The Greece Golden Visa residence is program-by-investment program launched in 2014 that enables non-EU nationals and their family members to obtain permanent resident permits.
The Greece Golden Visa residence is the most affordable Golden Visa program in comparison with other Mediterranean countries. In Greece the minimum investment is 250,000 euro and from 1 of August 2023 the central, northern and southern sectors of Attica, Mykonos, Santorini and the Municipality of Thessaloniki increase to 500,000 euro.
Advantages in Greece Golden Visa Residence
- The PR is granted for five (5) years and renewed every five (5) years
- Freely travel within the Schengen area
- NO minimum stay requirement in Greece
- Have FREE access to the public Health services in Greece
- Have FREE access to the public Education system in Greece
- Work in Europe and set up your own business in Greece
- Full family members permanent residency and children up to 21 years, investor’s and spouse’s parents
- Gives the possibility to apply for citizenship after seven (7) years
Investment
An investment of €250,000 or €500,000 (central, northern and southern sectors of Attica, Mykonos, Santorini and the Municipality of Thessaloniki) is required in real estate in Greece making the Greek programme the lowest investment level of any real estate residency visa scheme in Europe. The property, which can be located anywhere on the Greek mainland or the islands, can be either residential or commercial. The procedure needs only the copy of the passport.
The lease of hotel or tourist furnished apartments with a minimum lease agreement of € 250,000 for at least 10 years also gives the possibility of obtaining a residence permit. The lease payment is paid in full at the time of signing the contract.
Process
The application process takes from 30 to 90 days from the time of investment until the issuance of the residence permit. The applicant must have made the investment in real estate in Greece before applying for the visa.
The purchase process is done through a power of attorney signed at the Greek Embassy of the investor country of residence. The process of purchase is carried out through the lawyers who undertake the process of applying for a visa, the transfer and all the legal work for the property.
Residence program and Citizenship
Applicants gain the right to live in Greece although there is no requirement to do this. With the residency card all family members will have freedom to travel to and throughout the EU Schengen visa zone with ease and without further visa applications. If the resident sells the property to another non-EU citizen, the Greek residency becomes transferable to the new investor.
Applicants and family members can apply for citizenship and a passport after seven years with a clear criminal record and a knowledge of the Greek language and culture. Once applicants have citizenship then they are free to dispose of their investment as further visa renewals are not necessary.
Taxes
Non-residents in Greece will pay tax on their income derived in Greece but not on income from outside of the country. Income tax from property in Greece is taxed at rates, from 11% . Capital gains tax (CGT) is charged at 10% on property sales.
Summary
Undoubtedly, Greece has the most affordable Golden Visa program. Its astonishing natural beauty, invaluable historical heritage, famous Greek hospitality or “philoxenia”, and the ideal climate conditions every year attract not only tourists but also investors from all the world. The favorable economic and geographical position of the country, where the country’s leading land highways connect with latitudinal sea routes, is definitely one of the main factors that makes Greece a lucrative investment destination with high annual rental income.
The Greek program offers the lowest real estate investment level of any European residency scheme with the most favourable family rules. Taxes on property are the lowest and the benefits on citizenship make it the most attractive Mediterranean European Golden Visa program.