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Astons, the international experts on real estate, residency and citizenship through investment, estimates that as much as half of all applicants looking to secure Greek residency via investment so far this year are US citizens.
While Donald Trump’s shock election victory proves that the Republican President Elect has widespread support from the American public, he remains a divisive figure with views and policy pledges that leave many people feeling uncomfortable at best with his return to the White House.
As such, in the wake of the election result, many Americans have been looking to exit the United States and gain residency in another part of the world where political, economic, and social discourse is more akin to their own beliefs, with Europe being a particularly popular destination of choice.
Many are choosing to execute this relocation through residency by investment, often referred to as a Golden Visa, which provides the legal right to live in another country in exchange for a financial investment in the local economy. Through Golden Visas, many European nations also offer a path to full citizenship after a certain amount of time.
Astons has looked at five of the most popular Golden Visa locations in Europe, considering the cost of residency for each and the time it takes to achieve residency*.
Malta and Portugal popular due to low cost of investment Malta and Portugal are popular options due to the lower cost of investment, with Malta requiring a minimum investment of $317,049, and Portugal needing a contribution ranging from $264,208 (non-refundable donation) to $528,415 depending on investment type. However, the average application processing time for these nations stands at 12 months, some of the longest application times amongst European nations.
Cyprus and Spain also offer popular options. The minimum investment threshold for Cyprus sits at $317,049, but has a processing time of at least 6 months and no access to the Schengen area. Meanwhile, Spain has an average processing time of around 4.5 months but requires a much larger investment of $528,415.
Greece emerges as the best choice for residency by investment Greece finds itself in the top echelon of Golden Visa destinations and is, as such, proving to be the most popular European spot for American citizens in search of alternative residency.
Greece offers a fast application process, dependent on municipality and averaging approximately 4.5 months – and recently its Golden Visa programme has seen an unprecedented surge in applications, not least during the past summer.
This growing demand is being driven in no small part by UK and US investors, with the two nations seeing, in the past year alone, 468 and 341 first-time visa issuances respectively. Notably, the number of British Golden Visa holders in Greece has doubled in the last year, with Americans on course to reach the same milestone before long.
Greece’s investment requirements are very attractive. It remains a top destination for wealthy clients due to the non-domiciled tax regime, and with a minimum buy-in of just $264,208 investors get five years of residency for the whole family with a right to renew at the end of that term. Greece’s programme also includes civil partners within this definition of family, so almost any couple can gain residency together. This makes it a popular Golden Visa destination for same sex couples from around the world.
Such is the popularity of Greece among Americans, Astons estimates that, so far this year, the nation has accounted for as much as half of all residency by investment applications from US citizens. Greece’s popularity is, in part, due to the generous Golden Visa benefits, but also the location, lifestyle, luxury, and lucrative ROI opportunities on offer. Not to mention access to one of Europe’s most lucrative property markets and best performing economies.
Citizenship, residence permit, and real estate investment expert for Astons, Alena Lesina, commented:
“We are seeing a big uptick in US citizen enquiries about obtaining residency by investment to European nations, and the recent US election result is likely to see the numbers increase even further over the coming months.
Of all the great European countries that offer residency by investment, Greece is proving to be the most popular choice among US leavers. It provides an attractive price point for entry, a fast residency process, and the country itself promises a lifestyle that is hard to beat with its warm weather and stunning surroundings.
But as well as lifestyle benefits and a growing economy, Greece also scores well when it comes to personal security, education, healthcare, and a steady rule of law. Add to that the access that Greek residents have to the EU area and it’s clear to see why so many Americans have this Mediterranean heartland as their top choice.”
Data tables and sources · Residency by investment information and data sourced from IMI Daily (1), (2) and Astons |
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Notes to Editors: –
· Astons are leading international real estate experts on residency and citizenship through investment offering bespoke residence and citizenship solutions in the EU, the Caribbean, and other countries through property investment. · Astons have over 30 years of experience assisting individuals to successfully relocate their lives, lifestyles and companies through the complex world of global immigration law · Astons offer everything from residency and citizenship, to legal support and guidance on worldwide property investment. · Astons is a leading global investment migration and luxury real estate company specializing in bespoke residency, citizenship, and premium real estate solutions in more than 11 countries. · Founded in 1989, Astons provides a comprehensive suite of services for HNW clients with a worldwide footprint of offices in London, Dubai, Istanbul, Limassol, Athens, Fort Lauderdale, and Saint Julians. |