4 + 1 Lesser-known reasons Greece leads EU Golden Visas
The list of advantages offered by the Greek Golden visa is a long one. Investors are largely familiar with the Greek program’s key benefits but there are several lesser-known details that are just as crucial when deciding on which European investment migration program to choose.
Low property transfer tax
For those looking to apply for the residency permit via a real estate acquisition, Greece’s low property transfer tax makes economic sense. In Greece, it stands at a flat rate of 3.09% of the property value while in countries such as Portugal the IMI tax goes up to 8% on second residences, depending on its value. (On some occasions, Portugal’s IMT can reach as high as 10%).
Keep also in mind the fact that the Portuguese Prime Minister announced recently an increase in the Municipal Property Transfer Tax (IMT) for non-resident buyers in a hike that will be determined in coming months.
Low government fees
Government fees related to the Greek Golden Visa are among the lowest in Europe. With visas that are of a five-year duration, the issuance application (and renewal fee) for the main investor stands at €2,000 and €150 for each family member (above 13 years old). That works out to a cost of about €2,500 for a four person family (two adults + two children), including government printing costs.
Comparatively, in Malta a government application fee of €50,000 applies for the main applicant alone, plus an additional €10,000 per dependant, while in Latvia state fees range from between €5,000 to €25,000 (depending on the assets being invested in).
No minimum visit requirements
In Greece, Golden Visa holders never need to be in the country. The main investor and family members acquiring residency are required to be in the country when making the application but then there are no further visiting requirements throughout the visa’s five-year duration.
Across the Mediterranean in Portugal applicants are required to spend 7 days in the country in the first year, then 14 days every following 2-year period, either consecutively or intermittently.
Residency for the entire family
With the Greek Golden Visa, residency isn’t just for the investor — it’s for the whole family. Apart from the spouse also being offered residency, the children of the main applicant under the age of 21 also qualify provided that they are not married. This benefit may be extended to the children until the age of 24.
The Greek program goes even further, enabling the parents and parents-in-law of the main investor to become residents without any age restrictions or requirements to prove their financial dependency. This is not the case in Portugal, Malta and Italy.
Greek Golden Visa: Requirements & Perks
The investment threshold for the visa program starts from as low as €250,000 if the asset being invested in is an industrial building being switched to residential use.
Those opting for real estate in broader Athens (Attica) and Thessaloniki, as well as Greek islands with a population of over 3,100 inhabitants are required to make a minimum investment of €800,000 to qualify for the program.
The minimum investment amount needed to clinch the Greek visa with a property purchase drops to €400,000 when the asset is located in the rest of the country.
With its award winning team, Varnavas Law Firm has been helping clients from some 50 countries enter the Greek Visa program. Our multilingual team of 40 expert lawyers and notaries focus on customer needs aimed at securing long term value with the help of our asset management team.
Other strong points of Greek investment migration law are:
Residency for three generations
Fast track residency
No transfer of tax residency required
Please contact our team for any inquiries about the Greek Golden Visa and how you can start your process.
