Greek Investment Program Extends Residency Visas to Kazakh Pensioners. Learn how Greek investments can provide a visa pathway for retirees from Kazakhstan. Explore the opportunities and benefits of this program.

Reasons of investing in real estate in Greece

Investing in real estate in Greece can be a lucrative opportunity, with many potential benefits, including:

• Affordability: Greece offers relatively affordable property prices, especially compared to other European countries.

• Tourism: Greece is a major tourist destination, attracting millions of visitors each year. This tourism industry can offer investment opportunities in short-term vacation rentals.

• Scenic locations: Greece boasts beautiful landscapes, from stunning islands to historic mainland cities. Investing in properties in picturesque locations can be rewarding both personally and financially.

• Golden Visa program: Greece offers a Golden Visa program, which allows non-EU citizens to obtain a residence permit by purchasing real estate.

• Stability: Greece has made significant economic and political reforms in recent years, contributing to increased stability in the real estate market.

• EU membership: As a member of the EU, Greece offers certain legal and economic advantages to investors within the EU.

• Diverse investment options: Greece offers a range of real estate investment opportunities, from residential properties and vacation homes to commercial real estate, agricultural land, and more.

• Renovation projects: Some investors are drawn to the potential for restoring and renovating older properties, particularly on the Greek islands.

• Cultural heritage: Greece is rich in history and culture, which can be appealing to investors looking to own properties with character and historical significance.

• Potential for rental income: With its strong tourist industry, Greece offers potential for a steady stream of rental income for those who invest in properties in popular tourist areas.

However, it's important to note that, like any investment, there are risks associated with real estate in Greece, including economic and political factors. It's advisable to work with local real estate professionals and legal experts who can provide guidance and ensure that your investment is in compliance with Greek laws and regulations.

Eligibility requirements for the Greek Golden Visa program

The Greek Golden Visa program, also known as the Greece Residency by Investment program, allows non-European Union citizens and their families to obtain a residence permit in Greece by making qualifying investments. The eligibility requirements for the Greek Golden Visa program are as follows:

• Investment Amount: To be eligible for the program, you must make an investment in Greece that meets certain minimum financial thresholds. The investment options include:

• Real Estate Investment

• Purchase of Land

• Time Deposit

• Purchase of Bonds or Shares

• Business Investment

• Clean Criminal Record: You and your family members applying for the residence permit must not have a criminal record in Greece or in the country of your residence.

• Health Insurance: You must have valid health insurance that covers you and your family members while you reside in Greece.

• Financial Capability**: You must demonstrate the financial capability to make the chosen investment. This may require providing evidence of your financial standing and the legality of the funds used for the investment.

• Residence in Greece: It is not necessary to live in Greece to maintain the residence permit, but you must visit Greece at least once every two years to keep it active.

• Applicant's Age: There is no specific age requirement for the primary applicant.

• Family Members: The program allows for family reunification, so the residence permit can be extended to your spouse and dependent children (up to the age of 21). In some cases, adult children who are financially dependent on the main applicant may also be eligible.

Application process for the Greek Golden Visa program

The application process for the Greek Golden Visa program involves several steps, from preparing the necessary documentation to obtaining the residence permit. Here is an overview of the typical application process:

• Choose Your Investment Option

Decide on the investment option you want to pursue, such as purchasing real estate, making a time deposit, investing in a Greek company, or buying government bonds. Ensure your chosen investment meets the program's minimum financial requirements.

• Gather Required Documents

- Collect all the necessary documents for your application. These may include:

- Passport or travel document

- Birth certificates for all family members

- Marriage certificate (if applicable)

- Criminal record certificate from your home country

- Health insurance policy

- Proof of sufficient funds for the investment

- Documentation related to your chosen investment (e.g., property deeds, bank statements, business incorporation documents, bond purchase confirmation, etc.)

• Open a Greek Bank Account

  If your chosen investment involves a time deposit or other financial transaction, you will need to open a bank account in a Greek bank and deposit the required funds.

• Submit Your Application

  Submit your application for the Greek Golden Visa program through a legal representative or a proxy holder in Greece. You may also use an authorised agent to assist with the application process.

• Biometric Data Collection

  Once your application is submitted, you and your family members will need to provide biometric data, including fingerprints, at a Greek consulate or embassy in your home country.

• Application Review

  The Greek authorities will review your application and conduct due diligence to ensure that the funds you are using for the investment are legal and legitimate.

  If your application is approved, you will receive a residence permit that is valid for five years. After that, you can renew the permit indefinitely, as long as you maintain ownership of the property and meet the program's requirements.

Benefits of obtaining a Greek Golden Visa

Obtaining a Greek Golden Visa, which is essentially a residence permit for non-European Union citizens and their families, offers several benefits. Here are some of the advantages of acquiring a Greek Golden Visa:

• Visa-free travel within the Schengen Area. Greece is a member of the Schengen Area, which means that Golden Visa holders can travel visa-free to 26 other European countries.

• Right to live and work in Greece. Golden Visa holders have the right to live and work in Greece for the duration of their visa.

• Path to permanent residency and citizenship. After seven years of continuous residence in Greece, Golden Visa holders can apply for permanent residency. After 10 years of continuous residence, Golden Visa holders can apply for Greek citizenship.

• Family reunification. Golden Visa holders can bring their spouse and children under the age of 21 to Greece to live with them.

• Tax benefits. Golden Visa holders may be eligible for certain tax benefits, such as a 50% reduction on income tax for the first 10 years of residence in Greece.

• Investment opportunities. Greece offers a variety of investment opportunities, including real estate, tourism, and agriculture. Golden Visa holders can take advantage of these opportunities to grow their wealth.

Challenges of investing in Greece and obtaining a visa

Investing in Greece and obtaining a visa, such as the Greek Golden Visa, comes with its own set of challenges and considerations. It's essential to be aware of these challenges before making any investment decisions or starting the visa application process. 

Here are some of the challenges associated with investing in Greece and obtaining a visa:

• Economic Uncertainty: Greece has experienced economic instability in the past, including a financial crisis. While the situation has improved, economic challengescan still impact property values and investment returns.

• Bureaucracy and Administrative Delays: The bureaucratic process in Greece can sometimes be slow and cumbersome, leading to delays in obtaining necessary permits, licences, or approvals.

• Legal and Regulatory Changes: Laws and regulations related to immigration and investments can change. It's important to stay updated on any new policies or requirements that may affect your investment or visa application.

• Language Barrier: Greek is the official language, and while English is commonly spoken in urban areas, dealing with government agencies and navigating legal documents may still require some knowledge of the Greek language.

• Legal Assistance: Engaging legal assistance or an agent to guide you through the visa application process is recommended. This comes with costs and potential language barriers that need to be considered.

• Due Diligence on Investments: Conducting thorough due diligence on your chosen investment is crucial. This includes ensuring that the property or business investment is free from legal issues and encumbrances.

• Property Market Volatility: Like in many other countries, the real estate market in Greece can be subject to fluctuations. Property values can rise and fall, affecting the return on investment.

• Taxation and Fees: Understand the tax implications of your investments in Greece, including property taxes, capital gains taxes, and other fees.

Future outlook for the Greek Golden Visa program

some insights into the potential future outlook for the Greek Golden Visa program. Here are some key factors to consider:

• Continued Popularity: The Greek Golden Visa program has been popular among investors from various countries due to Greece's attractive lifestyle, rich culture, and the benefits of EU residency. It's likely the program will continue to attract investors in the future.

• Government Policy: The future of the program depends on the stance of the government. Any political decisions or policy changes can influence its long-term viability. The government may choose to make adjustments to the program to maintain its attractiveness.

• Economic Conditions: Greece's economic stability and growth potential will also impact the program's future. A stable and growing economy can make Greece more attractive to investors.

• Competition: The Greek Golden Visa program faces competition from similar programs offered by other EU countries. Greece may need to continue offering competitive terms to remain a top choice for investors.

• COVID-19 Impact: The COVID-19 pandemic had an impact on international travel and residency programs. As the world recovers from the pandemic, the travel and investment landscape may evolve.

• Legal and Regulatory Changes: Future changes in immigration, real estate, or tax laws in Greece and the EU could affect the program. Investors should stay informed about any updates.

• International Relations: Greece's international relations and economic partnerships may influence the program's future. Changes in Greece's relationship with the EU or other countries could impact the program.

• Investment Opportunities: The attractiveness of the investments available in Greece, such as real estate and business ventures, will continue to play a role in the program's success.

FAQS

What is the Greek Golden Visa program?

The Greek Golden Visa program is a residency-by-investment program that allows non-EU citizens to obtain a residence permit in Greece by making a qualifying investment.

Am I eligible for the Greek Golden Visa program as a Kazakh pensioner?

Yes, Kazakh pensioners are eligible for the Greek Golden Visa program. To be eligible, you must be at least 18 years old, have a clean criminal record, and make some investments in Greece.

What are the benefits of obtaining a Greek Golden Visa?

There are many benefits to obtaining a Greek Golden Visa, including:

• Visa-free travel within the Schengen Area.

• Right to live and work in Greece.

• Path to permanent residency and citizenship.

• Family reunification.

• Tax benefits.

• Investment opportunities.

How do I apply for the Greek Golden Visa program?

To apply for the Greek Golden Visa program, you must follow these steps:

• Meet the eligibility requirements.

• Gather the required documents.

• Submit your application.

• Attend a visa interview.

• Receive your Golden Visa.

What are the challenges of investing in Greece and obtaining a visa?

There are a few challenges that you may face when investing in Greece and obtaining a visa:

• Economic instability: Greece has experienced economic instability in recent years, which could impact the value of your investment.

• Bureaucracy: Greece is known for its bureaucracy, which can make it difficult to start and run a business.

• Language barrier: Greek is the official language of Greece, and English is not widely spoken. This could make it difficult to communicate with government officials and other business professionals.

• Long processing times: The visa application process can be lengthy and complex.

• Strict requirements: The Greek government has strict requirements for Golden Visa applicants.

• Uncertainty: The Greek Golden Visa program is subject to change, so it is important to stay informed of the latest developments.

What is the future outlook for the Greek Golden Visa program?

The future outlook for the Greek Golden Visa program is positive. The program has been popular with investors since its launch in 2013, and it has helped to boost Greece's economy and real estate market.