«GOLDEN VISA» IN GREECE A NEW OPTION FOR INVESTMENT
For quite some time now, the opportunity of acquiring a long-term residence permit in one of the most beautiful Mediterranean countries has been drawing attention and appreciation of citizens around the World who can’t help but consider the benefits of investing their financial resources into the Greek real estate market. In exchange for this, Greece grants plenty of perks, warranties and privileges to the real estate owners. As one of those perks, the Greek Government in exchange for investments in real estate, and more specifically by purchasing real estate in Greece worth 250.000€, provides investors with a five-year residence permit in Greece, in the «Golden Visa» category. It should be noted that this particular type permit in the category «Golden Visa» is one of the cheapest in this category in Europe.
In addition, the Greek Government has deposited a bill to the European Parliament proposing several amendments to immigration legislation focusing on the expansion of the scope of the «Golden Visa». When this new bill passes, the acquirement of the five-year residence permit will not be limited in the purchase of real estate in Greece, but it will expand to alternative investment options such as:
• «Golden Visa» in Greece for investing in business for investments of at least 400.000€, in companies with head offices in Greece (with the exception of firms that specialize in portfolio investments, as well as real estate investments).
• «Golden Visa» in Greece for buying shares of an alternative investment company by investing in the purchase of shares worth at least 400.000€, issued by an alternative investment company that was established in Greece or in another EU member state with the purpose of investing exclusively in Greek real estate.
• «Golden Visa» in Greece for the acquisition of shares of a real estate investment company by acquiring shares of a minimum value of 400.000€, issued by a real estate investment company (REIT), which in turn, is engaged in investment activities exclusively in the territory of Greek real state ,with the purpose of increasing the capitalization of the latter.
• «Golden Visa» in Greece for a bank deposit of a minimum amount of 400.000€, through a term deposit, which the Greek credit institution will open for a fixed period of twelve months or more with a subsequent extension.
• «Golden Visa» in Greece for investment in a holding: with investments of at least 400.000€, in a founding company with controlling stakes in other companies that have head offices in Greece.
• «Golden Visa» in Greece for the purchase of Greek government bonds worth at least 400.000€, from a credit institution located in Greece. The term for holding the asset in this case should be at least 3 years.
• «Golden Visa» in Greece for corporate shares and government bonds traded through regulated markets by investing a minimum of 800.000€, in the purchase of shares, corporate bonds or Greek government bonds that are traded through regulated markets.
Furthermore, the Greek Government intends to appoint a special department under the control of the Ministry of Migration Greece with the sole purpose of managing everything regarding permits in the “Golden Visa” category for non European Citizens, such as the filing of applications and the decision-making regarding the issuance or renewal of such residence permits.
According to official data, there has been a significant increase of foreign investments in Greece during the last few years, estimated at several billion euros per year, with Athens and Piraeus being the two most popular cities in Greece amongst real estate buyers wich indisputably proves of how confident the foreign investors are, in the stability of the Greek economy, and the growth and security of the National banking system.
Last but not least, it is obvious that since 2013 the Greek Government has been creating fertile ground, with bills legal acts and programs for investors from abroad, one of which was creating a residence permit category for individuals (and their family members) that financially self-supporting. It means that the Greek Government provides two-year residence permits, with a three-year renewal, for those who prove to have stable annual income, sufficient enough to cover their living expenses, without needing to work or to carry out business activities in Greece. If this is the case, this very category of residence permits provided by the Greek legislation, is exactly for you!
If you are planning on moving and living within Europe, and you need to acquire a residence permit, our Greek Law office under the leadership of Ms Kasatkina-Kouskou Svetlana is ready to provide you, with every necessary assistance in obtaining the «Golden Visa» or any other type of permit that suits your personal needs. If you choose to be represented by our Law office, whose long-standing experience in the field of migration legislation allows us to offer an even wider range of services in the mentioned area, starting from general consultation and up to establishing a step-by-step strategy in the process of acquiring your residence permit. With us, you will be able to save some money, time and nerves, as each and every one of our clients is of the highest importance to us. Call today!