Greece Golden Visa Questions
Greece Golden Visa - Frequently Asked Questions Answered
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What is a Greece Golden Visa?
The Greece Golden Visa Program (Greek Residency Permit Program), was launched in 2013 by Enterprise Greece, offers a unique opportunity for individuals seeking a five-year residence permit. This permit can be obtained by making a real estate investment. What sets this program apart is that it includes the entire family, encompassing children up to the age of 21, without requiring them to reside in the country.
Is it Possible to Get a Residency Permit through Investments in Greece?
The Greek Golden Visa (Greek residence permit), issued by Greek authorities, enables individuals to legally reside in Greece. To obtain this permit, a real estate investment valued at over €250,000 must be completed. There are various categories and types of permits available, each with its own set of rights and privileges. Employment rights are contingent upon the specific type of permit granted.
Through this program, Greece presents an enticing opportunity for individuals and families to invest in real estate while enjoying the benefits of legal residence in this captivating country. The Golden Visa Program in Greece offers several investment methods:
- Property purchase with a minimum investment value of €250,000.
- Ten-year lease agreement for hotel accommodations or furnished tourist residences in integrated tourist resorts.
- €800,000 investment in Greek government bonds, held for five years.
- €400,000 investment in share or bonds of real estate investment companies, held for at least three years.
- €400,000 investment in bank deposits.
These options provide flexibility for investors seeking to participate in the Golden Visa Program and explore the diverse opportunities Greece has to offer.
Can I get Residence Permit in Greece by Real Estate Acquisition?
Indeed, investing in Greek real estate presents a unique opportunity for investors to secure a Greek residence permit. The avenue to obtain such a permit lies in acquiring a property valued at a minimum of €250,000. This property acquisition option offers a gateway to the coveted Greek residence permit, allowing individuals to fulfill their aspirations while enjoying the benefits of their investment.
How to Get Golden Visa in Greece?
To be eligible for the Greece program, applicants must be non-EU citizens with a clean criminal record and a reliable source of income. Additionally, they need to demonstrate sufficient financial means to meet the program’s minimum investment requirements, which include:
- Investing a minimum value of €250,000 in purchasing a property.
- Signing a ten-year lease agreement for hotel accommodations or a furnished tourist residence in integrated tourist resorts.
- Making a €800,000 investment in Greek government bonds, which must be held for five years.
- Investing €400,000 in bonds or shares of real estate investment companies, with a minimum holding period of three years.
- Allocating €400,000 to bank deposits.
These criteria ensure that the program attracts individuals who can contribute positively to Greece’s economy while complying with the necessary legal and financial obligations.
Starting May 1st, 2023, new regulations will come into effect, bringing changes to the Greek Golden Visa requirements. Notably, the minimum real estate investment in selected areas, including the Greater Area of Athens, the enchanting islands of Santorini and Mykonos, and the vibrant Municipality of Thessaloniki, will increase from €250k to €500k. These updates aim to enhance the writing quality and readability while preserving the original meaning.
Can I Invest €250,000 in Greece and Get Citizenship?
Obtaining Greek citizenship in exchange for a direct investment is not possible. However, one can become a resident by investing 250,000 Euros in Greek real estate. Subsequently, after a successful period of residency, permit holders are eligible to apply for naturalization.
When Can You Get a Greek Passport with the Investment Program of Greece?
Acquiring a Greek Passport directly through the Greece Golden Visa Program may not be possible. However, once the applicant submits a successful application and fulfills the necessary investment requirements, the process for obtaining a residence permit begins. This period typically takes around 2-3 months. After maintaining continuous residence for a certain period, individuals may then become eligible to apply for naturalization.
What Real Estate Investment is Required for Residence Status in Greece?
Investing in real estate for the Greek Golden Visa presents one of the finest opportunities in Europe. To obtain Greek residency, a minimum investment threshold of 250,000 Euros is required. While applicants have the option to purchase one or multiple properties, the total value must amount to at least 250,000 Euros.
Can Get Citizenship in Greece by Buying Property?
Acquiring property in Greece does not automatically lead to citizenship, but it does offer residence permits that need to be renewed every five years. The residence permit, known as Greece Golden Visa, does not provide immediate access to Greek citizenship. However, it does allow the holder to become a long-term resident, a crucial requirement for naturalization.
If you’re wondering whether buying a house in Greece can grant you residency or a passport, the answer is yes, as long as the property meets the minimum investment requirement of 250,000 Euros. This investment entitles the investor to obtain a residence permit, specifically the Greece Golden Visa. Although the visa itself does not directly grant Greek citizenship, it does pave the way for long-term residency, which is a vital qualification for naturalization. Therefore, to obtain a Greek passport, one must first acquire a residence permit.
Is Real Estate Bought through Property Investment for Residency in Greece Subject to Tax Exemptions?
What you need to know about Property Transfer Tax in Greece
Here are the fees associated with different types of property transactions:
- Resale properties: 3.09% of the property value
- New properties purchased directly from the developer: VAT of approximately 24% of the property value
- Land Registry or Cadastral Office Fees (vary by region): approximately 0.475 – 0.575% of the property value
- Notary Public Fees: approximately 1.2% of the property value
These fees are essential to consider when engaging in property transactions.
Read next our detailed guide on taxes for expats in Greece.
Taxation on Rental Income:
Please be aware that according to the existing tax legislation, rental income is subject to taxation at different rates. For income up to EUR 12,000, the tax rate is 15%. For income ranging from EUR 12,001 to EUR 35,000, the rate is 35%, and for income exceeding EUR 35,000, the rate is 45%.
To illustrate, if you receive an annual rental income of EUR 20,000, your tax calculation would be as follows: (12,000 x 15% = EUR 1,800) + (8,000 x 35% = EUR 2,800) = EUR 4,600. It is important to note that rental income is always subject to taxation in Greece.
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