Greece, with its stunning landscapes and rich history, is becoming a hotspot for real estate investment. From the sun-kissed islands to the vibrant mainland cities, investors are finding exceptional opportunities.
In 2013, Greece launched a unique program for foreigners. It allows non-EU citizens to obtain a residence permit for investing in one of the available options.
In this article, we will consider all the nuances and advantages of the program and the specifics of doing business after buying real estate in Greece.
Property Investment as the Path to Residence Permit
You need to invest at least 250,000 euros in the program Greece Golden Visa to participate, but this amount is twice as high in large cities – 500,000 euros.
Although the Golden Visa is not a program that will help you obtain citizenship in Greece, you have every right to apply for naturalization after 7 years of residence there.
The main advantages of Greek citizenship are the ability to visit 186 countries without a visa, the right to vote, and the ability to inherit your residency status.
Another feature to note is that you are allowed to invest in one or more real estate properties. “The Golden Visa” has many advantages for future investors. Let’s quickly see some of them.
Advantages of the Greece Golden Visa
- Residents of the country are allowed to pay a minimum tax of 100,000 euros annually. To maintain this status, you must stay in the country for more than 183 days a year.
- One of the program’s advantages is the ability to visit EU and Schengen countries without a visa. You can stay in Europe for 90 days every six months: 6 months in Belgium, 45 days in Denmark, and 30 days in France.
- Your family can also be investors. This list includes the resident’s parents, unmarried children under age 21, registered partner, and his children if the latter are under the investor’s care.
- You can rent the purchased property and receive passive income from it.
- Program participants can receive a percentage of the shares in local companies. However, the investor cannot work for regional employers.
- Healthcare and education are available to you. You and your children can receive medical treatment and study in Greece.
What’s the Qualification?
First, you must pass a verification procedure: you must be a citizen of a non-EU country, be of legal age, have no criminal record, and have health insurance.
After this procedure, you need to start buying real estate, and you can do it remotely with the help of a lawyer without visiting Greece.
On the day of application, you must be scanned for fingerprints. After completing all the procedures, you will receive a residence card, which you must renew only after 5 years. All this takes no more than 2 months. You can read more about this issue on immigrantinvest.com.
Benefits of Real Estate in Greece
Buying a real estate investment in Greece provides several benefits to the investor. Currently, prices are 20-25% lower than in 2008, when there was an economic crisis. It is also worth noting that the Greek government exempts investors from VAT.
The country’s primary income comes from the service sector and tourism. Therefore, renting out real estate can be a profitable and lucrative business for you.
The income from renting an apartment ranges from 2% to 10%. This level depends on the specific city and neighborhood.
In Athens, the average cost is from 400 to 600 euros per month for a one-bedroom apartment, from 800 to 1000 euros for a two-bedroom flat, and from 1200 to 1300 euros for a three-bedroom flat.
The local market has the potential for price growth in the future. Thus, your apartment will become a valuable asset that will turn into a profit after the sale.
Best Locations for Real Estate Investment in Greece
#1: Athens Riviera
Profitable real estate locations in Greece are in the Athenian Riviera. Here, investments in residential real estate in Glyfada, Voula, and Alimos are in demand.
For example, prices start at 3300 euros per square meter. Riviera offers apartments with sea views, townhouses, and private houses with a swimming pool and surrounding area. According to Vladlena Baranova (Immigrant Invest agency), buying property in Athens has great potential.
#2: Crete
Buying real estate on the island is good because it has a calm pace of life and beautiful nature. It attracts many tourists from all over the world every year.
The cost of renting here is higher compared to Athens, but real estate investments will pay off and bring a good income if you rent your home to tourists.
#3: Paros
The island, known for its white villas, constantly attracts visitors. It will be better to rent out vacation housing here in the summer and arrange a short-term lease until the end of the year.
The price for a villa by the sea in Paros starts from 4244 euros per square meter. Buying commercial real estate creates favorable conditions for the tourism industry.
Final Note
Buying Greece real estate allows investors to obtain residence permit status, travel freely, and have favorable conditions for doing business.
You have an excellent chance to obtain European Union citizenship, among other advantages. The Golden Visa program in Greece is affordable, as it involves lower costs but no less favorable conditions.
The best solution for preparing such documents is the help of agency specialists. Trained employees are familiar with the smallest and most unpleasant details, which allows them to be minimized in the process.
The result is that you enjoy the process and at the same time save your money because you don’t need to spend money on solving unnecessary issues.