With many Golden Visa programs in Europe becoming more restrictive, Greece is no exception. However, Greece remains open for investment as one of the most attractive Schengen residencies. The permit offers the opportunity to live in one of Europe’s most desirable climates and travel freely among Schengen community states.
Minimum real estate investment thresholds were recently raised in response to the program’s blockbuster popularity:
• 800,000€ minimum in a single property in Athens, Thessaloniki, Mykonos and Santorini, and other large islands.
• 400,000€ in a single property in other regions of the country
• 250,000€ anywhere in Greece if you restore historical properties or convert commercial property to residential.
Importantly, doing short-term rentals with your Golden Visa property is now prohibited.
There are also several other non-real estate investment options with varying minimums, such as buying government bonds or Greek stocks.
Does the Greek Golden Visa mean tax residency in Greece?
The short answer is not necessarily. If you spend less than 6 months in the country per year and do not make Greece the center of your personal and financial interests, you can avoid exposure.
Though, if you do decide to make Greece your home base, there are incentives in place such as:
- 7% flat tax on foreign income for pensioners coming from countries that have a double tax treaty with Greece, valid for 15 years
- A 100,000€ flat tax on foreign earned income
But becoming a tax resident does offer somewhat of a path to European citizenship.
Spending 7 years in Greece as a tax resident and learning a satisfactory level of Greek language can earn Golden Visa investors an EU passport. To be clear, it’s not easy at all. You must really live full-time in Greece, be integrated, and learn Greek.
We have two teams we work with depending on where you’re from, as it takes slightly difference expertise document-wise.
Contact our experts Lazslo and Hany who can help you source the necessary documents to apply for this program as well as connect you with investment options. You’ll also find more detailed information on the Greek Golden Visa.
Just be aware that processing times are not particularly quick and can exceed a year due to a combination of a booming number of applications and inefficient Greek bureaucracy.
To a World of Opportunities,
The Wandering Investor.
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