A Ticket to a European Residence Permit

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Savvaidis & Associates Ltd: First Five-year European Residency Permit Issued to a Non-European Citizen

savvaidis, property, sale, rhodes

Savvas Savavidis, managing director at Savvaidis & Associates

“This is an incentive that is already benefiting the property market,” said Savvas Savvaidis of Savvaidis & Associates. “We have seen an increase in property requests from Russians, Chinese, Arabs and other non EU nationals.

Savvaidis & Associates Real Estate Agents is pleased to announce the first five year Greek residence permit for a non European client. A Russian couple who bought a €350,000 holiday home in Rhodes last summer now have European Residency status. This means they can live (but not work) in Greece as long as they own the property. At the same time they can travel within the 26 Schengen countries freely with no visa requirements and stay in those countries for a maximum of 90 days - no questions asked.

“This is an incentive that is already benefiting the property market,” said Savvas Savvaidis, property broker and owner of Savvaidis & Associates. “We have seen an increase in property requests from Russians, Chinese, Arabs and other non EU nationals who find the Greek residence permit very enticing – and more competitive than any other similar programmes in Europe,” Savvas added.

The residence permit is renewable every five years for as long as you own the property – so it could be for life! In Greece the value of your property has to be from only €250,000. By contrast, in Spain and Portugal it has to be €500,000, and in Cyprus it’s €300,000. The Spanish and Portuguese residence permits are valid for just one year, renewable every two years after that – again not nearly as generous as Greece’s five year permit.

As more and more international buyers are attracted by the idea of having a family base in Europe, Greece’s new residency permit programme comes at a just the right time for property investors.

And after six long years of recession, the Greek economy is looking up. According to data published by the Greek Ministry of Finance in January 2014, the outlook is positive. The budget surplus is expected to be more than 1,4 billion euro – three times better than the initial forecasts – boosting Greek bond prices to five year highs. At the same time tourism, the powerhouse of Greece’s economy, contributed more than 12 billion euros to public revenue – a figure that is expected to rise further in 2014.

Rhodes is the ideal location for an overseas property. Its famous climate, ancient history, ease of accessibility and cosmopolitan lifestyle are what give it such broad appeal.

Today you can buy a luxurious five bedroom villa with an infinity pool, fully furnished and equipped with its own gym and Spa situated on a commanding hilltop with stunning panoramic sea views in the Lindos area, for €930,000, a mere € 3,360 per square meter.

A very informative brief guide regarding the new European Residence Permit can be found here.

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Savvas Savvaidis
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Savvaidis & Associates Real Estate Agents
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