A Quick Glance at Greece
Greece is a quaint country in eastern Europe. The expression 鈥渂est of both worlds鈥� had never fit anywhere better as it has a historical legacy paired with a rich modern culture.
It is to this day considered the birthplace of modern culture, boasting rich history and gorgeous landscapes, islands, forests, and mountains. It is also conveniently located at the heart of the world, right at the crossroads of Europe, Asia, and Africa, making it a hub of culture and an excellent gateway to literally everywhere!
Additionally, Greece is known for its unparalleled natural beauty thanks to its 6,000 stunning islands scattered throughout the Mediterranean. The magnificent coastline adorned with beaches can be enjoyed all year round, thanks to its year-round climate, which is sunny and warm.
In addition to its natural splendor, Greece offers a competitively vibrant cosmopolitan life. With exquisite fine dining, great shopping, luxurious villas and residences, and a massive wealth of historical landmarks.
Finally, The Greek people are well known for their hospitality and ability to enjoy life. Even though Greece has suffered an economic setback, it has recovered significantly thanks to its relentless workforce and various government initiatives such as the Golden Visa Program.
Greece Golden Visa
The Greek government introduced the Greece Golden Visa in 2013 to encourage investment into Greece and help restabilize the economy. The Greek Golden Visa is a residence by investment program, which allows the investors to obtain permanent residency in Greece in exchange for an investment in real estate.
This allows the investor to apply for citizenship after seven years of permanent residence in Greece, provided that they spend at least 183 days each year there.
Recent figures according to Investment Migration Insider show that this program has issued residence permits to 18,616 investors, and raising about 2,000,000,000 Euro in the process.
How to qualify for citizenship by investment?
Those who wish to obtain Greek citizenship by investment need to make a 250,000 Euro investment in real estate in Greece, which makes it the lowest investment required of any other Golden Visa scheme in Europe. The investment can be accomplished in several different ways:
- You may choose to invest in multiple properties, the combined value of which amount the 250,000 Euro investment, or
- Invest in one property, which is valued at 250,000 Euro. The property can be commercial or residential and may be located anywhere on the mainland or surrounding islands, or
- Invest the minimum 250,000 Euro in a timeshare (lease) for a minimum of ten years. This includes furnished tourist residence in integrated tourist resorts, or hotel accommodations, or
- Own the property through a legal proxy where you own all the shares, or
- Set up joint ownership, provided that each person invests 250,000. If the joint ownership is between spouses, then it鈥檚 enough to invest 250,000 between the couple.
With the changes that are to become valid as of 1 May 2023, the minimum investment amount required for acquiring the Greece Golden Visa will increase to a sum of 鈧�500k in certain regions of the country. These regions are namely the Municipality of Thessaloniki, the Greater Area of Athens, and Mykonos and Santorini islands. The investors buying in these areas will have to canalize the said amount in only ONE property.
After you make the investment and it is processed, you get a residence permit that is valid for five years, which may be renewed every five years indefinitely, provided you maintain the investment.
Keep in mind that you may apply for Greek citizenship after seven years of residing there for at least 183 days, and passing a citizenship test.
The Application Process
The processing time of the Greece Golden Visa can take up to 6 months. Remember that the investment needs to be made prior to the application for the Golden Visa.
In order to go through this process efficiently and without any complication, we recommend that you contact us, and we will walk you through all the steps required to make your life easier and guarantee that the process goes smoothly.
Benefits of Citizenship By investment in Greece
Family Reunification
The Greece Golden Visa allows you to include your spouse and children under 18 years of age. Children over 18 years of age can qualify if they study full-time and are entirely dependent on you. Furthermore, the program was recently extended to include the dependant parents of the main applicant.
This means that you and your family will be issued residence permits. And if you all fulfill the residence requirement, 183 days a year for seven years, you will be eligible for citizenship.
Taxes
Greece offers many benefits regarding taxes. Non-residents in Greece will pay tax on their income derived in Greece but not on income from outside the country. Greece also has Double Taxation treaties with various countries that prevent double taxation. For a comprehensive understanding of taxes in Greece, we recommend that you check out our Taxes In Greece Guide.
Travel
Even though it takes seven years to obtain the Greek passport, which offers visa-free travel to 184 countries, you can enjoy visa-free travel in the Schengen area the moment you receive your resident permit within 40- 60 days.
Summary
The Greek Golden Visa offers the lowest real estate investment required in Europe, which is why it鈥檚 quite popular. The family inclusion and double taxation treaties also help in increasing the overall value. Always remember that you can book a free consultation about this or any other Golden Visa program with us.
Do you know what are the latest updates in 2024 about the Greece Golden Visa Program? You can check out our recent article.
