Greece Golden visa
The Golden Visa program in Greece offers an affordable way to invest in the real estate to obtain a permanent residence permit in Europe. The Golden Visa program was introduced by Greek Government in 2013 to encourage the investments in Greece.
Main characteristics of the program are given below.
Amount of the investment
It is required to invest €250,000, in the real estate in Greece, which is the lowest investment level of any residence visa scheme in Europe. The property can be located anywhere in the mainland Greece or on the islands; it can be residential or commercial. You can combine any number of properties to get a minimum investment of €250,000. Joint buyers can combine investments in one property.
Procedure for considering an application and granting the residence permit
The application process takes approximately 40 days from the investment to the issuance of the residence permit. The applicant must make an investment in the real estate in Greece before applying for a visa. Once the property is selected, we will take care of the application process, transfer and legal work with the property. A typical application includes the initial discussion with our team followed by a 3-4 day visit to Greece to inspect the property, meet with our legal team and open a bank account. After that the application can be processed in Greece on the basis of the power of attorney issued to our lawyers. Provided that everything is done correctly at this stage, the client will not need to come again to obtain the residence permit.
Requirements
In addition to the real estate investments, applicants will need a criminal record and health insurance to cover the costs of their stay in Greece. There are no minimum residence requirements and the residence permit can be renewed after five years, provided the investment is maintained.
Taxes and fees
Government, notary and legal fees for the purchase of real estate and visa processing will be around €12,000. Apart from that, 24 % VAT is charged on the purchase of new properties in Greece.
Family members eligible for the Golden Visa with the investor
Family members eligible for a long-term visa with the applicant include the spouse and all children under the age of 18. Children of 18 years and older may be eligible for the program if they are studying and dependant on the applicant. Also, the program applies to the parents of the investor and his (her) spouse.
Taxes
Non-residents in Greece pay tax on their income earned in Greece, but not on the income earned outside the country. The minimum income tax rate is 22%. Rental income from the property in Greece is taxed at the rate from 11% to 33%. At the same time, there are tax incentives that allow you to deduct some expenses from the gross income. Capital Gains Tax (CGT) on the sale of the real estate is levied at the rate of 15%.
Accommodation and the right for work
The residence permit allows the investor and his family members to live in Greece, but not work. At the same time, the ban does not apply to opening a business in Greece with the involvement of wage-work.
Freedom of movement
After obtaining the Golden Visa the investor and his family members who have entered the program are entitled to free movement in the EU Schengen area.
Citizenship and passport
The applicants residing in Greece can apply for the citizenship after seven years. After obtaining the citizenship the applicants are free to dispose of their investments as no further visa extensions are required. Due to the need to reside in the country, the Greek Golden Visa program is considered an investment residency program, not citizenship by investment. However, the possibility of obtaining the citizenship through naturalization exists for those investors and their family members who really intend to live in Greece.
Advantages of the program
The applicant and his family members are entitled to live in Greece, although they are not required to do so. After obtaining the residence permit, all family members will be able to travel freely within the EU Schengen area without additional visa applications. If a resident sells property to another non-EU citizen, the residence permit in Greece can be transferred to the new investor.
Amazon Corporate&Immigration Services Greece Golden Visa services:
- Search for the suitable real estate investment objects.
- Providing legal and other support while negotiating on behalf of the client.
- Registration of Greek Tax Identification Number.
- Opening a bank account.
- Full verification of the real estate objects, including checks in the Land Registries and approvals of the documents and certificates. Analysis of the profitability and verification of other investment objects.
- Drawing up the preliminary sales and purchase agreements, taking into account the wishes of the client. Possible signing of the contracts on behalf and by proxy of the clients.
- Ensuring safe transfer of the funds (investments in the real estate and other investment objects).
- Assistance in paying taxes to the government agencies on behalf of the client.
- Registration of the documents confirming the ownership in the Land Registry and cadastral authority.
- Translation of the official documents that are required to submit to obtain the residence permit.
- Preparation of a set of the documents for the state authorities for applying for the residence permit.
- Managing the process of obtaining the Golden Visa at the intermediate stages and until the final result is obtained.
- Acting as the permanent tax representative of the client on the annual basis (for an additional fee).
- Custody of all the documents related to the real estate (for an additional fee).
- The real estate management services from the moment of its acquisition, ensuring stable rental income for the owners.
- Providing ongoing legal support for the client after obtaining the Golden Visa.
- Applying for the renewal of the residence permit shortly before the expiration of the first five years.