With the global economy yet to recover from the impact of COVID-19, countries will once again look to investment immigration programs to help, with Greece is likely to be the pick of investors.
About the Greek Golden Visa Program
One of the least-expensive golden visa programs in the EU, Greece offers a fast-track route to permanent residence for those investing at least €250,000. Although investors have the choice of different asset classes including equity investments in Greek companies, real estate is the preferred route.
This means simply buying a home in Athens or any other city for €250,000 or more can help the investor and his/her dependent family members get golden visas.
While real estate valuations may not be as low as during the recession of 2008, Greece remains a relatively inexpensive market compared to other countries like the UK or Portugal.
So, benefits of the golden visa apart, the Greek real estate market represents an attractive opportunity for investors to earn good returns over the long term. The current economic downturn becomes yet another chance for global investors to acquire assets in Greece.
Greece will also benefit from the decisions of other golden visa countries in and near the EU.
Portugal Restricts Property Investment
Despite hopes to the contrary, Portugal has gone ahead with its controversial decision to bar golden visa investments into real estate properties in Lisbon and Porto.
This still leaves many other destinations in Portugal where golden visa investors can buy homes and qualify for permanent residence. However, investors never like such restrictions and often look for alternate options.
Greece offers a golden visa for just a €250,000 investment in real estate in the country with no restrictions on where investors can or cannot buy property. Considering this, investors are unlikely to choose the €500,000 Portuguese golden visa with restrictions attached over the Greek option.
UK Terminates Visa Entirely
Another controversial golden visa decision that will work to Greece’s advantage is the termination of the UK Tier-1 Investor visa. Unlike other countries that have barred wealthy Russians from applying, the UK has decided to completely shut down its program.
This leaves a significant chunk of non-Russian golden visa investors who will now have to seek an alternative to the UK. It’s likely that a fair share of this group may end up choosing the cheaper Greek golden visa. One significant advantage that Greece offers as compared to the UK is permanent residence in the EU.
With Portugal shutting doors on golden visa properties in Lisbon and Porto, Greece is likely to become the preferred option for those seeking the twin advantages of low valuations and attractive returns on their golden visa investments.
Further, Greece has ironed out the issues in the property registration process for golden visa applicants. The program was so popular that applicants began facing long processing delays.
Greece has used the pandemic years to streamline the process and has made it easier for foreigners to buy real estate in the country and qualify for the golden visa.