With the introduction of the residency-by-investment scheme (the ‘Greek Golden Visa’), the Greek government affords non-EU nationals and their families permanent residence in Greece with a pathway to citizenship, upon making a strategic investment in real estate in the amount of € 250,000 or more.
Greece offers a wide range of real estate investment options. From apartments in the vibrant city of Athens, to village retreats in the famous Peloponnese, to luxury villas on one of the famous Greek islands.
Below we highlight 5 factors which are worth considering before making a real estate investment in Greece.
1. Location
From the ski slopes of Arachova in the north, the quaint villages in central Greece, to the vibrant cities of Athens and Thessaloniki, and of course the famous Greek islands. Greece caters to all interests.
If your investment is purely for return, it is important to focus on locations that see high demand from investors and tenants in both in residential and commercial properties, as well as the tourism markets. Our property experts have extensive knowledge of the Greek property market and will guide and assist you through the process of property selection.
2. Investment Options
Residence permits are granted in cases where a non-EU national is the owner, either directly or through a legal entity, of more than one real estate property with a combined value of at least €250.000.
Therefore, the investor is given the flexibility to invest in more than one property and in more than one location.
3. Property Registration & Due Diligence
Before you purchase real estate it is prudent to conduct a property check to confirm who the owners are and whether the property is subject to any encumbrances. This step will ensure that the process runs smoothly from start to finish.
Greece has an electronic land register known as the Cadastre (Kτηματολόγιο) in areas where land registration has been completed. The land register database is stored centrally for the whole country by the company Ktimatologio (Κτηματολόγιο Α.Ε.) and is updated by the local land registries based on their transactions.
4. Remodelling / Renovation
If you’re looking to purchase a property with a view to renovate, it is important to be mindful that the cost of the renovation will not be counted toward the €250,000 investment threshold for the Golden Visa. As such, an investor will need to set aside extra funds for renovations.
5. Lifestyle
If you are interested in purchasing a house on one of the Greek islands for personal use or retirement, check that the island has the services and amenities you require (e.g. adequate healthcare facilities, education facilities, entertainment and shopping etc.) Although most islands in Greece have airports, the smaller islands rely on ferries as their primary source of transportation.
If you prefer to be closer to civilisation, Athens and its surrounding suburbs may be the best option. From the quiet and upscale suburbs in northern Athens, to the buzz and excitement of central Athens, to the beauty of the southern suburbs along the Athenian riviera. Athens offers many options both for residential and commercial purposes.
Conclusion
The Greek Golden Visa offers flexibility and opportunity to non EU-national investors, whether you are looking for pure investment or a second home. The scheme is one of the most successful and popular residency schemes is Europe, boasting the lowest investment threshold in the EU and the opportunity to participate a healthy, robust and lucrative tourism accommodation sector.
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