Greece's Golden Visa: A prime opportunity for UAE investors

The Greek Golden Visa Programme is the most successful, competitive, and affordable programme in Europe, with the lowest investment threshold starting from €250,000 for real estate investments, €500,000 for a fixed-term deposit or the purchase of Government Bonds, €350,000 for purchasing shares in mutual funds, and €350,000 for investing in Alternative Investment Funds (AIFS). There is no minimum stay requirement, and only one visit is required for the biometrics appointment. Applicants can then receive the residence permit card, which grants free entry to the Schengen area.

The fixed-term deposit of €500,000 is simpler and provides an easy way out and a capital guarantee. It can also be easily converted into a property-based Golden Visa. However, most applicants directly opt for the property investment option. In this case, it is wise to directly employ an independent local lawyer for the due diligence of the property purchase and the opening of the bank account, avoiding the all-inclusive offers of various promoters or agents that may not fully protect the purchaser’s interests.

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Currently, the real estate market is at an attractive price entry level. Although the minimum Golden Visa prices in the Athens area are at €800,000 along with a minimum of 120m2 surface, buyers now have access to converted ex industrial or commercial properties into residential, as well as listed buildings undergoing approved renovation, starting at €250,000 with no minimum surface requirement. We believe that this timing is a unique opportunity to acquire a property in Athens at this price range and still benefit from the Golden visa. All properties come remodeled, with clean title deeds and barely any risk of completion by the developer. The demand from the UAE residents is high. Most of the applicants apply in Greece through their alternative passports. Our affiliation with the Consulate of Dominica and the Embassy of Antigua in Athens, facilitates the whole documentation procedure. In certain cases, we can guarantee a turnaround time of approximately 3 months from the signing of the final Sales and Purchase Agreement to the issuance of the Golden Visa, avoiding the usual backlogs. 

For further information, you may contact us directly via email at www.vardikos.com or by phone at +30 210 36 27 888-9 or +30 693 248 8888.

— Christos Vardikos is Attorney at Law and Tax Consultant at Vardikos & Vardikos.