Earlier laws required the applicant to be physically present in Greece. However, recent amendments allow international investors to carry out the process remotely.
The residence permit can be renewed every five years and there is no limit on the number of renewals as long as the investment is held by the investor.
Foreign investors who wish to continue living in Greece can apply for citizenship after seven years of legal residence.
“The Greece Golden Visa program is among the most attractive residence by investment programs offered in the EU. According to data revealed by the Ministry of Migration and Asylum / General Secretariat for Immigration Policy (June 2021), a total of 8,692 principal applicants received their Golden Visas in Greece between 2014 and 2021. In the same period, 26,123 Greek Residence Permits were issued to applicants and their dependents. A free market and service-based economy, Greece is one of the safest EU countries,” Ashish Saraff, Founder and CEO of Aretha Capital Partners and Novyy said.
“Greece has been more popular with the Chinese and Lebanese. From Indians, we saw a surge in enquiries in the first quarter of this year and the interest continues. Some of our clients have already moved to Greece once the flights resumed in summer,”Saraff said.
Key benefits
- A Greek Residence Permit, with a clear path to citizenship in seven years- Investment threshold is relatively low compared with other countries- Costs (other than the investment) are among the lowest among European Golden Visas- Visa-free Schengen access to all EU countries- Quick processing - approvals received within 90 days- Visa for dependents up to the age of 21- No requirement to reside in Greece- Non-domicile tax regime- Opportunity to access a Euro 20 trillion market for business and trade- Access to world-class educational institutions- Ability to rent out acquired property- Tax and healthcare benefits upon naturalisation
Investment requirements
Eligibility criteria- No criminal record- Over the age of 18 years- Health Insurance for the entire family at all times- Valid Schengen Visa to commence the process in Greece- Clear background check
Investment routes
Real estate investment- Minimum investment of Euro 250,000 (approximately INR 2.18 crore) anywhere in Greece with the exception of a few districts.- 10-year lease agreement with a hotel or tourist establishment where the upfront lease payment is at least Euro 250,000.
Registered Alternate Investment Funds- The applicant can choose to invest the minimum amount of Euro 400,000 (approximately INR 3.48 crore) through a registered alternate investment fund (AIF).- Investors can benefit from profits on return on investment, capital appreciation and the non-domicile scheme in Greece along with the Golden Visa
Capital investment- Euro 400,000 (approximately INR 3.48 crore) capital investment in a company registered in Greece / Greek Government Bonds / shares in real estate companies / deposited in a Greek bank.- 800,000 Euros (approximately INR 6.9 crore) investment in corporate or government bonds.
About Greece- Population: 10.36 million- Area: 131,957 square kilometers- Capital: Athens- Currency: Euro (€) (EUR). 1 Euro = 86.60 INR- Safety index: 58th safest country in the world (Global Finance Safety Index, by the Global Finance magazine, July 2021)- Passport power: Seventh most powerful passport in the world (Guide Passport Ranking Index)- Cost of living: Basic monthly cost of living would be between €890 to €1,629
Top 5 cities- Athens- Santorini- Rhodes- Corfu- Patras
Tax benefits- Golden Visa investors don’t become tax residents unless they spend over 180 days in Greece.- Non-domicile tax regime is available for ultra high net worth (UHNW) investors
Real estate and fund options
“Athens is the ideal city to invest in, with stable rental yields of 3-4%. One can buy decent 2-bed apartments for 250-300,000 Euros. Houses in the city with 3-4 beds measuring 1000+ sq ft can be found for 600,000 to 1 million Euros. We also cater to luxury villa aspirants, prices of which could range from 1.5 to 5 million Euros across Athens, Santorini and Mykonos”, Saraff said.- An investment of 400,000 Euros in Aretha Greece Vision Fund shall qualify investors for Greece Golden Visa
Source : www.moneycontrol.com
