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Investments in real estate in Greece

Investments in real estate have been the main pillar for preserving and increasing capital for many years. The main aspect of creating a successful investment portfolio has always been and will be the right choice of an expert company to build an investment strategy.

Team of the company - expert VelesClub Int. has been successfully growing and occupying a leading position in the field of international real estate since 2015; by the end of 2023, our company’s services already cover more than 20 countries around the world.

Greek economy, facts, growth, records 2023

Analysts VelesClub Int. We have collected general facts for you to get acquainted with the Greek economy and its growth in recent years. Let's figure it out together:

The strong growth of the Greek economy compared to other EU countries continued in a more active form after the European Commission’s decision in 2020 approved Greece’s withdrawal from the regime of enhanced control by the commission.

The value of the Greek stock market has increased by 40% in 2023, there is very little left to reach the 2010 level and we understand that Greece can cope with this. The country's economic growth in 2023 was at least 2.5%, given that the average economic growth throughout the Eurozone is no more than 0.5%. The Greek economy is more focused on the service sector and tourism.

“If we are realistic, we can predict the growth of the Greek economy in 2024 at a level of at least 2023, or even closer to 3%. Greece has not been in the best position for a long time in terms of all economic indicators and growth is also coming from a low level, therefore, with strategically correct decisions of the Government, Greece has every chance to demonstrate to the world very high growth results of the country's economy. A strong Government has been formed in the country, which has set a course for reforms and budget savings, which cannot but lead to positive results.” clarifies the head of analytics and investment unit VelesClub Int. Ksenia Shamitko.
 
Greece took 1st place in The Economist magazine's ranking of the most successful economies for 2023. Despite the pessimistic expectations of analysts, the Greek economy has survived and grown. Global GDP grew by 3% and labor markets held up and inflation began to decline.

How to buy and sell real estate in Greece? Limitations and opportunities.

2022 and 2023 showed maximum activity and interest in Greek real estate on the part of investors from the European Union, the digital nomad program is actively working and launched in the country, all coronavirus restrictions were completely lifted, which led to an active increase in real estate prices and insufficient supply for market. A lot of IT specialists from all over the world are actively relocating to the country, which has led to an increase in demand for urban real estate and long-term rentals and, as a result, record prices on the short-term rental market and the development of “flipping” in Greece.

At the same time, capital growth from investors from Russia and Belarus has slowed down significantly, due to the cancellation of participation for these countries in the Greek Golden Visa program. Also, for citizens of the Russian Federation and Belarus, the “financially independent person” program has been suspended, problems arise with opening accounts in the country’s banks, restrictions have been introduced on the transfer of funds, direct flights have been cancelled, difficulties with obtaining visas and much more.

To purchase real estate in Greece, you need to open an account in a Greek bank, but an account in other jurisdictions, such as Georgia, Turkey, UAE, Kazakhstan, Uzbekistan, may also be suitable. The only limitation is the jurisdiction of the Russian Federation and Belarus.

According to the “Golden Visa” program, it is issued to citizens of Kazakhstan, Ukraine, Armenia, Uzbekistan, etc. The restriction is only for citizens of the Russian Federation and Belarus. The Greek government accepts new applications involving citizens of the Russian Federation or Belarus if:

• The first applicant is not a citizen of the Russian Federation or Belarus, while members of his family (spouses, children, parents) may be citizens of these countries.
• The first applicant - a citizen of the Russian Federation or Belarus - has already received a Golden Visa or has applied for an extension, then his family members can also take part in the program.

There are no restrictions for citizens of Russia and Belarus with the sale of real estate and the subsequent withdrawal of funds from the territory of Greece. We would like to note that if the buyer of your property is not a resident of Greece, then the notary can give permission to exchange funds outside Greece. Payment directly in Russia and Belarus is almost impossible.

Our company is an expert at VelesClub Int. is not afraid to work with sanctioned jurisdictions and is ready to provide maximum assistance with opening accounts in Greece; this will require the personal presence of the interested party and a significant apostilled package of documents with translation into English or Greek.

We remind you that in accordance with changes in the currency legislation of the Russian Federation dated May 15, 2022, citizens of the Russian Federation have the right to withdraw up to $1 million per month to their accounts in other jurisdictions. Package of required documents:

• foreign passport (copy);
• documents confirming work, position, salary;
• tax residence certificate from the country;
• apostilled tax return for the last 2 years with translation;
• bank statement on cash flows for the last year;
• Greek tax number (copy);
• an apostilled document confirming your place of residence in your country of residence with translation;
• a document confirming your Greek address (if you have real estate in the country).

“Enlist the support of leading companies in the global real estate and investment market and Greece may become an ideal place for you to diversify your investment portfolio and build capital.” – summarizes the General Managing Partner of VelesClub Int. Sergey Tumanov.

Any real estate investment requires evaluation and balance, and complete trust in market experts. A team of experienced managers at VelesClub Int. I am always ready to answer all your questions and accompany you at all stages of the transaction and subsequent reinvestment and diversification of your investment portfolio.