Greece has long been a country that Ukrainians and Russians eagerly choose as their "new homeland." The popularity of immigration here is probably due to the warm, sunny climate as well as historical traditions. As is well known, Greeks are Orthodox Christians, and the Russian Empire has always maintained close contact with this nation. This sense of closeness and cultural kinship has been preserved in the public consciousness.
Moreover, as experts from our emigration center Garant.in note, financial motives should not be discounted. Greece's investment program is not only one of the oldest in Europe but also one of the most affordable. But let's take it step by step!
Enticing Hellas: Immigration Options
If you have firmly decided to move to Greece permanently and live by the warm sea, you have several options. Some are well-trodden paths, traveled by hundreds of people, while others are narrow trails leading to the cherished dream for only a few. Choosing the right path can be difficult, so it's best to seek help from professionals. We will discuss only the most popular and practical options.
Repatriation Program
This is suitable for those who have Greek ancestry. Your desire to return to the homeland of your ancestors must be documented, after which you will undergo a thoroughly planned interview with the appropriate commission. This is an excellent option for obtaining citizenship for those with irrefutable and clear evidence of historical ties. The downside is that Greeks live at a slow pace, and Greek officials even more so. Sometimes, even after providing all the documents, one might have to wait years for the interview!
Immigration through Marriage to a Greek Citizen
This is a great option, but only for those lucky enough to find a true partner. The authorities conduct a thorough, multi-year check to ensure that the marriage is not fake. If the couple has a child, the process is significantly simplified, and citizenship can be obtained within 3 years of marriage registration. Otherwise, you must first live with permanent residence status, and citizenship can be obtained after 7 years.
Work-Based Immigration
Once fairly common, this option has become less popular in recent years due to rising unemployment in Greece. Only highly qualified specialists or workers in rare professions can now rely on a work visa (the so-called Blue Card). The employer must prove to the authorities that they cannot find the needed professional within the country, and only you can fill the vacancy.
Nevertheless, after receiving an invitation from the employer, confirmed by immigration authorities, the foreign applicant starts working with a work visa valid for 1 year. This can later be extended for another 2 years if the need for your services persists. After working in Greece for 7 years, you can apply for citizenship and obtain it.
Citizenship by Investment
Undoubtedly, this is the most well-trodden path! It is used by most citizens of the former USSR in pursuit of Greek citizenship. In reality, it is also the simplest from a "technical standpoint" because only one "small" condition is required for its successful implementation: the applicant must have a substantial amount of money.
If this is not an issue, you have three investment options available:
- Citizenship through Real Estate Purchase: The applicant must purchase residential or commercial property in Greece worth at least 250,000 euros. Notably, this is the lowest amount among similar programs in Europe! After completing the transaction, the applicant receives a 5-year residence permit. This status extends to the spouse, dependent children, and elderly parents. If the property is not sold, the residence permit can be renewed, after which citizenship can be obtained.
- Investing at least 300,000 euros in a Greek business or starting your own company in the country: This path allows for citizenship after 10-12 years of active business operations, with the primary residence in Greece.
- Obtaining a residence permit as a financially independent person: You must demonstrate that you have 24,000 euros in a Greek bank account and that you have secured housing in the country. If other family members are included in the residence permit application, this amount increases. Additionally, you need to prove to the authorities that you have an income of at least 2,000 euros per month in your home country. It is also important to note that with this option, the applicant is not allowed to work or conduct business in Greece. After 2 years, the residence permit needs to be renewed, and citizenship, as in the previous case, is available only after 10 years.
Conclusion
In conclusion, it can be summarized that immigration to Greece is possible but, in most cases, a lengthy process that takes years. If we talk about investment options, they will require time, significant financial contributions, and a long stay in the country. More details about all the nuances can be found on our website garant.in
Greek Citizenship by Investment in 2020
Like other European countries, Greece is not in a hurry to grant its passport to investors immediately — at the first stage, only a residence permit can be obtained. This status, also known as the "golden visa," is the most affordable in Europe, with a minimum investment of 250,000 euros. Citizenship applications are accepted after 7 years — during this time, the residence permit must be renewed without the right to withdraw the invested funds. However, there are reasons to believe that the situation may change soon.
Greek Citizenship in 2020
The recently elected government of Kyriakos Mitsotakis has initiated several reforms aimed at improving the investment climate in the country. In mid-2019, the development of a state program for granting citizenship for larger financial investments than required for a residence permit began.
It is expected that the investment requirement will be 2.5 million euros. Considering that the VAT rate on this amount is also planned to be reduced, and the actual investment amount will approach 2 million euros — Greece could become a serious competitor to Cyprus and Malta, where similar programs have been operating for several years.
However, recent criticism of Cyprus by European Commission officials has somewhat reduced the activity of Greek officials, and the issue of granting Greek citizenship in 2020 remains open. The program is tentatively scheduled to start in the first quarter of this year.
For now, the most realistic way to eventually obtain Greek citizenship is to first apply for a residence permit.
Why is it beneficial to obtain a Greek passport through investment?
In Europe, direct citizenship by investment is offered by Cyprus, Malta, Montenegro, Bulgaria, and Moldova. (The investment programs of the last two operate irregularly).
An analysis of the conditions and requirements of these programs suggests that Greece's planned program will have several advantages. Let's examine this issue in more detail.
Comparison with the Cyprus Program
For example, the Cyprus citizenship by investment program has been used by many wealthy foreigners over nearly 10 years of operation. But this does not mean that Greece's young program cannot compete with it.
The fact that Greece, unlike Cyprus, is a member of the Schengen Area opens up more extensive opportunities for visa-free travel to other countries for its citizens.
Moreover, the Cyprus investment program has recently been criticized by European Commission officials for its too lenient conditions for investors, leading to the entry of unreliable individuals and funds of dubious origin into Europe. If Greece avoids these mistakes in preparing its investment program, it has every chance of attracting significant investments, especially in real estate. The market for investment properties in Greece is currently much larger than in Cyprus.
Comparison with the Maltese Program
Malta's investment program does not provide a direct path to citizenship. The applicant must first obtain a residence permit for 1-1.5 months, during which they undergo a thorough background check at the Interpol level. In Greece, it will be possible to obtain citizenship directly.
Investments in Malta's economy amount to over 1 million euros and most of these are non-refundable due to the prohibition on renting out the properties. The prospective Greek citizenship by investment program does not impose such restrictions.
Comparison with the Montenegro Program
Montenegro's investment program is limited in time — it is scheduled to end in 2021. It is logical to assume that after it ends, potential investors will turn their attention to Greece's newly launched program, despite the significant difference in investment amounts.
It is also important to note that Montenegro is only planning to become an EU member, which limits its citizens in visa-free travel and residence in European countries.
What does Greek citizenship offer?
If the investment program is successfully launched, potential citizens will receive several benefits:
- Visa-free travel to 183 countries, including Australia, Canada, the USA, and all of Latin America.
- Citizenship through investment in Greece does not require permanent residence in the country.
- There is no need to renounce your primary citizenship.
- The passport will have an element of exclusivity, as the annual quota is limited to 200 applications.
- Third parties will not be notified of the Greek passport.
- Together with the investor, minor children can also obtain citizenship.
The experts at the emigration center "Garant.in" are closely monitoring developments related to the launch of Greece's investment program and are always ready to provide their clients with the necessary consultations.
