What is the Greece Golden Visa?

The Greece Golden Visa is a residency program that allows non-EU citizens to obtain residency permit by investing in real estate or other assets in Greece. The program was launched in 2013, and it grants a five-year residence permit for the applicant and their family in exchange for as low as a €250,000 real estate investment in Greece. The Greek Golden Visa allows you to live in Greece and travel across the Schengen region without a visa. The program has gained significant attention due to its attractive benefits and relatively low investment threshold.

Greece Golden Visa Changes

The minimum investment requirement for the Golden Visa Greece program has increased from 250,000 EUR to 500,000 EUR in select areas, effective July 31st, 2023. This heightened threshold specifically affects real estate investments in certain municipalities within Athens, Thessaloniki, Mykonos, and Santorini. 

It seems likely that the new Greece Golden Visa program will launch another update in 2024. In this upgrade, real estate investments will be divided into tiers. For locations such as Attica, Thessaloniki, Mykonos, Santorini, and islands with a population of over 3,100,000, the minimum investment amount increases to 800,000 EUR. It is expected that the larger regions of Greece will offer a more convenient entry threshold of 400,000 EUR. The parliament waits for the formal release of the update before making a decision.

Golden Visa Greece Benefits

  • Residency Permit in Greece

If you have a Greek Golden Visa, you can reside in Greece with your family. You are welcome to stay for as long as you like. In fact, there isn’t even a minimum stay requirement. The benefits of public healthcare and education are included in the right to reside in Greece.

  • Visa Free Travel

With the Golden Visa Greece, you can enter the Schengen area without requiring a separate visa. The Schengen area is made up of 26 European nations that have formally done away with border checks and visa requirements.

  • Your Family can also join your Greece Journey

Is your family able to accompany you? Sure, they can! You can enroll your spouse and any children under 21 in the program if you meet the requirements of the residence scheme. This implies that any member of the family is eligible to apply for and obtain a Golden Visa card, along with all of its privileges. Apart from the other Golden Visa initiatives, the Greek program offers an advantage for Extended Families. This implies that there are no additional prerequisites for the major applicant’s parents or parents-in-law to receive cards.

  • Low Investment Requirement in a Developing Real Estate Market

Greece has one of the lowest investment thresholds for Golden Visas in Europe, at €250,000, with the exception of certain municipalities such as Athens, Thessaloniki, Mykonos, and Santorini, where the threshold increased to €500,000 as of July 31st, 2023. This development coincides with the Greek real estate market, which saw significant damage from the 2008 financial crisis, beginning to recover in 2023.

  • Double Taxation Treaty

If you live outside of Greece or visit there occasionally, your foreign income might not be taxed. You can continue doing business overseas and possibly benefit from tax breaks. Greece provides tax incentives for tax residents, such as programs tailored for retirees and digital nomads. Speak with a licensed financial counselor to learn more about these advantages.

Eligibility Criteria for Greece Golden Visa Program

To qualify for a Golden Visa Greece, you need to meet the requirements listed below:

  • Be a citizen of a non-EU/EEA nation.
  • Be at least eighteen years old.
  • Possess a spotless criminal history
  • Obtain health insurance for your family and yourself.
  • Have moral integrity.
  • You can begin your application process online as of 2021; you no longer need to visit Greece physically. 

Final Words

In a nutshell, the Greece Golden Visa 2024 presents a strong chance for non-EU nationals to become residents of Greece by way of real estate investment. Recent and impending adjustments to investment thresholds show how the program is responding to changing market dynamics while still offering major advantages like access to public services and travel within the Schengen area without a visa.The Golden Visa continues to be a desirable route for people wishing to invest in a dynamic and culturally diverse European nation as Greece’s real estate market improves.

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