An investment of €250,000 is required in real estate in Greece making the Greek programme the lowest investment level of any real estate residency visa scheme in Europe. The property, which can be located anywhere on the Greek mainland or the islands, can be either residential or commercial. Any number of properties can combine to make up the €250,000 minimum investment. Joint buyers can combine investments into one property.
In addition to the real estate investment applicants will need a clear criminal record and medical insurance to cover any stay in Greece. There is no minimum stay requirement and the residency visa can be renewed after five years providing the investment is maintained.
Government, notary and lawyer fees for the property purchase and visa application will amount to around €15,000. In addition there is VAT of 24% to pay in Greece on new property purchases.
Qualifying family members include spouse and all children under 18. Children 18 and over can qualify if studying and dependent. The Greek residency program was recently extended to the parents of both investor and spouse.
Gaining visitor visas to travel to Europe and the Schengen zone has become problematic from many countries in the Middle East, Asia and Africa. Once granted the Greek residence permit allows freedom of travel throughout the EU Schengen zone.
The residence permit allows the applicant to live in Greece but not to work. However the applicant can set up business in Greece.
Non-residents in Greece will pay tax on their income derived in Greece but not on income from outside of the country. Income tax starts at a rate of 22%. Rental income from property in Greece is taxed at rates, from 11% to 33%. Certain expenses are deductible from the gross income. Capital gains tax (CGT) is charged at 15% on property sales.
Applicants who live in Greece can apply for citizenship and a passport after seven years. Once applicants have citizenship then they are free to dispose of their investment as further visa renewals are not necessary. Because of the need to reside in the country the Greek golden visa program is considered a residency investment program rather than citizenship by investment. However the option for citizenship is there for those committed to living in Greece.
Applicants gain the right to live in Greece although there is no requirement to do this. With the residency card all family members will have freedom to travel to and throughout the EU Schengen visa zone with ease and without further visa applications. If the resident sells the property to another non-EU citizen, the Greek residency becomes transferable to the new investor.