As an EU country, Greece offers several profitable business opportunities.
Besides being a beautiful country with a rich history, Greece has a thriving economy, a robust healthcare system, and a stable political structure.
But how can you invest in Greece the easier way? Well, this is where we come in.
At Global Residence Index, we have a team of top experts with years of experience under their belt – helping several people invest in the Greek economy and also establishing profitable businesses in this country.
However, before proceeding, let’s understand WHY investing in Greece is an attractive option.
Reasons Why You Should In Greece
CONTENTS
We have identified why investing in Greece is a good idea.
And as you must have guessed, the economy happens to be the single biggest factor.
A booming Greek economy
Greece is the 53rd largest economy globally and ranks 16th in the European Union.
The country’s GDP (Gross Domestic Product) was $219 billion at the end of 2022 and is expected to reach $224 billion in 2023, according to Trading Economics.
We believe that this rate of growth is lucrative for everyone who wishes to be a part of a prosperous economy.
A New York Times article says Greece is one of the fastest-growing economies in Europe.
Greece was one of the very few European countries that recovered from the pandemic quickly. This also tells you a lot about the resilience of the local economy.
Now, let’s explore the economic sectors that are growing in Greece.
What are the best-performing sectors in Greece?
Unsurprisingly, Greece is a traveler’s delight and home to a vast shipping industry.
Let’s understand a bit more about the best-performing industrial sectors in the country that are drawing in a financial windfall.
● Travel sector: 2023 saw perhaps the harshest summer in southern Europe recently.
However, this had little impact on Greece, which recorded more than 17 million tourist arrivals in January-August, an increase of 12.4% over the corresponding period last year. Therefore, the travel and tourism sector can be an attractive bet for you.
● Construction sector: A booming travel sector has led to significant growth in the construction sector.
Thanks to a liberal residency program by the Greek government, overseas investors are buying real estate in the country for as low as EUR 500,000 and putting up hotels, resorts, etc.
● Other sectors: There are other promising sectors that you can consider. For example, Greece's shipping industry is the third largest in the world after China and
Japan. You can supply shipping parts and ride the industry boom.
If your expertise doesn’t lie in the above-mentioned areas, you can invest in Commercial Services, Communications, and Distribution. These areas are growing between 2-4% on a YTD basis.
International Trade of Greece
If you are planning to enter the international trade of Greece, take a look at these impressive trade figures.
According to the Hellenistic Statistical Authority, the country's international trade grew between 36-40% in 2022.
Considering that global trade grew by only 2.7% in 2022, this southeast European country should certainly be on your radar.
What’s positive is that its major trade partners of Greece are EU countries.
This means that as a member of the international trade community, you can easily expand your operations in the rest of Europe.
Investor-friendly Tax Laws
Investors can leverage Greece’s tax-friendly program because Athens has several tax treaties with EU and non-EU nations, and this arrangement can help you reduce your overheads significantly.
What’s more, you have to pay just a flat amount as tax. In other words, your tax liability won’t increase with a concomitant growth in your earnings.
Low Living Costs
Affordability is another crucial reason why you must set up a business in Greece.
According to Numbeo, rentals in Greece are 41% less than in the United States.
The same study suggests that grocery costs are also significantly lower than in many countries in the world.
These cost savings make Greece an affordable country for those aiming to reduce their business expenses while investing.
A Favourable Visa Regime
One tremendous benefit of living and investing in Greece is that you can avail of the Schengen Visa Regime.
As a resident, you can travel for 90 days in all 26 Schengen member countries without applying for individual visas.
You can use this arrangement to not just vacation in the EU but also explore other profitable business opportunities in the rest of the continent.
Friendly Family Reunification Procedures
As an investor, you must live in Greece alone for a few months. Naturally, this would lead to a feeling of loneliness.
Thankfully, the Greek government has liberal rules for family reunification.
You can benefit from these procedures and bring your spouse and dependents to this country without getting bogged down in bureaucratic red tape.
These rules apply to:
● Spouses
● Dependent children under 21 years
● Unmarried partners of investors as long as they can prove they are in a stable relationship for more than 2 years.
How to invest in Greece?
From what we have discussed above, there is little doubt that Greece is attractive for overseas investments. So, the next question is, How do you set up a business in Greece?
Let’s explore the legitimate investing processes in the Greek economy.
Buy Real Estate
Since there is a boom in construction activity in Greece, the most common way to invest is to buy residential or commercial real estate.
You can buy property for EUR 250,000 and sell it off after 5 years. Remember, property prices are appreciating annually in Greece.
You can also profit from the boom in the tourism sector by putting up your property on Airbnb.
One tremendous benefit of this approach is that you can get a visa under the Golden Visa Program.
Purchasing Securities
Another way to set up a business in Greece is to buy securities worth at least EUR 400,000.
However, please note that only the following securities qualify:
● Government bonds
● Shares of Greek companies listed in the local stock exchange
● You can also buy shares of venture funds incorporated in Greece
If all this sounds interesting to you, it is time to apply for the Greece Golden Visa, as it provides you with a myriad of opportunities.
You can learn about Greece’s golden visa consulting from the Global Residence Index and safeguard your future. We are eager to help you take the next steps.
Final Thoughts
Summing up, Greece is one of the most promising investment destinations in Europe. It has a thriving trade with several EU countries and a friendly tax regime.
Unlike many other countries, investors have to pay a fixed amount as tax on their earnings here.
Moreover, the cost of living in Greece is significantly lower than in many developed nations, including the United States.
We hope that you now know about the fundamentals of investing in Greece.
However, if you still have any doubts, please contact our expert professionals at Global Residence Index, and we will be happy to walk you through the entire procedure.
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