Country Spotlight: GREECE 🇬🇷

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Watch our most recent webinar on Greece, and learn about the latest news on how to get your Greek Golden Visa.

 

QUICK FACTS

Full name: Hellenic Republic
Capital city: Athens
Population: 10,724,599 (Est 2019)
GDP in current prices: USD $323.65 billion (2019)
GDP real growth: 1.9% (2019)
Area: 132,049 km²
Government: Unitary parliamentary republic
President: Katerina Sakellaropoulou
Prime Minister: Kyriakos Mitsotakis
Currency: Euro (€) (EUR)
HDI: 32nd (2018)
Ease of doing business index: 79th (2020)
Time zone: GMT +2
Dialling code: 30

Greece is one of the oldest countries in Europe and is generally considered to be the cradle of Western civilisation. Situated in Southeast Europe on the southern tip of the Balkan Peninsula, the country shares land borders with Albania to the northwest, North Macedonia and Bulgaria to the north, and Turkey to the northeast. The rest of the mainland is washed by the Aegean Sea to the east, the Mediterranean and the Cretan Sea to the south, and the Ionian Sea to the west.

 

Residency and Citizenship by Investment

Requirements

A minimum of just €250,000 must be invested in real estate, making this one of the most accessible investment immigration policies in Europe. Note that this excludes legal fees and taxes; new property purchases are subject to 24% VAT. Any number of properties may be combined to make up the minimum required 

investment and joint buyers may also combine their investments into one higher-priced property. Applicants must have a clean criminal record and have medical insurance covering their stay in Greece. Residency can be obtained within 60 days and is valid for five years, which can be renewed every five years thereafter provided the applicant still owns the property.

Citizenship and a Greek passport may subsequently be applied for, but only after seven years of actually living in Greece, whereas to qualify for a residency card does not require the holder to live in Greece.

Advantages of the Greece Golden Visa Program include:

  • No requirement to actually reside in Greece
  • Residence permits can be acquired within 30–60 days
  • Visa-free travel within Europe’s Schengen Area
  • Unlimited expiry date of residence permit, subject to continued property ownership
  • Opportunity to rent out the investment property
  • Residence applies to the whole family (married spouse, children under 21 years old, and parents of the main applicant and spouse)
  • Permit holders may hold shares and receive income from the dividends of a company registered in Greece; however, they are not allowed to be employed in Greece.

 

 

 

Why invest in Greece? 

Greece is a leading destination for tourism worldwide thanks to its cultural heritage, extensive beaches and Mediterranean climate.

Greece has no fewer than 18 UNESCO World Heritage Sites and its island Santorini – a favourite destination for cruise passengers as well as direct holiday-maker. 

The total number of international tourists to Greece reached 34.2 million during 2019, almost 20% higher than 2018’s total of 28.7 million and more than double the number of arrivals in 2009. 

 

Greece has an advanced high-income developed economy with a high standard of living. The country went through a period of rapid economic growth after joining the EU, averaging over 2.5% real year-on-year growth between 1984 and 2007, by which time Greece had climbed into the World Bank’s list of top 30 largest economies by nominal GDP. 

The economy, which now ranks 51th in terms of nominal GDP, is largely based on services, tourism and shipping. The GDP and all economic factors are on a constant rise since 2015, and according to economists, this will keep getting better and better. FocusEconomics forecasts a GDP growth 5.1% in 2021, and of an additional 4.0% in 2022; all these figures indicate that it is the ideal time to start investing in Greece. 

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