Greece Golden Visa Program: All Questions Answered

Greece Golden Visa Program: All Questions Answered

What is Golden Visa for Greece?

Greece Golden Visa Program is launched in 2013 by Enterprise Greece. The program grants five-year residence permit in exchange for a real estate investment. A family application includes children up to age 21 and requires no residence in the country. The permit is granted for five years and may be renewed every five years if the property investment is retained. 

Greek residence permit is issued by the Greek authorities and it gives its holder the right to reside legally in Greece. It can be achieved by completing a real estate investment the value of which is more than €250.000. Different categories of residence permits exist, as well as different types of permit within each category. Employment rights depend on the type of permit issued.

How Can I Get a Residency Permit through Investments in Greece?

There are several options of investment to acquire Greece Golden Visa. Here is the list of possible investments:

  1. Purchase of a property with a minimum investment value of € 250,000
  2. 10 years of lease agreement signed for hotel accommodations or furnished tourist residences in integrated tourist resorts
  3. €800,000 investment for Greek government bonds, kept for five years
  4. €400,000 investment for bonds or shares of real estate investment companies, kept for at least three years
  5. €400,000 investment in bank deposits

Is It Possible to Obtain Residence Permit in Greece by Real Estate Acquisition?

Yes, investing in Greek real estate allows investors to obtain Greek residence permit. The property acquisition option which enables applicants to acquire Greek residence permit is the purchase of a property with a minimum investment value of € 250,000.

What are the Golden Visa Requirements of Greece?

Greece requires the applicants to be third country citizens with a clean criminal record, a clean source of income, and efficient finances to afford the minimum investment requirements of the program which are:

  1. Purchase of a property with a minimum investment value of € 250,000
  2. 10 years of lease agreement signed for hotel accommodations or furnished tourist residences in integrated tourist resorts
  3. €800,000 investment for Greek government bonds, kept for five years
  4. €400,000 investment for bonds or shares of real estate investment companies, kept for at least three years
  5. €400,000 investment in bank deposits

Is It Possible to Buy Property in Greece and Get Citizenship? 

Buying property in Greece does not grant citizenship. It does grant residence permit which should be renewed every five years. This residence permit named Greece Golden Visa does not grant direct access to Greek citizenship. However, it allows its holder to become a long-term resident, which is a qualification required for naturalization.

If I Buy a House in Greece, Can I Get Residency or Passport?

As long as the house meets the minimum investment requirement which is 250,000 Euros, it allows the investor to obtain a residence permit. This residence permit named Greece Golden Visa does not grant direct access to Greek citizenship. However, it allows its holder to become a long-term resident, which is a qualification required for naturalization. So, to obtain a Greek passport, one must have a residence permit.

When Can I Get Greek Passport under the Investment Program of Greece?

Getting a Greek Passport directly under the Greece Golden Visa Program is impossible. However, as soon as the applicant successfully submits their application and makes the required investment; the process going towards a residence permit starts. This period takes around 2-3 months. After a continued residence for a while, the individual may apply for naturalization.

What is the Required Real Estate Investment in Greece for Residence Status?

Greek Golden Visa through real estate investment is one of the best options in Europe. To be able to get Greek residency, the minimum investment threshold is 250.000 Euros. The applicant might choose to buy one or several properties, but the total value must be at least 250.000 Euros.

Is It Possible to Invest in Greece 250,000 Euros and Get Citizenship?

It is not possible to get citizenship directly in exchange for any sum of investment in Greece. However, it is possible to invest 250,000 Euros in Greek real estate and become a resident. Then, after a successful period of residency in the country, the permit holders may apply for naturalization.

Are Properties Bought through Property Investment for Residency in Greece Subject to Tax Exemptions?

Property Transfer Tax:

* For all resale properties – 3,09% of property value

* For new properties purchased directly by the developer – VAT 24% of the property value (approx.)

* Land Registry or Cadastral Office Fees (depending on the region): 0,475 – 0,575% of the property value (approx.)

* Notary Public Fees: 1,2% of the property value (approx.)

Taxation on Rental Income:

Please note that under the current tax legislation, rental income is taxed at the rate of 15% for income up to EUR 12,000, 35% for income from EUR 12,001 up to 35,000 and 45% for income exceeding EUR 35,000. For example, if you receive annual rental income EUR 20,000 per year you will pay: (12,000 x 15% = 1,800) + (8,000 x 35% = 2,800) = EUR 4,600. Rental income is always taxable in Greece.

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