As an investor seeking to obtain a European Permanent Residency, Greece is an unwavering choice amidst the changing and uncertain landscape of other popular European Residency by Investment Programs.
For instance, Ireland has announced the closure of its Investor Program, with other nations potentially following suit.
Nonetheless, Greece's Golden Visa program remains steadfast in its commitment to providing investors with unparalleled benefits. The country is a highly desirable destination that boasts a flourishing economy, a breathtaking Mediterranean climate, and an array of unique advantages.
In this article, we will discuss 6 indisputable benefits that come with acquiring a Greek Golden Visa, empowering you to make an informed decision about this advantageous investment opportunity.
What is Greece's Golden Visa?
Greece's Golden Visa is a highly-regarded residency-by-investment program that allows non-EU citizens and their families to acquire Greek residency through a minimum investment of €250,000 in real estate. The program, initiated in 2013, aims to stimulate the Greek economy and attract foreign investment.
Upon completion of the investment, investors and their families are granted a five-year residency permit, which can be extended for another five years as long as the investment is sustained. After seven years of residency in Greece, investors and their families may apply for citizenship.
Click here to read our comprehensive Greece Golden Visa Guide.
6 Reasons You Should Choose Greece Golden Visa as an Investor
2. Taxes
3. Climate and Lifestyle
4. Visa-Free Travel within the Schengen Zone
5. Favorable Family Reunification Rules
6. Greek Economy
1. Affordability
Compared to most other European countries, Greece offers a relatively low cost of living, making it an appealing option for investors seeking affordable yet high-quality living. According to Numbeo, the average annual salary in Greece is €16,975, which equates to €1,415 per month.
Additionally, consumer costs in Greece, including rent, are 41.5% cheaper than those in the United States, while grocery prices are 39.9% lower. Such cost savings make Greece a particularly attractive option for investors looking to obtain residency in Europe while maintaining an affordable standard of living.
2. Taxes
Investing in Greece's Golden Visa program is a fantastic approach to optimize one's tax status, especially when tax treaties are in place with several nations in Europe and elsewhere in the globe that give attractive benefits.
Furthermore, real estate investing in Greece has shown to be a profitable endeavor, providing a high return on investment (ROI). According to the Bank of Greece, after a series of year-on-year gains in previous quarters, property values in Greece's urban areas increased by 11.32% during the year to Q3 2022, while the capital gains tax (CGT) on property transactions is 15%.
Non-residents are only required to pay tax on income from sources inside Greece while being entitled to several tax benefits to foreigners living in the country as tax residents.
3. Climate and Lifestyle
The weather in Greece is one of the most appealing aspects of the country for potential residents who are looking to become investors. Greece has a Mediterranean climate, which results in moderate winters and hot summers, making it a suitable place to live throughout the whole year.
The nation basks in the sun’s warmth for more than 300 days every year, making it an alluring destination for vacationers and those looking for an extraordinary quality of life.
Its mild temperature, along with Greece's varied topography, which provides a choice of microclimates to suit various tastes, makes Greece a perfect location for investors who are searching for a pleasant and comfortable place to call home. While many languages are spoken in Greece, English is the nation's secondary language and is widely spoken.
4. Visa-Free Travel within the Schengen Zone
The Greece Golden Visa program is an excellent opportunity for investors seeking to obtain residency in Europe. One of its most significant benefits is its visa-free travel within the Schengen Zone. This means that investors and their families can travel freely to any of the 26 Schengen countries without the need for additional visas or permits.
With the Schengen Area including many popular tourist destinations, such as Italy, France, Germany, and Spain, this unrestricted access makes Greece an even more desirable location for investors seeking to invest in residency.
Additionally, having a Schengen residency permit also gives investors the freedom to travel within the European Union (EU) for up to 90 days within a six-month period, making it easier for investors to conduct business or travel for leisure.
This provides investors with a significant advantage and a unique opportunity to explore Europe, making Greece an ideal location for those seeking residency while enjoying the benefits of being part of the wider European community.
5. Favorable Family Reunification Rules
The Greece Golden Visa program boasts favorable family reunification rules, enabling investors and their family members to obtain residency permits and reunite in Greece.
The program permits investors to include the following family members:
- spouse;
- children under 21 years old;
- spouse's dependent children under 21 years old;
- unmarried partners of the investor may also be included, subject to providing evidence of a stable relationship with the investor for at least two years.
Benefits for extended families are offered via the Greek program in addition to those offered by the other Golden Visa programs. Because of this, the primary applicant's parents and parents-in-law are eligible to acquire PRs as well, and there are no additional prerequisites for them.
Once granted residency permits, investors and their families enjoy unrestricted freedom to live, work, and study in Greece, as well as travel freely throughout the Schengen Area. Importantly, there is no requirement for investors or their family members to maintain a minimum physical presence in Greece, thereby facilitating their reunification in the country.
6. Greek Economy
The strategic position of Greece as a gateway to Europe, the Middle East, and Africa makes it a perfect base for investors who wish to do business in these countries. Investors may reap several economic rewards by investing in Greek residences via the Golden Visa program.
The country boasts a rapidly developing economy with real GDP forecast to grow by 1.2% in 2023 and to pick up to 2.2% in 2024, with several sectors presenting significant potential for returns on investment, including tourism, real estate, and renewable energy.
Since Greece is a member state of the European Union, it can provide investors with access to the internal market of the EU. This, in turn, helps to maintain a regulatory environment that is stable and predictable, which is beneficial to the expansion and growth of enterprises.
Also, the nation has introduced a number of steps to promote foreign investment. These policies include tax incentives and expedited processes for founding a business, all of which contribute to the country's attractiveness as a place for investors.
Conclusion
Overall, Greece's Golden Visa program offers a range of benefits to investors seeking permanent residency in Europe. The country is an attractive location that provides a growing economy and distinct advantages and can lead to Greek Citizenship after seven years.
If you are interested in learning more about this European Golden Visa, get in touch with our team today!
