Introduction
Under the Greece Golden Visa program, investors who make a minimum investment of €250,000 worth of real estate in specific regions or who fulfill other qualifying financial requirements are granted a five-year resident status. Notably, it is a residency permit that may be renewed as long as the investment is maintained, and family members may be eligible to receive benefits as well.
Although this visa does not immediately result in citizenship, it does provide opportunities for long-term residency, and many people find the flexibility of living, working, or studying in Greece to be intriguing. Crucially, it also grants access to the Schengen Zone, which allows holders to travel freely throughout 26 European nations.
Eligibility Criteria for Greece Golden Visa Program 2024
The Greece Golden Visa program‘s eligibility requirements are really simple. In order to be eligible, candidates need to:
- Reach the Minimum Investment Threshold: In certain regions, a minimum real estate investment of €250,000 will be needed as of 2024.
- Be a Non-EU/EEA National: Only citizens of the European Union and the European Economic Area are eligible for this program.
- Keep Your Criminal Record Clean: Candidates should not have any criminal records from their native country or any previous countries they have lived in.
- The applicant and any family members must present proof of health insurance that covers them in Greece.
These standards guarantee the program’s continued credibility while offering qualified investors a simplified application process.
Investment Options for Greece Golden Visa
- Investing in Real Estate
- For residential or commercial real estate in some locations, the minimum investment is €500,000.
- Joint Investment: If each investor satisfies the minimum requirements, they may combine their funds to make joint acquisitions.
- Long-Term Leases: It’s also allowed to invest in a long-term lease (more than ten years) for hotel rooms or furnished apartments.
This is the most common route since it guarantees residency and offers an asset that may increase in value or bring in rental income.
- Timeshare Contracts
With a minimum investment of €250,000, investors can purchase hotel rooms or furnished vacation homes under a timeshare arrangement (leasehold of at least 10 years).
- Investing in Greek Government Bonds or Companies
Although less popular than real estate, investments in Greek government bonds, corporate shares, or bank deposits with a minimum balance of €400,000 are also possible.
- With so many options to choose from, investors can pick the one that best suits their financial objectives.
Financial Considerations and Taxations in Greece Real Estate Investment
When investing in Greek real estate, it is essential to comprehend the financial aspects:
- Property Transfer Tax: Purchases of real estate are subject to a one-time 3% transfer tax.
- Annual Property Taxes: Owners of real estate are required to pay an annual tax on their holdings.
- Tax on Rental revenue: You must pay taxes on rental revenue if you rent out the property. Greece provides short-term vacation rentals with advantageous tax advantages.
- Non-Domicile Tax scheme: High-net-worth persons can pay a fixed annual tax on their overseas income under Greece’s non-dom tax scheme.
Conclusion
For those wishing to get EU residency through real estate investment, the Greece Golden Visa scheme is still a good choice. It is a desirable option for international investors due to its advantages, which include the ability to travel within the Schengen Zone without a visa, flexibility in long-term residency, family inclusion, and the possibility of property appreciation.
The Greece Golden Visa offers a reliable route to reaching your objectives, whether they are to take advantage of Greece’s rich cultural heritage, sunny Mediterranean climate, or advantageous tax laws. The Greece Golden Visa can provide a rewarding lifestyle and a significant boost to your financial portfolio if you have the appropriate investment plan and are aware of the program’s requirements.