Greece Golden Visa Program on the Rise
There are several Golden Visa Programs across Europe that are quite favorable for many aspects they offer to their applicants. Portugal, Malta and Cyprus being some of them, there are also others which recently became popular. Greece’s Golden Visa Program is a new favourite among investors who seek new financial opportunities, residence permit in a country that is a member of European Union, visa-free travel to Schengen countries, and some of the best tourist destinations across the globe.
Recent Surge in Greece Golden Visa in Statistics
According to the latest reports, Greece’s Golden Visa investment and residency program is proving itself to be a huge success and reflection of the increasing investor confidence in Greece. The program now exited its third financial support program in 2018 Summer and recent data shows that 3154 residency permits have been issued until August 2018. That amounts to be more than all of 2017’s issued permits. In just one year, applications have gone up 40 per cent.
Greece’s Golden Visa Program came to existence during the darkest periods of the country’s economic crisis, in 2013. However, in the last two years, the program gained immense popularity among investors. Thanks to countries high growth potential, current political stability, high quality of life and relatively low costs of living, Greece’s Golden Visa has passed its rivals launched by countries like Cyprus or Portugal.
Reasons Behind the Program’s Success
Financially, Greece offers its investors a great deal. A big part of Greece’s Golden Visa program’s attractiveness comes from its financial advantages. For a minimum investment of 250,000 Euros, Greece grants permanent residence permit and visa-free access to 26 Schengen countries to the applicants and their families. Also, the government recently included to the program that the applicant may choose to invest 400,000 Euros or more in liquid financial assets as well.
Another reason for Greece to be popular among investors is that even if the market prices are virtually the same since 2016, real estate is still 40% cheaper than its peak in 2009. So, because of the financial crisis the country went through, real estate investment is still, after many years, a viable option for investors. Greece’s Golden Visa Program offers nothing less than Portugal’s. Both offer residence permits and visa-free travel to Schengen countries, but Greece does it for half the price.
After the 7 July 2019 elections, the new Greek government introduced many new policies to encourage the foreign investors into the country. The stable growth in the Greek economy also consolidates the positive image of Greece in the eyes of the investors. Greece shows strong signs to maintain the positive developments in the future.
The program so far generated 1.5 billion Euros for the Greek government. There is no doubt that the program will be the most popular residency-by-investment program around the world before this year is over.