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Golden Visa For Greece
A residence permit can be obtained in 2-4 months, making this one of Europe's best investments
Starting investment

from €250,000

Processing time

2-4 months

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Prospects for additional investment
  1. Incorporate Greece into your investment portfolio by investing at least €400,000 in Greek government bonds, term deposits, REICs, alternative venture funds, private equity funds, or mutual funds based in the country
  2. A Greek government bond, corporate bond, or share worth €800,000 can be invested
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Important!

According to Greek legislation, from 2020 investors can apply for the program completely remotely.

It will only be necessary to visit the country to submit biometric data.

Basic requirements to the investor
  1. No problems with the law (criminal record, sanctions)
  2. No entry bans. EU countries, USA, UK, Canada
  3. Ability to confirm the legality of the source of origin of funds
  4. Ability to confirm stable income for the maintenance of dependents
  5. Preservation of investments throughout the residence permit
Give the freedom to your loved ones

One of the popular questions when applying for a residence permit in Greece is how to obtain a residence permit for the whole family. The Greek Residence Permit for Investment program allows you to grant residence permits to family members. Namely:

  1. Spouse;
  2. Children of the main applicant and/or spouse/and under 21 years of age, who are unmarried and on the full financial support of the main applicant;
  3. Parents of the principal applicant and/or spouse/s who are on full financial support of the principal applicant;
  4. Children from previous marriages
Additional costs
  1. State fees - €2,000 per investor, €150 per additional applicant (no charge for persons under 13)
  2. Issuance of residence permit card (required for all applicants) - €17.5
  3. Issuance of tourist visa - €60
  4. Consular fee for visa application - €300
  5. Health insurance from - €260-300 per year for investor, investor's spouse or investor's parent or investor's spouse and investor. €200-300 per child under 21 years of age
  6. €30 translation of a personal document (up to 2 pages)
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Golden Visas have been offered by Greece since 2013. For an investment of €250,000, a residence permit is granted for any residential or commercial property in Greece. The premises can be rented out by the investor with immediate effect, thus offering good returns. Greek language proficiency tests are not required for residency purposes. To become a citizen, you must pass these tests as well as a general country history test. In addition, investors do not have to live in Greece in order to renew their residence permits.
The following requirements must be met by applicants for a golden visa residence permit:
The residency requirements
Applicants must be at least 18 years old
Have no prior criminal record
Entry into EU countries is not restricted
Documentation of health insurance
Assurance that the current bank is in good standing
Funding proof for qualifying investments
The proof that the qualifying investment has been acquired

The biometrics will need to be taken in Greece once the application has been submitted.It is important to keep in mind that Greece’s permanent residence permit is renewed every five years.

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Economic potential of Greece

Greece is not only a resort with a unique azure sea and clean beaches. It is also a country with lucrative investment opportunities.

Sectors of the economy that offer attractive investment opportunities:

  1. Real estate. The most popular type of investment in Greece. It has a high capitalization potential.
  2. Tourism. Developed tourist infrastructure, favorable climatic conditions and convenient geographical location place Greece in the top of the most interesting countries for travelers.
  3. Energy sector. Due to its climatic conditions - more than 250 days of sunshine per year and strong wind power - Greece has significant untapped generation potential, especially in the field of renewable energy, which can improve the EU energy mix.
  4. Investing in the Greek logistics sector. Located at the crossroads of three continents (Europe, Asia, Africa), Greece is a strategic hub for transportation.
How to become a citizen of Greece

In addition to permanent residency, the Golden Visa can also lead to nationality. Citizenship requires the following criteria:

  1. Become a taxpayer after living permanently in Greece for seven years.
  2. Obtain a Greek language proficiency test and demonstrate beyond doubt adequate knowledge of Greek history and culture by passing a citizenship test.
  3. In order to obtain citizenship, this is considered a naturalization process, which means there isn’t a fast-track option.
Make sure your family is included
  1. The spouse (including same-sex marriages);
  2. A child under 21 years of age who is not married, a full-time student, and is fully supported by the main applicant;
  3. The children of previous marriages;
  4. The main applicant’s parents and/or spouse can be included. Parents can be included regardless of their age or dependency.
A tax optimization strategy
Global investors can choose to pay a flat tax of €100,000 per year on their global income
Tax reductions of 50% are available to expat professionals with active income
For 15 years, retirees can pay 7% on their passive pension income
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Why investors choose Greece
  1. The Mediterranean climate, rich culture and beautiful natural beauty attract thousands of investors from all over the world
  2. In the first quarter of 2022, foreigners invested more than €374 million in Greek real estate. This is an increase of 74.8% compared to the same period last year!
  3. Under the Golden Visa program, an investor can purchase real estate anywhere in mainland Greece, or on one or more of the 6000 islands.

 

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In addition:

  • property purchase tax is reduced to 3.09% of the value of the property
  • stunning beauty of the three seas: Mediterranean, Aegean and Ionian.
  • residence permit is granted to the whole family at once
  • rich culture of the cradle of European civilization
  • quality medicine (Greece has the largest number of doctors per capita)
  • sunny weather 300 days a year
  • clean air and vosokoe quality products
  • one of the best marinas in the world for yachtsmen
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In what cases can there be a denial?
  1. providing false information;
  2. the existence of a criminal record or criminal proceedings;
  3. the existence of a potential threat to public order, national security or the reputation of Greece.
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€250,000 for a ten-year lease on a hotel or tourist residence

€250,000 for the purchase of a land plot for construction or agriculture

€250,000 when inheriting or receiving real estate as a gift

€250,000 for a 10-year timeshare

Estimated costs
  1. Real estate transfer tax: about 3.09 percent
  2. Fees charged by Notaries Public: 1 to 1.5 percent of the property’s value
  3. 0.6 to 0.8 percent of the property value is the land registry fee
  4. For the principal investor, €2000 must be paid, and for each additional member of the family, €150
  5. Depending on age, Greek healthcare insurance costs between € 150 and € 200
  6. The cost of legal services depends on the lawyer, the services offered, and the size of the family
Step-by-step procedure for obtaining the Greece Golden Visa by purchasing real estate
  1. First, Migronis performs all personal due diligence and contracts with the client to provide all services
  2. Migronis will assist you in selecting your preferred investment route
  3. Even though it is helpful, you do not need to open a bank account in Greece before investing. Investments can be transferred directly to the developer
  4. Invest in the property or acquire the property. You can transfer funds directly to the developer or fund
  5. The next step is for Migronis to submit your application along with all the necessary documents (civil documents, police clearance certificates, birth certificates & marriage certificates) that need to be translated into Greek
  6. Upon approval, the Greek immigration department issues an invitation to come for biometrics
  7. Your biometric data must be submitted in Greece at the seventh step
  8. The Golden Visa has been approved, and the residency card has been issued. It is now possible to travel visa-free throughout the Schengen area and/or move permanently to Greece
  9. It is important to renew your Golden Visa Residence Permit every five years
  10. After 7 years of physical residency in Greece, apply for citizenship by naturalization
How will we apply for a residence permit?
Transparent and clear process
MIGRONIS IS ALWAYS MORE THAN YOU EXPECT
We can help you with other issues as well
Opening an account with a local bank
Local tax residency
Insurance issuance
Company registration

We can help you solve any question, for example, we will tell you how to get Greek citizenship through residence permit

Make an appointment with an expert
Why clients choose Migronis
Payment only upon action
Our offices in Europe and CIS
We are online 24/7
Minimum of your participation, all the paperwork - is on us
We work without intermediaries. Licensed by governments
We work quickly and efficiently
Hundreds of successful cases for 8 years of work
Frequently Asked Questions

Greece Golden Visa

“Golden Visa" is the easiest way to obtain citizenship of another country for those who can afford it. This migration option involves investment in the economy of the state whose passport the applicant wishes to obtain, so solvency is an indispensable condition for participation in such programs. In 2013, it became possible to obtain a residence permit in Greece with the help of a “Golden Visa". This was due to the ever-increasing number of people wishing to become holders of the country's citizenship and successful examples of the launch of golden visas in Spain, Cyprus and Portugal.

Over the past seven years, the Greek Migration for Investment Program has been steadily gaining popularity. As of the end of 2019, the number of residents had already surpassed the 18,000 mark from all parts of the world (the largest number of applicants came from Russia and China - about half of the total. They are followed by people from Iraq, Iran, Ukraine, Lebanon, Saudi Arabia, Syria and Jordan). Each year this figure increases by about a third. At the same time, the Greek economy has received more than two billion euros of infusion.

To understand the reasons for such a high attractiveness of the Greek program of citizenship for investment, let's consider what gives the Golden Visa in Greece to potential residents. The most relevant - free movement across the Schengen zone and the EU countries. All family members can get a residence permit within 2-3 months (including parents and children up to 23 years old). But in general it is not much different from the golden visa conditions of other countries. The main bonus of the Greek program is the low threshold of entry. The investment in real estate should be from 250,000 euros (you can buy several properties to accumulate the necessary amount). This is cheaper than in most European countries. In Spain for a golden visa will have to lay out from 500 000 euros, and in Portugal - from 350 000 euros. This seriously increases the affordability of the program and sets it apart from its competitors.

To obtain a residence permit in Greece when buying real estate, it is not necessary to reside in the country. The program assumes symbolic requirements for staying within the state - seven days a year. However, many people are attracted by the opportunity to settle here. Healing Mediterranean climate (especially important in obtaining a residence permit in Greece for retirees from Russia), delicious national cuisine, beautiful landscapes and ancient monuments incline to buy real estate for personal use. Those who remained indifferent to the Greek flavor, rent the purchased objects.

How to get a residence permit in Greece

To obtain Russian residence permit status in Greece through investment is enough to meet the standard for most programs conditions - first of all, it is the absence of any problems with the law (meaning convictions, criminal proceedings, restrictions on entry to the U.S., Canada, the UK and EU countries, sanctions). It is also necessary to confirm the legality of the sources of investment funds and to have a stable income.

If the applicant is ready to fulfill all the necessary procedures, he or she can conclude a contract with an intermediary company. This will save a huge amount of time and nerves, as the specialists of such organizations work according to a stable algorithm and accompany the resident all the way to obtain a residence permit. After concluding the contract and collecting documents, the resident needs to visit Greece to submit biometric data. After 4-7 months of review and verification of the application, the Greeks give a positive answer and the applicant pays the investment and fees. That's all, resident cards are issued directly in Greece. The status is valid for two years. Six months before the expiration date it must be renewed. Seven years in the status of residence permit gives the right to obtain citizenship.

Residence permit in Greece when buying real estate

Having sorted out the ways of obtaining a Greek golden visa and with what gives residence permit in Greece, let's take a closer look at local real estate. The growing popularity of citizenship for investment predictably launched an increase in prices for square meters (during the last seven quarters has never seen a decrease in value - according to the Greek Central Bank). The overall strengthening of the country's economy is also contributing in no small part to this. The figures speak for themselves: in the third quarter of 2019, experts recorded an increase in real estate prices by 9.1% compared to the third quarter of 2018. At the same time, the second quarter showed an increase of 7.7%, indicating an acceleration in the rate of price growth in the market. There is equally high demand for primary and secondary real estate throughout the country. At the same time, the demand is higher in the capital. Accordingly, the Athens market is becoming even more expensive - according to the same calculations, the price increase amounted to 11.9%.

When investing in Greek real estate this rise in price is important to take into account. Even now it is very difficult to find a decent object for 250 000 euros, so the amount of the deposit more often starts from 300 000 euros. The trend of the market makes you hurry, because in the future the cost will be even higher. At the same time, the costs justify themselves. Greece annually attracts millions of tourists of different levels of wealth, who need somewhere to live. This guarantees a stable demand for real estate for rent.

Golden visa of Greece is issued for 5 years and further extended for the same period. An undoubted advantage is the fact that investment in real estate gives you the opportunity to acquire a beautiful home in Europe and at the same time get a residence permit. It is not necessary to live in the country.

Residence permits in Greece are popular among people who need to obtain legal status in Europe without moving to the country permanently. To participate in the program in this way, you need to buy a property in Greece for €250,000 (minimum threshold).

To obtain a Greek passport, which ranks 7th in the ranking of passports 2022 for freedom of movement, you can get a passport if you have lived in Greece for 7 years + you must pass a language test.

The best regions for real estate investment to obtain a residence permit

According to Kapa Research, earlier investors favored housing in large cities - Athens, Thessaloniki. Now they are focused on tourist areas.Specialists Financial Times advise to pay attention to the real estate of Rhodes (Lindos, Pefkos) - the number of concluded transactions here in 2016 increased by 35%.

Tax aspect

Tax residents are taxed on their worldwide income, while non-residents are taxed on income from sources in Greece.The following tax rates apply to individuals in Greece:

Real estate ownership tax - from 1.5% of the income from the object to 3% (if the area of the object is more than 300 sq.m. or it is used for leasing transactions).If there is a sales contract, the tax rate is 3.09% for secondary housing (or primary housing, the construction of which began before January 1, 2006). For primary dwellings whose construction started after January 1, 2006, the tax increases to 24%.

In addition, Greece has an income tax on income from renting out homes and cars, as tourism makes a tangible contribution to the state's GDP. In general, the tax rate depends on the amount of income:

  1. 15% for incomes up to €12,000;
  2. 35% for incomes of €12-35,000;
  3. 45% for incomes over €35,000.

Taxes on the purchase of real estate to acquire a residence permit in Greece vary from 3% to 10%, the total amount depends on the estimated value of the object.

Other tax rates in Greece are:

  1. Income tax for legal entities - 26%There are three rates of value added tax in the country:23% - standard rate for most types of goods and services, which was established only in 2015, before that it was 13%;13% - reduced rate for some types of food products, transportation services;6.5% - the lowest rate for essential goods.
  2. Taxes on dividends (depending on the source of their receipt):
  3. from a resident - a rate of 10% is used for dividend income paid from 2012-2013 profits, while a rate of 25% is applied for earlier periods;
  4. from a non-resident - taxed at a rate of 26%.

Fees for obtaining and renewing a Greek residence permit

Fee for issuance of residence permit (for each applicant over 18 years old) - 500 euros;+Health insurance contract (for each applicant) - from 300 euros;+Costs for registration of the contract of sale of real estate (approximately 10% of the value of the property).

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