Greece Golden Visa: Privileges & Benefits
With most European countries closing their Golden Visa programs that allow non-European Union citizens to obtain residency permits in exchange for investing in their economies, Greece and its affordable and practical Golden Visa residency-by-investment program becomes a real gem.
The so-called Hellenic Republic has been one of the most favorite Golden Visa destinations since the program was introduced by the Greek Government in 2013 to attract foreign investment and boost the country’s economy.
Minimum Investment Requirements
Back in September 2022, the Greek Prime Minister made an announcement stating that the minimum investment amount for property acquisition for the Greece Golden Visa program in 2023 will be increased from €250,000 to €500,000 in some areas of the country, such as Athens and Thessaloniki.
However, on March 29, 2023, the government decided to extend the deadline for the residency by investment program from April 30th to July 31st, 2023, so the individuals looking to obtain a Greek residence permit by investing in real estate can have an additional four months to buy a property in popular regions for a minimum of €250,000 instead of the increased amount of €500,000!
The purpose of this extension is to give applicants more time to complete their applications and ensure that their residency permits are processed without any issues. Investors who have already paid a 10% deposit on a property in these areas before July 31st, 2023 will still be able to apply under the old rules until December 31st, 2023.
Who Can Be Included On Greece Golden Visa Applications
The Greece Golden Visa Program allows the investors to include their children under the age of 21, spouses, parents and parents-in-law to their application. This makes it easier for families to move together and settle down in Greece, covering all generations at a time under one investment.
To those, who decide to make Greece their home, the country offers many privileges and benefits. With a Greek Golden Visa, which essentially is a residency permit, individuals can travel freely and visa-free within the entire 26 European countries of the Schengen zone, which abolished visas and border control.
Benefits Of A Greece Golden Visa
Greece offers a high quality of life, beautiful scenery, warm weather, affordable living prices, and a rich cultural heritage. In addition to these lifestyle benefits, residents of Greece also enjoy a range of economic advantages, including a low cost of living and access to high-quality healthcare as Greek residents enjoy low-price healthcare services.
Greece Golden Visa holders also have access to low tuition fees in prestigious schools and universities as the country has several best educational institutions recognized globally.
Importantly, the country has one of the lowest taxation rates among European countries, making it an attractive option for individuals looking to reduce their tax burden.
One of the most attractive advantages a resident of Greece receives is a flat 7% tax rate incentive to pensioners who decide to move their tax residency to the country.
Favorable tax regime for residents is the advantage used by investors who decide to establish tax residency in the country.
In terms of residency requirements, Greece’s Golden Visa program requires only a one-day stay per year, making it an attractive option for investors who are not looking to relocate to the country permanently.
Obtaining Greek Citizenship
Greece’s Golden Visa application process is one of the fastest, with a processing time of 90 to 120 days from submission to approval.
After holding a residency permit for seven years, individuals may be eligible to apply for Greek citizenship. This would provide them with all the benefits of being a Greek citizen, including the ability to live and work in any European Union country.
With its welcoming atmosphere, affordable lifestyle, and numerous benefits and privileges, Greece is clearly a super attractive destination for individuals looking to obtain a Golden Visa in a European country, utilize privileges and eventually become a citizen much desired by many European Union.