Greece has always ranked among the most desirable destinations for British nationals, not only for holidays but also for making this charming place their second home. It’s not a surprise that Greece and especially its islands are a much-loved choice for all Britons seeking a beautiful Mediterranean country to relocate and enjoy a sun-filled lifestyle.
While UK citizens are facing the consequences of a non-European identity, the need to maintain their European status is more visible than ever before. Across Europe, different residence-by-investment programmes allow third-country nationals and their family members to obtain a residency permit, while having the right – among others – to freely travel within the Schengen area, live and study in the country.
As non-Europeans, British nationals are now eligible to apply for Greece’s fast-track Golden Visa programme and enjoy all the benefits granted to its holders, and there are many. Apart from the freedom of movement within Schengen Area, there is no obligation to reside in Greece. Having the permit, holders can enter and leave the country whenever they want without the risk to lose their residence rights. The residence status applies to the entire family which includes the spouse or partner, children up to the age of 21, parents, and parents-in-law.
To qualify for Greece’s Golden Visa programme, applicants have to invest at least €250.000 in real estate in Greece. What’s more, the applicants can combine multiple units and apply for the program, while having the right to rent them out and generate income. Successful candidates are granted a five-year residence permit which can be renewed for five-year periods, as long as the investment is maintained.
What about UK citizens who already own property in Greece?
Many questions are surrounding the fallout from Brexit and in particular, what it means for UK citizens who own property in Greece.
Existing property owners could also benefit from the residency scheme and be considered for the country’s Golden Visa Program, provided that all the legal conditions are met.
More questions should be answered before a golden visa application is processed.
If you need personalized legal assistance from our expert lawyer team, do not hesitate to reach out to us at info@silaw.com.cy