2023

Reading Time: 5 min

Greece Golden Visa: how an Israeli family prepared a plan B in Europe

I value stability and try to keep everything under control. The conflict with Palestine has begun to gain momentum again, which unsettles me.

I don’t want to leave Israel, but I realised I need a plan B for contingencies. So I will worry less about the future of my family.

I got a residence permit in Greece so that we could quickly move to Europe if necessary. Of course, I hope this need never comes, and I will just make money investing in real estate.

Alon

Alon,

Owner of a chain of supermarkets

Clients’ names and photos have been changed

Greece Golden Visa for a family from Israel

Greece Golden Visa: how an Israeli family prepared a plan B in Europe

Investor’s goals

Alon lives in Israel with his wife and daughter. The spouses run a business there, and his daughter goes to school. The family does not plan to move abroad.

The issue was the situation in Israel was unstable: the conflict with Palestine was in an active phase. Alon feared it might get worse, so he decided to create a safe haven in Europe. With this enquiry, he contacted Immigrant Invest.

Alon wanted to get residency in Europe by investment under the following conditions:

  1. The new status would not demand relocation but give the right to enter the country of residence at any time.

  2. It would be possible to obtain a status fast, within half a year.

  3. He would not spend more money than was necessary to prepare a plan B in Europe.

  4. The investment would be refundable and profitable.

Why the Greece Golden Visa: choosing a program

In Europe, several countries offer residence permits by investment. Among them are Portugal, Spain, Italy, Malta, Cyprus and Greece.

pt-flag Portugal Golden Visa would fit the budget: under the program, Alon could buy property for €280,000 with the possibility of reselling. However, obtaining the status would take over 8 months and might last 1.5 years, which did not suit the investor.

es-flag Spain Golden Visa could be received in 3 months, though for an investment of at least €500,000. Alon did not plan to invest such an amount of money.

it-flag Italy Golden Visa would fit both the budget and the timeframe: it can be obtained for €250,000 in 3—6 months. Yet, this would require creating or supporting a startup. It was hard to predict the profit Alon might earn on this, so this option also went off the table.

mt-flag Malta permanent residence would demand the least amount of investment, about €160,000. However, this investment would be non-refundable, which was not suitable for Alon.

cy-flag Cyprus permanent residence could be a good choice for Alon. This program requires a minimum of €300,000 and offers a lifelong status, which could be received in 4—6 months. And the investment is refundable.

gr-flag Greece Golden Visa turned out to be the best pick for the investor. Under the program, he can invest €250,000 in real estate and obtain a residence permit for 5 years. The obtaining period is from 3 months. Alon does not have to move to Greece: he must only visit the country once. The investment property can be sold when the residence permit expires or after obtaining permanent residency.

Greece’s investment program met all the investor’s wishes and was less expensive than Cyprus’s program, so Alon opted for it.

Greece Golden Visa by property investment | Etoloakarnania

Alan purchased an apartment in a seaside village of Etoloakarnania region, in a hotel complex that is part of the Small Luxury Hotels of the World community

Choosing real estate

The investor did not plan to move to Greece and considered the purchase of property only as an investment. He wanted to earn on rentals and then on reselling the property.

Our real estate experts offered Alon to consider properties under construction. At each stage of construction, the property increases in price by up to 20%, so such real estate can be sold at a profit. Completed property prices rise much slower.

Another thing to consider was the annual rental yield, which can be earned after the property is commissioned. Alan chose to buy apartments with the highest guaranteed yearly income: 6% for the first five years.

The chosen hotel complex is located in Paleros, by the sea. Alon purchased a one-bedroom apartment for €250,000, the minimum investment under the Greek investment program.

How Alon’s family got residence permits in Greece

1

October 18th 2022

Preliminary Due Diligence

Alon underwent our internal Due Diligence, and we made sure he was eligible for the Greece investment program. The investor had never been prosecuted and could prove the legality of his income.

After the check, Alon signed a Services Agreement with Immigrant Invest and gave a power of attorney to our lawyer.

2

+ 2.5 months

Buying real estate, €267,955

The investor chose and purchased property in Greece without visiting the country.

Our lawyers received Umar an AFM — individual taxpayer number. Then they checked the sale’s legal purity and signed a sale and purchase agreement by proxy.

When the investor transferred the money, the sale went into effect, and the lawyers submitted the agreement to the Land Register, from where they received a certificate of ownership.

Besides the property price, Alon paid 3,09% as the transfer tax, 3% for legal and notary services and 0,3% for technical expertise. The services were also subject to 24% VAT.

3

+ 2 weeks

Collecting documents, €2,198

The investor took out a family insurance policy and provided the lawyers with the required documents and photographs.

The lawyers filled out government forms and had the documents copied, translated into Greek and certified. They also helped Alon pay the fees via the Greek government’s online service. The application fee was €2,000 for the investor and €150 for his wife. The fee for issuing a residence permit card was €16 per person.

The package of documents consisted of the following:

  • passports;

  • birth certificates;

  • marriage certificate;

  • passport-sized photos;

  • medical insurance;

  • criminal record certificates;

  • purchase and sale agreement;

  • confirmation of the agreement registration with the Greek Land Register.

4

+ 1 day

Applying for the Greece Golden Visa

At a time when the preparation was complete, it was inconvenient for Alon’s family to come to Greece. So, the Immigrant Invest lawyer filed Alon’s application to a specialised department of the Ministry of Immigration and Asylum of Greece on the investor’s behalf.

We also made Alon an appointment for a convenient date for the family to come and give biometric data.

5

+ 2 weeks

Delivering biometrics

Alon came to Greece with his wife and daughter, and they got fingerprinted, which was necessary for residence permit cards to be issued. Our lawyer accompanied the family to the department.

6

+ 1.5 months, March 15th 2023

Receiving residence permit cards

Alon’s application was approved after two months of processing, and the family received their residence permit cards. They will be valid for five years.

What Alon’s family have gained by obtaining the Greece Golden Visa

The investor secured his family’s future and prepared a plan B in Europe in the event it became not safe or comfortable to stay in Israel anymore. Together with that, Alon has acquired an apartment in Greece that would bring him profit.

The complex where Alan owns an apartment is to be commissioned at the end of 2023. After that, the investor starts to earn guaranteed rental income.

Alon’s residence permit in Greece is to expire in 5 years. He will be able to renew it if he feels it necessary.

If the investor decides not to prolong the status, he will be able to sell the investment property and return the money. By that time, the property he bought is highly likely to rise in price so that Alon will gain profit from the sale.

Immigrant Invest is a licensed agent for government programs in the European Union and the Caribbean.

This case was provided by our expert

Albert Ioffe
Albert Ioffe

Legal and Compliance Officer

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