Golden Visa in Greece
The Golden Visa Greece program is one of the cheapest options to not only live in Greece but also to gain the benefits of residing in the European Union and the Schengen Zone. Foreign investors, high-net-worth individuals, and retirees can all experience the financial and cultural advantages of acquiring Greek permanent residence for themselves and their family members through one of the lowest costing initial European investment programs.
Learn more about how the Golden Visa Greece program is the most cost-effective investment route in Europe and the many advantages of applying today.
Why Choose Greece Golden Visa?
Greece is a vibrant historical, cultural, and business hub in the Mediterranean. The Golden Visa Greece program has already attracted 10,000 foreign investors and over 1.5 billion in real estate investment capital.
The Greek government’s commitment to encouraging foreign investment through the permanent residency program has revitalized economic prosperity in the country, solidifying Greece as a top choice among visa programs.
Chinese, Turkish, Russian, and Lebanese entrepreneurs and retirees find the Golden Visa Greece program to be financially beneficial with low real estate property prices and the options to provide high-quality residency for the entire family.
Greece Country Profile
Short History: Located far south of the Balkan peninsula, Greece is a country that combines ancient history and modern culture. Its influence has reached into literature, philosophy, the arts, and politics. Greece is a member of the EU and a stable force in European affairs.
Taxes: Greece has a progressive taxation rate on all income, wages, pensions, and business profits, that range from 9%-44%. Also, rental income is taxed at a rate of 15%-33%. The corporate tax rate in Greece is 24%. Any real estate transfers are subject to a tax of 3%, if not subject to VAT. Inheritance and gift taxes range from 10 to 40% depending on category.
Advantages & Disadvantages: The climate of Greece draws visitors and new residents alike year-round to the country and offers plenty of cultural and natural activities to explore. There are 18 UNESCO World Heritage Sites to discover. Greece offers a fast-track to residency for the entire family as well as access to the Schengen Zone, unlike other Golden Visa programs. Another unique aspect is that the program allows for second hand property investment, whereas other jurisdictions require the real estate investment to be new. One downside of moving to Greece is that newly approved residents are not allowed to work in the country, but they can set up their own business. Another disadvantage is the high property taxes in Greece, although the government has made announcements for reduction of property taxes in the next few years. These often make the initial low cost of the program too unaffordable in the long-term and foreign nationals may find other Golden Visa programs more cost-effective. Residency is of full permanent status but the holder of the residence permit can renew through his/her lawyer the residence permit every five years, provided at the time of renewal he/she is the owner of a property with a minimum value of 250,000€.
Languages: The majority of people in Greece speak Greek, but some English and French can be found throughout the country. It is advisable to learn Greek in order to make living in Greece easier.
Healthcare: Greece has no universal healthcare program, however there are many private institutions and healthcare providers through which to get quality insurance and medical coverage.
Retirement: A recent draft by the Greek government plans to attract retired foreign nationals to take up tax residency in the country by implementing a flat 7% income tax rate for foreign retirees. The plan, when implemented, would be good for a duration of 10 years and applicable to any income abroad a person might have.
Come to Greece
With a long history, Greece is the place to discover your legacy. Consult with our team to find out how to start the next chapter of your life in Greece!
Highlights of the Greek Golden Visa Program
What Are the Requirements?
Included in the application, an applicant must include:
*Citizenship applicants should work with a consultant to explore options via ancestry or other avenues for Greek citizenship.
Golden Visa Greece Program - Residency
The Golden Visa Greece program requires real estate property investment in Greece amounting to ~293,000 USD (250,000€). There are options to purchase one real estate property or several, located anywhere in the country. A foreign investor may purchase residential properties, commercial land or property, or timeshare investment. Property in the country may count towards the real estate investment route if it has been acquired through donation or family concession, as long as the deed is in the applicant’s name and fulfills the monetary minimum investment of ~293,000 USD (250,000€).
Beyond real estate property investment, applicants may seek to buy investments as a joint contract with other foreign investors or as a legal entity in which the applicant owns the entirety of the company’s shares. Moreover, the Greek government recently announced the option for non-EU nationals to invest in Greek securities and companies totaling at least ~468,000 USD (400,000€) in order to qualify for the Golden Visa Greece program.
For HNWIs who invest more than ~585,000 USD (500,000€), Greece offers the option to apply for a flat tax of ~117,000 USD (100,000€) for 15 years on all income earned abroad.
While Greece is considered one of the most affordable programs, there are additional expenditures to the initial application cost that an applicant must keep in mind during the process. There are fees for the government, lawyers, and notaries during the buying of property which can add approximately ~20,200 USD (17,000€) to the cost of the Golden Visa Greece program (including the 3% property transfer tax for a property value of 250,000€). There is also a 24% VAT on new property purchases in Greece, but currently there is a VAT exemption until the end of 2022! However, even with the additional fees and expenditures, the Greek residency program is still the most affordable European Golden Visa program.
The Golden Visa Greece program is available to non-EU foreign nationals over the age of 18 and can provide Greek residency for family members. Through the main applicant, spouses, unmarried dependents age 21 or younger, and both parents of the spouses are eligible for the visa program.
Foreign nationals are granted a five-year residency through the ~293,000 USD (250,000€) real estate option. With the retention of the real estate investment, foreign investors may renew their application every five years. There are no conditions stating that an applicant must reside in the country and after seven years of residency, an applicant may choose to seek Greek citizenship.
usually 3-4 days
usually 1 week
Property Selection, Purchase, Documentation
usually 2-3 weeks
Approval of Application
usually 20 days
usually 60 days
There are two ways for foreign nationals to achieve Greek citizenship. The first is to participate as a foreign investor in the Golden Visa Greece Program for a minimum of seven years and then take the necessary steps to apply for Greek citizenship. A Greek language test is required to submit a request for citizenship.
Another option is to explore ancestry links in order to officially qualify for Greek citizenship.
If you are unsure which option could best pertain to you, speak with our team of professional consultants to discuss which routes are available to you, your family, and your financial goals.
No Citizenship Program, currently
Paths to Citizenship:
Greece Golden Visa - Costs at a Glance
Residency Real Estate Property: 293,000 USD (250,000€)
VAT: 24% (currently VAT exemption until the end of 2022)
Transfer tax (3% for resales), land registry fees (0.475-0.575% + VAT), legal fees, and notaries: approx. 20,000 USD (17,000€)
ROI Estimated (rented out): 6% annually
Property Tax: 0-2% annually
Local Real Estate Duty (TAP): 0.025-0.035%, annually
Total: approx. 315,000 USD (269,000€)
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