Foreign national homeowners in Greece are not required to reside in Greece
Of the various Golden visa schemes in Europe, which guarantee permanent residency to anyone for a minimum level of investment, the Greek Golden visa is by far the cheapest, offering the status of a permanent resident for an investment of EUR 250,000.
However, from September 1, this rate is set to rise sharply higher to EUR 400,000. To encourage well-to-do Indians keen on acquiring a permanent residency in the EU before the rate hike, Leptos Estates, a real estate firm with an extensive footprint in Greece, Cyprus and Crete, has launched a campaign.
In a press statement, the real estate firm says that owning a dream holiday home in Greece as well as a Golden Visa with Permanent Residency, is set to become more expensive for all from August 31, 2024. In September, the Greek government will implement new laws that will almost double the minimum investment required for global citizens to own real estate in Greece.
The statement adds that Leptos Estates, a prominent real estate and property development firm specialising in residential, commercial and holiday residences including premium apartments and luxury villas in Greece and Cyprus, has invited high-net worth individuals and investors from India to act swiftly and make their property investments in Greece before the rules change later this year.
The company adds that over the last few years, the popularity and demand for Greece’s Golden Visa Programme launched in 2013, has surged, leading the Greek government to reconsider the entry points for real estate investment and Permanent Residency.
As per the new rule regarding Greece’s Golden Visa Programme that is expected to be effective on August 31, 2024, there will be two minimum investment slabs for real estate transactions in the country. In Tier I, which comprises popular areas like Attica, Thessaloniki, Mykonos, Santorini and the islands, the minimum investment is expected to go up to EUR 800,000 from the current EUR 500,000 and in Tier II that covers all other regions of Greece, the entry point will go up to EUR 400,000 from the current EUR 250,000.
Sanjay Sachdev
“As the deadline approaches, prices are expected to surge, potentially making the dream of owning a Greek home less attainable for Indian investors. We urge high net-worth individuals and investors to grab this unique once-in-a-lifetime opportunity to secure Permanent Residency in Greece while enjoying the chance to make promising returns on their investment at a minimum cost of an affordable EUR 250,000. Once the new rules come into effect, the cost will double, and it will be a great chance missed. We have some aesthetically and sustainably designed, fully functional apartments and villas across Greece and in regions like Paros Crete, and Santorini that would make great homes for global citizens,” says Sanjay Sachdev, Group Marketing Director, Leptos Estates.
Investors can still apply under the current EUR 250,000 minimum threshold if they pay a 10 pc deposit by Aug 31, 2024, and finalise the investment by December 31, 2024.
Among the several benefits of owning both a home and a Permanent Residency in one of the world’s oldest civilisations is visa-free travel within Europe’s Schengen area, high returns from Greece’s booming real estate market, perfect weather through the year and a chance to experience the charming, idyllic Mediterranean culture.
The Residency is applicable to the whole family (married spouse, children under 21 years old, and parents of the main applicant and spouse) with eligibility to apply for citizenship also, says Leptos Estates.
Foreign homeowners in Greece are not required to reside in Greece and residence permits can be acquired within six months. Owners also have the option to rent their investment property.
