Dr. Ali Ardalan and his son Shahram Ardalan, from Ardalan & Partners, which specializes in immigration laws, tell us about the reason for the great demand for Greek residency by residents of the UAE.
What is the reason for choosing Greece specifically for the demand for residency?
The Greek residency program allows living in any country of the European Union, in addition to opening bank accounts, enrolling children in schools and providing the best health insurance for the individual and the family. The stay can also be extended for minors (under 18 years of age) and is also open to grandparents. The cost of obtaining this residence is fairly affordable, easy to obtain, and most importantly, it is open to all nationalities.
What percentage of customers prefer Greece over the rest of Europe?
The majority of our clients (who learn about the program during the consultation for free) prefer the Greek residency program to the other residency and passport programs available.
What nationalities of residents often request Greek residency? And what is the reason behind that?
Most of the holders of the following passports: India, Lebanon, Syria, Iran, Azerbaijan, Kazakhstan, and Turkmenistan.
What are the conditions for applying and obtaining Greek residency?
Conditions vary based on the method of application, of which there are three options:
1. Real estate investment
by buying a property in Greece, this method is the most common way to obtain Greek residency, but despite the spread of this method, it is considered somewhat expensive.
2. Financially independent persons
What distinguishes this method are the relatively low capital requirements. A residence permit for two years (renewable) is granted to a foreign national if the following conditions are met:
• The person has sufficient income to cover his living expenses in Greece without being obligated to work in the country.
• The person can provide documentary evidence through a bank account statement for a period of six months.
3. Company incorporation
What makes this method attractive, is that it is possible for two families to benefit from this program. In this case, a company is established with a management of two people. Each manager can then obtain residencies for their immediate families.
What are the perks that drive residents to choose this country?
The best health insurance for the individual and the family, the possibility to open bank accounts, the possibility to live in any EU country, the possibility to work in any EU country, enroll children in any school in any EU country, and the possibility of obtaining Greek residency without living in Greece.
Does obtaining Greek residency mean that they will obtain a passport later?
Yes, after five years of obtaining Greek residency with residency in Greece, you can apply for a Greek passport.
When did the phenomenon of choosing a second country to request residency start while continuing to live in the original country?
It started with Belize in the 1980s, followed by Saint Kitts and Nevis and then spread the trend across many countries that saw this as an easy way to attract investors.
Does the global economic crisis have a role in educating people about the importance of the demand for another residence?
The current crisis has certainly faced its challenges and even brought with it important opportunities for some. One of the biggest opportunities today is in the European Union. That is why we have seen a surge in requests for the Greek Residency Program.
What is your reason for choosing the UAE to establish your business?
The UAE has provided, and continues to provide, one of the best infrastructures for growth in the region. Our ambition was to introduce our expertise to an emerging market and we thought the best place to do that was in the UAE. It is a country relatively close to India and most of Europe which means it is a better place to run a business than our previous location in California US where we moved from.
What countries are covered by Ardalan services?
Our network covers the United States, Switzerland and Greece.