Why is Greece Golden Visa Program Getting Popular?
Investors around the world want to get residency from other countries for several reasons. Some want to facilitate interaction with foreign banks while others want to have higher mobility. “Golden Visas” allow people to achieve these goals. The most popular and favourable Golden Visa programs in the EU are by Portugal, Spain and Malta.
Greece Golden Visa until recently was behind others in numbers of visas issued. Economic crisis of the country in the last decade damaged the trust of investors and it caused decreasing of investments made in Greece. However, Greek economy is showing signs of recovery lately. Especially, the new Greek government very much encourages foreign investment into the country. The recent political amendments regarding the tax cuts on real estate investments attract high net worth individuals from all around the world. So the investor trust is increasing again, giving life to Greece Golden Visa Program.
Lowest Investment Threshold in Europe
One of the qualities of Greece Golden Visa apart from EU residency is its low investment threshold. Greece allows applicants to buy one or more properties totalling at least €250,000 and thus offers the cheapest residence for investment. Even Latvia, who offers the same deal, requires a 5% non-refundable fee which amounts to 12,500 euros. Therefore, gaining Greek residency through buying real estate in Greece is considerably cheaper and logical.
Opportunity to Buy Several Properties or Participate in a Large Project
While some countries allow the purchase of only one property to meet the threshold, Greece allows several purchases. Greece Golden Visa Program also allows collective investments. So, the program is –as long as the investment requirements are met- quite flexible. It allows investors to get involved in multiple projects with possible positive outcomes.
Low Prices and High Growth Potential
The price of real estate in Greece is two times cheaper than Spain and Malta, and 1.5 times cheaper than Portugal. With average prices of €1,300 per square meter, central Greek houses offer great price growth potential, too. Because of the 2008 economic crisis, real estate in Greece is 44% cheaper compared to its peak. Now showing signs of economic recovery, real estate prices are going steadily upwards. Taking advantage of the momentum is only logical for investors all around the globe.
Potential Rental Income
Since most Golden Visa owners do not need the purchased real estate, it is logical to buy the property and then lease it for its rental income. It is even more logical to buy property in touristic areas and renting them short term for higher income.