The Golden Visa Program attracts lots of foreign nationals who wish to obtain alternative residency in European countries in a short time, gaining lots of privileges. Some of the most attractive ones include low corporate rates, personal tax exemptions and low corporate tax rates which will contribute to increasing their capital. What is required from those interested, is to invest a minimum amount in a specific government project, fund, or sector of the economy approved by the government. Meeting the chosen country’s financial criteria is one thing to consider, however personal criteria must be met too in order the make the right candidate. Not only investors but also governments benefit from these projects since they secure an inflow of investment and also raise the country’s profile on the world set. They provide the countries with people with expertise, who can blend in the local society and business community.
Timeframes of each program’s application process
The fastest residency-by-investment programs in Europe are provided by Greece, Malta, Cyprus and Spain. More specifically, the applications for Greece residence permits are processed within 1-2 months and the whole process including the real estate purchase and paperwork takes around 5 months. With an investment over €300.000, it’s possible to obtain a residence permit in Cyprus in around 3 months. If the applicant goes for a smaller investment, they will have to wait around 12-18 months. In Spain, if you have €500.000 that you can invest in a real estate property, you can get this European residence permit after only 2-3 months from applying. Spain’s residence program is known to be one of the fastest residency by investment programs in Europe. Finally, Malta is another country offering non Eu citizens this program, with several options of investments to choose from. Once they choose the program which suits them best, they can wait for 6-8 months to obtain their permanent residency.
Greek Golden Visa Program
According to Yiannos Trisokkas, Greece is the country with the lowest investment threshold in Europe. With only €250.000, non Eu investors can acquire a property the day they purchase it. Once they do that, they do not need to stay in the country to maintain their residence. They simply have to renew their residence every five years to remain a permanent resident of Greece. To add to that, they can obtain their citizenship after 7 years of residence. What is common in Greece, is that investors choose to purchase real estate as this kind of investment is returnable.
Malta Permanent Residence Program
People who choose Malta as their preferred country of residency, can become residents of the country only by investment. Investors are required to spend a minimum of €300.00 in order to get the country’s residence permit. They can either purchase a property or rent one. In the first case, the minimum amount spent should be €300.000 for the South of Malta and €350.000 for the rest of the island and in the second case, when they choose to rent, €10.000 is the minimum amount required for the south part and €12.000 for the rest of the island. In both cases, the property should be held for five years from the date of issuing the certificate, while a suitable property has to be maintained to renew the residence permit. Added to that, residents will be required to pay government fees and make a charitable donation.
Cyprus Permanent Residence Program
Cyprus is one of the countries with the fastest residency by investment programs since it offers applicants a permit in around two months. Those who choose Cyprus as their permanent residence have to invest in a property which is worth at least €300.00 and if they opt for a smaller investment, they will have to wait around 12-18 months. ‘The fact that this process can be arranged even if the applicant is not present in the country and just visit it once every 2 years, makes it even more appealing’ Yiannos Trisokkas indicates.
Spain Residence by Investment Program
Spain is another country offering a Permanent Residence Program, requiring from the applicant to invest at least €500.000 in real estate property and get a European residence permit for their whole family. The process doesn’t require the applicant to be present in the country to maintain their residence status and the first renewal of the residence’s permit is after 2 years and 5 years after that. Spain makes it possible for the investors to gain permanent residence after 5 years go by and then after 10 years, they can apply for citizenship with the condition that they can’t leave the country for longer than 10 months during the entire period of residency.
Greece’s Golden Visa Program is currently no.1 on the list of preferences of non-Eu citizens
While there are several residency-by-investment programs in Europe, Greece’s Golden Visa Program stands out as the most attractive option for non-EU citizens with an increase of 231% in 2022 and 4,264 applications already submitted in 2022 as Yiannos Trisokkas notes. Greece is a member of the Schengen Area, an open border region of 27 European countries that have abolished all passport and border control at their borders, allowing for free movement between them. This permits holders of the Greek Golden Visa (Greek Permanent Residency status) to freely travel to all Schengen Area members without a visa. Added to that, the Greek government has introduced the lowest investment threshold in Europe, tax reforms and incentives making it stand out in the investment migration industry. Finally, not only does the Greek Golden Visa Program offer a number of unique benefits to future real estate investors but also, the country’s geographical position itself guarantees incredible value to any property. Properties in Athens especially are in high demand, not to mention the country’s islands as Greece is the ultimate holiday hotspot.
A neighbouring country, very attractive to immigrant investors, is Cyprus. Cyprus offers a safe environment to those who wish to physically reside in a European country enjoying a relaxed cosmopolitan lifestyle and tax incentives. Moreover, applicants can qualify for citizenship 5 years after their permanent residence permit is issued, provided that the applicant has resided in Cyprus for 5 years prior to the application.
All in all, both Greece and Cyprus are European Union members, allowing those who hold permanent residency status ease of travel throughout the European Union. They offer unique, irresistible incentives and advantages to High Net Worth Individuals seeking a permanent residence.
