In the realm of international investment, Greece has emerged as a highly enticing destination for foreign investors. The nation's strategic location, coupled with its progressive economic policies, has captured the attention of global investors. According to the 2023 EY Attractiveness Survey for Greece, the country witnessed an impressive 57% increase in Foreign Direct Investment projects in 2022, outpacing the overall European investment growth rate, which stood at a mere 1%. This substantial surge highlights Greece's growing reputation as a desirable investment hub. This interest is further exemplified through Greece's Golden Visa program.
Investors are keen to participate in the Greek Golden Visa program, which not only aligns with the country's economic rejuvenation but also offers a unique opportunity for strategic residency planning in Europe. This initiative provides a pathway to Greek residency through various investment avenues, primarily focusing on real estate and financial instruments.
The Golden Visa bestows the privilege of unrestricted travel within the Schengen zone, eliminating the need for an additional visa. This zone encompasses 27 European nations that have officially abolished visas and border checks at their shared boundaries, providing unparalleled travel freedom. The Greek Golden Visa allows individuals to reside in Greece without any time constraints or minimum stay requirements. This not only grants the right to live in Greece but also provides access to public healthcare and educational benefits.
Moreover, the program extends these benefits to the principal applicant's spouse and children below the age of 21. Additionally, the Golden Visa initiative in Greece introduces the Extended Family benefit, allowing the principal applicant's parents and parents-in-law to obtain cards without additional prerequisites. Holders of the Golden Visa in Greece also have the option to apply for Greek citizenship after seven years.
Real estate has long been a cornerstone of investment strategies, and Greece's Golden Visa program leverages this by offering residency to those who invest in property. Previously, a minimum investment of €250,000 in real estate granted eligibility for the Golden Visa. However, recent regulatory changes effective from July 31st, 2023, have adjusted this threshold to €500,000 in specific areas, including municipalities in Athens, Thessaloniki, Mykonos, and Santorini. Investors can distribute this investment across multiple properties or concentrate it into a single real estate asset. The Golden Visa's real estate option not only offers a tangible investment but also provides a scenic backdrop for those seeking a peaceful European lifestyle.
To maintain their Golden Visa status, investors must adhere to specific conditions. For real estate investments, the property must remain in the investor's possession. Alternatively, for leased properties, a ten-year lease agreement with a minimum payment of €250,000 is mandatory. By meeting these criteria, investors secure a stable and secure residency status, opening the door to a prosperous future in Greece and potential European citizenship.
In addition to real estate, the Greek Golden Visa program offers another enticing option for investors: Greek government bonds. By investing a minimum of €400,000 in Greek government bonds, investors can secure their residency while contributing to the country's economic growth. This financial avenue provides a secure and structured means to obtain Greek residency, aligning the investor's interests with the nation's developmental goals. Furthermore, investing in Greek bonds not only fosters economic partnership but also grants investors access to Greece's rich cultural heritage and vibrant lifestyle.
Greece's elevation to an investment-grade status by S&P Global, the first among the major three credit rating agencies since the nation's 2010 debt crisis, further enhances its appeal to investors. The country anticipates a robust economic growth of 3% in 2024, surpassing this year's 2.3% expansion, more than double the average growth rate in the eurozone. This positive economic outlook is expected to attract additional investments and reduce borrowing costs for Greek businesses, as anticipated by the conservative government.
Investing in Greece through the Golden Visa program, whether in real estate or government bonds, represents more than a mere financial transaction: it is a strategic choice. It offers not only secure residency but also a unique opportunity to become a part of Greece's growth story. As a magnet for foreign investment and an advocate for strategic residency planning, Greece stands as a symbol of stability, growth, and opportunity in the heart of Europe. Embracing the Golden Visa program is not just an investment in Greece; it's an investment in a promising future, both financially and culturally.
The content of this article is valid as at the date of its first publication. It is intended to provide a general guide to the subject matter and does not constitute legal advice. We recommend that you seek professional advice on your specific matter before acting on any information provided. For further information or advice, please contact Konstantinos Papailiou, Associate at the Athens Office, email konstantinos.papailiou@kyprianou.com or telephone +30 210 3387060.
