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Wondering how to secure a second residence in Greece? The Greece Golden Visa program provides a clear pathway for non-EU investors. With a strategic investment in real estate or capital, you can gain Greek residency, enjoy travel freedom and embrace potential tax benefits. We’ll cover the essentials you need to know about eligibility, investment requirements, and the journey to citizenship without the fluff—setting the stage for your endeavor into Greek life and culture.
Key Takeaways
- The Greece Golden Visa program, launched in 2013 and requiring a minimum investment of €500,000 in specific areas, offers non-EU nationals lifetime residency in Greece without the need to live there, providing a gateway to the EU with visa-free Schengen travel and fiscal benefits.
- Investment routes to secure a Greece Golden Visa include real estate acquisition with a minimum investment of €500,000 in high-demand areas or capital contributions to eligible funds or companies with a minimum investment of €400,000, offering flexibility to match investor preferences.
- The program facilitates family reunification and provides a path to Greek citizenship after seven years of residency, offering a strategic advantage for long-term resident investors who want the benefits of living, working, and studying within the EU.
Understanding the Greek Golden Visa Program
Launched in 2013, the Greece Golden Visa program is a beacon for foreign investors. It offers residency to non-EU nationals who contribute significantly to the Greek economy, with a minimum investment threshold of €500,000 in specific areas. Initially, the Golden Visa required a more modest €250,000 real estate investment. However, due to its high demand, the bar was raised in July 2023.
This program is more than just an entry point into Greece; it’s a gateway to Europe’s rich and diverse landscape. It has attracted over €2.6 billion in global funds, issuing permits to more than 31,000 main applicants and dependents, significantly contributing to the recovery of Greece’s real estate market. Unlike other European countries, the Greece Golden Visa program offers lifetime residency without the prerequisite of living in Greece. The only requirements are that investors must be over 18, have no criminal record, and meet the minimum investment requirements for real estate, capital transfers, or business activities.
The Allure of Greek Residency: Key Advantages
The Greek Golden Visa Program transcends financial investment; it represents an investment in life itself. Along with the veritable cornucopia of lifestyle benefits that Greek residency offers, there are several key advantages that make this program particularly alluring.
Firstly, the Greek Golden Visa program provides visa-free travel to all Schengen Area countries, amplifying mobility for non-EU investors. This is an incredible advantage for those wishing to explore Europe freely and conveniently.
Secondly, being a Greek tax resident comes with attractive tax incentives, including a flat annual tax that could provide substantial savings for high-income individuals.
Finally, the Greece Golden Visa offers a clear path to Greek citizenship, with the possibility of applying for permanent residency after five years and citizenship after an additional two years, subject to certain conditions.
These benefits combine to create a compelling reason to consider the Greek Golden Visa program. Whether you’re a travel enthusiast, a savvy investor, or an individual yearning for a more laid-back lifestyle, Greek residency can offer a wealth of opportunities.
Visa-Free Schengen Access
The Greece Golden Visa program offers more than just access to Greece; it unlocks the entire Schengen zone. Visa-free access allows Golden Visa holders to travel across the Schengen zone for up to 90 days every six months, offering the freedom to explore a myriad of cultures, cuisines, and landscapes without the need for additional travel visas.
The privilege extends beyond the Schengen Area, providing similar short visits of up to 90 days in a 6-month period to several non-Schengen EU countries, including Croatia, Cyprus, and Romania. This enhances mobility within the European Union, offering a key advantage for international travel.
So, whether it’s a business trip to Belgium, a romantic getaway in Rome, or a culinary adventure in Croatia, the world (or at least the Schengen Area) is your oyster with the Greece Golden Visa.
Fiscal Incentives and Tax Treaties
Alongside the appealing lifestyle benefits, the fiscal incentives offered by the Greece Golden Visa program are equally compelling. New tax residents of Greece can opt to pay a fixed annual tax of €100,000 on their global income for a duration of up to 15 years. This preferential tax system is especially beneficial for high-net-worth individuals since it offers a fixed tax rate while exempting them from inheritance or gift tax on properties outside of Greece.
Moreover, Greece has double taxation treaties with 57 countries that help mitigate instances of the same income being taxed twice through exemption and credit methods. This can be particularly advantageous for investors with global income sources. Therefore, by leveraging these tax benefits, investors can optimize their financial planning and maximize their investment returns.
Pathway to Greek Citizenship
The Greece Golden Visa program serves as more than a residency program; it paves the way to Greek citizenship. After seven years of continuous residency, Golden Visa holders can apply for Greek citizenship. However, this isn’t handed out freely. Applicants must demonstrate that they have integrated into the Greek community with no criminal record.
To prove this, a mandatory citizenship test is conducted, evaluating knowledge of the Greek language, culture, history, geography, and government at the B1 level. This process might seem daunting, but it is a small price to pay for the wealth of opportunities that Greek citizenship offers, including the right to live, work, and study anywhere in the European Union.
Investment Routes to Greek Residency
Navigating the investment landscape can be complex, particularly for foreign investors. Fortunately, the Greece Golden Visa program offers two clear routes: real estate property and alternative investment funds. Both routes cater to different investor preferences and risk profiles, providing flexibility and choice.
Investors can acquire direct ownership of property in Greece to be eligible for permanent residency. This can be an appealing option for those who wish to have a tangible asset and perhaps a new home in the sun. Alternatively, investors can explore the option of investing in alternative investment funds to qualify for the Greek Golden Visa program. This path is ideal for those more interested in financial returns and less in owning real estate.
Real Estate Acquisition
Real estate investment is a popular route for the Greek Golden Visa program. The minimum investment requirement in popular areas includes:
- Athens
- Thessaloniki
- Mykonos
- Santorini
is €500,000, while the rest of Greece maintains the initial threshold of €250,000. This flexibility allows investors to reach the minimum investment amount by purchasing either a single property or multiple properties, offering the potential to build a diverse real estate portfolio in Greece.
Interestingly, the acquired real estate within the Greece Golden Visa program can be rented out, providing investors with the opportunity for rental income. This not only offers a potential return on investment but also distinguishes the Greece Golden Visa program from other programs that may have restrictions on property use.
Capital Contributions to Funds
For those less inclined towards real estate, capital contributions to funds offer another investment route. The minimum investment requirement for the Greece Golden Visa program via capital contributions to funds is €400,000.
Eligible capital contributions include:
- Investment in Greek government bonds
- Corporate bonds
- Shares of real estate investment companies
- Greek company shares
- Venture funds or private equity with headquarters in Greece
This route offers a broader range of investment options, including alternative investment fund, appealing to those who prefer diversity and liquidity in their investment portfolio.
Navigating the Application Process
Applying for the Greek Golden Visa involves the following steps:
- Property selection
- Completing the legal procedures
- Application submission
- Visiting Greece
- Visa approval
- Renewals every five years
While it may seem like a daunting process, it’s more straightforward than you might think.
The beauty of this process is that applicants can initiate it without necessarily visiting Greece in person. This flexibility makes it easier for individuals residing in distant countries to apply.
The typical processing time for the Greek Golden Visa application is 3 to 5 months, with an additional 4 to 6 weeks needed for the issuance of residence cards. So, within a matter of months, you could be holding your Greek Golden Visa and planning your first trip to your new home!
Initial Steps and Documentation
The first step in the application process requires gathering essential documents. This includes a certified copy of a valid passport, two copies of the application document, four recent color passport photos, proof of medical insurance, and a Certificate of Family Status. All documents from outside Greece must be certified with an Apostille stamp or by the Greek Consulate, translated into Greek, and collected within the last six months for international use.
To open a Greek bank account, which is a requirement for the Golden Visa program, an applicant needs the following documents:
- Passport
- Greek Non-Resident Tax Number
- Proof of country of tax residency
- Recent address proof
- Proof of profession, income, and funds for investment
However, to ease this process, applicants can execute a Power of Attorney to enable a law firm or an investment company in Greece to assist with tasks such as obtaining a tax number or opening a bank account on their behalf.
Biometric Data Submission and Processing Time
After submitting the necessary documents, the next step is to provide biometric data. This data includes ‘passport type’ photos for all applicants, fingerprints for applicants over 6 years old, and a specimen of signature for applicants over 12 years old.
All applicants must physically present themselves for the collection of biometric data within twelve months following the submission of their Greece Golden Visa application. Despite seeming like an additional task, this is a crucial step in the application process that ensures the security and integrity of the Greece Golden Visa program.
Comparing Greece to Other Golden Visa Programs
The Greece Golden Visa Program distinguishes itself among various global Golden Visa programs with its relatively low investment threshold of €250,000, a figure that holds considerable appeal when compared to other EU countries’ golden visa programs.
Another unique selling point of the Greece Golden Visa is that it allows for the purchased investment property to be rented out. This can provide a source of income for investors and contribute to the return on their investment. Furthermore, Greece Golden Visa holders are required to renew their residence permit only every five years, which may be less frequent than some other golden visa programs.
Living the Greek Lifestyle
Living in Greece is about more than just enjoying the sunny weather and beautiful landscapes. It’s about immersing yourself in a rich and diverse culture, and living life at a slower, more relaxed pace. Golden Visa residents can enjoy Greece’s mild Mediterranean climate, which features sunny and hot summers, warm and rainy winters, and summerlike early falls.
The Greek lifestyle encourages a slower pace of life with an emphasis on socializing, family, and savoring life’s pleasures, away from the rush of more demanding regions. Residents can embrace a Mediterranean diet known for health benefits, consisting of olive oil, fresh vegetables, fish, and a moderate wine intake.
Whether it’s exploring historical sites, participating in festivals, or simply enjoying a leisurely meal with friends, living in Greece offers a wealth of experiences, including staying at furnished tourist residences.
Financial Considerations and Fees
Despite the numerous advantages of the Greece Golden Visa program, consideration of the financial aspects remains pivotal. The financial aspects of the program include:
- Government fee of €2,000 for the main investor
- Government fee of €150 for each additional family member
- Government application fee of around €500 for residence permits up to five years
- Additional processing fees for the electronic permit
However, the costs don’t stop there. Here are the additional costs involved in acquiring a property worth €250,000 and processing a Golden Visa application for 3 people:
- Legal fees: approximately €10,000
- Property transfer tax: 3.09% of the value of the property or its objective value, whichever is higher
- Health insurance coverage: additional cost
Real Estate Investment Companies' Role
Real estate investment companies can provide invaluable support in navigating the intricacies of the Greece Golden Visa program. These companies guide clients through each step of the process, from identifying properties that meet the Golden Visa requirements to managing property acquisition and legal due diligence.
Not only do these companies provide expertise and local knowledge, but they also provide in-country support to investors through local offices staffed with legal and real estate professionals. Furthermore, they assist investors in renewing the Golden Visa residence permit, ensuring regulatory compliance at each renewal interval.
Supporting Family Members
One of the significant advantages of the Greece Golden Visa program is that it extends to family members. The program allows for family reunification, enabling the primary investor’s spouse, children under 21, and the parents of both the investor and their spouse to be included under the same application.
This flexibility extends to dependent children who are older than 21 but are in full-time education and financially dependent on their parents. In comparison to similar programs in Portugal and Spain, the Greece Golden Visa offers more flexibility in family reunification, including not just the applicant’s parents but also parents-in-law.
Maximizing Your Investment
Strategic planning and smart decision-making are key to maximizing your investment in the Greece Golden Visa program. Investors can generate additional passive income through renting out the property they purchased for the Golden Visa program, with monthly rental prices for a three-bedroom apartment in Athens typically ranging from €650 to €1,300.
However, maximizing returns isn’t just about rental income; it’s also about understanding the overall upward trend in the Greek real estate market, which indicates potential for property appreciation. Prior to investment, due diligence should be conducted to ensure legal registration, clear ownership, and the absence of encumbrances or legal issues with the property.
Renewal and Permanent Residency
Maintaining your Golden Visa status requires staying on top of renewal requirements. Golden Visa holders can renew their residence permits every five years, if they maintain the investment that qualified them for the visa. In the long run, this can lead to obtaining a permanent residence permit.
For renewal, investors need to submit a renewal application, passport photographs, a valid passport, previous residence card, and proof of Greek health insurance. Moreover, permanent residence in Greece can be obtained after maintaining the qualifying investment for five years and residing in the country for at least five years without leaving for more than specific permitted durations.
From Residency to Citizenship: The Long-Term View
It is essential to balance the immediate benefits of obtaining a Golden Visa with a long-term perspective. After seven years of continuous residency, Golden Visa holders can:
- Apply for Greek citizenship
- Obtain the rights and benefits of being a Greek citizen
- Enjoy the freedom to live, work, and study anywhere in the European Union.
Applying for citizenship requires demonstrating integration into the Greek community, which includes language proficiency and a knowledge of cultural, historical, and government structures. The process may seem challenging, but the rewards are immense. In addition to enjoying the full benefits of Greek citizenship, you can also maintain your original nationality, thanks to Greece’s acceptance of dual citizenship.
Summary
In conclusion, the Greece Golden Visa program offers an excellent opportunity for non-EU nationals to gain European residency. With its relatively low investment threshold, attractive tax incentives, and potential for obtaining Greek citizenship, the program offers a host of benefits. Whether you’re seeking a lifestyle change, an exciting investment opportunity, or the freedom to travel throughout the Schengen Area, the Greece Golden Visa program could be your golden ticket to a brighter future.
Frequently Asked Questions
What are the disadvantages of Greece Golden Visa?
The main disadvantage of Greece's Golden Visa is the inability to apply for Greek citizenship without a period of residency in Greece. Additionally, speaking fluent Greek is required. Other disadvantages include investment risk, political instability, and tax implications.
Is the Greek Golden Visa increase to 500000?
Yes, the new Greek Golden Visa changes include an increase from €250,000 to €500,000 for the minimum investment in real estate, but this only applies to certain regions such as northern and central provinces, the South Attica region, and the municipalities of Thessaloniki, Mykonos, and Santorini.
What is the 7 years law in Greece?
After living in Greece for at least 7 years, residents permit holders may apply for Greek citizenship, provided they meet specific requirements including passing an exam on Greek geography, culture, history, political system, and demonstrating knowledge of the Greek language at a B1 level.
How do I get Greek citizenship through investment?
To obtain Greek citizenship by investment, you must make a significant financial investment in the country, such as purchasing real estate or making a business investment, typically around €250,000.
Can I rent out the property I bought for the Golden Visa Program?
Yes, properties acquired under the Golden Visa Program can be rented out.
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