UGLOBAL IMMIGRATION MAGAZINE
12
REAL ESTATE RESIDENCY
INVESTMENT ROUTE
The most popular and straightforward way to be granted visa-
free travel in the Schengen Zone through an investment is by
buying property in Greece worth at least 250,000 euros. The
types of real estate include just about anything, from flats
in the Athens city center and beach houses on the islands
to plots of land, shops, offices, warehouses or even entire
hotels. As long as the value of the property hits the 250,000-
euro benchmark, an investor is eligible for a Golden Visa, as is
most of their family.
There are factors to watch out for when buying property in
Greece for a Golden Visa. First, regarding the validity of the
contract when acquiring property, make sure you work with
a reputable real estate agent, lawyer and notary in order
to be certain that the property is indeed under your name
according to government standards. These can be sought
out individually or collectively in the form of an investment
consultancy instead of looking for individual professionals.
Also, consider the payment method. Payment through a bank
transfer or bank checks is the safest and only way to complete
a real estate transaction for this purpose. Cash payments are
never accepted due to there being no way to trace proof of funds.
Card payments have also recently been deemed unacceptable.
There are different usages possible for a property. Over the
past two to three years, investors have almost exclusively
bought within the historical center of Athens, with the
plan of renting out in the short term. It is debated that with
such saturated investment, are there are still investment
opportunities? Will circumstances in this market be different
in the future? It may be wise to aim for the broader city center,
south Athens or even the less popular northern suburbs with
their abundance of green space and international schools.
These are areas that never lost their value in the eyes of the
locals. Properties there can easily be resold to both to Greeks
or international investors. Every real estate investor should
take into consideration more factors, such as the location, the
construction of the property and values.
There might also be some problems associated with
properties being used in short-term settings. Sometimes,
other residents of the building are reluctant to receive short-
term guests due to safety concerns. As of now, the vast
majority of properties have not faced this issue but by veering
away from a saturated market, investors will have a larger
number of property options to choose from and a variety of
ways the properties can be utilized.
THE GOLDEN VISA
GENERAL INVESTMENT ROUTE
For avid investors who do not wish to be confined
within the real estate sector, the Greek government has
introduced investment activity as a different way of
acquiring permanent residency.