Greece is set to capitalize on surging demand by issuing 15,000 golden visas in 2018.
The surge in numbers compares to the 20,000 visas issued in the entire history of the Greek program.
Almost half of the 2018 target – around 7,000 golden visas – are likely to be issued to wealthy applicants from mainland China.
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The Greek golden visa program, unlike other popular investment immigration destinations in Europe like Malta and Cyprus, does not offer direct citizenship.
Yet, this program is extremely popular among investors from all over the world.
Why Greece’s Golden Visa?
For starters, the program offers an easy and hassle-free route to permanent residence in the EU for just €250,000.
This is significantly lower than the €2 million required for citizenship in Cyprus or £2 million for permanent residence in the UK.
Further, real estate investment is an eligible asset class to qualify for PR under the program.
Greece Golden Visa: Investment Requirements
- Purchase real estate property in Greece with a minimum value of €250,000.
- Sign a 10-year lease with minimum €250,000 for hotel or other tourist residence.
- Have purchased a property before 2013 currently worth €250,000 or more.
- Own Greece real estate of minimum value €250,000 acquired through donation or parental concession.
- Purchase land with intent to build, provided value of land and construction contract is minimum €250,000.
This is a big plus since investment immigrants prefer purchase or lease of property over all other investment options.
The program also offers permanent residence to the applicant’s immediate family.
This makes it an attractive option for those wishing to educate their children in a European nation without the hassle of applying as a non-EU national.
Since those gaining PR through this program can eventually apply for citizenship, the Greek program is a good option for far-sighted investors seeking a better future for their children.
Benefits of Greece Golden Visa
- Greek residency for property purchase of just €250,000.
- Live and work in Greece when maintaining residence in another country.
- Study in Greece.
- Visa-free access to the Schengen area of EU countries
- Family members are included.
- Visa can be renewed every five years.
Other benefits include the prospect of living in a beautiful country with temperate climate, a relaxed lifestyle, and an inexpensive – at least by European standards – property market.
The latter is particularly important because the Greek real estate market is yet to recover from the after effects of the 2008 global recession.
This means Greece is, independent of the golden visa, a very attractive investment proposition for foreign investors.
Popular Among Chinese Applicants
Wealthy Chinese nationals contribute to bulk of the global demand for investment immigration programs and this is equally true for the Greek program.
In 2017, Chinese nationals pumped a staggering €258 million into the Greek real estate sector with the bulk of investments coming through the golden visa program.
What makes this figure even more impressive was that 2017 was a relatively lean year as compared to 2016.
Chinese investment inquiries in the Greek real estate sector jumped by 100 per cent in the first quarter of 2018 as compared to the first three months of 2017. Data for the second quarter is expected to show a 300 per cent surge in inquiries.