A relatively new program on the scene, the Greece Golden Visa Program was launched in 2013 and has quickly gained popularity on the level of its other European counterparts, like Portugal, Spain and Bulgaria.
The program’s success is largely due to it offering the lowest investment entry point of any real estate residency visa program in Europe. And with the government of Greece recently introducing a remote application process to the program’s procedure, it will be of no surprise to see the number of applicants steadily grow under the COVID-19 crisis.
In this article, we explore the steps and timeline, as well as the investment option and benefits, that are associated with the Greece Residency by Investment (RBI) program.
In This Article:
- Steps and timeline
- Investment options
- Benefits of Greek Residency by Investment
- Book a free consultation
Steps and Timeline
The entire application process consists of a few simple steps and can be processed and completed anywhere from as little as 30 to 50 days. A breakdown of the timeframe is as follows:
Step 1:
This stage consists of you selecting what kind of property you want to invest in, as well as choosing an authorised agent, like Savory & Partners, to take care of your application.
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In addition, your authorised agent will aid you in collecting all the necessary documents and prepare all the paperwork during this time, as well as formally submit your application to the “Greece Immigration Office”.
Step 2:
The next step requires you to apply for an entry visa at the closest Greek consulate in your home country. You need to have either a type C Schengen visa or a type D national visa to purchase property in Greece.
Schengen visa issued by the Greek Embassy.
Step 3:
Savory & Partners will help find and guide you to a Greek property that fully satisfies your requirements. We will then prepare the property purchase documentation required to be presented in your residency application.
Step 4:
You are then required to travel to Greece to provide your biometric data to the relevant authorities.
However, if you are uncomfortable with the idea of travelling during this time, the program’s laws have been amended to allow for remote applications.
This means, applicants are now able to sign a Power of Attorney (PoA) with a local law firm in Greece, who can then submit the residency application on the investor’s behalf, as well as complete the qualifying investment. The remote application process can be completed at a local Greek Consulate in your city.
Related Article: The Greece Golden Visa Goes Remote – Our Experts Explain Why and How to Apply
Greek Consulate in Istanbul, Turkey.
Step 5:
The application, by yourself or PoA, will then be submitted to the official Directorate of Immigration. If your application is approved by the Secretary-General, you and your family receive residence permits.
The permit is valid for a period of 5 years, after which you’ll need to apply to renew your residence card.
Step 6: (Optional)
If you plan to apply for Greek citizenship in the future, you will be required to live in the country and pay taxes for 7 years to be eligible.
Investment Options
To obtain permanent residency in Greece, the residency by investment program requires you to make a qualifying investment into the country:
Real Estate
There is only one option available to investors, which will require a real estate investment. A minimum investment of EUR 250,000 must be used to purchase commercial or residential property, or the same investment threshold can be put into a lease or timeshare option.
Please note: The qualifying investment is not the only cost that will be charged to investors when applying to the RBI program. In addition to the investment, there are government processing fees, professional fees and other costs associated with both options. When using Savory & Partners as your trusted agent, you will be supplied with a fully itemised quotation with no hidden costs.
Greece has reopened to many overseas visitors, jumping ahead of most of its European neighbours in restarting tourism.
Benefits of Greek Residency by Investment
- Freedom of movement: As a permanent resident of Greece, investors can travel freely in the Schengen Area.
- Access to better opportunities: Greek residents are also considered residents of the EU, and as such, have access to world-class healthcare systems, quality education prospects and lucrative business and investment opportunities.
- Ultimate insurance: Holding residency in Greece is a great Plan B to put your mind at ease in times of economic or political instability in your home country.
- Minimal residency requirements: Besides visiting Greece to provide biometric data, the country does not have any stay requirements. However, if you are planning to apply for citizenship one day, you will need to reside and pay taxes in Greece for 7 years
- Top location: Greece is safe, perfectly located and has a beautiful natural environment with a sunny Mediterranean climate.
- Simple application process: The government of Greece does not require applicants to pass an interview or language test and no work or education experience is required to be eligible for this program.
Book A Free Consultation
When seeking second citizenship or permanent residency, be sure to render the services of an accredited and recognised advisor, like Savory & Partners.
When choosing us as your partner on this journey, you can be assured that you are in safe and capable hands. Savory & Partners is a long-standing and well-respected authorized agent that specializes in helping high-net-worth individuals secure citizenship through investment for themselves and their dependents.
The Savory & Partners team is made up of a diverse group of industry experts who span over 15 nationalities, speak over 25 languages collectively, and come with decades of accumulated CBI and RBI industry experience. Our level of expertise and competence combined with our commitment to serving our clients with the highest level of professionalism and transparency has led us to aid over 1,100 families obtain a second passport with a 100% success rate. There is no-one better positioned and more trustworthy than Savory & Partners when seeking the best results on your quest to secure a better future for yourself and your family.
If you would like to apply to the Greece Residency by Investment Program or would like to learn more, get in contact with us today for a free online consultation and one of our skilled agents will happily aid you in your enquiry.
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