Why Wise Investors are now Looking Towards Greece’s “Golden Visa”
Residency overseas has been popular with investors for a long time. The lure of tax benefits along with a better climate and standard of living ensure that there is no shortage of applicants for many residency programmes. In the past, these Golden Visa programmes were more popular in destination such as Spain, Portugal and Malta, but with huge improvements to the Greek economy recently, the Greek Golden Visa scheme has become very popular, particularly with investors. It’s easy to see why Greece would be popular with families or retirees looking for a better standard of living in a hot country, but why are investors now taking advantage of Greece’s Golden Visa? Well there are several factors that come into play…
There’s a great opportunity for investment growth right now
The Greek Golden Visa scheme centres around the purchase of property in Greece. What’s good about this, is that property prices in Greece are very low at the moment, but with the upturn in the economy, and the future looking far more stable, it’s highly likely that property prices will grow to reach or exceed previous levels. The average property price right now is approximately 44% lower than it was at the property price peak in 2008, so it’s easy to see how this could be a fine investment. You’re securing Greek residency, but in addition you could be set to turn a tidy profit in this win-win situation.
Rental opportunities can be a lucrative solution
You are legally obliged to purchase property if you wish to take advantage of the Greek Golden Visa scheme, but what if you don’t need that property? Perhaps you’re not looking for a residential property in Greece for yourself. Some residency programs don’t allow you to let out the property you purchase as part of your application for the scheme, but the Greek programmes does, so you have a simple solution. You can let out your property and bring in an income. If you choose property in a popular tourist area, you can really maximise your rental yield.
The investment level is lower than many other Golden Visa schemes
Compared to other European residency destinations, the level of investment required to participate in the Greek scheme is very low. The value of property an investor must purchase in order to have a valid application is just €250,000. This makes the programme more affordable for more people, and also lowers the level of risk and commitment.
It’s more flexible than some other programmes
When it comes to placing your investment, the Greek scheme does offer quite a wide variety of options. Of course you may simply want to purchase a residential property for yourself and your family, but you can also purchase several smaller properties, perfect for short or long term rentals, or you can be one of several investors in a larger project.
Could Greece be your next investment destination?
For further information regarding the requirements and application process for the Greek Residency Golden Visa scheme, please get in touch or you can find out more on our website.