Golden Visa: Benefits of Greece

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Applications for residence permits under the Golden Visa program are being submitted at an unabated pace.

During January-February, 1,299 new applications were filed, compared to 1,248 applications filed in the corresponding two months last year. According to the Department of Immigration and Asylum, 4,444 permits were approved in 2023, corresponding to property sales worth a minimum of €1.1 billion. In the first two months of this year, another 664 licenses were issued.

Greece's Golden Visa remains the most sought after in the world, with the program attracting €4.3 billion from 7,387 foreign investments between 2021 and 2023.

Thousands of investors from China, Turkey, Lebanon, Iran, Great Britain, Egypt, USA, Israel, Russia and Ukraine strive to acquire real estate in Greece.

According to Premier Realty CEO Corina Saia, following the amendment approved by Parliament, which will come into force from April 2024, Minimum required investment for Greek Golden Visa increased up to 800,000 euros (from 500,000 euros) for Attica, Mykonos, Santorini, Thessaloniki and islands with more than 3,000 inhabitants. In other municipalities the limit has been increased to 400,000 euros (from 250,000 euros). In addition, the investment must be made in a separate property, the area of ​​which must be 120 square meters or more.

Investors allowed rent out the property they have acquired for a long-term leasehowever forbidden short-term rental. In addition, in the event of conversion into residential premises, not allowed to use an acquired facility as the headquarters or branch of an enterprise. As stated by Ms. Saia, Greek Golden Visa:

• This is one of the most competitive investment limits in Europe.
• Ensures the acquisition of a European residence permit, which gives freedom to reside in Greece and travel throughout the Schengen area (29 countries). The residence permit applies to the entire family, including the spouse, children under 21 years of age, and the parents of the main applicant and the spouse.
• These are safe investments in euros that provide investment stability.
• Does not require physical residence in the country, unlike residency programs in some other states.
• Provides a residence permit of unlimited validity. By purchasing a Golden Visa, investors receive a residence permit for a period of 5 years, which can be extended provided they maintain their investment.
• Provides the right to apply for citizenship after seven years of residence. Having a passport EU allows you to live, retire, work and study in Greece or any other EU member state, as well as travel without a visa to more than 180 countries.
• Gives its owner the advantage of renting out investment property to generate additional income.
• Provides a stay in a safe EU country with a reasonable cost of living and an excellent standard of living.
• Opens up opportunities for the owner to resell the property in the future at increased prices (within 5 years), while capital gains from the sale of real estate are currently exempt from tax.
• Provides the holder with tax residency status as the Greece Golden Visa program exempts investors from paying taxes on their worldwide income if they spend less than 183 days a year in Greece.

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