The Greek Golden Visa programme has been growing exponentially year on year. Investors have been flocking to its Mediterranean charm and lucrative real estate market. Yet the first quarter of 2019 hasn’t shown the same trend of growth – will this improve by year end?
The number of Golden Visa investors grew from 2017 onwards, as Enterprise Greece presented in their latest figures. 2018 was exceptionally successful drawing in over 4,000 investors (including their family members) from China, Russia, Turkey, Iraq, Lebanon, Egypt, Syria, Ukraine, Jordan, and Iran.
Greek Golden Visa Demand
It is estimated that approximately EUR 1,500,000 has been injected into Greece’s real estate market, boosting the real estate prices in the market, especially in Athens. Unfortunately, for a country that is gradually coming out of an austerity period and serious recession, local Athenians are sat on both sides of the fence as to whether they welcome the influx of FDI or resent its impact on affordable housing for the general public.
Demand for the Greek Golden visa has diversified and grown from markets beyond China, including Turkey and Russia, with Iran also showing a keen interest.
Yet, the key market for the Greek Golden visa is still undoubtedly China.
In recent years, the Chinese government has been cracking down on dual citizenship holders, predominantly those who are settled abroad. They do not recognize dual citizenship under specific criteria; therefore, the mounting press could be instilling fear in Chinese investors seeking a permanent residency visa abroad.
Read more: V² launches Greek Golden Visa eligible – Bel Air Residences
How do you Apply for the Golden Visa in Greece?
The Greek Secretary General of the Decentralized Administration grants residence permits for five years to foreign investors who can demonstrate that they have:
- Legally entered Greece with a valid visa/permit;
- Invested EUR 250,000 in the full ownership of property in Greece;
- The investment may be via a legal entity/held directly by the individual/a ten-year lease of hotel/serviced accommodation/time share agreement of a value of EUR 250,000.
Should the foreign national opt to sell the real estate to another foreign national, the latter may assume the Greek Residence permit rights, and the seller would renounce their rights to the Greek Residence permit, unless they re-invest in another qualifying property.
It is important to note that Greek Golden Visa holders must be able to fund themselves and any dependent spouse on their own funds outside of Greece. They are also not required to remain in Greece during the validity of their permit.
Should Enterprise Greece be diversifying their pool of investors from other HNWI jurisdictions?
Greece boasts having one of the most cost-efficient Golden Visa Programmes especially in comparison to Spain and Portugal that require over EUR 350,000 investments in real estate. It also has an ever-growing demand for tourist accommodation/summer rentals due to its natural beauty, affordable prices and unsurpassable attributes as a tourist hub.
As the Greek economy continues to crawl out of recession, investors’ confidence and interest too is blooming.
With comparatively affordable real estate prices in Greece, which are set to increase over the coming years it is a unique moment to explore real estate investment in Greece.
Enterprise Greece and the agents promoting the Greek Golden Visa should also be looking further afield from the traditional markets for new hubs of investors who could benefit from the Greek Golden Visa programme.
