Obtain a European Union Residence-by-Investment Program
From the whitewashed buildings of Oia in Santorini to the mosaicked labyrinth of Chios, Greece is a place unlike any other and is renowned for its white-sand beaches, azure Mediterranean waters, and jaw-dropping sunsets. Greece is known to be an enchanting, and calming destination.
Some of the islands in Greece are known for their beaches and natural wonders, while others are famous for their rich cultural heritage and endless summer parties among tourists and locals alike. Even though the economic crisis in the early 2,000s made the Greek economy suffer, many foreign investors still see this as an opportunity rather than a hindrance.
For a non-EU national, it comes as no surprise that many retirees choose Greece as their retirement destination. Let us go a deeper understanding as to why people chose Greece for their retirement.
Residence by Investment:
Residency by investment in Greece allows visa-free travel to the Schengen Area and territories across the world. The residency permit also bestows upon the holder a “Golden Visa” which grants them access to other EU countries for 90 days between every six months. It also allows the holder and their dependents the right to live, work and study in Greece.
Greece’s investor program requires a minimum investment of €250,000, making the program the lowest investment threshold of any real estate resident visa program in Europe. The investment requirement can be met by combining any number of properties. Joint buyers can pool their resources to purchase a single home.
The application process to acquire Greece Residency normally takes around 6 months. The applicant must invest in real estate property investment in Greece prior to applying for the visa.
Applicants must have a clear criminal record and medical insurance to cover any stay in Greece. There is no minimum length of stay, if the investment is maintained, the permanent residency visa can be renewed after five years.
Spouses and all children under the age of 21 are considered qualifying family members. The Greek residency scheme has lately been expanded to include the parents of both the investor and the spouse.
Non-residents in Greece will pay tax on income earned in Greece but not on income earned outside the country.
The rate of income taxation begins at 22%. The rental income in Greece from the property is taxed at rates ranging from 11% to 33%. Certain expenses can be deducted from your gross income. On property transactions, capital gains tax (CGT) is levied at a rate of 15%.
Citizenship and Passport:
After seven years, applicants who live in Greece can apply for citizenship and a passport. Once applicants have obtained citizenship, they are free to sell their investments because residency renewals are no longer required. Because of the requirement to remain in the nation, the Greek Golden Visa program is regarded as a residency investment program rather than citizenship by investment program. Those who are dedicated to living in Greece, on the other hand, have the option of obtaining citizenship- hence this is why it is the perfect destination for retirement.
Applicants are granted the right to live in Greece, while this is not required during the application process. With the residency card, all family members will be able to travel to and within the EU Schengen visa zone without the need for further visa applications. If the resident sells the property to another non-EU person, the resident’s Greek residency is transferred to the new investor.
The Greek program requires the least amount of real estate investment of any European residency program.
We at Passport Legacy are here to help you plan and cement your retirement dreams. Contact us today for a free private consultation.