Minister Kyriakos Mitsotakis who announced that such increase will target islands and cities where the demand is high.
Last year a similar increase was also implemented in January, whereby the €250,000 minimum investment threshold was increased to €500,000 in certain areas of Athens, Thessaloniki and in the islands of Mykonos and Santorini. Although not specifying which areas will see an increase in the minimum investment, it is believed that the same areas which were raised last year can see the minimum threshold go up to €800,000 in order to qualify for the Greek Golden Visa.
Initially launched in 2014, the Greek Golden Visa program, officially known as the Greek Residency by Investment Programme, allows non-EU citizens and their families the right to obtain Greek residency permits by making a qualifying investment in Greece. The Greece Golden Visa programme aims to attract foreign investment and stimulate economic growth in Greece. Thousands of foreigners, particularly from countries without access to the Schengen Area, have applied for Golden Visas by buying property in the country. Since its launch, the country has issued over 20,000 Golden Visas residence permits, bringing in over €5 billion worth of investment.
Investment Options
The program offers several investment options, with the most common being real estate investment. Investors can acquire residential or commercial properties in Greece with a minimum investment threshold. Other investment options may include bank deposits, business investments, or government bonds. The minimum investment requirement for the Golden Visa program in Greece at the moment is €250,000 in certain areas and €500,000 in 36 municipalities across Athens, Thessaloniki, Mykonos and Santorini.
Greece Residency Permit
Upon making the qualifying investment, investors and their family members can obtain a renewable residency permit in Greece. This permit allows them to live in Greece, as well as to travel freely within the Schengen Area. The residency permit is initially valid for five years and can be renewed for additional five-year periods, as long as the investment is maintained. After seven years of continuous residency, investors and their families may become eligible to apply for long-term residency or even Greek citizenship, subject to meeting certain criteria.
Benefits
The Greek Golden Visa program offers various benefits, including access to Greece's healthcare and education systems, the opportunity to live in a Mediterranean country with a rich cultural heritage and the potential for long-term residency or citizenship. Once issued, a Greek residence permit will also allow its beneficiary the right to use it to travel to countries forming part of the Schengen Area without a visa. This makes it rank quite high as a jurisdiction for investors looking to apply for residence through investment.
Greece is planning to raise the investment needed for non-EU nationals to obtain residence by investment in the country. This was announced by Greek Prime Minister Kyriakos Mitsotakis who announced that such increase will target islands and cities where the demand is high.
Last year a similar increase was also implemented in January, whereby the €250,000 minimum investment threshold was increased to €500,000 in certain areas of Athens, Thessaloniki and in the islands of Mykonos and Santorini. Although not specifying which areas will see an increase in the minimum investment, it is believed that the same areas which were raised last year can see the minimum threshold go up to €800,000 in order to qualify for the Greek Golden Visa.
Initially launched in 2014, the Greek Golden Visa program, officially known as the Greek Residency by Investment Programme, allows non-EU citizens and their families the right to obtain Greek residency permits by making a qualifying investment in Greece. The Greece Golden Visa programme aims to attract foreign investment and stimulate economic growth in Greece. Thousands of foreigners, particularly from countries without access to the Schengen Area, have applied for Golden Visas by buying property in the country. Since its launch, the country has issued over 20,000 Golden Visas residence permits, bringing in over €5 billion worth of investment.
Investment Options
The program offers several investment options, with the most common being real estate investment. Investors can acquire residential or commercial properties in Greece with a minimum investment threshold. Other investment options may include bank deposits, business investments, or government bonds. The minimum investment requirement for the Golden Visa program in Greece at the moment is €250,000 in certain areas and €500,000 in 36 municipalities across Athens, Thessaloniki, Mykonos and Santorini.
Greece Residency Permit
Upon making the qualifying investment, investors and their family members can obtain a renewable residency permit in Greece. This permit allows them to live in Greece, as well as to travel freely within the Schengen Area. The residency permit is initially valid for five years and can be renewed for additional five-year periods, as long as the investment is maintained. After seven years of continuous residency, investors and their families may become eligible to apply for long-term residency or even Greek citizenship, subject to meeting certain criteria.
Benefits
The Greek Golden Visa program offers various benefits, including access to Greece's healthcare and education systems, the opportunity to live in a Mediterranean country with a rich cultural heritage and the potential for long-term residency or citizenship. Once issued, a Greek residence permit will also allow its beneficiary the right to use it to travel to countries forming part of the Schengen Area without a visa. This makes it rank quite high as a jurisdiction for investors looking to apply for residence through investment.