Greece, a nation steeped in history, culture, and breathtaking landscapes, has long been a coveted destination for those seeking to acquire a European Golden Visa, which grants them residency in the European Union. However, the golden path to this Mediterranean gem has seen a significant shift in recent times.
This article unravels the recent decision by Greece to double the minimum investment required to obtain a Golden Visa. This policy adjustment has sent ripples through the world of investment immigration and is poised to reshape the landscape for those considering Greece as their entry point to the European Union.
As we explore the reasons behind this move, the implications for investors, and the broader context of the Greece Golden Visa program, you shall gain insights about the trivia and the evolving world of citizenship by investment.
Additionally, we will also study the potential impact on the real estate market, the financial considerations for applicants, and the evolving significance of Greece within the spectrum of Golden Visa destinations.
An Umbrella View of the Policy Update
The policy changes were introduced this year and, as per the modifications, foreign citizens are now required to pay a significantly higher amount of money that must be invested in order to obtain residency in different regions of Greece via the said program.
The amount of investment is now increased to EUR 500,000, as against the initial EUR 250,000. The implementation of these modifications was announced during early 2023 by Kyriakos Mitsotakis, the country’s Prime Minister. He stressed that the change would be effective on May 1st. The decision was delayed by three months when it finally got implemented from August onwards.
To quote the nation’s Prime Minister, “In order to improve the cost of buying real property for Greek nationals, We are raising the minimum capital required to be invested for issuance of gold visas by EUR 250,000 up to EUR 500,000.”
The new amendments apply to a specific range of spots, especially the northern part of the country- the Central and South Sector of Athens in the Attica, Santorini and Thessaloniki, and the Mykonos.
The nation observed an unprecedented rise in the number of applicants in the Golden Visa scheme this year in the wake of an announcement by the authorities of the country to increase the amount of investment required to participate in this program, as well as due to Portugal’s decision to end the program.
International visitors can get residence to Greece via Greece’s Residency by Investment Program in exchange for financial support to the country and satisfy certain requirements.
Step 1: Choose Your Residence
In order to complete this step, it is necessary to establish the investment criteria and choose which property to invest in. There are many options to invest in as the value of the feature is greater than or equal to the amount of investment required (EUR 250,000 or EUR 500,000, depending on the property’s location).
Step 2: Follow Legal Steps
This can be accomplished by getting a Greek Tax ID number for non-residents and opening a Greek Bank account. In addition, it is possible to have the power of attorney as an option.
Step 3: Buy the Property
This is the process of executing the “Legal Due Diligence” of the property through an attorney on your behalf. Then, you get the promissory sale and purchase contract and sign the public deed.
Step 4: Begin Your Application
In order to complete this process, you’ll have to create all the necessary documents for your Golden Visa application. Typically, hiring a lawyer is an excellent idea since the process can seem overwhelming.
Step 5: Visit the Nation
You’ll be required to submit all your biometric information to the appropriate authorities in Greece.
Step 6: Get Your Visa Approved
Your Golden visa request is now accepted by the authorities, and you’ll receive your Golden Visa Residence Card.
Step 7: Renew Your Golden Visa
Each five-year period, you may apply for renewal of the validity of your Golden Visa residence card, which makes it simple to gain access to your permanent residence.
Step 8: Apply for Citizenship
If you live in Greece for seven years and pay tax, it could qualify you to be considered for citizenship, as well as a Greek passport. This is, however, a chance possibility that is not well-documented about the subject.
The grant of Greece Golden Visa typically takes between 3 and 5 months to process. The precise duration varies, depending on the type and the duration of the visa. At Passport Legacy, we’re here to help you embark like a boss on your Greece Golden Visa journey.
What the Future Beholds?
The announcement of the scheduled Greek rise, along with Portugal’s recent move to put limitations on the highly popular golden visa program, caused an explosion of interest.
The value of the properties bought during this period was EUR 975 million, which is 3x higher than EUR 361 million sold the previous year.
Many people sought golden visas – specifically Americans as well as Chinese investors – by purchasing property in Greece prior to the rise, which was among the reasons given by the government to defer the decision until now.
The increase in funds can be attributed to Portugal discontinuing its own residence-by-investment program, while Greek authorities have postponed the threshold increase. During the period from January to June, it was reported that there were 3,900 applicants in property transactions as residences, in contrast to 1,444 applications in the same timeframe last year.
A growing desire to purchase before introducing new regulations in force led to the creation of nearly 5,500 visas by investment requests awaiting approval. Between May 2022 through May 20, 2023 Greek authorities received a record number of 8,351 applicants, with three-quarters of which had already been granted.
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