According to the results for 2020, 78 investors received a residence permit every month. In 2021, there are fewer approved applications, approximately 60 per month.
The situation could change as the speed of processing applications increases. This is according to Panos Rozakis, CEO of Prime Synergy Greek Residency.
In 2021, the procedures of the Greek Immigration Office, which accepts and processes investors' applications for residence permits, changed. Since May, applications for residence permits by investment are handled separately from other immigration matters. A special "window" has been set aside for investors.
Thanks to the changes, the processing time can be reduced to one month instead of three months.
What investors get with a residence permit in Greece
Visa-free travel within the Schengen area. The investor and his family are entitled to travel to Schengen countries without a visa and stay up to 90 days per half-year. In addition, an investor with a golden visa has no obligation to reside in Greece.
A residence permit for 5 years at a time. This distinguishes the Greece Golden Visa Program from other European countries, which only grant a residence permit by investment for one or two years.
Perspective on EU citizenship. An investor can apply for citizenship after 7 years, his family members after 12 years. In order to apply for citizenship, one must reside in Greece.
Tax benefits. Wealthy foreigners who have become tax residents in Greece are entitled to pay income tax under a simplified procedure. They pay tax on worldwide income in a single fixed payment of €100,000 per year.
The opportunity to do business in a European country, to earn income from renting out real estate, and to keep capital in European banks.
How to obtain a residence permit in Greece by investment
In order to obtain a residence permit in Greece, the investor fulfils the conditions of one of the options:
- Purchases a property worth €250,000 or more: residential, commercial or building plot. It is also allowed to rent a hotel for five years.
- Opens a deposit in a Greek bank in an amount of €400,000 or more.
- Buys shares and bonds of Greek companies, shares in investment funds with a value of €400,000 or more.
Most often, investors receive a golden visa when purchasing residential or commercial real estate.
The minimum amount an investor has to spend on a property is €277,300. This will include the value of the property, taxes and fees, stamp duty, and insurance policy.
You must own the property for five years in order to retain your residency status. After that, the property can be sold and the money invested can be paid back.
Example of apartments and villas to buy in Greece
Apartments from 61 sq.m. in Athens.
Price - from €172, 000
Three-bedroom apartments from 110 sq.m.
Price - €286,000
A 90 sq.m. villa on the island of Crete.
Price - from €320,000
Immigrant Invest helps investors choose properties and obtain a residence permit in Greece by investment. If you want to become a resident of an EU member state, seek advice from experts in investment programs.