A Brief Guide to the Greek Golden Visa | By Divine Property (updated Sept.2024)

Why Greece Golden Visa

The Greece Golden Visa is arguably one of the most competitive Golden Visa schemes in the entire European Union, and its many advantages make it quite alluring for investors and their families. 

• Thriving real estate market
• Zero stay requirements 
• Citizenship by naturalisation after seven years
• Inclusion of immediate family members: 
• Residency extends to the entire family, which includes children under the age of 21 and dependent parents of both the applicant and their spouse. 
• Visa-free travel in Europe’s Schengen: 90 days every 6 months
• Tax deductions and benefits through the non-dom regime for investors: 

A unique scheme allowing foreign nationals who transfer their tax residence to Greece to avoid paying tax on foreign income by paying a lump-sum annual tax. 

• High returns on investment: Greece Golden Visa holders have the option to rent out (long term) their purchased investment and produce income. This means they can continue to have positive cash flow while maintaining their investments.

Golden Visa Greece August 2024 update (investment in Property)

As of August 31st, 2024, there have been Greek Golden Visa new rules. The new tier system has brought forward increased minimum investment amounts as follows: 

• Tier one: €800,000.

Regions including the entire Administrative Region of Attica, Thessaloniki, Mykonos, Santorini, and islands with populations exceeding 3,100 habitants. 

• Tier two: €400,000

All other regions of Greece not included in Tier one. 

• Tier three: €250,000 (new entry)

3a. Commercial properties converted to residential use, applicable irrespective of the property’s location or size, with the conversion needing to be completed before applying for the visa. 

3b. Restoration of listed buildings, with renovations required to be finalized within seven years of residency to renew the visa.

New Greece property investment conditions: 

• Investors cannot offer properties as short term rentals. 
• Under tier three, the property cannot be used as registered company headquarters.  

Any violations can result in a €50,000 ne and a revocation of the residence permit. 

Source: https://www.globalcitizensolutions.com/

Non-Dom Tax Regime

Invest in Greece and enjoy significant tax benefits on your global income through the non-domiciled (non-dom) tax regime. Get in touch with us directly or through an Introducer to transfer your tax residence to Greece and enjoy banking products and services tailored to your needs.

Who qualifies as a Non-Dom Tax Resident

To qualify for the Greek non-dom tax regime, you must:

• Invest at least €500,000 in Greece directly or indirectly, through a majority-owned company.
• Finalise the investment within 3 years from filing the relevant application.
• Be a non-Greek tax resident for 7 out of the last 8 years.

Certain conditions may apply.

How you benefit as a Non-Dom Tax Resident

Transfer your tax residence to Greece and benefit from the non-dom residence scheme:

• Flat annual tax of €100,000 on your global income earned outside Greece.
• Flat annual tax of €20,000 for each additional family member.
• No obligation to declare any income earned outside Greece.
• Exemption from inheritance and donation tax for assets located outside Greece.
• Full implementation of double tax treaties between Greece and other countries.

The non-dom regime lasts for a maximum of 15 years. 

It may be terminated at any time if:

• You do not pay your tax obligations.
• You decide to withdraw.

Source: Non-Dom Tax Residents | Eurobank

Divine Property’s dedicated team of real estate agents and our legal advisers are here to eliminate any obstacles that may delay your investment and offer you the right and professional guidance!