Recent years have seen a surge in demand for Residency by Investment programs (RBIs) in the European Union (EU). Despite various options available, the potential closure of Portugal’s Golden Visa program has thrust Greece, Spain, Malta, and Latvia into the spotlight as the remaining potent contenders. Today, we invite you to discover why Greece’s program, with its unique advantages, emerges as the prime choice for investors, particularly with an eye towards sustainable real estate investment.
Interestingly, Greece and Spain have granted nearly equal numbers of Golden Visas, marking them as formidable contenders. However, subtle nuances make the Greek program a more beneficial prospect for potential investors. One such factor is its sustainability, setting it apart from the rest, especially in comparison with Spain’s faltering real estate option.
Spain’s political sphere is leaning towards discontinuing the real estate option under their Golden Visa program, which in turn enhances the appeal of Greece’s robust program. Greece’s recent modifications to its Golden Visa program have rendered it more resilient and shielded from potential housing crises, an aspect that its Spanish counterpart can’t match.
A remarkable testament to Greece’s economic resilience is its successful recovery from a decade of financial turbulence. Greece’s housing sector has proven to be more stable than Spain’s, boasting a Compound Average Growth Rate (CAGR) of 21.4% between 2017 and 2021, far exceeding Spain’s 40% CAGR.
Investing in a Golden Visa for real estate isn’t just about choosing a country and program, it involves identifying a safe environment with solid property appreciation potential and a vigilant approach to avert potential housing crises that could detrimentally impact your investment. Greece’s recent tweaks to its Golden Visa have only reinforced its stability within a flourishing investment environment.
Beyond sustainability, Greece steals the show with affordability too. Greece’s real estate investment threshold stands at a reasonable €250,000, a stark contrast to Spain’s steep requirement of €500,000. Whether your investment sights are set on vibrant Athens, cultural Thessaloniki, exotic Mykonos, or picturesque Santorini, even with the higher minimum investment of €500,000, you’ll find savings on property taxes that are a flat 3% in Greece, as opposed to Spain’s range of 6% to 11%. Furthermore, Greece’s additional Golden Visa investment options of setting up a business or investing in financial products remain budget-friendly at €250,000 in most cities such as Chalkidiki .
But Greece doesn’t stop at just being sustainable and affordable; it triumphs in efficiency as well. The Greek Golden Visa application procedure is one of the simplest and quickest in the world of investment migration. Aided by a new online application portal, the process has been expedited even further. The Greek Golden Visa has rightfully earned its position in the Henley & Partner’s Residence Program Index as one of the fastest residency by investment programs globally.
The Greek Golden Visa also outperforms by centralizing the process. All procedures are conducted locally, thus minimizing bureaucratic interference and delays, unlike Spain’s Golden Visa that might hinge on its embassy’s processing capacities depending on the applicant’s chosen method and location for application. The high rejection rate of Uniform Visa Applications by Spanish embassies (9.26%) further underscores the streamlined efficiency of Greece’s 4.91%, further simplified by the exclusion of Greek embassies from the process.
For aspirants seeking to establish their roots in the EU and pursue citizenship, the journey towards naturalization under the Greek Golden Visa is faster than Spain’s, with the exception of certain nationalities qualifying for quicker naturalization in Spain.