Latest changes on Greece Golden Visa

Athens: One of the best options for European residence through investment programs is the Greece Golden Visa. The Greece Golden Visa is still in high demand as many investors are turning to foreign investment options and mobility as other options.

The Greek government made changes to the program at the beginning of 2024, which may have an effect on prospective investors.

This article provides a thorough understanding of these recent developments if you’re thinking about making an investment in Greece.

The expected update: The Greek Finance Minister has made several announcements on the Golden Visa Program. He established the dual-zone real estate transaction system. It is anticipated that the new regulation will take effect on August 31, 2024.

How Does This Affect Investors? The Greece Golden Visa program would add two distinct investment categories depending on geographic zones if the proposed modification is formally approved by the Greek Parliament. This will have an immediate impact on the minimum investment criteria for applicants.

Real estate investments in high-demand locations, such Attica, Thessaloniki, Mykonos, Santorini, and islands with a population of more than 3,100,000, fall under Tier 1 | 800,000.

Tier 2 provides a more accessible 400,000 entry point and includes all other areas of Greece. This tier is designed to increase investments in a wider range of fields, thereby increasing the program’s potential economic advantages.

Conditions for Both Tiers: Investing parties are required to buy a single property in Greece of at least 120 square meters.

What Is Greece Golden Visa? Through the Greece Golden Visa scheme, non-EU nationals can acquire Greek residence through the investing in real estate or other assets in Greece.

The Greek Golden Visa Program was introduced in 2013 and offers a five-year residency visa in return for as little as 250,000 when buying property in Greece.Your family is welcome to participate in the residence program. Living in Greece and traveling within the Schengen area without a visa is possible with the Greek Golden Visa.

Important Information: There will shortly be an increase in the investment cost for the Greece Golden Visa Program. The Greece Golden Visa Program will now cost EUR 400,000 instead of EUR 255,000. If investors make a 10% deposit by August 31, 2024, and finish the investment by December 31, 2024, they can still apply under the current EUR 250,000 minimum barrier.

Golden Visa Greece Benefits: Visa-free travel to Schengen countries, which permits Greek citizens to stay up to 90 days out of every 180 in any Schengen nation without a visa, is one of the main benefits. In addition, the scheme offers an easy route to residence for the investor and other members of their family, such as parents, spouses, and kids. The application procedure is simplified since candidates do not need to pass tests on Greek language, history, or culture.

Furthermore, the Golden Visa provides access to through passive income opportunities, such renting out properties with an average annual yield of three to five percent. In order to renew their residence permit, investors must continue to be the legal owners of their property; however, they are free to sell it after their permission expires or when they become citizens, which can happen after seven years. In addition, if the candidate achieves certain requirements and stays in Greece for at least 183 days annually, the program offers a possible route to EU citizenship in seven years. In addition, tax optimization potential with a flat tax rate on worldwide revenue and access to first-notch healthcare and education in Greece and the Schengen Area are advantageous to investors.

Double Taxation Treaty: You may not be required to pay taxes on your foreign income in Greece, depending on your place of residence and the length of your stay in the country. This could allow you to continue operating your business outside of Greece while enjoying certain tax benefits. Foreign nationals who become tax residents in Greece can also take advantage of various tax incentives. There are several incentive schemes specifically designed for retirees, digital nomads, and other expat groups. To determine your eligibility for these incentives, be sure to consult with a certified financial advisor.