All these reasons have been encouraging individuals to explore second residency options mainly in Europe, seeking an improved quality of life. After the end of the Portuguese Golden Visa, Greece came to the spotlight with its own Residency-by-Investment program. With Real Estate options starting at €250,000, the Greek Golden Visa presents itself as the best and most profitable program in Europe in 2023.
Why Israelis are choosing Greece for a second home?
Greece boasts an expansive and remarkable culture, serving as the cradle of the Western world. This fact alone provides a convincing reason to explore the country and contemplate having your second passport there. However, it is not only philosophy that renders Greece a desirable destination. The breathtaking beaches, trimmed with the Aegean blue hues and crystal-clear waters, add an extra layer of charm to Greece.
But there is another interesting factor that makes Greece one of the Israeli favorite destinations: its geographic location. Due to Greece's proximity to Israel, both countries have an immense similarity in climate and cuisine. Israel's culinary tradition stands out in the world of gastronomy due to its being largely shaped by Mediterranean influences. Much like the culinary offerings of Turkey, Greece, and Spain, the Israeli gastronomic experience mirrors the climate and geography of the surrounding region.
Another important factor is the connectivity between both countries; for example, within only two hours you can leave Israel and land in Athens. The geographic position is relevant in this aspect and makes Israelis consider moving to Greece either by flight connection, or ferry. Both countries, for instance, share several daily connections between Athens and Thessaloniki Airport to the Tel Aviv-Yafo Airport. The flight usually takes around two hours from departure to landing. Another reasonable option is the ferry, departing once a week from Piraeus (Athens) to Haifa - opening even the possibility of bringing your own car onboard. Due to this proximity, the European country is becoming a hotspot for Israelis seeking a better life in Europe.
The Greece Golden Visa Program appears as a profitable option
In the context of the Greece Golden Visa program, the Real Estate option is a big appeal for investors. The market attracts interest from Israeli investors due to its profitable demand and easy way to invest, with a straightforward approach, and profitable yields. According to the authorities, one of the regions witnessing a surge in applications for the Golden Visa is Thessaloniki, with Israelis taking the lead in 2023, indicating a noteworthy diaspora tendency towards the country.
Only in the first half of 2023, over seventy percent of the Golden Visa applications for the Thessaloniki region originated from individuals with Israeli nationality. Due to the huge number of applications in 2023, the Greek authorities have opted to raise the investment threshold for obtaining residency in certain areas of the Hellenic Republic, including Thessaloniki, some areas of Athens, and the Islands of Mykonos and Santorini. After revising the minimum investment requirement, the amount in those regions increased from €250,000 to €500,000, in effect since August 1st.
Beyond the visa benefits, Greek Real Estate is also comparatively reasonable, contrasting against the higher property prices in Israel, especially in big cities such as Tel Aviv. The financial appeal is not just about bureaucracy; it is a practical choice for those looking to embrace a Mediterranean lifestyle without a hefty price tag. The affordability factor and the Greece European Passport positions the country as an attractive option for those considering a second home or a good investment.
The Greece Real Estate as a Residency-by-Investment Option
This investment, often directed towards real estate ventures, not only provides a foothold in the historic city but also opens the door to European residency. Greece’s rich cultural tapestry and strategic location further enhance its appeal, making it a prime destination for those seeking to leverage the Golden Visa for both financial and lifestyle benefits.
The Investment Visa team of experts can help you through your investment journey toward a second residency or citizenship in Greece or another European Country. Contact our team today and learn about all the available options. Having dual citizenship can streamline your life and pave the way for a promising future for both you and your loved ones.