While antique sun-bleached ruins pierce blue skies, a country sits in the heart of the Mediterranean Sea. It is not hard to understand why Greece is such an alluring relocation destination for expatriates. The country is rich in history, culture and traditions, and alive with passionate music and inspired cuisine. Providing sunshine all throughout the year, Greece is also able to boast of is friendly English-speaking locals.
FACT BOX: BENEFITS
- Fast 2-month review period once the application is filed
- The right to reside, settle, invest, live and do business in Greece
- A Schengen Residence Card
- No minimum residency requirements
- A renewable permit of 5 years, which may lead to citizenship after 7 years.
- Family member may also be eligible to apply
FACT BOX: COSTS
- A property purchase of €250,000
- A lease timeshare agreement for €250,000 for 10 years
- Land purchasing and developing amounting to €250,000
FACT BOX: TAXATION
- No estate duty
- No wealth, gift, retirement gratuity or inheritance tax
- No municipal tax
- No tax on capital gains
FACT BOX: ELIGIBILITY
Main applicant must
- Be a non-EU national, coming from a third country,
- Be at least 18 years of age, eligible dependents would include the spouse, children and parents
- Have a clean criminal record
- Pass a ‘fit and proper’ test, providing evidence of a clean source of funds
- Fulfil the monetary and investment obligations established by the Programme
Geography & History
Greece is only an hour’s plane-ride away from three continents. Located in the South of Europe, the Aegean Sea laps at its endless coastline. Turkey is a neighbouring country to the east, whilst to the north, Greece borders with Albania, Macedonia and Bulgaria. The Libyan Sea, to the south, makes Greece all the more accessible to travel enthusiasts.
One of the main factors contributing to Greece’s popularity is its rich history, which is mainly based on the great mythological stories of ancient gods, Spartan bravery and the foundation of western philosophy. This is also where the Olympians competed for the very first time, and where modern democracy and politics originated from. From starlit drama at ancient theatres to stunning marble sculptures dredged up from the Aegean; the country is littered with archaeological sites from various periods in time, including the Neolithic, Hellenic, Ancient Roman, Byzantine and Ottoman periods. This blend of cultures has induced Greece to be the modern and intriguing country it is today.
The Greeks are resilient. After declaring independence from the Ottoman empire in 1821, Greece extended its territory to include Crete, Macedon, Thessaly, the Ionian Islands and the Aegean. The Second World War posed German occupation on to the country but even though such hard times fell upon the country then, this occupation went on to be followed by a civil war, eventually overthrowing the government and the monarchy in 1967. Some eight years later, Greece became a democracy.
Economics & Business
Even though Greece was badly struck by the financial crisis of 2008, the country is, for the first time in decades, experiencing rapid economic growth in its GDP. The Greek economy is regaining its strength and the government is continuously improving its efforts to reduce debts and increase incentives to counteract economic fallout. Investment is on the rise and the labour market is accelerating as a result of the decrease in domestic spending. The manufacturing sector is registering record-breaking highs, despite industrial production falling. These factors are strong indicators that the Greek economy remains volatile. Nonetheless, despite all of this, the banking sector remains under scrutiny.
Commercial activity mainly centres around Athens. However, the rest of the country has much to offer with regards to business opportunities for foreign investment. Industries like tourism, energy, food processing, agriculture and retail attest to a changing Greek economic outlook and, notwithstanding, other opportunities in rising industries such as manufacturing generic pharmaceuticals and medical tourism are further establishing Greece as the ideal investment destination.
As a typical Mediterranean country, the Greek lifestyle pivots around traditions, culture, food and drink, family and religious festivals.
Socialising is not simply a past-time in Greece, but it is a way of life. A bistro or café overflows with teenagers gossiping or adults engaged in a heated debate. Restaurants brim with long tables, just right for big gatherings for friends and family.
Greek Property Market
The real estate market in Greece has been seeing stability recently, recovering from the financial crisis. With the growing tourist attraction, the Greek property market has been gaining momentum. In fact, it has been recorded that 2018 saw the biggest increase in growth within the property market, increasing by 7.3% from 2017. Despite this drastic increase, the price of real estate in Greece remains one of the lowest when compared to other countries offering European residency.
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