Launched in July 2013 the Greek Golden Visa Law, offers the lowest cost option for residency in Europe by granting a five year residence permit in return for a real estate investment of a minimum value of 250,000 Euros. The Golden Visa is granted for five years and is renewed every five years, provided that the ownership of the assets is maintained.  The application practically covers three generations (investor and spouse, parents of both the investor and his/ her spouse and any children up to the age of 21).