If you are thinking of taking positive action to secure your financial and personal security by taking out a second residency, you will be considering which is the best country to do this. There are many factors to take into account – location, ease of travel, safety and security, facilities at the destination if you are planning to relocate or spend a lot of time there, and of course the financial considerations of taxes and the overall cost.
The beautiful country of Greece is proving one of the most popular destinations for a second residency, and it’s easy to see why. Its sunny climate, beautiful scenery, secure status as a safe and sophisticated country with good education and healthcare, plus a varied and competitive Golden Visa program, all combine to make Greece an attractive location for investors.
The Greek government announced that it will extend the transitional period for a residency by investment program from April 30th to July 31st, 2023. It means that investors still have more than three months to purchase a property in popular regions (Greater Thessaloniki, Greater Athens, Mykonos, Santorini – In total 36 municipalities) and proceed with the investment at the original €250,000 threshold. Investors have to make a 10% deposit of the of the property value before the deadline, but conclude their property contracts and apply for a residence permit by the end of the year.
Here are ten reasons to choose the Greek Golden Visa for your second residency:
- Reliable participation options: Investors can purchase real estate for a minimum of €250,000 or choose a Real Estate Lease or Timeshare option with the same investment threshold.
- Family can be included in the Golden Visa application: including spouse, unmarried children under the age of 21 (and up to 24 if they are a student) and dependent parents of the applicant and their spouse.
- The right to reside: Once you are a resident of Greece you have the right to live, work and invest in Greece. These rights are extended to the other EU countries.
- Visa-free travel: As a member of the European Union, taking out residency of Greece entitles you to visa-free travel across all 27 countries of the Schengen Zone, including France, Germany, Sweden and Switzerland.
- Access to the EU free market: As a resident of Greece and therefore the EU, you will have freedom of access to many European markets, offering great potential and security for your finances.
- No residency requirement: You do not need to live in Greece in order to obtain or maintain the visa.
- Profit from real estate: Real estate investments can be rented out to provide a consistent income.
- High standard of living amid beautiful and historical surroundings: Greece is a sophisticated and developed country with a fascinating history and stunning scenery, so if you do wish to relocate or spend a lot of time in the country, you will find a thriving infrastructure with very highly regarded education and healthcare systems, all within an ancient and beautiful landscape.
- Competitive Tax System: Greece’s tax system compares favourably with that of other countries in Europe, with tax on income received in the country payable on a progressive scale ranging from 9% to 45% depending on earnings. Those who have particularly large incomes may take advantage of a fixed payment scheme of €100,000 per year, regardless of the size of their global income. Rental income is taxed on a sliding scale from 15% to 45%, while property tax is also on a par with that of other EU countries, starting at 3.09%. Greece has double-taxation treaties with 46 other countries, ensuring investors are not charged tax in both Greece and their home country.
Renewable visa and possibility of citizenship: Your Greek Golden Visa can be renewed every five years providing you maintain your financial investment, while Greek citizenship can be yours after only seven years of residency, giving you all the rights and benefits of being a full citizen of this beautiful country and EU.
Greece is an attractive and welcoming country, offering a high standard of living and all the benefits of being an EU resident in return for a competitive Golden Visa program that provides a flexible variety of choices to the investor.
The Greek residency by investment program is open to anyone who:
- Is over 18 years of age
- Does not have any criminal record in any country they have lived in
- Has taken out health insurance in Greece
- Can show they have the funds to make the required investment
However, the real estate requirement is changing very soon, with an increase in the amount of investment required, and anyone looking to make an investment for residency is advised to move quickly.
Our team of international experts at Astons are perfectly placed to advise you on all aspects of second residency, and to help you through the entire process. We will be happy to talk over your requirements with you in a no-obligation, free consultation.