Everything You Need to Know about the Greece Residency by Investment Program, the Most Affordable Golden Visa in Europe
The beautiful country of Greece is located in South-east Europe, with the Aegean Sea to the East and the Mediterranean Sea to the south.
Being the cradle of European civilization, Greece has long been a holiday destination for tourists worldwide. With more than 2,000 beautiful islands, a 15,000 KM coastline and over 300 sunny days per year, Greece is considered one of the most attractive countries in the world.
Additionally, it offers one of the most attractive Golden Visa programs worldwide with numerous benefits. Excellent healthcare and education infrastructure, attractive investment opportunities, affordability and safety, are a few of the many reasons that make Greece a popular destination among investors.
What makes Greece a Great Investment?
World-class health care amenities for your family
Greece’s medical system is ranked 14th in the world by the WHO, offering advanced technology along with warm, caring service by highly trained professionals. Public and private medical care systems are located throughout the country to serve your health needs. The average life expectancy in Greece is 80.3 years, which is one of the highest in the world. It also reflects the government emphasis on health care, with medical expenses accounting for 10.8% of GDP. According to international think tank The Bridge, Greece is the best-performing country in Europe in flattening the curve of Covid-19 pandemic cases which speaks up the volume of healthcare services Greece can deliver to its citizens.
Educational facilities for your children
The Greece education system provides a perfect springboard to the prestigious universities of the world, allowing parents to rest at ease as their children seek higher education. Overall, Greece’s higher education system is well-respected, ranked 41st in the world in the QS Higher Education System Strength Rankings. Tuition fees are generally a third when compared to the cost of similar schools in English speaking countries such as the United States, Canada and Australia. Lower university fees help investors make tremendous savings on the education of their children.
The Greece Golden Visa is the lowest-priced residency program for your gateway to Europe. The Greek passport has a power rank of 4 and offers Visa-free and Visa-on-arrival access to over 170 countries, including the Schengen Zone, the USA, Canada, Japan, Singapore and Hong Kong. The minimum cost required to apply for the program is EUR 250,000, making it one of the lowest minimum investment among all European Residency by Investment programs. Real estate prices in many areas of Greece are under-valued, as the country recovers from its almost decade-long national debt crisis, which is why a EUR 250,000 buy-in for this country’s Golden Visa program goes a long way.
Greek lifestyle in a safe environment
Greece has one of the lowest crime rates in Europe; The Greeks are considered one of the most hospitable people in the world. Greek cuisine is recognized as the healthiest in the world. Aided by the glorious weather, visitors spend time socializing at the beach, picturesque islands and historical sites.
Recent amendment – Greece proposes 7% income tax to lure pensioners
In an effort to revive Greece Economy, the Greek Government is seeking to invite foreign pensioners to shift their foreign residence to Greece by rolling out an attractive tax rate of 7% on their entire income abroad. With the combination of factors such as low tax rate, world-class healthcare infrastructure and mild climate, Greece is now set to attract pensioners across the globe.
The initiatives were laid out in a draft law in the parliament with the following conditions:
- The pensioner must prove their pension status
- Candidate must be the citizen of the nation with which Greece has a double taxation treaty.
- A 7% income tax is applicable if pensioner agrees to live in Greece for more than six months in a year.
- The sum of the income obtained will be taxed at 7% for a decade.
- The tax is payable in a lump sum for every financial year.
The route to Greek residency
- The principal applicant should be at least 18 years of age; with no criminal record.
- The investor is required to buy a property with a minimum value of EUR 250,00 and has the option to rent out the purchased property.
- The investor must buy Greek medical insurance.
- The investor’s parents, parents-in-law, spouses and children under the age of 21 years can apply, and residency status is updated every five years.
In light of the travel bans imposed by governments due to Covid-19 Greece’s Golden Visa program allows you to book your property now by paying a deposit of EUR 10,000 and performing property inspection at a later stage.
For more details about the Greece Golden Visa Program, book a FREE no-obligation consultation with our team of experts.