Greece is regarded as the birthplace of western civilization, and its illustrious history of language, arts, philosophy, politics, and physical pursuits are still evident in its capital city Athens and beyond.
With 16,000 kilometers of coastline, thousands of beaches, and 6,000 islands and islets throughout the Aegean and Ionian seas, Greece is regarded as one of the world’s top holiday destinations and an increasingly popular investment opportunity for property investors and ex-pats looking for warmer Mediterranean climes.
As a member state of the EU, Greece offers its residents and citizens many benefits, and keen to encourage investment offers the Greek Golden Visa incentive program, which is one of the fastest and most efficient ways for Brits to obtain a residency visa.
Launched in July 2013, the Greek Golden Visa grants a five-year residency visa, in return for minimum property investment of €250,000.
With no minimum stay requirement and children up to the age of 21 included in the family application, visas are granted and renewed every five years, as long as the property investment is retained.
Unlike many other countries, Greece does not make it necessary to live in the country in order to retain and renew the investor visa.
However, should you wish to enjoy full citizenship including a Greek/EU passport, you can only apply for this after seven years of residency.
The Golden Visa program is offered to non-EU/EEC including UK residents and provides visa-free travel within Europe’s Schengen Area and the opportunity to rent out the investment property they own.
The €250,000 real estate investment required makes the Greek scheme the lowest investment level of any real estate residency programmes in Europe.
Property can be located anywhere on the Greek mainland or the islands and can be either residential or commercial. Any number of properties can combine to make up the €250,000 minimum investment and can combine joint buyer investments into one property.
Swift and efficient, the application process only takes approximately 40 days from the time of investment until the Residency Permit is issued. Applications can only be made once the property purchase has completed and been paid for.
We can help you with this process via our partner services both here in the UK and in Greece.
Applicants will need a clear criminal record and medical insurance to cover any stay in Greece.
The Golden Visa application fee is €2000
Additional family members are €150 per person.
Minor children (under 18 years old) are exempted from this fee.
There is also €16 euro fee to issue residence permit per card.
Qualifying family members include spouse, all children under 21 and the parents of investor and spouse.
Non-residents of Greece are liable to pay tax on any income generated in Greece but not on income from outside of the country.
Income tax rates start at 22%. Rental income tax rates are 11% to 33%.
Some expenses are deductible from the gross income.
Capital gains tax is currently 15% on property sales.
Residence permits allow holders to live in Greece but not to work. However, owners are free to set up and register a business in Greece.
Resident visa holders can apply for citizenship and a passport after seven years of residency. Once applicants have obtained citizenship, they are free to dispose of their investment property if required.
Holding a residency card provides all family members with the freedom to travel throughout the EU Schengen visa zone without the need for further visa applications.
If the resident sells the property to another non-EU citizen, the Greek residency becomes transferable to the new investor.
Want to know more about investing in Greece and obtaining residency or a visa?
Get in touch with our team of experts who can help you navigate the whole process with ease.
Click here for visa application forms