The Golden Visa Residency Scheme is a program that allows non-European Union citizens to obtain a residence permit in Greece by making a significant investment in the country. This scheme was introduced in 2013 as a way to attract foreign investment and stimulate the Greek economy. It has since become a popular option for individuals and families looking to relocate to Europe.
Greece is a popular destination for the Golden Visa Residency Scheme for several reasons. Firstly, it offers a high quality of life with its beautiful landscapes, rich history, and vibrant culture. Secondly, Greece is a member of the European Union and the Schengen area, which means that residents can enjoy visa-free travel within the 26 European countries that are part of the Schengen agreement. Lastly, the cost of living in Greece is relatively low compared to other European countries, making it an attractive option for those looking to invest in real estate or start a business.
- The Golden Visa Residency Scheme in Greece offers a fast-track route to residency for non-EU citizens who invest in the country.
- Eligibility criteria include a minimum investment of €250,000 in real estate, a clean criminal record, and health insurance.
- Benefits of the scheme include visa-free travel within the Schengen area, access to Greece’s healthcare and education systems, and the ability to apply for citizenship after seven years.
- To apply, investors must submit their application to the Greek consulate in their home country and provide proof of their investment and eligibility.
- Investment options include real estate, government bonds, and business investments, with real estate being the most popular choice.
Eligibility criteria for the Golden Visa Residency Scheme in Greece
To be eligible for the Golden Visa Residency Scheme in Greece, applicants must meet certain criteria. Firstly, they must be at least 18 years old and in good health. They must also have a clean criminal record and provide a certificate of good conduct from their home country.
In terms of financial requirements, applicants must have sufficient funds to support themselves and any dependents during their stay in Greece. This can be demonstrated through bank statements or proof of income. Additionally, applicants must make a minimum investment in Greece, which can be in the form of real estate, business investment, or government bonds.
Benefits of the Golden Visa Residency Scheme in Greece
The Golden Visa Residency Scheme in Greece offers several benefits to its participants. Firstly, it provides visa-free travel within the Schengen area, allowing residents to explore and visit other European countries without the need for additional visas. This is particularly appealing for individuals and families who enjoy traveling and want the freedom to explore Europe.
Secondly, residents under the Golden Visa scheme have access to healthcare and education in Greece. They can enroll their children in Greek schools and universities, and they are entitled to use the Greek healthcare system. This is especially important for families who are looking to relocate to Greece and want to ensure that their children have access to quality education and healthcare.
Lastly, the Golden Visa Residency Scheme in Greece offers participants the opportunity to live and work in the country. This means that they can start a business, find employment, or even retire in Greece. This flexibility is attractive for individuals who are looking for new opportunities or a change of lifestyle.
How to apply for the Golden Visa Residency Scheme in Greece
Applying for the Golden Visa Residency Scheme in Greece involves several steps. Firstly, applicants must gather all the required documents, including a valid passport, proof of investment, proof of health insurance, and a clean criminal record certificate. They must also complete the application form and pay the application fee.
Once all the documents are ready, applicants can submit their application to the Greek consulate or embassy in their home country. The application will then be reviewed by the Greek authorities, who will conduct background checks and verify the authenticity of the documents.
If the application is approved, applicants will be issued a residence permit that allows them to live and work in Greece. The residence permit is valid for five years and can be renewed as long as the investment is maintained.
Investment options for the Golden Visa Residency Scheme in Greece
The Golden Visa Residency Scheme in Greece offers several investment options for participants. The most popular option is real estate investment, where applicants must purchase property worth at least 250,000 euros. This can be a single property or multiple properties as long as the total value meets the minimum requirement.
Another investment option is business investment, where applicants must invest at least 250,000 euros in a Greek company or start their own business. This option is particularly attractive for entrepreneurs and individuals who are looking to start a new venture in Greece.
Lastly, applicants can choose to invest in Greek government bonds. The minimum investment amount for this option is 400,000 euros. This option is less popular compared to real estate and business investment, but it offers a lower risk investment with a fixed return.
Real estate investment requirements for the Golden Visa Residency Scheme in Greece
For those who choose to invest in real estate as part of the Golden Visa Residency Scheme in Greece, there are certain requirements that must be met. Firstly, the minimum investment amount is 250,000 euros. This can be in the form of residential or commercial property, as long as it is located in Greece.
Additionally, applicants must provide proof of ownership or a lease agreement for the property. If the property is owned by a legal entity, such as a company or trust, applicants must provide additional documentation to prove their ownership or control over the entity.
Furthermore, applicants must maintain ownership of the property for the duration of their residence permit. They are allowed to rent out the property for additional income, but they must not sell it within the first five years of obtaining the residence permit.
Tax implications of the Golden Visa Residency Scheme in Greece
Participants in the Golden Visa Residency Scheme in Greece are subject to certain tax obligations. Firstly, they are required to pay income tax on any income generated in Greece. This includes rental income from properties and income from businesses or employment.
Additionally, participants are also required to pay property tax on any properties they own in Greece. The amount of property tax depends on the value of the property and is calculated annually.
It is important to note that Greece has double taxation agreements with many countries, which means that residents are not subject to double taxation on the same income. These agreements ensure that residents are only taxed once, either in Greece or in their home country.
Duration and renewal of the Golden Visa Residency Scheme in Greece
The residence permit obtained through the Golden Visa Residency Scheme in Greece is valid for five years. After this period, participants can apply for a renewal as long as they meet the requirements.
To renew the residence permit, applicants must provide proof that they still meet the financial requirements and have maintained their investment in Greece. They must also provide updated documentation, such as a new criminal record certificate and proof of health insurance.
The renewal process is similar to the initial application process, where applicants must submit their documents to the Greek authorities for review. If the renewal is approved, participants will be issued a new residence permit that is valid for another five years.
Comparison of the Golden Visa Residency Scheme in Greece with other EU countries
The Golden Visa Residency Scheme in Greece is similar to other Golden Visa schemes offered by other European Union countries. These schemes aim to attract foreign investment and stimulate the local economy by offering residency permits to non-European Union citizens.
However, there are some differences between the Golden Visa schemes in different countries. For example, the minimum investment amount varies from country to country. In Greece, the minimum investment amount is 250,000 euros for real estate, while in Portugal it is 500,000 euros.
Additionally, some countries offer different investment options. For example, Cyprus offers a citizenship-by-investment program where applicants can obtain Cypriot citizenship by making a significant investment in the country.
Frequently asked questions about the Golden Visa Residency Scheme in Greece
1. Can I bring my family with me under the Golden Visa Residency Scheme in Greece?
Yes, participants in the scheme can bring their spouse and children under 21 years old with them to Greece.
2. Can I work in Greece under the Golden Visa Residency Scheme?
Yes, participants are allowed to work in Greece and start their own business or find employment.
3. Can I apply for Greek citizenship through the Golden Visa Residency Scheme?
No, the Golden Visa Residency Scheme in Greece does not lead to Greek citizenship. However, participants can apply for Greek citizenship through other means, such as naturalization.
4. Can I sell the property I purchased under the Golden Visa Residency Scheme?
Participants must maintain ownership of the property for at least five years. After this period, they are allowed to sell the property if they wish.
5. Can I travel to other European countries with the residence permit obtained through the Golden Visa Residency Scheme in Greece?
Yes, participants can travel to other European countries within the Schengen area without the need for additional visas.
