The Greek government has enhanced the procedure of acquiring the Golden Visa. The first amendments came into force in the summer of 2019. And now, potential migrant investors should be ready to invest about €400,000 euros in assets such as security papers, bonds, and shares. This possibility will widen the routes of getting a residence permit for foreigners. Before, Golden Visa was only eligible through the investment of more than €250,000 euros but in real estate.
According to the state policy and procedure, Golden Visa is a governmental program for people of third countries and Non-European citizens. Since introducing this program in 2013, it was estimated that around 9,756 people have received longed-for permits through investment in real estate. Two of those most active luckies are Russian and Ukrainian citizens.
How to Apply Now?
First of all, potential buyers should choose the type of investment. It is possible to do through stocks, securities, bonds, and shares. Such a scheme is created to improve and positively affect the needs of the Greek economy, and to raise the standards of living.
Today, people can get this permit by:
- Purchase of shares in the amount of at least €400,000 with an increasing authorized capital of the seller company or bonds issued by a bond loan. Such securities should belong to the companies established in Greece or just located there, whose securities are traded on the Greek stock market.
- An investment of at least €400,000 in a real estate investment company that invests only in Greek real estate. Investing in a company should be proceeded to acquire its shares when the authorized capital increases.
- Acquisition of shares in the amount of not less than €400,000 of local Alternative Investment Funds or organizations that invest solely in companies established in Greece.
- Purchase of bonds issued by the Greek state again of at least €400,000. This purchase along with the detail on remaining maturity that is of at least 3 years at the time of that purchase should be controlled and issued by credit institutions established in Greece.
- Term deposit in the amount of €400,000 to an account opened by an internal credit institution operated in Greece and that is accredited to perform financial and operational activities by the Central Bank of Greece.
- Acquisition of Greek shares, corporate bonds and/or government bonds admitted to trading or traded on the Greek stock market, with a minimum acquisition value of €800,000.
- Purchase of units with a minimum price of €400,000 from an investment fund company registered in Greece or in another country that invests exclusively in securities such as treasury bills, or governmental bonds. Those securities should be eligible for trading or that are already traded on the Greek stock market.
- Purchase of shares of Alternative investment funds and organizations that are officially registered in Greece or in countries of the European Union and invest solely in Greek real estate, with a minimum acquisition cost of €400,000.
Nevertheless, such a price mostly deprives people of applying for Golden Visa through securities, as far as investment in real estate requires less money. The state authorities also forecast the increase of property units for tourists who visit the country opting for migration.
Today, Greece has one of the highest levels of real estate ownership compared to other European countries even though the prices have been recently increased by 2.5% throughout the country. Most significantly, such tourist destinations as Athens raised the prices on apartments by 4.2%.
The Golden Visa is attractive due to the living conditions in Greece, it is granted for 5 years and can be after renewed. Also, people can simultaneously apply for naturalization and after that receive Greek citizenship and EU passport.