Greece, nestled in the breathtakingly beautiful region of Southeast Europe, is a nation rich in tradition, culture, and astounding natural beauty. With the Greece Golden Visa Program, a region that has traditionally drawn tourists from around the world also welcomes non-EU nationals.
Greece offers a wealth of attractions, from the ancient sites in Athens to the stunning beaches of the Greek Islands. The Golden Visa Program can assist you in taking advantage of all that this lovely country has to offer while also solidifying your future. You can start the process of acquiring a Golden Visa in Greece by following the detailed instructions in our comprehensive blog. Let’s embark on this exciting adventure together!
What is Greece residency by investment or Golden Visa Program?
A “golden visa” is a residency permit obtained through investment.
The criterion for granting residence permits to investors are governed by the government-sponsored Greece Golden Visa Program.
Greece’s Golden Visa, an innovative program, which was launched in 2014, intends to strengthen Greece’s economy by attracting in international investment. Thirty thousand people have already obtained a golden residence permit. Under the Golden Visa scheme, investors have an unmatched chance to get a resident permit by putting at least €250,000 into Greek real estate. Qualified applicants will earn five years of unlimited travel, employment, and residence throughout Europe’s Schengen Area for themselves and their families.
Benefits of Greece Golden Visa Program:
- Visa-free travelling: Investors who have a residency permit from Greece can travel to other Schengen nations without a visa and stay up to 90 days out of a total 180 days.
- Living in Greece: Even if the borders are shut, the investors and their family can enter the nation. You are welcome to travel to Greece at any moment. Moreover, a “safe haven” can be planned, and in an emergency, one can travel to Greece.
- Tax optimization: Tax rates are favourable for Greek citizens. On their annual global revenue of €100,000, the investor pays a flat tax. Close relatives of the investor are also eligible for the discounted rates and must pay €20,000 annually.
- Using the services of Greek banks: Investors are permitted to create accounts, make deposits, and utilize all banking services in Greece.
- Getting EU citizenship: The investor can apply for citizenship after another two years and after another five years of residence in Greece. Greece permits its residents to simultaneously possess multiple nationalities. Investors are not required to give up their primary citizenship if their home nation does not demand it.
Who Can Apply for Greece Golden Visa?
Any adult over the age of 18 who has never been convicted of a crime is qualified to apply for a Greece Golden Visa.
The following members of the investor’s family may be listed on the application:
- A partner or spouse who has a Cohabitation Agreement in place and has it registered in Greece.
- Unmarried children under 21.
- The applicant’s unmarried children under the age of 21, given that the candidate has legal custody of them.
- Spouses’ parents.
In addition to preparing and submitting the necessary paperwork, applicants must pass the state’s due diligence investigation.
Greece Golden Visa by Investing in Real Estate
Real estate purchases are the most common way to take advantage of the Greece Golden Visa Program. In Greece, the investor may purchase either residential or commercial buildings. Real estate investments cost €250,000, whereas the other choices cost €400,000.
Following that, the house can be rented out. Property rentals have a 10-12% yield assurance. Five years later, the property can be sold to give the investor their money back.
A property purchase takes two months to complete. Lawyers from Immigrant Invest provide assistance with real estate selection and transaction registration.
Buying either residential or commercial property:
Real estate can be purchased by an investor as a person or through a legal business in any region of Greece. The following conditions apply when buying from a legal entity:
- The company’s headquarters must be in the EU.
- A controlling interest in the business must belong to the investor.
Anyone who has inherited real estate worth more than €250,000 or accepted it as a gift may potentially qualify for a Greece golden visa. They must successfully complete Due Diligence and turn in the required paperwork for a residency permit.
Depending on how many family members are listed in the application, a real estate investment may be made:
- Children: The amount of the investment is unaffected.
- Parents: €500,000 minimum investment required if both sets of parents agree to live together.
- If the couple establishes a shared residency arrangement in Greece and has indivisible real estate holdings, at least €250,000.
Considering that none of the applicants’ members consent to a shared residence with the principal applicant. If that is the case, the minimum investment is raised by €250,000 for each applicant.
Purchasing a plot of land: To construct a home or a farm, the investor purchases a piece of land. The site’s overall cost and the building contractors’ services make up the investment.
Rental of property: The investor has the option of renting lodging in a hotel or a furnished apartment in a tourist complex rather than purchasing real estate. The ten-year rental or leasing arrangement has been finalized. Prior to receiving a residence permit, the investor makes a single payment.
Greece Golden Visa Requirements
For Main Applicant:
- Application for a residence permit in duplicate
- 4 passport-type colour photographs in printed form or a soft copy
- Certified passport’s copy with a valid visa
- Copy of the investment summary
- Receipt on a state duty payment
- Receipt on payment of the residence permit card issuance fee
- Medical insurance
- Certificate of no criminal record
- Medical certificate confirming the absence of diseases that pose a risk to public health: for example, HIV, tuberculosis, and other infectious diseases.
For Additional Family Members:
- Certificate of Marital Status/Certificate confirming the relationship.
If Purchasing Real Estate:
- Sale and Purchase Agreement
- Confirmation of the agreement registration with the Greek Land Register (Greek Cadastre)
Step-by-Step Procedure for Obtaining Greece Golden Visa
Meet the conditions of the residence by investment program: An investor now goes through a preliminary round of due diligence, which includes checking against international legal and business information databases and scanning the Internet for potentially harmful or compromising information.
Collect and submit the necessary documents to apply for a residence permit: A form is filled out with personal information for each family member. For accurate completion of the forms and subsequent document submission, all the listed documents must be available while filling them out.
Pay the application fee: The investor also covers the fees of application filing and processing in addition to the investment amount. These expenses include the price of document translation, the cost of attorneys’ and notaries’ services, and state costs for reviewing a residency permit application.
Get a visa: Having a tourist visa is sufficient to purchase real estate. The investor will require a long-term type D visa for the other investment options.
Apply for a residence permit: Applications for a residence permit may be submitted by the investor in person, by an authorized attorney acting on their behalf, by a spouse or by an adult relative.
Submit biometric data: On the day when documents are submitted, fingerprints are obtained. Say a lawyer applies without the interested party. In that situation, the assignment of a specific date for the collection of biometric data is given in writing to the interested party.
Get a residence permit card: The investor receives a residence permit card one or two months after submitting the required paperwork.
Renewal of the Golden Visa in Greece: The investor can easily gain access to permanent residency by applying to renew their golden visa residence card every five years.
Golden visa and taxes
The investor can settle a fixed annual income tax of €100,000 for 15 years by becoming a tax resident of Greece. The investor’s close relatives can also take advantage of the preferential rates and pay €20,000 per annum.
Without these exemptions, the global income tax is assessed on a progressive scale and may be as high as 45%.
If the investor resides for at least 183 days per year, their tax residency may be changed. He must apply to the Greek tax authorities to officially become a resident for tax purposes.
In conclusion, the Greece Golden Visa Program presents an incredible opportunity for investors seeking to secure their future and explore the beauty of Greece and the rest of Europe. The program offers considerable benefits, including the ability to travel without a visa, tax advantages, and the chance to become an EU citizen.
The most well-liked and simple way to fulfil the requirements is to invest in real estate, which offers an assured rental yield and the possibility of a return on investment after five years. If you match the eligibility criteria, it is surely an opportunity that should be grabbed. Take advantage of this exciting program and explore all that Greece and Europe have to offer.