It was the Hungarian Residency Bond Program, later the Portuguese Golden Visa, and now, it looks like the Greece My Residence Golden Visa programme will become the most popular among the investors’ immigration schemes in the European Union. However, the most profitable solution for the host state is still the Cypriot citizenship by investment programme.
When the Hungarian Government suspended the Residency Bond Program in March 2017, the Portuguese Golden Visa became fast the most sought after immigration solution in the EU for the High Net Worth Individuals from third countries. They may choose among several options to invest and to create income and employment in Portugal and exchange for it; they receive the right to live and work in the Member State of the European Union. Portugal has one crucial issue, which is more than attractive for the applicants from the LGBT community. The right of the marriage of same-sex couples. Meanwhile, it is possible to register civil union of same-sex couples in Greece; but the gay marriage has been not allowed yet.
Why is the Greece My Residence Golden Visa residency by investment programme became so attractive?
It is the simple and straightforward process, combined with the affordable costs. It is enough to purchase a residential property for more than 250.000 euros, and the applicant receives the permanent residence permit. And it is an affordable offer without red tape.
The processing time is only two months, according to the Immigration Act, which we may consider as a fast process. The investment of 250,000 euros for the permanent residence permit allows the primary applicant to live in Greece accompanied by the members of his/her family. The Greek law considers the following persons like family members:
the spouse or partner (yes, same-sex couples qualify as well)
the lineal descendants of the spouses and partners, who are under 21 years old,
the lineal ascendants of the spouses.
So, it is clear that the programme is modern and respects the rights of the applicants in a European way.
Interestingly, the “Permanent Resident Status” under the Greece My Residence Golden Visa Programme is only five years. After the initial period, the residents can renew their status for the same time frame, if they still own the qualifying property.
There is only one negative issue of the scheme: qualifying for the program does not mean the right for working in Greece. The work permit must be obtained through a separate process.
The most profitable citizenship by investment program
Not only Greece, but Greek-speaking Cyprus has amounts as well, to be proud of. According to the report of Cyprus News Agency, the Cypriot government issued approximately 3300 passports to foreign investors as primary applicants for the citizenship programme. If all 3300 investors bought property, which is the most popular investment option, then the total amount of investments in Cyprus through the CIP from 2008 reached the 6,6 billion euros.
The popularity of these East-Mediterranean investment immigration programs is not a coincidence. The beautiful weather, the high quality of life and the business possibilities after the crisis are all excellent reasons to move to the Greek-speaking countries. Both nations are the Member States of the European Union, and Greece is part of the Schengen area (Cyprus joins soon), so the permanent residents and citizens have the right to travel, stay, or even work and live in the other EU countries.
If you want to know more, contact us and our experst will help you!