Sun, sea, food, culture and a wonderful lifestyle, Greece has long been one of the favourite destinations for British expats. Now, with Brexit complicating matters for Brits in the EU, it’s become even more valuable and it’s all down to the Golden Visa.
Introduced in 2013, the Greek Golden Visa is one of the cheapest and quickest ways for non-EU citizens to get permanent residency in the country. For a property investment of €250,000, you can get residency status in just 90 days renewable after five years. It also allows investors to apply for Greek citizenship after just seven years in the country.
The program has proved incredibly popular. In 2019, the government issued more than 3,000 residency permits. Inevitably the pandemic put a dampener on things, but with the vaccine doing its glorious work, things are likely to pick up in the back end of 2021 and beyond.
Most importantly, this represents a fantastic option for Brits looking to keep their EU status after Brexit. Since leaving the EU, life has become more complicated for some expats. As many are finding, fortress Europe is not always a welcoming place for people outside the EU.
As such, countries such as Greece which make it easier for non-EU citizens to gain residency are looking more appealing every day and that shines through in the property market. Although the pandemic pulled the market back, it is set to rebound strongly after the pandemic and much of that is down to the Golden Visa.
How to get a Greek Golden Visa
The best news is that you don’t necessarily need to buy property in order to gain residency.
Other options include:
- Investing 400,000 in Greek government bonds.
- Depositing 400,000 in a Greek Bank.
- Making a capital investment of at least 400,000 in a company registered in Greece.
- Make an 800,000 investment in corporate or government bonds.
If you do have some capital available and are looking for property investments overseas, therefore, Greece represents an extremely good option. It’s quick, easy and relatively affordable. The property market is primed for growth with high demand expected from the UK as well as domestic investors.
Will the golden visa be amended?
The future is a little uncertain. There has been plenty of talk about the government potentially amending the visa programme. However, even here the news is generally positive. The government already amended the rules in December 2020 to allow for remote applications which means you no longer have to visit the country.
Other reports suggest rules may change to bring down the threshold for property investment. Much of the government’s strategy is said to focus on pushing investment towards under rated areas of the market. As well as bringing down thresholds in some regions, it may also include other incentives for investing away form property hotspots.
All of which is good news for aspiring Greek property owners. The market has plenty of scope for growth with plenty of demand and a favourable regulatory environment. So, if you’re worried about investing overseas after Brexit, Greece could be the answer you’re looking for.
