In April 2013, in Greece entered into force the law «Creation of a Development Friendly Environment for Strategic and Private Investments». Since that moment, citizens of countries outside the EU have been given the opportunity to apply for a Greek residence permit when buying residential or commercial property priced at 250,000 euros or more.
This is one of the lowest investment thresholds, providing the right to obtain residence permit on the territory of the EU. Moreover, one may apply for a residence permit by purchasing one or several properties with a total cost of 250.000 euros. The latter option is most beneficial for those who wish to make profit from their properties. After all, one of the properties can be used for living / rest, and the rest ones for lease all year round, if it is about urban real estate, or in the short-term lease, if it is a resort accommodation. This can generate an average return of 5% to 10% per annum.
The Golden Visa Program from its beginning has brought the state more than 1.2 billion euros of investment in Greek real estate. According to the forecasts of the experts of Grekodom Development, interest for this program will only increase.
Statistics of issued residence permits in Greece under Golden Visa Program
Experts of the company Grekodom Development predict changes in the program towards improvement, in their opinion, the program will not be closed in the near future. New amendments may be made in the program, that will further spur foreign demand and will become an incentive for investment. For example, it is expected that in the coming months the program will expand due to investments in government securities. Having invested in them from 700 000 euros, one can get a residence permit for 5 years for the whole family. A similar opportunity will be granted for all foreigners who keep on their deposits in Greek banks from 1 million euros or purchase shares of private Greek companies.