Real Estate Investments and Greek Residency (Golden Visa)
Greece’s economic situation has been dire for many years, and suffered further considerable deterioration since the global economic crisis of 2008. In the last years, the European Union and the International Monetary Fund relinquished some of Greece’s debt, but according to the time of writing this paragraph, the state’s debt is still tremendous.
These circumstances led to a drastic decline in real estate property prices in Greece’s mainland and islands. Many investors find the prices and market supply as a unique investment opportunity for them. For many, tourism – Greece’s greatest economic driving force, which is currently booming in comparison to the alternatives such as Turkey – will eventually lead to the economic stabilization of the country, and a considerable rise in property prices.
In Greece, real estate investment of over 250,000 € can grant the investor with resident status, for him and for his family members. This is an investor path also known as “Golden Visa”, which grants resident status to the investor and his family members for a period of ten years. After the ten years of residency, the family members will be required to pass exams in the Greek language and heritage.
It is important to clarify that the right to residency that the Greek Golden Visa option grants, allows residency without a time limit in Greece itself, and this is because Greece is a member of the European Union.