In 2013, Greece approved a special legislation which grants non-European real estate investors and their families with permanent Residence Permits that also offer them the privilege of free movement in the Schengen Area. The so-called Golden Visa Law requires investment in real estate assets in Greece, which is the lowest investment level among all real estate residency visa schemes in Europe Investing in an alternative residence unlocks the potential for individuals to become global citizens.
As of May 1, 2023, a new threshold of 500k Euro will be applicable for obtaining the Greece Golden Visa by investing in Greek real estate. While the said threshold update will be implemented in the Greater Area of Athens, the Municipality of Thessaloniki, and the islands of Mykonos and Santorini; the 250k Euro threshold will stay constant for the remaining regions.
The real estate properties must be owned by and be in possession of its owners.
If the owner has acquired the property through a legal entity, the applicant must own 100% of the company shares.
Residency for 3 Generation families, children up to 21 (+3 years extantion only for Greece)
No requirement to reside
EU Schengen visa travel
No Capital gain tax on resale
Combination of more than one properties
No restrictions regarding the choice of the properties
There is no written or verbal interview in the residence permit process.
There is no education or work experience requirement.
There is no income tax collected from the foreigners other than the rent income tax.
By making an investment you obtain a five-year residence permit. Your residence permit is renewed in every five years. In fact, your investment means a life time residence permit as long as you don’t sell it. Even if the conditions change in the future, (increase in minimum investment amount, ending the application, etc.) this does not affect you. Your vested interest is state guaranteed as long as you don’t leave.
The Greek government started a number of tax incentive programs for non-residents in 2021.
If you actually receive income from Greek sources, you should designate a tax representative and file tax returns with the Non-Greek Resident Tax Office.
The Double Taxation Treaty
Your worldwide income could not be subject to taxation in Greece depending on your place of residency and how much time you spend there. In that instance, you might continue doing business outside of Greece and gain certain tax advantages.
Foreign nationals who are tax residents in Greece are also given tax benefits. For retirees, digital nomads, and other particular expat categories, there are several incentive programs.
After the great economic crisis, the real estate market in Greece experienced a decline like many other sectors and after 7 years of stagnation, the Greek real estate market started to attract the attention of EU and non-EU foreign investors.
Even though the real estate prices in Greece are still lower than the other European countries, since 2020, real estate market started to grow according to Bank of Greece reports.
According to provisional data, apartment prices are estimated to have increased on average by 14.5% year-on-year in the first quarter of 2023. In 2022, apartment prices increased by an average annual rate of 11.7%, compared with an average increase of 7.6% in 2021.
More specifically, in the first quarter of 2023 the year-on-year rate of increase in prices was 12.8% for new apartments (up to 5 years old) and 15.6% for old apartments (over 5 years old). According to data, in 2022 prices of new apartments increased on average by 12.2%, against an increase of 8.2% in 2021, whereas prices of old apartments increased by 11.3% in 2022, against an increase of 7.2% in 2021.
Broken down by region, in the first quarter of 2023 apartment prices increased year-on-year by 16.5% in Athens, 16.1% in Thessaloniki, 13.1% in other cities and 10.6% in other areas of Greece. For 2022 as a whole, prices increased on average by 13.7%, 12.5%, 10.6% and 7.9% respectively in the above-mentioned areas.
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Golden Visa Consultancy
Platina provides legal services and consultation in all stages of the residence permit procedure; following the purchase of the property. We follow up by preparing the necessary documents and receiving the Blue paper by applying to public authorities. We remain in contact with the public authorities to minimize the bureaucracy and deliver the residence permit in the fastest way.
We have developed and successfully implemented One-Stop-Shop solutions, which allow the entire process to be concluded by an authorized Proxy under a Power of Attorney, without the investor’s long-term presence in Greece.
The physical presence of the investor is required during the collection of the biometric data. Therefore, the investor is able to conclude the process with only two short visits in Greece. In the first visit, the investor may schedule a 2 days travel, so as to view properties, Open a bank account appoint in our Law firm as his Proxy to conclude the purchase process and to apply for the residence permits and in the second visit, the applicants will only need one day for giving their biometric data.
We have paved the way for a better, brighter and safer future to more than 400 individuals and families in the past 9 years. We understand the driving forces behind the global citizenship movement, the knowledge and the extensive network of Certified Partners to empower individuals to join this movement.