Published July 21, 2022 14:25 PM
Greece Residency by Real Estate Investment
Non-EU nationals and their families may be awarded Greek residency in exchange for a real estate investment under the Immigration and Social Integration Code (Law 4251/2014, Government Gazette 1, no 80).
Greece boasts a pleasant climate, warm waters, and cordial citizens. People that desire to live in a warm climate, do business, or generate money from renting out real estate choose this nation as their permanent home. Other benefits of obtaining a residency permit and Greek citizenship include the opportunity to travel without a visa and to open an account with a European bank.
Through the Greece Golden Visa Program, it is possible to invest in order to become a citizen of Greece, however not right away. Applicants make investments in stock, real estate, or deposits. Once five years have passed, the money is refundable.
Options for Investing in the Greek Golden Visa
You must make one of the following investments in order to be eligible for a Golden Visa for Greece:
- Invest in a home worth at least €250,000.
- Sign a minimum 10-year lease with a hotel or other tourism destination.
- Make a capital investment in a Greek firm worth at least €400,000.
- Purchase Greek government bonds for €400,000.
- Invest €400,000 in bonds or stock of real estate investment firms.
- Deposit €400,000 in a Greek bank.
- Purchase government or corporate bonds worth €800,000.
Although you need typically be in Greece to complete your investment, if you grant a legal representative power of attorney, you can still accomplish it from a distance.
Who Qualifies for a Golden Visa for Greece?
In order to qualify for a Greek Golden Visa, you must:
- You must be at least 18 years old.
- You must not have a criminal background in any of the countries you’ve lived in.
- Greece requires a substantial investment from you (see the investment options above).
- You must have purchased health insurance from a Greek firm.
Advantage Of The Greek Golden Visa
Greek Golden Visas are among the most affordable in the EU and come with the following advantages:
- Comparatively speaking to most other EU nations with Golden Visa routes, the threshold investment options are lower.
- You can extend the visa to include members of your family, such as your spouse, unmarried children under 21, and your parents who are dependent on you or your spouse. The Golden Visa application may also include your child if they are a student, over the age of 21, but under 24, and in school.
- Visa-free access to the Schengen Area is available to you and your family.
- No minimum amount of time must be spent residing in Greece in order to renew the residence permit.
- After purchase, you have the option of renting out your home.
- After relocating to Greece for seven years, you may petition for citizenship. Greece is an EU member, so you’d have access to its free market and be able to travel to more than a hundred other nations without a visa.
- In Greece, you may both live and invest.
- Greek healthcare and education are available to you.
Greece Golden Visa duration
As long as you keep up the investment, the Golden Visa for Greece is valid for five years and can be extended indefinitely.
If you decide to stay in Greece, you can also apply for Greek citizenship after seven years of continuous residency.
Does Investment Qualify You for Greek Citizenship?
A Golden Visa and an investment in Greece are both required to become a citizen of Greece. As opposed to residency, you must pay taxes and live in Greece before you may apply for citizenship. Before you may petition for citizenship, you need to have lived in Greece for at least seven years.
In addition, you must be able to demonstrate that you have ties to the nation and at least rudimentary knowledge of Greek language and culture.
What Are The Required Documents To Apply For A Golden Visa
- When applying for a Greece Golden Visa, the following documents are needed:
- A request form.
- Passport-size photos of yourself taken recently
- Your current passport and a duplicate. The necessary entry visa must be carried in the passport.
- Evidence that you have paid the necessary government fees.
- Proof that you and your family members have health insurance in Greece.
- Your financial proof
- According to the sort of investment you make, additional documents may include:
Real Estate Purchases
- A purchase agreement that certifies the absence of any terms or exclusions, specifies the entire cost of the purchase, and specifies the manner of payment (full payment, credit held in an institution operating in Greece, or credit transfer)
- Evidence of transfer of the contract provided by the relevant Land Registry
- Certificate from the Land Registry attesting that there have been no acquisition-related obstacles.
For Leasing A Hotel or Other Tourist Destination
- A timeshare agreement that lasts at least five years and specifies the comparable annual cost;
- A certificate of transfer registration from the appropriate Land Registry;
- A certificate from the National Tourism Organization (EOT) attesting to the organization’s been advised that the specific timeshare contract has ended.
For A Business Investment
- Documents containing information about the company receiving the investment, including whether it is already established or not (must include name, type of legal entity, and share-holders)
- An explanation of the investment project in writing
- Where the investment project will be located
- The investment’s spending plan and financing arrangement
- A schedule outlining how the investment will be made
- Forecasts for the performance of the initial five years of investment (feasibility study and cash flow forecast)
- A statement outlining how many jobs the investment will generate
- Short resume
- Your place in the investing undertaking
- Any other records that the appropriate authorities may require.
Are there any language prerequisites for the Greece Residency application?
- No, there are no language tests required of applicants.
For investors evaluating Golden Visa Programs, is Greece a tax haven?
- If the investor does not intend to reside in Greece, Greece does not need tax payment. However, the Greek government levies a number of taxes on income earned there, including income tax and property tax.
How Long Does The Procedure Take?
- The application submission and approval processes for residence permits last two months.
- A person must stay in Greece for more than 183 days in a calendar year in order to be considered a tax resident. Depending on a tax treaty, residency laws may change.
- Tax citizens must pay personal income tax on all of their income, whereas non-residents are only required to pay tax on their income that comes from Greece.
- The location, use, zone pricing, surface, and age of the property all factor into the real estate tax assessment. If a taxpayer owns more than €200,000 worth of real estate, they are subject to an extra real estate tax.
- There is an inheritance tax; rates for other heirs range from 0 to 40 percent for estates and 1 to 10 percent for estates. In the absence of V.A.T., there is a 3 percent transfer tax assessed on the transfer of real estate. A net worth tax is not present.
- The V.A.T. normal rate is 24 percent, the reduced rate is 13 percent, and a super reduced rate of 6 percent can be applicable to some transactions involving goods and services.
Documentation Needed for Investment-Based Residency in Greece
The following records are necessary for a successful Golden Visa Program application:
- The application form should be printed twice.
- Four current color photographs for a passport
- A certified copy of a passport or other travel document accepted in Greece
- A cost incurred and acquired via the “e-Paravolo” platform
- For residence permits with a maximum five-year validity, approximately equals €500.
- An administrative charge received and paid for using the “e-Paravolo” platform
- To print the separate document, it will cost approximately €16. (electronic residence permit)
- An insurance company’s certification of the expense of hospitalization and medical care;
- Outside of Greece, if the insurance agreements are completed, provided that they specifically state that they cover the party for the duration of their stay in Greece
- Agreements for insurance that have been made in Greece.
A citizenship by investment program is not what the Greece Golden Visa program is. However, if you meet a number of requirements, you can be qualified to submit an application for citizenship in Greece after seven years.
The Prerequisites For Requesting Greek Citizenship Are Listed Below:
- Stay in Greece for at least seven years.
- being a Greek tax resident at the time
- Take a Greek language exam and pass it.
- Possess a sincere fascination with or connection to Greece and Greek culture
Check out other information for Cyprus Property Visa