Greece is standing at 45th in the Global Citizen Solutions Global Passport Index, making the Greek Golden Visa program one of the most attractive routes for investors to obtain permanent residency status in the EU. There are, however, specific Greece Golden Visa properties that make an investor eligible for the program, and with them four important factors to consider.
What to Consider Before Choosing Eligible Golden Visa Properties in Greece:
Whether you’re searching for a place to live in or make an investment in, Greek property market provides an expansive range of real estate options that meet your needs. From residential condominiums in Athens, to incredible hotel resorts, and a captivating list of Greek luxury real estate on famous islands, the nation has it all.
Applicants to the program who aim for the real estate investment route may first choose to buy or lease Golden Visa properties that meet specific program requirements – mainly that their investment is placed at the current minimum value of €250,000, and that the property passes due diligence checks.
It is important to note that the Greek government is raising the minimum investment sum to €500,000 for property investments to grant priority purchase to Greek locals. The government still did not announce when the change will take place, however, according to SchengenVisaInfo the Greek Prime minister expects it to happen in early 2023.
Nevertheless, real estate investment options that pass the Greek Golden Visa properties’ requirements are spread across prime locations, some with seaside views, and others with incredible architecture and interior design. Although the steps to applying for the Greece Golden Visa program are simple, there are several crucial factors to consider when selecting prime real estate property from eligible Golden Visa properties.
In this article, we’ll go over the four factors you need to consider before placing a profitable real estate investment in Greece:
Four Factors To Consider Before Choosing Your Greece Golden Visa Property
Certain requirements must be met in order for an investor to qualify for the Greece Golden Visa program. Some pertain to their personal background, general income level and overall assets, while others are more property specific. The latter requirements include the area of interest, the age and condition of the investment property, and its legal documentation, among other things.
Before investing in any property in Greece, you must ensure that it is a legal and lawful investment following the Golden Visa properties’ requirements list. Knowing what to look out for is the first step in investing in Greek real estate. As the country allows you to work and reside in its territories, you have to be sure that the property you choose is within Greek grounds. If you choose to invest in property outside of your potential region of residence, you may risk accidentally violating your residency laws, or not qualifying for the Golden Visa Greece program.
The next step is to assess the property Greece has on the market. While you can hardly ever go wrong with a real estate acquisition in Greece, it is advisable to take into account the following criteria before making your decision:
Renovation
When choosing to purchase an investment property, bear in mind that a lot of qualifying property Greece has to offer may need renovation. Whether in Athens or on the islands of Greece, qualifying hotels, resorts, and Greek luxury real estate may be old. Even if some of them underwent renovation, you should inquire about their scope of the work, since it is probable that the reconstruction works were only cosmetic.
Check to see if the infrastructure has been taken care of, and make sure you receive concrete answers to any of your concerns right from the get go, since unexpected maintenance and renovation costs might end up costing you a lot of money after your purchase agreement is signed. If you see the property needs to be renovated, you’ll need to find a reputable contractor.
It is also important to check if the property fulfills health and safety requirements. If it is old or poorly maintained, it might not pass the adequate health regulation checks necessary for you to live in it, or even have your investment succeed. From wall and window insulation, to heating and plumbing, and more, you should be aware of all health and safety requirements necessary to pass the construction industry’s standards for your property to be inhabitable.
Legal Registration and Ownership
Any mistake or issue with the real estate property’s development might reflect on you as an investor, and affect your Greece Golden Visa application. To avoid any risk of complications with your real estate investment, pay close attention to the specifics of the building and take the appropriate actions on its behalf.
For example, some of the houses you may find in Greece, particularly on the islands, may not be legally registered in the title deed, and will therefore require legal documentation. Instead of dealing with this problem on your own, consult with specialists who are familiar with the country’s bureaucracy, or hand them power of attorney to resolve those arising issues.
Once you’ve found an immovable property that meets your needs, ask your appointed lawyer to do a due diligence examination into the property’s ownership title and current legal status. This can take place either at the Land Registry in Greece, or at any of the local mortgage registries.
When it comes to the due diligence pertaining to the ownership title, your lawyer should trace the chain of transfer of ownership rights, and confirm that you, the investor, are the true legal owner of that immovable property.
As for any inquiries regarding the legal status of the property, these include the existence of (if any) encumbrances, charges, or rights of third parties on the property – including liens, mortgages, claims, or suspenses. A civil engineer should assess the property’s potential limits for development, as well as the legality and scope of any construction permits if the property in question is a plot of land.
Should you choose to sign a long-term lease for a commercial property with corporate renters, and retain a potentially higher source of revenue, you may want to familiarize yourself with the rate of taxes in Greece on rental income.
Location
When investing in property not in a home country but in a foreign nation, you need to be extra cautious about the location of your investment property, especially if you intend on renting it out at a later point. Even if you are inspecting a potential home, aim to focus on areas that are in great demand from buyers, renters and other investors. This will not only guarantee the success of your investment, but will also ascertain the quality of life in that region or area – from access to hospitals and schools, to pharmacies, banks, superstores and local markets.
Your appointed lawyer may examine the location of any of the Golden Visa properties you may be interested in on your behalf. This is a critical step in understanding whether or not your investment will hold in upcoming years, and more importantly, whether or not the property in question is located in a restricted region, or has any limitations that may later arise in complications.
Lifestyle
If you’re looking to buy a property on one of the Greek islands and dream of living in Greece, the general lifestyle in those areas is another factor you’ll want to consider before investing in any of the eligible Golden Visa properties available on those islands. This would include healthcare centers, education systems, general infrastructure, internet speed, restaurants, etc.
Transportation is another very important factor to consider. Although the bigger islands across Greece have airports, the smaller ones rely on ferries as a means of transportation. Assessing the demand on, and access to, the Greece island property during an off-season is best, as you will get a better idea than in the busy summer months.
Having this right assessment will prove itself beneficial to you in the long run, both as an investor and potential homeowner – should you decide to become a full-time resident of the island and move in with your family there.
Key Takeaways On Eligible Greek Golden Visa Properties
Greece has a wide range of commercial and residential property options for investors to choose from; ranging from modest flats, to luxury villas, and other Greek luxury real estate. Here are some of the most important takeaways of placing an investment in any Golden Visa qualifying property Greece has to offer:
- Eligible Golden Visa properties in Greece go for as low as €250,000*
- Investments in Athens are highly coveted as the capital stands out as a developing center, providing incredible options for homeowners and investors interested in the business sector
- Consultation with legal authorities and appointed lawyers is integral to ensure a property passes its due diligence checks and fulfills legal requirements
- Renovation costs are not covered in the initial investment sum, therefore it is advisable to set aside an additional budget to meet the industry’s standard requirements
- A comprehensive search on your desired location is essential if you are unfamiliar with the region
*This current threshold is subject to change in the coming year, as the Greek government plans on raising the minimum requirement to €500,000. You may save time and effort by consulting specialists prior to placing your investment.
Conclusion
The Greece Golden Visa Program through real estate investment provides several advantages to its applicants, whether they intend to grow or diversify their investment portfolio, or are looking for a second home. Because of the low investment threshold and absence of residency restrictions, it is one of Europe’s most popular residency programs.
The Golden Visa application procedure is pretty straightforward, and it starts with placing an investment with a current minimum value of €250,000. Once an applicant has made their investment and submitted all the documents required by relevant Greek authorities, they become eligible for obtaining permanent residency in Greece, and can later enjoy the many benefits that accompany a Greek residence status – from working freely in the EU and Schengen Area, to the possibility to travel visa-free across the world, and more. EU citizenship offers for every EU citizen a full equality with native European citizens, because they are treated as equally entitled to basic rights.
It is advisable to take into consideration four important factors before placing any investment in property, those being the property’s renovation status, legal registration and ownership, location, and the lifestyle provided in its area.
Frequently Asked Questions
Can I get PR if I buy property in Greece?
Yes, you may become eligible for a permanent residency in Greece by placing an investment worth at least €250,000* in Greek real estate. Provided you maintain that investment and follow the requirements of the Golden Visa, you will acquire residency status.
*Note that this current threshold is subject to change in the coming year, as the Greek government plans on raising the minimum requirement to €500,000.
Can you get a mortgage for a Golden Visa in Greece?
Once you have all your affairs in order, and have confirmed with your lawyer that you meet the visa requirements and are a high candidate for obtaining it, you may apply for a mortgage in any bank for the Golden Visa, including Greek Banks.
What is the Greek Golden Visa?
The Greece Golden Visa program launched in July 2013, and is a five-year residency by investment program that provides a permanent Greek residence permit to applicant in exchange for a property investment in Greece. This Golden Visa is valid for five years and can be renewed every five years, provided that the investment is maintained.
What are the stay requirements for the Greek Golden Visa?
The great thing about the Golden Visa in Greece is that there are no stay requirements in Greece to maintain it. However, if investors choose to permanently live in Greece, they become eligible for Greek citizenship by means of naturalization after seven years. They must, however, pass certain criteria and a Greek language test to prove their integration.
