A Quick Glance at Greece
Greece is a quaint country in eastern Europe. The expression “best of both worlds” had never fit anywhere better as it has a historical legacy paired with a rich modern culture.
It is to this day considered the birthplace of modern culture, boasting rich history and gorgeous landscapes, islands, forests, and mountains. It is also conveniently located at the heart of the world, right at the crossroads of Europe, Asia, and Africa, making it a hub of culture and an excellent gateway to literally everywhere!
Additionally, Greece is known for its unparalleled natural beauty thanks to its 6,000 stunning islands scattered throughout the Mediterranean. The magnificent coastline adorned with beaches can be enjoyed all year round, thanks to its year-round climate, which is sunny and warm.
In addition to its natural splendor, Greece offers a competitively vibrant cosmopolitan life. With exquisite fine dining, great shopping, luxurious villas and residences, and a massive wealth of historical landmarks.
Finally, The Greek people are well known for their hospitality and ability to enjoy life. Even though Greece has suffered an economic setback, it has recovered significantly thanks to its relentless workforce and various government initiatives such as the Golden Visa Program.
Greece Golden Visa
The Greek government introduced the Greece Golden Visa in 2013 to encourage investment into Greece and help restabilize the economy. The Greek Golden Visa is a residence by investment program, which allows the investors to obtain permanent residency in Greece in exchange for an investment in real estate. This allows the investor to apply for citizenship after seven years of permanent residence in Greece, provided that they spend at least 183 days each year there.
Recent figures according to Investment Migration Insider show that this program has issued residence permits to 18,616 investors, and raising about 2,000,000,000 Euro in the process.
How to qualify for citizenship by investment?
Those who wish to obtain Greek citizenship by investment need to make a 250,000 Euro investment in real estate in Greece, which makes it the lowest investment required of any other Golden Visa scheme in Europe. The investment can be accomplished in several different ways:
- You may choose to invest in multiple properties, the combined value of which amount the 250,000 Euro investment, or
- Invest in one property, which is valued at 250,000 Euro. The property can be commercial or residential and may be located anywhere on the mainland or surrounding islands, or
- Invest the minimum 250,000 Euro in a timeshare (lease) for a minimum of ten years. This includes furnished tourist residence in integrated tourist resorts, or hotel accommodations, or
- Own the property through a legal proxy where you own all the shares, or
- Set up joint ownership, provided that each person invests 250,000. If the joint ownership is between spouses, then it’s enough to invest 250,000 between the couple.
After you make the investment and it is processed, you get a residence permit that is valid for five years, which may be renewed every five years indefinitely, provided you maintain the investment.
Keep in mind that you may apply for Greek citizenship after seven years of residing there for at least 183 days, and passing a citizenship test.
The Application Process
The application process takes between 40-60 days from the time the investment is made until the residency permit is issued. Remember that the investment needs to be made prior to the application for the Golden Visa.
In order to go through this process efficiently and without any complication, we recommend that you contact us, and we will walk you through all the steps required to make your life easier and guarantee that the process goes smoothly.
Benefits of Citizenship By investment in Greece
The Greece Golden Visa allows the principal applicant to include their spouse and children under 18 years of age. Children over 18 years of age can qualify if they study full-time and are entirely dependent on their parents. Furthermore, the program was recently extended to include the dependant parents of the main applicant.
This means that the investor and their family will be issued residence permits. And if they fulfill the residence requirement, 183 days a year for seven years, they will be eligible for citizenship.
Greece offers many benefits regarding taxes. Non-residents in Greece will pay tax on their income derived in Greece but not on income from outside the country. Greece also has Double Taxation treaties with various countries that prevent double taxation. For a comprehensive understanding of taxes in Greece, we recommend that you check out our Taxes In Greece Guide.
Even though it takes seven years to obtain the Greek passport, which offers visa-free travel to 184 countries, you can enjoy visa-free travel in the Schengen area the moment you receive your resident permit within 40- 60 days.
The Greek Golden Visa offers the lowest real estate investment required in Europe, which is why it’s quite popular. The family inclusion and double taxation treaties also help in increasing the overall value. Always remember that you can book a free consultation about this or any other Golden Visa program with us at GetGoldenVisa.