What is Greece’s Golden Visa Programme?
Greece’s Golden Visa Programme is a special visa that allows individuals to obtain a residence permit by investing in the country. Launched in 2013, the programme was designed to alleviate the effects of Greece’s financial crisis and enhance the country’s economic situation. The programme aims to stimulate Greece’s real estate market and overall economic conditions.
Who Can Apply?
The Greece Golden Visa is available to individuals who meet the following criteria:
Be a citizen of a non-EU/EEA country,
Be at least 18 years old,
Have a clean criminal record,
Have an investment budget of at least €250,000,
Have valid health insurance for yourself and your family.
Application Process:
The Golden Visa application process involves the following steps:
Investment Selection: If you choose to invest in real estate, you must select a suitable property. An engineering report must be obtained to confirm the property’s suitability. A 10% down payment is made with a preliminary agreement, and the remaining amount must be paid by the specified date.
Document Preparation: You need to collect the following documents:
A passport with at least 6 months of validity or a travel document recognized by Greece,
Proof of address and a clean criminal record,
4 recent passport-sized photographs,
Proof of valid health insurance in Greece,
Payment of application fees, taxes, and duties through the e-Paravolo platform.
Application: After completing the investment, you need to submit your application along with the required documents. Following the review of your application, the Golden Visa Residence Card will either be issued or denied.
Types of Investments and Requirements:
The types of investments that qualify for the Greece Golden Visa include:
Real Estate Investment: An investment in real estate with a minimum value of €250,000,
Government Bonds and Shares: Investments totaling €400,000 in government bonds or shares,
Venture Fund and Private Equity: Investments of €400,000 in venture capital or private equity shares and bonds,
Business Investment and Company Formation: Making a business investment or establishing a company in Greece.
Tax Obligations:
The tax obligations for Golden Visa holders in Greece vary based on the duration of their stay and the type of income they receive. For those investing in real estate, an annual property tax (ENFIA) is calculated and paid to the local municipalities. For 2024, the ENFIA tax rates are as follows:
Up to €60,000: 0.25%
€60,000 – €150,000: 0.35%
€150,000 – €300,000: 0.45%
Over €300,000: 0.55%
The investment threshold is expected to rise. Last year, the government increased the threshold to €500,000 in areas such as Athens, Mykonos, Santorini, and parts of Thessaloniki. Prime Minister Kyriakos Mitsotakis has predicted that the threshold could rise to €800,000 this year.
Conclusion and Benefits:
With the Greek Golden Visa, investors can take advantage of the country’s vibrant property market and travel freely within the Schengen Area. This offers the opportunity for visa-free entry to many European countries. The programme presents an attractive option for those looking to benefit from the opportunities Greece has to offer.