What is Golden Visa?
Many countries offer Residency by Investment (RBI) schemes as an incentive to attract investment from foreign nationals. These schemes are known as “Golden Visas” and provide residency rights to investors in exchange for specific investments in real estate or financial instruments.
The Greek Golden Visa Law came into force in July 2013 and it grants a five-year residence permit to non-EU nationals in exchange for as low as a €250,000 real estate investment in Greece.
Important note: Starting in January 2023, Greece will increase the minimum value of property required for its Golden Visa from €250,000 to €500,000.
The new minimum value at the time of purchase will apply to a single property in the northern section of the country, the Central and South sectors of Athens in the Attica Region, the islands of Mykonos and Santorini and the Municipality of Thessaloniki. However, investors will have time until 30 April 2023 to finish signing pre-contracts for real estate purchase agreements, allowing them to benefit from the current regime of €250,000 for any property located in those affected areas. In other words, the transition period will likely not begin before 1 May 2023.
What are the benefits of the Greek Golden Visa?
The Golden Visa Scheme boasts an extensive list of benefits ranging from financial gains to visa-free travel. More specifically:
Right to live in Greece
The Greek Golden Visa allows you and your family to live in Greece, without limitation to how long you can stay. As a matter of fact, there is no minimum stay requirement either. The residence permit is practically granted for a lifetime, with consecutive 5-year renewals. There is no limit to how many times a residence permit can be renewed, provided that the applicant still be in full ownership and possession of the minimum investment The right to live in Greece comes with public healthcare and education benefits as well.
Freedom to travel in Europe without a Visa
The Golden Visa gives you the freedom to travel across the Schengen zone without the need for an additional visa. The Schengen zone consists of 27 European countries that have officially abolished their internal borders, for the free and unrestricted movement of people.
The 27 Schengen countries are Austria, Belgium, Czech Republic, Croatia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and Switzerland.
No residency requirement
Living in Greece before or during the Golden Visa residence application is not an obligation. Or even living after the Greece residence permit has been granted.
Family Reunification
Children under 21 years of age, your parents, your spouse or partner with a co-habitation agreement (concluded in Greece) and in-laws of the main investor can benefit from the same investment of 250,000 euros or higher and issue a permanent European residence permit too.
You won’t have to pay Greek tax
You can be a resident of Greece and not pay its tax if you don’t physically live there for at least 183 days a year. Depending on your country of residence and the amount of time you spend in Greece, it is likely that your international income may not be subject to taxation in Greece. In that case, you may maintain your business activities outside of Greece without any obligation to pay taxes in Greece. You will, however, be liable to pay tax for income derived in Greece and the rate for rental income from property.
Who is Eligible for a Greek Golden Visa?
In order to qualify for a Golden Visa in Greece, you must meet the following requirements:
– Be a non-EU/EEA country citizen
– Be at least 18 years of age
– Υou must not have any history of criminal records, in any country you have lived in
– You (and your family) must have obtained health insurance from a company operating in Greece.
As of 2021, you no longer need to visit Greece in person in order to start your application.
How long does the Golden Visa last?
There is no minimum-stay requirement, by means that the Golden Visa holders are not required to stay in Greece, or visit Greece, to maintain their residency rights. Still, it is required to return every five (5) years to update your biometric data.
What is the real estate investment options for the Greek Golden Visa?
– A minimum of €250,000 purchase of a real estate property in Greece
– 10 years of a lease agreement, whether signed for hotel accommodations or furnished tourist residences in integrated tourist resorts
What can Prosperty do for you?
At Prosperty we don’t just find the right property in Greece that will provide you with a Golden Visa by proposing real estate opportunities, but we offer you a complete experience until the close of escrow.
How?
By providing you with a team of certified lawyers, engineers and notaries, who undertake the entire process until the keys are in your hand, while we coordinate their every action. This way, you don’t need to worry about anything, since not only do we take care of everything, but we also reduce the final cost for you! All you have to do is choose the property of your dreams and leave the rest to our team!
Discover some of the best Golden Visa properties for sale in Athens:
Apartment Ampelokipoi – Athens Center
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Apartment Kipseli – Athens Center
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Apartment Kipseli – Athens Center
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Floor Koukaki – Athens Center
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Floor Alimos – Athens South
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Apartment Nea Smyrni – Athens South
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