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The Greek Golden Visa program has been in place since 2013 and history has shown that things change over time and this great opportunity will not last for ever.
A recent change in visa law applicable as of April 2023, brings the minimum amount required up to 500,000 EUR in specific high demand areas of the Greek Territory. These areas are some of the Northern and Southern Suburbs of Athens, Central Athens, Salonica and the two islands of Mykonos and Santorini.
Good news is that the 250,000 EUR minimum required amount for purchasing a property to qualify for the Golden Visa program is still applicable to the vast majority ofthe Greek geographical area but without guarantees for how longer this will last for.
The history has shown that every year the number of new investors increases frantically and as a result, the same applies to the house prices due to the increasing demand. Get into the market as quick as possible for a great future return.

Benefits of the Greek Golden Visa

The Greek Golden Scheme is the most competitive permanent residency pathway in Europe and comes with the following benefits:

  • The minimum required threshold is the lowest in its kind among all the other EU-Countries.
  • Grants access to the Greek Public Education and Healthcare System which in most cases is free.
  • There is no minimum stay requirement to qualify for a permanent visa
  • You can make a choice to live or invest in Greece and get a passive income.
  • You and your family can enjoy free and unlimited travel between most of the EU-Countries.
  • Grants you the right to invest in Greece and other EU-Countries.
  • Getting EU-Citizenship when you meet the criteria
  • Double Taxation relief scheme
  • Low investment in a very promising real estate market

Greece Golden Visa Statistics

The Golden Visa in Greece has seen incremental growth over the years due to its many alluring benefits.Between 2014 and 2021, a total of 9,610 visas were granted to main applicants.  As of 2022, a total of 28,767 Greek Golden Visa permits have been given to main applicants and their families and the numbers continue to grow. Only in 2022, 4.365 new applications were lodged, nearly a double figure compared to 2021 and the increasing trend has passed into 2023.

Residency by Investment – Family – Citizenship

Greece provides a very privileged pathway to permanent establishment for new residents and their families. In the visa program you can include your spouse, children under the age of 21 years old as well as your parents.
The Greek Residency Golden Visa Program is a residence-by-investment program that enables non-EU citizens and their family members to obtain permanent residence permits in Greece. The duration of this type of Residence Permit is 5 years and it can be renewed indefinitely provided that the acquired property is still owned by the applicant. The great advantage of the Greek Golden Visa, in contrast with most of the other European countries, is that there is no requirement to live in Greece to qualify for a visa renewal. In fact, the whole process including the property purchase can happen completely remotely and it is not necessary for you to visit the Country at any point unless you want to.
Although for the visa itself there are no residency requirements at all, the pathway to Citizenship is still achievable but conditional to 7 years of residency and a commitment to stay permanently in the Country before you make the application. New Citizens do not have to renounce their first citizenship before the make an application as Greece allows its residents to hold multiple citizenships at once.

High Rental Investment Yield

Greece is well known as a favourite touristic destination, so a smart investor can generate guaranteed income by renting out properties. On average, real estate in Athens provides a 4.5% annual rental yield, and in Corfuthe yield is relatively higher going up to 5% for a long-term lease. The rental yield could increase to 8% – 11% if short term leases like Airbnb are selected.

Eligible Investments Options

To qualify for an investment residence permit, applicants can invest in the Greek economy, buy real estate or take out a long-term lease. It is worth noting that to buy real estate is an easy, guaranteed and cost-effective solution, as the required investment amountis only €250,000, while the minimum threshold for all the other investment options in the economy starts from €400,000.

Some eligible investments options are as follows:

  • Make an investment in real estate worth at least €250,000.
  • Make a €400,000 investment in Greek government bonds.
  • Make a €400,000 investment in bonds or shares of real estate investment companies.
  • Make an €800,000 investment in corporate or government bonds.

As a result, purchasing a property in Greece is the most affordable and recommended option given your eligibility to rent out the property and earn a high rental yield.

TAX Benefits

Investors take a tax break on new buildings till 31.12.2024.
The potential buyer, when buying property is Greece, is obliged to pay a transfer fee tax of 3.09% for any property constructed prior to 2006 or 24% Tax for houses built after 2006. However, with the new regulation, which is valid till the end of 2024, the applicable tax rate will be flat at 3.09% regardless the age of the property. This is a great relief and reduces significantly the tax burden for investors who are looking at purchasing a new or relatively new property.
This is not the only tax benefit of purchasing real estate in Greece. The country is actively developing tax relief opportunities for foreign investors and retirees conditional to an agreement on administrative cooperation in the field of taxation between the person’s original country of tax residence and Greece. Australia and Greece are among the countries which have jointly signed this agreement with many others forming part of the list such as Canada, US, India, Japan, Korea, Indonesia etc.
Tax benefits apply to new tax and non-tax residents. Non-tax residents pay no income tax except on rental income of the property in Greece only of course in case they decide to rent it out.