Greek immigration programs: how to get a residence permit and citizenship?

Already this year, the new Greek government plans to launch a program that will allow third-country citizens to obtain citizenship through the purchase of real estate worth 2 million euros or more. However, it is already known that every year the Greek authorities will satisfy no more than 200 applications. One of the mandatory conditions for participation in the new immigration program is a residence permit, which can be issued today.

The cost of a Greek residence permit and citizenship
Persons who have purchased real estate worth 250 thousand euros can apply for a Greek residence permit. It is necessary to keep the acquired property in the property for 5 years, after which it will be possible to issue permanent residence. You can also buy shares of companies, including developers, government bonds, invest in investment funds or open a Deposit in a Greek Bank in the amount of 400 thousand euros. To obtain a passport, you will have to invest at least 2 million euros. In addition, there are additional fees for processing the application in the amount of 10% of the Deposit amount, 500 euros for registration of residence and another 300 euros for a medical insurance policy.

It is important to note that in order to please the Chinese partners, the local authorities decided to prohibit the payment of "Golden visas" through foreign ATMs and payment services. In particular, it is now prohibited to Deposit funds for real estate purchased for participation in the program through the Point of Sale service. Today, capital transfers can be made using a Bank check to a Greek credit institution, or by transferring money to a local Bank account. Thus, the authorities plan to minimize the abuse associated with the program for obtaining a residence permit through investment, as well as to increase the transparency of transactions.

What are the prospects for a residence permit and a Greek passport
The cost of a residence permit in Greece is more affordable compared to similar programs in other countries. In addition, the country processes applications in a very short time, usually 8 weeks, and grants the status immediately for 5 years, without the need for an annual extension. You can invest in both housing and commercial real estate. And the main advantage is that there is no need to make a non-refundable contribution to state funds.

Holders of a Greek residence permit can freely move around Europe and other countries, use the services of European banks, receive education and medical care, and also have the right to move family members to the country for permanent residence. The Greek passport provides extended rights and opportunities available to EU citizens, including the right to live, work and conduct business in EU countries. It is also important that the citizenship of this state is granted for life and is inherited.

Residency involves paying taxes on income received not only on the territory of the state, but also outside it. The exception is the powers with which the Greek authorities previously concluded a Treaty on the prevention of double taxation. As for tax rates, they vary between 18-45%, depending on the level of income. The amount of taxes for Greeks and persons who received a residence permit for investment is the same.

When purchasing a property that was commissioned before 2006, the tax rate will be 3%. You also need to pay 0.5% of the cadastral value of the object annually. In case of purchase of housing in houses built after 2006, VAT is provided in the amount of 24%. Corporate tax is 28%, while capital gains tax varies between 6.5 and 24%.

According to experts, in the near future, the cost of real estate in the country will not increase much. Since the local real estate market is still unable to recover from the crisis due to the high tax on homes built after 2006. However, an improvement in the economic situation in Greece is still expected, primarily due to the tourism sector.

Requirements for investors
Persons over the age of 18 who have sufficient income to support themselves and their dependents can apply for resident status. Another mandatory condition is the availability of a health insurance policy. A residence permit can also be obtained by financially independent individuals, but this will require a type D visa, which allows you to live in the country for 180 years. Also, in this case, you must have at least 24 thousand euros in your Bank account, and document the existence of a monthly income in the amount of 2 thousand euros. The only drawback of this residence permit is the inability to include parents in the application.

For more information or a private consultation, you can write to: info@alkosconsulting.gr