Currently Greece offers the cheapest residency by investment programme in Europe. This is not a surprise as the country is trying to attract as much foreign investment as possible. A minimum investment amount of €250,000 in the local real estate market grants the investor a residency in the country.
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Currently Greece offers the cheapest residency by investment programme in Europe. This is not a surprise as the country is trying to attract as much foreign investment as possible.
A minimum investment amount of €250,000 in the local real estate market grants the investor a residency in the country. The investment can be the sum of several purchases. It takes 2 – 5 working days in Chania, 2-3 months in the rest of Greece for the residence permit to be issued. There are some spectacular new built projects available in Crete and Chania with high rental return.
Unlike some other residency programmes Greek programme does not lead to citizenship unless the investor spends 180 days a year in the country. The residency is valid for 5 years and can be subsequently renewed for further 5 years.
The residency permit allows the applicant to travel visa-free within the Schengen zone. The applicant’s family including children below the age of 24 and children between the age of 24 and 28 who are enrolled in Greek university as well as the investor’s parents, a spouse and her parents are eligible to residence permit as part of a single €250 000 investment.
Many investors do not feel comfortable investing in Greece due to its current economic situation and opt for much more expensive citizenship by investment programmes in Cyprus and in Malta or a residency programme in Portugal, which will lead them to citizenship in 6 years’ time.
