The Greek Golden Visa Program offers international investors a number of benefits, including the ability to visit Europe without a visa, the freedom to live in Greece for an extended period of time, the possibility to eventually become an EU citizen, and more.
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1. Travel to Europe without a visa
Greece’s citizens, including those with Golden Visas, are permitted to enter all Schengen nations as well as several non-accounting EU nations without a visa. This is limited to quick trips lasting up to 90 days every six months.
The total number of days is the same for every state in the Schengen region. For instance, one may visit Spain for 45 days, Italy for 15 days, and Austria for 30 days in less than half a year.
Other than that, citizens of Greece are not need to get a visa to enter Romania, Cyprus, or Croatia. You can spend 90 days in each of these nations every six months.
One of the main advantages of having Greek residence that encourages investors to apply for the Golden Visa program is the ability to travel across Europe without a visa.
2. Tax optimization
For a period of fifteen years, Greece’s new tax residents are eligible to benefit from the preferential system. They can opt to pay a flat tax of €100,000 year as opposed to up to 45% of the tax on worldwide income. The amount of money the investor receives from sources outside of Greece has no bearing on the fixed payment.
Each family member who chooses to become a tax resident of Greece will result in an additional €20,000 being paid by the investor each year toward taxes.
Investors must dwell in the nation for more than 183 days of the year in order to qualify as tax residents.
The Golden Visa Program is appealing to IT specialists and other professionals who work remotely for international organizations because of this benefit of Greek residence.
3. The investor’s immediate relations are considered residents.
The investor’s immediate family members are also eligible to live there. Those on the following list are eligible to receive a residence visa under the same investment:
4. The choice to become a Greek permanent resident
Golden Visa holders who want to permanently relocate to Greece can apply for permanent residency. They must still have the investment they made and have physically resided in the nation for at least five years in order to be eligible to apply for a PR card.
They are not allowed to leave the nation for more than six months at a time or ten months in total over the five years.
5. Possibility of gaining EU nationality
Holders of Golden Visas are eligible to naturalize and become citizens of Greece. They must fulfill the following conditions in addition to paying the €700 application cost in order to be eligible to apply for citizenship:
live in Greece consistently for a minimum of seven years.
The investor with the Golden Visa receives a five-year residency visa. This implies that in order to become citizens, they will only need to renew their permission once.
Relatives of the investor who wish to apply for Greek citizenship must live in the nation for a minimum of 12 years in addition to the investment criteria.
forged strong connections with the nation and assimilation into the Greek society. The investors must pass a test covering Greek language, culture, history, geography, and government structure in order to do this. There are 40 questions in the test, along with an essay and a speaking portion.
Greece citizenship offers several advantages, such as the freedom to visit 186 countries without a visa, the opportunity to vote and utilize the local social services, and the capacity to carry on the status through inheritance.
6. Renting out the investment home generates passive income
The real estate bought as an investment may be rented out. Immediately following the purchase, the investor can begin renting out their house to generate extra passive income.
A three-bedroom apartment in Athens may be rented for between €650 and €1,300 a month.
7. Availability of nearby medical care and education
Greece’s cities offer state-run schools, colleges, and other educational institutions to its citizens and their children. They can also use the services of nearby clinics and hospitals.
8. Choosing to reside in Greece
Having residence in Greece grants the investor the freedom to relocate there or to continue using it as a “safe haven.” The investor will always have a second home here, regardless of the circumstances behind their decision to leave their own nation.
They might choose to establish a permanent residence in the land of feta cheese and gorgeous islands as all members of their immediate family are qualified for a Greek residency visa.
Benefits of Greek Residence
living expenses. Greece is an inexpensive country to reside in when compared to other EU nations. Here, the average yearly salary is €16,975, or €1,415 a month. In Greece, a single individual may live comfortably on as little as €657 per month, not including rent.
A two-person dinner at a cheap restaurant would set you back about €40; a €2.95 cup of cappuccino will cost you. The starting fare for a taxi ride is €3.50.
The major tourist cities will have more expensive prices than the farther-flung places.
Weather. Greece’s temperate Mediterranean climate is well-known. Here, summers are consistently hot and sunny, and winters are wet and mild.
The average temperature is +26 °C in July and +6 °C in January. The springtime arrive very early; April is already warm and bright, and the first part of the fall typically feels like summer. Only five months remain when it’s not too hot to wear t-shirts.
The natural world and cultural legacy. Greece welcomes an absurd number of visitors each year—more than 34.2 million came here in 2019 alone. Over 7 million visitors visited Greece in 2020, even during the epidemic, and for good cause. Its ancient sites, such as the Ancient Delphi and the Acropolis of Athens, are well-known and revered around the globe. Apart from that, Greece’s sandy beaches and mountainous islands make for picturesque natural attractions.