This article by Immigration Explorer, your favorite immigration consulting company, explores the opportunity of obtaining a golden visa through real estate in Greece.
Since the start of their respective programs (2006-2017), EU countries have granted almost 35,000 Golden Visas. In fact, in 2019, more than 2,400 main applicants for the golden visa program in Greece received approval.
Attention Non-EU HNWIs, Entrepreneurs & Retirees
The current Coronavirus-pandemic and being homebound makes many people wonder whether there are better options for them to set up their lives for a safer and more stable future.
A second residency and/or citizenship can increase the freedom of movement and holds a variety of lifestyle and business opportunities. In case, restrictions in one country increase, you can conveniently travel to your second domicile.
Now, if you are wondering, which country is easy to get permanent residence, we have excellent answers for you in this article!
HNWis and their families as well as entrepreneurs, business owners, and retirees increasingly choose an alternative residency. The advantages are more visa-free global travel, increased access to political and economic stability as well as world-class education and healthcare, tax efficiency, and wider business growth opportunities.
The ongoing Coronavirus-situation challenges many of us to reset our priorities in life, in order to create a safe and secure future for us and our loved ones.
The Hellenic Republic in the south of Europe by the Mediterranean sea, Greece is not only a full member of the EU and Schengen, but it is also one of the world’s best places to live.
How would YOU like the following?
- Travel to 170 countries without a visa, including 27 EU-countries and the Schengen area
- Benefit from high-quality medical institutions and healthcare
- Enjoy safety and stability
- Actively manage your wealth and taxes
- Appreciate sunny weather and beautiful landscapes with 227 picturesque islands
- Take advantage of business and investment opportunities
- Affordable cost of living
- Budget-friendly real estate options
- Live a modern, luxurious lifestyle with maximum freedom
- As a retiree or pensioner, pay only 7% on your entire income obtained abroad (in planning)
Then continue reading for an immigration investment opportunity that will allow you to do exactly this.
Golden Visa Through Real Estate in Greece
The Greek Golden Visa offers residency in the Hellenic Republic. After 7 years of residency, citizenship can also be applied for through naturalization. Launched in 2013 by the Greek government, this residency by investment program (RBI) grants 5 years of residence after an investment in real estate.
The Golden Visa in Europe is particularly popular among investors from China, Russia, and Arab countries. They particularly value the low real estate property prices together with the high-quality residency options for the entire family as well as the travel freedom within the Schengen area.
One of the biggest advantages is that there is no minimum stay requirement. Besides, children up to the age of 21 are included in the family application. Once approved, the visa is valid for 5 years and renewed every 5 years if the property investment is retained.
Also known as investor visa, this program offers the best value for program costs. The Greek permanent residence permit can be obtained in as fast as 40 days. Besides, the Golden Visa through Real Estate in Greece program also offers favorable family rules for dependents.
Who Can Apply as a Permanent Resident?
To be eligible for the Greek golden visa, you must fulfill the following criteria:
- Be a non-EU national (as Eu nationals have freedom of movement within the EU)
- Be over 18 years old
- Don’t have any criminal records
- Have at least ~293,000 USD (250,000€) for investment in real estate
So, how does the process typically go? Let’s take a look!
How to Get Greek Residency Through Real Estate
With a real estate investment of only ~293,000 USD (250,000€), the Greek Golden Visa is among the most affordable residency investment programs in Europe.
- Choose the program and investment option that suits your needs
- If you choose the real estate investment option, choose one or several real estates in Greece, and purchase them. A specialized agency like Immigration Explorer can connect you to the best real estate agents in Greece.
- Obtain health insurance from a company operating in Greece
- Pay the relevant government fees of ~600 USD (500€)
- Fill out the application forms suitable for your personal situation, which you will receive from your immigration investment agency. Attach the required documents. These include recent photos, a copy of your passport, proof of having paid the government fees, proof of health insurance in Greece, etc.)
- Submit your application
- Apply for a visitor Schengen visa (if needed) and travel to Greece to finalize your investment (purchase and legal documents). Consider hiring a local lawyer who is experienced with these transactions. Submit the documents to the local Civil Registry and Migration Department
- The Greek Golden Visa residence permit is typically issued within 40 days and has a 99% approval rate.
- Enjoy the many advantages of a residence permit in Greece, the island paradise!
What Else Do I Need To Know?
Unlike other residency programs, Greek residency is not tied to financial donations in the application process.
Besides, foreign investors do not need to reside permanently in Greece once the residency permit has been granted. Likewise, the applicant’s family also gains residency and doesn’t even have to travel to or live in Greece.
Of course, you and your family have the choice to travel to Greece and many other (EU) countries. Just keep in mind that if you stay longer than 6 months in an EU country, you will become a tax resident there.
Moreover, if you stay longer than 6 months in an EU country other than Greece, you will need a residency permit. And you might lose your residency visa for Greece. So, it’s best to check thoroughly before staying in another EU country for a longer period of time as a Greek Golden visa holder.
Does all of this sound overwhelming and complicated? If you want assistance with this process, save time and money, then contact your trusted agency for residency by investment, Immigration Explorer.
The Greek Passport
The only way to get a Greek passport at the moment is through naturalization (7 years through the Golden Visa Residency Program) or jus sanguinis (ancestry).
At the moment, there is no fast track program to obtain Greek citizenship.
Are There Any Downsides?
While the Greek golden visa mostly only has advantages, there are some downsides, which you should consider
- The residency permit doesn’t allow working in Greece and the EU → in order to work around this regulation, a common practice is to start a business and pay yourself dividends.
- Taxes are relatively high, e.g. VAT (23%), income tax (up to 45%), corporate tax (24%), property tax (0.1-1.1%)
Nonetheless, the Greek government understands the desire of foreign HNWIs, investors, and retirees to make Greece their refuge and home. Therefore, the government is working hard to make the country as investment-friendly as possible.
In particular, there are non-dom incentives for high net-worth individuals, for example, a ~120,000 USD (100,000€) flat tax for investors for 15 years. Besides, retirees and pensioners will soon pay only 7% on their entire income obtained abroad, when moving their tax residency to Greece. Compared to an income tax of 45% in China or 13% in Russia, this is highly attractive.
Consult our experts for a plan that works for your best interests. You can soon realize your investment in Greece without the risk of air travel.
The Takeaway: Get Your Golden Visa in Greece through Real Estate
If you are looking for the best European country for permanent residency, then look no further! The Golden Visa through Real Estate in Greece is among the most popular paths to a permanent residency in Europe and the EU.
With a required real estate investment of ~293,000 USD (250,000€), it is among the best Golden Visa Programs in Europe. Besides, the application conditions for family members are favorable. Moreover, the investment property can be rented.
Are you ready to actively manage your future?
Start your residence and citizenship planning and talk to the experts at Immigration Explorer for your FREE immigration consultation! Also, visit our blog to never miss Golden Visa News.