Foreign buyers making the minimum real estate investment of at least €250,000 in property in Greece are eligible for the Golden Visa, a European Union residency permit recognised throughout the Schengen states. It is acknowledged as being the most accessible and economical in comparison to other similar visa programmes. The Greek Golden Visa is also one of the fastest within Europe. It only requires a processing time of 2 months, from the time the application is submitted to the issuing of the residency permit.

The Greek Residency permit is renewable every 5 years provided the investor retains ownership of the investment property.

The residence permit is also extended to the holder’s immediate family members; spouse, parents, parents-in-law, and children under 23 years of age who are dependents.  Furthermore, residence permit holders can enjoy their freedom by choosing to live in Greece permanently, but are not bound by strict limitations. They can spend as much time as they wish or not even live there at all.  This enables investors not only to travel or live in Greece but also to procure visa-free travel throughout the EU and Schengen area.

Apart from the initial investment, there are no further requirements needed to reside in Greece and investors will automatically retain residency rights. But  if an investor wishes to be eligible for citizenship as opposed to permanent residence, they are required to live for 7 years in Greece with at least half of the time spent residing there. Following the 7-year residency requirement, investors have the opportunity to apply for a Greek passport and EU citizenship.

Greece is one of the most popular holiday destinations in the world. Information based on the United Nations World Tourism Organization (UNWTO), during peak season in many holiday spots the number of travellers to Greece may exceed the number of local residents. Even during the summer of 2020, facing the unprecedented incidence of covid-19, tourism was far better than in most other European countries. It is expected that the number of international arrivals to Greece will increase even more substantially in future years.

The increase in tourism in Athens is good news for property investors, as apartments in the city center are in high demand as visitors booking accommodation in Athens is on the rise. Here, it is important to mention that Athens is now a city-break year-round holiday destination, from which the rest of the country is easily accessible. And let’s not forget its up and coming status as a business and commercial center.  What this all means, is that the average short-term rental of an apartment may be €50 per night with an occupancy rate of 60% –  very lucrative figures for a potential investor.

In other words, the expected investor’s return is about 4-5% a year after taxes and expenses. The best part is that the buyer starts receiving that income as soon as the property purchase is completed. Greece is considered one of the top real estate markets in Europe, offering investors good prospects for future growth and attractive returns on investment.

Greece has suffered a major economic crisis over the past decade. However, the Greek government has taken dynamic measures so that the country’s economy recovers and the improvement is clearly visible. The best time to invest in property is at the beginning of the recovery stage when the prices are still at their lowest but are ready to rise.  And that time is now.

It is expected that slow but gradual financial recovery will bring a positive influence on the country’s property market. Major development projects have been given the go-ahead including the 8 billion regeneration plans to develop the site of the old airport at Hellinikon. Likewise, according to new legislation, the government has made a significant reduction in annual property tax, making the Greek real estate market much more competitive than it was some years ago, thus attracting foreign investment into the country. Property prices are set to grow over the next couple of years, provided that unforeseen negative events do not interfere with the market balance.

The Greek government has presented a tax reform focusing mostly on the real estate market. A reduction in property tax was announced with an aim to lower it by a total of 30% within the next two years. Further tax deductions of up to 50% for renovation and property investment over the next two years is to take place, too.

Most important though is that the VAT (value-added tax), payment of 24% has been suspended until 31/12/2022. This tax was the main reason that held foreign investors back from participating in Greece’s real estate market. But now, for the next two years, there will be no VAT collection on property investments. This makes the Greek real estate market much more attractive and will have a positive impact on Greece’s Golden Visa Programme.

Although the Greek economy has not fully recovered, it is at a turning point. The property market is about to surge, and so now is a great time to invest in real estate which, pricewise, is the best value for money. And that’s not all! The incredible Mediterranean climate, picturesque landscape adorned with a rich historic and cultural background and a cost of living offering great value for money is a haven for the retired as well as the many tourists, travellers and expats. Whether you’re moving to Greece to enjoy life in Athens, Crete, Peloponnese, or on an island, you should consider buying property now as the time is right.  There’s plenty of opportunity to set up your little getaway paradise and enjoy life with your loved ones. Something your future generations will thank you for.

The most desired type of property in Greece is villas, yet it’s a good idea to consider other options that may accommodate you better or be more cost effective in the long run. For example, there are lots of apartments and bungalows, offering breathtaking ocean views and beach access which are significantly cheaper to maintain.

If money is not an issue, and you are thinking of expanding your business you can invest in an appropriate property for your business. The most profitable investments would be in the areas of: tourism, hospitality, exports, and logistics. In this case, it is important to note that the investors can work as shareholders or CEOs in their business and cannot look for employment elsewhere.