Some of our clients ask: how to obtain a residence permit in Europe with minimal investment in real estate? Many are not satisfied with the amounts that appear in the programs of Spain and Portugal (at least 500 thousand euros required). However, there is an alternative: obtaining a residence permit in Greece to purchase real estate for 250 thousand euros under the state program. There are no other more favourable offers yet.
Greece's program against the background of the Spanish and Portuguese
In comparison to the programs of Spain and Portugal, the Greek government offered investors conditions that are twice as profitable. Of course, in Portugal, there is also an opportunity to reduce the amount of investment to 280 thousand euros. However, this concerns the purchase of housing, mainly in the peripheral areas, and you buy the object itself for restoration.
In Greece, you are free to purchase housing in any area, primary or secondary. You can purchase several items. The main thing is that the total value of the property should not be less than 250 thousand euros. This condition largely unties the hands of investors.
What do you need to know about the conditions of the Greece residence permit program?
The application can include a spouse and children under 21
There is an option in the program that allows the applicant’s parents and grandchildren to be included, but in this case the minimum investment will increase to 500 thousand euros. However, even with an increase in the amount, the Greek program still has an advantage over the Spanish program, which in any case will not allow parents and grandchildren to be included in the application. In Spain, they will apply individually (which will require an additional investment of 500 thousand euros).
The term for obtaining a residence permit in Greece is two to three weeks
For comparison, the standard term for programs in Portugal and Spain are two to three months. In Greece, everything moves as quickly as possible. Our experience shows that registration can take a month. Most often, the delay is associated with a large number of participants in the application.
No exams and tests
What makes Greece’s program related to that of the Spanish and Portuguese is the absence of standard exams for applicants, testing their knowledge of the country’s language and history. Furthermore, you do not need to open an account in a Greek bank, declare income, including showing the presence of any amount in the bank account. In this case, investors receive a guarantee of obtaining a residence permit.
There is no obligation to live in Greece
Having received an investor residence permit, you can live in Greece all year round or not come here at all, entrusting the purchased property’s management to a trusted person. A residence permit card is issued to you for five years, after which you can easily renew it.
Prospects for obtaining Greek citizenship
Greece is a member of the European Union, and the prospect of obtaining European citizenship in the future is important or many of our clients. To achieve this, you need to become a Greek tax resident and reside in the state for more than 183 days a year. Then, after five years, you will be able to apply for permanent residence in Greece and, after another five to six, for a Greek passport.
Important Aspects of Investing in Real Estate in Greece
Of course, our clients are interested in the associated costs when buying real estate and obtaining a residence permit in Greece.
- When buying a property on the secondary market, you pay a one-time tax of 3.09% of its value
- Buying property on the primary market will cost much more – it is taxed at 24%
- If after five years of owning the property you decide to sell the property, the sale will be subject to 15% capital gains tax
Benefits of owning a residence permit in Greece
- Visa-free travel in Schengen and the opportunity to live on its territory according to the scheme “90 days in 90”
- The ability to move to Greece – a country with a warm climate and a favourable social environment
- You can register movable and immovable property in Europe to your name, open accounts in reliable banks and keep assets there
- Your children will be able to study in European universities freely and parents can unwind at the best resorts
- “Alternate airfield” in case of economic, political troubles at home
There is only one alternative to the Greek program in Europe, allowing you to get a European residence permit state with minimal costs. This is the Malta Residence Permit program, which we will describe in detail in one of the following articles. If you would like to compare these and other residence permit programs in Europe in more detail, please contact our experts. We will provide you with detailed information and comparative analysis in relation to your goals and objectives.
Immigrant Invest is a licensed agent for government programs in the European Union and the Caribbean.