What makes the Greek residence permit programme attractive to investors
The Golden Visa programme has been running in Greece for 10 years. During that time, it has become a popular option for investing in local property. However, since the beginning of 2023, interest in the programme has increased significantly. In the first quarter alone, four times as many applications were submitted as in the same period in 2022. This volume corresponds to the value for the whole of 2021. The excitement around residence permits in Greece is due to some factors, one of which is the government’s plans to revise the terms of the programme. In the autumn of 2022, the authorities announced plans to raise the minimum investment limit. It is expected to double in 36 municipalities. Currently, an investment of 250,000 euros is required to obtain a residence permit, but it will soon be 500,000 euros.
The forthcoming changes have encouraged foreign investors to apply for the programme to qualify for a residence permit at the old price. The excitement has contributed to the government’s decision to extend the transitional period to give those who wish time to process the necessary documents. However, the high demand for the Golden Visa has led to many problems with the work organisation. The fact is that officials were not prepared for such a record demand. As a result, officials have not had time to process the applications, and about 14,500 of them are still pending.
The Greek residence permit scheme
The Greek investment permit scheme is one of the cheapest in the EU. It does not require a mandatory period of residence in the country. In addition, participants are entitled to a tax residence status. The latter allows the payment of a fixed amount of tax on income earned outside Greece.
It takes about 2 months to obtain a residence permit, after which the applicant can visit Schengen countries without a visa or under simplified conditions.
To qualify for a residence permit, you must purchase a property worth at least 250,000 euros. Another option is to sign a contract to rent a hotel apartment or other accommodation in tourist complexes for 10 years or more. In this case, the rent value must be at least 250 thousand euros.
It is also possible to invest in shares of local companies. In this case, the investment amount increases to 400 thousand euros. For the same amount, you can buy government bonds with a maturity of 3 years or more. The programme also allows you to make a deposit in a Greek bank for at least one year. The amount of the deposit must be at least 400 thousand euros.