golden visa greece citizenship

Greek residence permit expediency: Golden Visa for investment
By making an investment in domestic real estate, foreign citizens are eligible to obtain for a Greek residence permit under the Golden Visa programme in Greece. The residence permit grants its holders a number of advantages, including the opportunity to apply for future European citizenship as well as the freedom to visit Greece even during times when travel is restricted and to travel to other countries without a visa.

Among comparable European programs, the Greek Golden Visa provides foreign investors with some of the best conditions. Most crucially, compared to comparable European programs, it requires less investment.

Investors can obtain financial commitments to the Greek economy, invest real estate, or sign a long-term lease in order to qualify for a residence permit under favorable conditions. Real estate purchases are simpler and more rewarding because they require an investment of just €250,000 as opposed to €400,000 for economic investments.

Chinese, Russian, and Turkish residents are the ones who are most likely to use the residence for investment programme. Thus, if we add their family members, a total of 26,123 individuals have gotten an investment residence permit since 2014, according to the Greek government.

Why is a Greek Golden Visa the best option?
Several European countries, like Spain, Portugal, Latvia, and Malta, offer comparable programs, although their conditions are more onerous. The minimal investment requirement varies considerably from place to place, and the cost per square meter varies greatly. For the following reasons, we think it's more advantageous to obtain for a European residence permit in Greece:

A negligible investment
The lowest requirement among the European countries is €250,000, which must be spent on a property in order to be eligible for a programme. For instance, Spain requires a minimum of €500,000, whereas Malta requires €330,000. However, you may spend this amount on a number of homes, apartments, or commercial properties in Greece.

Affordable property
Greece enjoys comparatively affordable property prices throughout Europe. While real property costs about €1,700 per square meter in Athens, it starts at €3,000 in Madrid and €5,000 in Malta Valletta (according to Numbeo).

Remote property buy
Greece has lowered the entry conditions as a result of the epidemic. You may now visit a property and apply for a residence permit online without traveling to the nation. The sole need for the nation is a visit for fingerprinting, which the investor might do within a year of the acquisition date. Getting a residence permit typically takes 3-6 months.

Investments bring in money
Greece is a popular tourist destination, thus renting out real estate is one way for investments to profit from their holdings. Real estate typically offers a 4.5 percent annual rental yield in Athens and a 4-5 percent annual rental yield in Corfu (according to Numbeo). The investor will need to register a Greek bank account in order to formally collect money from the property and to pay the maintenance costs.

Family-wide residence authorizations
In Greece, an investor's immediate family is also eligible to obtain for a residence permit:

Children under the age of 21 from a common marriage, as well as children under the age of 21 from another marriage, if they are in the custody, as well as parents of both spouses. A spouse or partner with whom a partnership agreement has been reached in Greece.
Permit for residence with the potential for citizenship
If the investor doesn't sell the property, they keep their residence permit for the rest of their lives. One may petition for Greek citizenship after seven years. In contrast, citizenship may only be attained in Spain and Italy after ten years.

You don't have to remain in Greece forever.
In contrast to Spain or Portugal, where the investor must spend at least a week in each year, Greece does not need annual visits from investors in order to maintain the residence permit.

There are no limitations on the kind of property
You may invest in real property in Greece by buying a home in a tourist investment or on one of the nearby islands. Furthermore, it makes no difference if the property is brand-new, under construction, or requires reconstruction.

The programme's advantages are clear when compared to Portugal, where investments in new housing start at €500,000 and those in restoration houses at €28,000. Additionally, Porto and Lisbon, two of the nation's most populated cities, will be cut from the programme in 2022.

No more taxes are due.
Double taxation agreements exist between Greece and a number of countries, including the US, the UK, and Russia. Foreigners only pay taxes on Greek property in Greece because of the treaty. A Greek residence permit is another need, although it does not constitute an investor a tax resident if they are there for fewer than 183 days annually.

What you can purchase in Greece with €250,000
Greece's average price per square meter is €1,500, as we already said, but this is only an average number. Numerous elements affect pricing, including location, home's state, furniture, closeness to the sea, etc.

According to our experience, you may purchase three tiny flats in need of renovation in Athens for €250,000 in Greece, together with a single villa, townhouse, or luxury apartment in the city's center.

A notary, an attorney, VAT, and real estate acquisition tax should be added to the minimum value of the property objects, which is €250,000, which is also something to keep in mind.

We have chosen examples of properties in several price ranges because the Greek program allows you to invest in multiple homes or businesses at once.

Different Investments
In addition to buying private property, there are other options to invest in the Greek economy in order to get the residence permit.

1. If you decide to go with the latter, you simply need to make sure that:

You do not purchase property close to the nation's borders or military installations.
If you acquire more than one unit, the value of all the property you own is at least € 250,000.
2. You can also choose to invest in government bonds, real estate shares, or co-ownership of any company registered in the nation, although in those cases, the amount must be at least €400,000.

3. The minimum amount required to invest in corporate bonds is € 800,000.

4. As an alternative, you may do the same thing by simply depositing € 400,000 into your account at a Greek bank.

5. If you buy a private property to qualify for a Golden Visa but do not plan to reside there, you can rent it out to a hotel or travel company and claim your rental costs as investments in the country's tourism economy. However, keep in mind that in this situation, a leasing agreement must be signed for a minimum of 10 years.

Please take note that you will likely be required to pay capital gains tax in the event of government bonds, rental contracts, and other similar agreements. For more information, please see the portion of our page devoted to this topic.

Application Conditions
To begin with, you have to fulfill the requirements listed below:

At least 18 years of age is required.
Your health insurance must be functional in Greece and provide at least €30,000 in coverage.
You need a Greek bank account, a Greek tax identification number, and for some odd reason, a Greek SIM card as well.
In Greece, your native country, and any other state where you hold a residence permit or citizenship, your police record must be spotless.
If you meet all four conditions and have made the necessary financial investments, you will need to gather all required documents—a list of which is provided in the section of our article that is relevant to your situation—have them translated into Greek, have them notarized, and, ideally, obtain an apostille for each of them.

Instructions on how to obtain for a residence permit in Greece in detail
The procedure for acquiring an investment visa for Greece is as follows, in brief:

establishing the standards and choosing the facilities.
assembling the purchase's packet of papers.
examining the properties and creating a draft contract.
Acquiring the property by payment and filing a cadastral transaction.
Assembling the necessary paperwork and filing the application for a residence permit.
obtaining your prints.
Acquiring a permit for residence
We will outline each stage since as an international real estate broker, we have aided with several sales transactions and residence permits in Greece.

1. Establishing the standards and choosing the facilities
Our managers have extensive knowledge of Greece and can suggest popular tourist destinations where a reliable rental income may be made. We can also locate affordable homes and handle the whole renovation and furnishings shopping. A luxurious property in a fantastic position 50 meters from a sandy beach is another option.

Investors can meet the Tranio manager in Greece for the viewing once they've chosen a few homes from our list. We provide online viewings of the properties if traveling to the nation is not an option.

2. Making the document bundle.
When the investor makes up his or her mind to buy, we hire a lawyer and acquire the necessary paperwork. Normally, we advise you to compile the paperwork needed to create an account with a Greek bank. Both the rent and the utilities are deducted from this account.

The documents in the list include:

A passport, a certificate of legal income, certificate of ownership of a phone number, a bank account statement, proof of tax residency, and utility bills that attest to the investor's residence.
All documentation may be in Russian, but our attorneys will handle all Greek and English translations.

3. Performing a property inspection and creating a draft agreement
The attorney verifies the paperwork for the property to make sure there are no discrepancies or debts before executing the deal. If everything goes as planned, he creates the paperwork for the preliminary sales and the purchase agreement, which stipulates that the investor will pay a 10% down payment. The primary selling contract is then created by the notary in 2–4 weeks.

4. Paying for the property and cadastral registration of the transaction
Within three weeks of contract signing and payment for the acquisition, the property and the transaction are registered with the cadastral office. A residence permit must be obtained using these papers.

5. Creating the paperwork needed to apply for a residence permit and doing so
We then compile the necessary paperwork for the residence permit with the aid of a lawyer:

Copies of each page of the passport, a birth certificate, the investor's photos, receipts for the state fee and processing charge, a Greek insurance policy, the real estate purchase payment, and a cadastral office certificate are all required.
Copies of the passport pages, insurance policies, family pictures, and birth and marriage certificates are also necessary for the family members the investor want to include in the residence permit.

6. Using fingerprints
The investor and family members visit to Greece in person within six months to get their fingerprints taken. The Greek government permits an extension of the submission date in the event of flying issues during the epidemic. Fingerprinting is not permitted for children under five.

7. Getting a permit for residence
The immigration office gives a residence permit in a few weeks, which the investor can obtain directly or through a lawyer by giving him the passports. At this point, we can choose to split ways with the investor or keep in touch in order to rent out the property. Our managers can handle every step of the process, including putting ads, locating tenants, creating long-term lease agreements, monitoring utility bills, etc.

Visa Expiration and Renewal
Golden Because a visa has no expiration date, it is often referred to as a residence permit. The sole prerequisite for keeping it is that you must still be the property of the asset used to apply for the visa. In addition, even if you are away, your immediate family is free to use all the public facilities, including schools and polyclinics, that a residence permit permits one to. They can also lawfully remain in the nation and travel within the European Union.

However, you will still need to compile the fundamental bundle of paperwork that you had to submit when you filed for the visa in order to renew it every five years. You technically do not even need to be in the nation at the time because you may send in the paperwork or, even better, ask your attorney or a legal services provider online to submit it on your behalf.

But the experience demonstrates that carrying it out in person works far more effectively and quickly. Your renewal application packet must be delivered, whatever you want to do it, to the Department of Immigration in Greece or, if you are abroad, to the closest Greek Consulate.

Requesting Greek citizenship
Technically speaking, "citizenship by investment" does not exist. You can only be granted permanent residence if you obtain real property or invest some other type of economic investment. Next, if you meet the requirements listed below as a resident, you may petition for citizenship.

Your residence permit has been valid for at least seven years.
Over the course of these seven years, you have been a tax resident. You must, in other words, be physically present in the nation for here a minimum of 183 days each year during the term.
Another prerequisite is the Greek citizenship test, with an 80 percent passing score needed to apply for citizenship.
When you have complied with the conditions above, you must provide the following documentation with your application:

A passport, a residence permit (such as a Golden Visa), a Greek tax identification number, a bank statement (for a local account), a police clearance, and a receipt for the €700 application cost are all required.
You could have to wait one to four years for clearance, depending on your situation.

Greece's taxes
Once you are granted a Golden Visa, you will be required to pay the following taxes:

1. Variable real estate tax, which is based on the value of the property and is broken down as follows:

0.1% for loans up to €200,000 and 0.15 for loans up to €300,000
0.25% for amounts up to €400,000
0.35% for amounts up to €500,000
1.1% for amounts up to €2 million
1.15 percent for amounts over €2,000,000
Depending on your monthly wage, progressive income tax

18% for amounts over €12,000, 24% on amounts over €16,000, 26% for amounts over €22,000, 32% for amounts over €26,000, 38% for amounts over €4JUdGzvrMFDWrUUwY3toJATSeNwjn54LkCnKBPRzDuhzi5vSepHfUckJNxRL2gjkNrSqtCoRUrEDAgRwsQvVCjZbRyFTLRNyDmT1a1boZVincome as described above will be due if you stay in the nation for more than six months each year.

Tax on capital gains:

5 percent for bonds and dividends
15% is allocated for interests.
15–45% for a property lease
Note: You should determine which state is responsible for collecting income tax and capital gains tax under any double taxation agreements that exist between Greece and your nation.

What's most crucial, in a nutshell
Due to the substantial investment and affordable real estate, the Greek programme offers superior value overall: a square meter costs less here than in other European countries with comparable programs.
Property selection and acquisition, paperwork preparation, and residence permit applications may all be done online.
You do not need to dwell in Greece at all in order to use the residence permit, which is valid for the duration of the ownership of the property.
The usual package, which includes a passport, health insurance, payment of fees, documentation of one's place of residence and source of income, and a contract proving one's ownership of property in Greece, is all that is necessary to obtain a residence permit from the Greek government.

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