VNIS Investment would like to answer frequently asked questions about the Greek Permanent Residency Program under Real Estate Investment approved by the Greek Government.
Q: I have been thinking for a while about residing in Europe and I am leaning towards Greece. Is it possible to become a resident of Greece after buying property there?
A: Yes. The government-approved residency program in Greece allows investors to become residents of the European Union in this Mediterranean country after purchasing real estate with prices starting from €250,000. These requirements are most beneficial in Europe. For example, you will have to invest more to become a permanent resident of Spain, Monaco or Malta.
Q: What are the main benefits of this Greek Residence by Real Estate Investor Program (officially the Greek Golden Visa program)?
A: Residence in Greece allows you to travel to 26 European countries visa-free and stay there for up to 90 days in a given 180-day period.
This specific privilege offers investors opportunities unaffected by the global pandemic, such as border closures and travel restrictions, and makes decisions based on individual circumstances and business instead of current restrictions. The whole process is quite quick, you can become a resident of Greece in as little as 60 days after application.
Q: Can members of my Family also apply for a permanent resident card with me?
A: Of course. According to the terms of the Greek Permanent Residency Program under the Real Estate Investment Class set forth by the Greek government, the investor’s relatives are also eligible. It is possible to apply for residency for the applicant’s spouse, children under the age of 21 who are financially dependent on their parents, the applicant’s parents and the applicant’s spouse’s parents, as well as the applicant’s grandchildren. .
Q: Okay, that sounds good. What do I have to do to become a permanent resident of Greece?
A: According to the requirements of the program for foreign investors, there are 2 main ways to participate:
- Invest in real estate with a minimum of 250,000 EUR.
- It is possible to invest in multiple properties with a minimum total investment of 250,000 EUR.
- The applicant will receive a permanent residence permit (PR Card) for 5 years and can be extended for another 5 years as many times as desired if the investor still owns the property.
- Rent real estate in Greece with a minimum total rental value of 250,000 EUR.
- The property can be rented out or invested in a shared property for a period of at least 10 years. In the case of a ‘timeshare property’, it must be a hotel or apartments registered with the Greek National Tourism Organisation.
- The applicant will receive a permanent residence permit (PR Card) for a period of 5 years and can be extended for an unlimited number of times for another 5 years.
Q: I like the idea of renewing my permanent residence permit (PR Card). But what if I want to become a citizen of Greece? Is that possible?
A: Of course. If the investor wishes to become a Greek citizen, they and their family members can apply for citizenship after meeting the conditions set forth by the government, including residence in Greece. a minimum of 07 years (in actual dates) is the most important and prerequisite.
Keep in mind: one of the most attractive options of the Greece Residence by Real Estate Investor Program (Greek Golden Visa program) is that there is no requirement to visit Greece before or after applying for permanent residence. It is sometimes one of the most important features for investors who are looking for a safe investment and do not have to travel to that country.
Q: I was just wondering, how popular is the Greek Permanent Residency Program by Real Estate Investment?
A: Greece’s government-approved Greek Real Estate Investment Greece Permanent Resident Program has existed since 2013. During the past years (updated to June 30, 2022), 43,592 happy investors have become a resident of this EU Mediterranean country. Most of them are citizens of Russia, China, Turkey and Egypt.
Q: Let’s say I get a Greek PR card after I buy some real estate. Can I sell it for profit?
Answer: Of course. House prices in Greece are generally 1.5-2 times lower than in Spain or Portugal, but experts say it will increase in the near future. Besides, you can rent out your property. VNIS Investment has ‘ready-to-rent’ apartments and our partner in Greece commits to pay monthly rental business (Airbnb) to you for at least the first 5 years. After that, you can also do business on your own.
Q: Which cities in Greece are the best to buy a house in?
A: Don’t worry, you don’t have to be an expert in the Greek real estate market. Our VNIS Investment team works with the Greek market every day and will find an optimal solution according to your needs and desires.
The entire market is exploding right after the COVID-19 pandemic ends. The majority of foreign investors prefer the capital city of Athens and buy apartments or condos in central areas such as Kolonaki and Plaka, where luxury property prices start at EUR 4,000 per square meter.
Other famous cities are Pireas, Pallini, Polygyros, Chania, Thessaloniki, Ermoupoli, Corfu, Corinth and Lefkas.
Q: What is more popular, villa or apartment?
A: VNIS Investment recommends choosing according to your own needs and desires. One of the main features of the Greek real estate market is the consistency of prices across the country.
In general, townhouses, cottages and beachfront villas are considered the more profitable properties in Greece. In addition, apartments in the central areas of Athens and Thessaloniki, and boutique hotels in resort cities are very popular with investors.
But every case is different. To decide what is best for you, go through the following questionnaire:
- What is your real estate investment purpose?
- Are you planning to move to Greece?
- Are you planning to use your new property as a second home and spend vacations and holidays there?
- Are you going to sell your property for a profit?
- What is your budget to buy real estate?
- What’s your hobby? Do you like apartments, studios, townhouses, villas or cottages?
- How many bedrooms do you want?
- Where do you want to buy a house in Greece?
- Is it important that you live in a big city?
- Do you want a house with a sea view?
- What are your requirements for infrastructure, including schools and kindergartens/secondary/international schools?
The team of professional real estate and immigration law experts at VNIS Investment with an impeccable reputation will help you answer each question, advise and guide you through the entire process of residency by investing in Greece according to your requirements. your personal circumstances, wants and needs.
If you are interested in the Greek immigration program, please contact us immediately for free advice and support.