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Greece Residency by Investment

About Greece

Located on the southeast coast of Europe, Greece consists of over 6000 islands scattered along the coastline offering exquisite beaches along with a year-round warm and Mediterranean climate. Known as the cradle of democracy and birthplace of western civilization, Greece has a rich history with a vibrant culture. With the charm of Greek hospitality along with fresh food and clear blue waters, Greece has earned the title of being one of the world´s top holiday destinations.

Following the footsteps of Portugal, Greece launched its own residency by investment program in 2013, to attract foreign investment into the country. The Greek Golden visa has become one of the most competitive and most affordable programs in the EU offering a fast-track residency program, where applicants can receive a 5-year residency permit within 3-4 months. Investors can benefit from Greece´s developed infrastructure, quality education and robust healthcare systems along with the unparalleled beauty Greece has to offer.

Prime Minister:
Kyriakos Mitsotakis

Government:
Unitary parliamentary republic

Economy:
Tourism, agricultural processing, shipping

Currency:
Euro

Capital City:
Athens

Population:
Over 10 million

Language:
Greek

Tax system:
Non-residents are only taxed on Greece-sourced income

Members of:
European Union, European Union, Commonwealth

Benefits

Fast-track
Process

Visa-free access
to Schengen Zone

Attractive
Tax Incentives

No minimum
residency requirements

Family members
are eligible

Mediterranean
lifestyle

High standard of
education and healthcare

Live, study, and start
a business in Greece

Lowest entry
Into EU

Please be advised the residents under the Greek Golden Visa program are not permitted to work in Greece, however, they can register and operate their own businesses.

Visa-free countries

Applicants can enjoy the right to live and study in Greece as well as enjoy visa-free travel within the Schengen Zone (90 days within a 180 days period).

Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland, and Liechtenstein. Four of these countries (Iceland, Liechtenstein, Norway, and Switzerland) are not members of the EU but enjoy similar rights under the European Free Trade Association (EFTA).

Eligibility

Applicants proceeding with the residency by investment program must be at least 18 years of age, hold a clean criminal record, and show proof of funds coming from abroad (not sourced within Greece). Applicants are required to provide personal documentation such as passports, national IDs, birth and marriage certificates as well as proof of investment.

Investment Options

Capital
Transfer

400,000 Euro capital investment in a Greek company
400,000 Euro investment in bonds or shares of a real estate investment company in Greece
400,000 Euro investment in government bonds, mutual funds, or companies, with a residual maturity of at least 3 years
800,000 Euro investment in corporate bonds, traded on regulated markets, with a residual maturity of at least 5 years

Real
Estate

250,000 Euro in property acquisition maintained for 5 years
250,000 Euro in a real estate lease or timeshare maintained for 10 years, registered with Greek National Tourism Organization (GNTO)

Bank
Deposit

400,000 Euro investment in fixed deposit in Greek financial institution for at least 1 year, with a standing order for renewal

Addtional Fees

Note: Minimum investment for real estate will be increasing to Euro 500 000 within the next coming months.

Process to Obtain a RBI

1. Speak with one of our advisors to determine the best solution for you and your family. We will discuss the various residency options along with the process and investment options of each program. We offer tailored solutions to assist and meet your goals.

2. We will conduct our initial due diligence check to ensure that you do not currently hold any criminal charges and are eligible to proceed with the Greece Golden Visa program. To process the initial due diligence check, a copy of passports for all applicants over 16 and a copy of proof of address (such as a utility bill) are required.

3. Offshore Circle requires a non-refundable retainer to supply application forms and work on your application file.

4. Offshore Circle will assist in obtaining an AFM (tax ID number) and Greek bank account, as required to proceed with the investment. Once obtained the applicant can then proceed with the preferred investment option. Offshore Circle will also provide a customized and itemized list of requirements to ensure you meet and comply with all requirements set by the Alien and Immigration Department at the Decentralised Authority in Greece.

5. Offshore Circle will assist in paying the government fees through the e-paravolo platform and submit the completed application to the Directorate of Foreign Citizens and Immigration. After the application has been submitted, the applicant receives a receipt confirming the submission of the application, known as a blue card. The blue card is a temporary residency status card with a validity of 1 year, that will allow the applicants to travel freely into Greece.

6. The typical processing timeframe is 2 months from the date of application. Upon approval, applicants are required to submit their biometrics in Greece.

7. Within a 1 year off approval, all applicants over 12 are required to attend the biometrics appointment in person in Greece.

8. Applicants will receive the 5-year residency permit and can choose to renew the residency permit indefinitely every 5 years if requirements are still maintained, or apply for citizenship after maintaining residency for a minimum of 7 years and meeting other criteria.

Speak with one of our Citizenship Advisors

Speak with one of our advisors to determine the best solution for you and your family. We will discuss the various residency options along with the process and investment options of each program. We offer tailored solutions to assist and meet your goals.

Initial due diligence check

We will conduct our initial due diligence check to ensure that you do not currently hold any criminal charges and are eligible to proceed with the Greece Golden Visa program. To process the initial due diligence check, a copy of passports for all applicants over 16 and a copy of proof of address (such as a utility bill) are required.

Initiate Offshore Circle´s Services

Offshore Circle requires a non-refundable retainer to supply application forms and work on your application file.

Investment & Documentation

Offshore Circle will assist in obtaining an AFM (tax ID number) and Greek bank account, as required to proceed with the investment. Once obtained the applicant can then proceed with the preferred investment option. Offshore Circle will also provide a customized and itemized list of requirements to ensure you meet and comply with all requirements set by the Alien and Immigration Department at the Decentralised Authority in Greece.

Submit your Application

Offshore Circle will assist in paying the government fees through the e-paravolo platform and submit the completed application to the Directorate of Foreign Citizens and Immigration. After the application has been submitted, the applicant receives a receipt confirming the submission of the application, known as a blue card. The blue card is a temporary residency status card with a validity of 1 year, that will allow the applicants to travel freely into Greece.

Processing Time

The typical processing timeframe is 2 months from the date of application. Upon approval, applicants are required to submit their biometrics in Greece.

Biometric Appointment

Within a 1 year off approval, all applicants over 12 are required to attend the biometrics appointment in person in Greece.

Issuance of Residency Permit

Applicants will receive the 5-year residency permit and can choose to renew the residency permit indefinitely every 5 years if requirements are still maintained, or apply for citizenship after maintaining residency for a minimum of 7 years and meeting other criteria.

Frequently Asked Questions about Greece Residency

How long is the residency permit valid for?

The residence permit is valid for 5 years. Applicants can renew the permit for 5 years, granted they still maintain the investment. The residency permit can be renewed indefinitely, every 5 years while the applicant still holds the investment.

Do I have to register and pay Social Security contributions in Greece?

No, you’re not required to register or pay Social Security contributions in Greece, as the Greek Golden visa does not permit applicants to work in Greece.

When must I renew my residency permit?

It is advised to renew the permit prior to expiration.

Is an attorney required to submit the application on my behalf?

There is no need for legal representation and applicants can choose to submit their application themselves.

Why do I need an AFM and bank account in Greece?

Greece requires the main applicant to make the investment from a bank account in Greece- though proof of funds from abroad must be provided.

Can I include my family members in my application?

Spouse (same-sex partners are accepted)
Children under 18 years old* – of main applicant and spouse
Children 18- 21 years old* – of main applicant and spouse

Must be unwed & no children
Must be enrolled full time in studies; OR
Financially dependent on the main applicant

Parents financially dependent– of main applicant and spouse

*Children will only receive residency status up until the age of 21 and the permit will automatically expire upon their 21st birthday. At the age of 21, they become entitled to an autonomous residence permit, independent from the residence permit based on investment which can be renewed annually until they turn 24. After that point, they will be required to proceed with their own investment to continue to enjoy the benefits of the visa program or apply for citizenship if certain criteria are met.

What countries are restricted from proceeding with the citizenship application?

EU/EEA/Swiss nationals cannot proceed with the Greece Golden Visa

Where should I obtain my police report from?

Police reports must be obtained from the applicant’s country of citizenship as well as from any country the applicant has resided in for a minimum of 1 year.

Can I purchase more than one property?

Applicants can purchase more than 1 property as long as the combined value meets the minimum investment.

How long do I have to maintain the investment?

Applicants are required to maintain the investment for a minimum of 5 years. After the 5 year period, applicants can maintain investment and renew the visa for an additional 5 years.

Can I apply for a loan or mortgage?

Applicants must invest the minimum required and show proof of the funds from abroad. Applicants can use funds from a loan to qualify, granted the loan is sourced from outside Greece. Applicants can also apply for a mortgage or loan for funds above the minimum required investment from a Greek bank or financial institution.

What are the additional costs for the real estate purchase?

The following taxes are imposed:

Property Transfer tax: 3.09%
VAT on the sale of new buildings: 24% (currently exempt until December 31st, 2022, with the exception of properties located on one of the Aegean Sea islands of Chios, Samos, Lesvos, Kos, and Leros, where the reduced VAT rate of 17% is applicable
Land registry: 0.5-0.8%
Deed, notary, and registrations costs

How do I make the payment for the costs and fees?

The government fees are payable through the e-Paravolo platform, which Offshore Circle can assist with.

Will I get my money back in the case of denial?

As the government fees, as well as the investment, is required prior to application approval, applicants will not be able to receive a refund. While approval is never guaranteed, if applicants comply with all set requirements, there should be no grounds for refusal.

If I am not living in Greece, will I be subject to tax?

No, non-tax residents will not be subject to any taxation within Greece unless the income is locally sourced in Greece.

Will I be considered a tax resident of Greece?

Applicants residing in Greece for 183 days or more a year will be considered tax residents and thus will be taxed on worldwide income.

Are there any tax incentives for Greek residents?

Yes, tax residents of Greece can benefit from a flat rate of 7% taxes on all foreign income for the first 10 years of residency. Greece also partakes in double taxation treaties to avoid double taxation on its residents.

Am I liable to pay taxes on my worldwide income?

Citizens of Greece are subject to taxation on their worldwide income, though Greece offers tax treaties to avoid double taxation. Residents who hold tax residency in Greece will also be liable to pay taxes on worldwide income however, they can benefit from the flat 7% tax rate on foreign income for the first 10 years.

What are some tax rates in Greece?

Tax residents can benefit from a flat tax rate of 7% taxes on all foreign income for the first 10 years of residency
Capital gains are taxed at 15%
Net rental income is taxed at 15-45%

What are the residency requirements?

The Greek Golden visa does not impose any residency requirements.

Can I obtain Greek Citizenship?

The legislation states that any person who has maintained legal residency status can apply for citizenship, granted certain criteria are met, however, Greece does not have a good track record of naturalizing residents and the citizenship process had been known to be difficult to acquire.

What are the criteria to obtain citizenship?

After 7 years of maintaining residency, applicants must meet the following criteria to apply for citizenship: