Greece Golden Visa: how an Israeli family prepared a plan B in Europe

Alon lives in Israel with his wife and daughter. The spouses run a business there, and his daughter goes to school. The family does not plan to move abroad.

The issue was the situation in Israel was unstable: the conflict with Palestine was in an active phase. Alon feared it might get worse, so he decided to create a safe haven in Europe. With this enquiry, he contacted Immigrant Invest.

Alon wanted to get residency in Europe by investment under the following conditions:

1. The new status would not demand relocation but give the right to enter the country of residence at any time.

2. It would be possible to obtain a status fast, within half a year.

3. He would not spend more money than was necessary to prepare a plan B in Europe.

4. The investment would be refundable and profitable.

In Europe, several countries offer residence permits by investment. Among them are Portugal, Spain, Italy, Malta, Cyprus and Greece.

Portugal Golden Visa would fit the budget: under the program, Alon could buy property for €280,000 with the possibility of reselling. However, obtaining the status would take over 8 months and might last 1.5 years, which did not suit the investor.

Spain Golden Visa could be received in 3 months, though for an investment of at least €500,000. Alon did not plan to invest such an amount of money.

Italy Golden Visa would fit both the budget and the timeframe: it can be obtained for €250,000 in 3—6 months. Yet, this would require creating or supporting a startup. It was hard to predict the profit Alon might earn on this, so this option also went off the table.

Malta permanent residence would demand the least amount of investment, about €160,000. However, this investment would be non-refundable, which was not suitable for Alon.

Cyprus permanent residence could be a good choice for Alon. This program requires a minimum of €300,000 and offers a lifelong status, which could be received in 4—6 months. And the investment is refundable.

Greece Golden Visa turned out to be the best pick for the investor. Under the program, he can invest €250,000 in real estate and obtain a residence permit for 5 years. The obtaining period is from 3 months. Alon does not have to move to Greece: he must only visit the country once. The investment property can be sold when the residence permit expires or after obtaining permanent residency.

Greece’s investment program met all the investor’s wishes and was less expensive than Cyprus’s program, so Alon opted for it.

The investor did not plan to move to Greece and considered the purchase of property only as an investment. He wanted to earn on rentals and then on reselling the property.

Our real estate experts offered Alon to consider properties under construction. At each stage of construction, the property increases in price by up to 20%, so such real estate can be sold at a profit. Completed property prices rise much slower.

Another thing to consider was the annual rental yield, which can be earned after the property is commissioned. Alan chose to buy apartments with the highest guaranteed yearly income: 6% for the first five years.

The chosen hotel complex is located in Paleros, by the sea. Alon purchased a one-bedroom apartment for €250,000, the minimum investment under the Greek investment program.

Profitable investment properties in Greece

Greece, Athens

€376,000 — €447,000

Hotel apartments in the historical center of Athens

47 m² — 97 m²

1

1

Greece, Athens

€741,000 — €1,423,000

Apartments in a closed residential complex near the sea, Alimos, Athens

86 m² — 153 m²

1—3

2—3

Greece, Chania

€290,000 — €380,000

Apartments and villas in a quiet area by the sea in Crete

64 m² — 112 m²

2—3

2

The investor secured his family’s future and prepared a plan B in Europe in the event it became not safe or comfortable to stay in Israel anymore. Together with that, Alon has acquired an apartment in Greece that would bring him profit.

The complex where Alan owns an apartment is to be commissioned at the end of 2023. After that, the investor starts to earn guaranteed rental income.

Alon’s residence permit in Greece is to expire in 5 years. He will be able to renew it if he feels it necessary.

If the investor decides not to prolong the status, he will be able to sell the investment property and return the money. By that time, the property he bought is highly likely to rise in price so that Alon will gain profit from the sale.

Immigrant Invest is a licensed agent for government programs in the European Union and the Caribbean.