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