GREEK GOLDEN VISA

The Greek Golden Visa Programme offers an affordable real estate investment route to a residency permit in Greece. It only requires an investment of €250,000.

The Greek Golden Visa Programme was introduced by the Greek Government in 2013 to encourage foreign investment into Greece. An investment of €250,000 in real estate in Greece allows the investor to obtain a five-year Residency Permit. This is renewable every five years. The programme does not automatically offer permanent residency and/or citizenship.

The process generally takes between 6 to 8 weeks from the time of investment until the Residency Permit is issued.

Benefits:

  • Visa-free travel to the Schengen countries
  • No extra income tax in either your home country or any other country
  • You do not need to reside in Greece

The key requirements for the property investment route are:

  • Buying a property or properties valued at a total of at least €250,000
  • The property can be located anywhere on the Greek mainland or the islands and can be either residential or commercial
  • The property or properties must be retained during the residency

Disadvantages:

  • The programme does not allow the investor to work in Greece. This is only a residency programme allowing investors to reside in Greece
  • Citizenship is difficult to apply for and requires full residency for at least seven years (10 months each year)
  • The visa must be renewed every five years, which means the investor must hold the property for life
  • Property and purchase taxes are very high

Fees

Legal fees, government duties, notary expenses, visa application fees and property search fees will amount to around €25,000. Furthermore, the applicant will be responsible to pay VAT (24%) if the property is newly built.

Capital gain tax is 15%.

Property purchase tax is between 3% and 8% depending on the value of the property.

The disadvantages mentioned above make Greece less attractive than the programmes of Portugal and Cyprus.

Take an in-depth look at the requirements of Cyprus’ Citizenship by Investment programme