Over the past seven years, the Greek Migration for Investment Program has been steadily gaining popularity. As of the end of 2019, the number of residents had already surpassed the 18,000 mark from all parts of the world (the largest number of applicants came from Russia and China - about half of the total. They are followed by people from Iraq, Iran, Ukraine, Lebanon, Saudi Arabia, Syria and Jordan). Each year this figure increases by about a third. At the same time, the Greek economy has received more than two billion euros of infusion.

To understand the reasons for such a high attractiveness of the Greek program of citizenship for investment, let's consider what gives the Golden Visa in Greece to potential residents. The most relevant - free movement across the Schengen zone and the EU countries. All family members can get a residence permit within 2-3 months (including parents and children up to 23 years old). But in general it is not much different from the golden visa conditions of other countries. The main bonus of the Greek program is the low threshold of entry. The investment in real estate should be from 250,000 euros (you can buy several properties to accumulate the necessary amount). This is cheaper than in most European countries. In Spain for a golden visa will have to lay out from 500 000 euros, and in Portugal - from 350 000 euros. This seriously increases the affordability of the program and sets it apart from its competitors.

To obtain a residence permit in Greece when buying real estate, it is not necessary to reside in the country. The program assumes symbolic requirements for staying within the state - seven days a year. However, many people are attracted by the opportunity to settle here. Healing Mediterranean climate (especially important in obtaining a residence permit in Greece for retirees from Russia), delicious national cuisine, beautiful landscapes and ancient monuments incline to buy real estate for personal use. Those who remained indifferent to the Greek flavor, rent the purchased objects.

How to get a residence permit in Greece

To obtain Russian residence permit status in Greece through investment is enough to meet the standard for most programs conditions - first of all, it is the absence of any problems with the law (meaning convictions, criminal proceedings, restrictions on entry to the U.S., Canada, the UK and EU countries, sanctions). It is also necessary to confirm the legality of the sources of investment funds and to have a stable income.

If the applicant is ready to fulfill all the necessary procedures, he or she can conclude a contract with an intermediary company. This will save a huge amount of time and nerves, as the specialists of such organizations work according to a stable algorithm and accompany the resident all the way to obtain a residence permit. After concluding the contract and collecting documents, the resident needs to visit Greece to submit biometric data. After 4-7 months of review and verification of the application, the Greeks give a positive answer and the applicant pays the investment and fees. That's all, resident cards are issued directly in Greece. The status is valid for two years. Six months before the expiration date it must be renewed. Seven years in the status of residence permit gives the right to obtain citizenship.

Residence permit in Greece when buying real estate

Having sorted out the ways of obtaining a Greek golden visa and with what gives residence permit in Greece, let's take a closer look at local real estate. The growing popularity of citizenship for investment predictably launched an increase in prices for square meters (during the last seven quarters has never seen a decrease in value - according to the Greek Central Bank). The overall strengthening of the country's economy is also contributing in no small part to this. The figures speak for themselves: in the third quarter of 2019, experts recorded an increase in real estate prices by 9.1% compared to the third quarter of 2018. At the same time, the second quarter showed an increase of 7.7%, indicating an acceleration in the rate of price growth in the market. There is equally high demand for primary and secondary real estate throughout the country. At the same time, the demand is higher in the capital. Accordingly, the Athens market is becoming even more expensive - according to the same calculations, the price increase amounted to 11.9%.

When investing in Greek real estate this rise in price is important to take into account. Even now it is very difficult to find a decent object for 250 000 euros, so the amount of the deposit more often starts from 300 000 euros. The trend of the market makes you hurry, because in the future the cost will be even higher. At the same time, the costs justify themselves. Greece annually attracts millions of tourists of different levels of wealth, who need somewhere to live. This guarantees a stable demand for real estate for rent.

Golden visa of Greece is issued for 5 years and further extended for the same period. An undoubted advantage is the fact that investment in real estate gives you the opportunity to acquire a beautiful home in Europe and at the same time get a residence permit. It is not necessary to live in the country.

Residence permits in Greece are popular among people who need to obtain legal status in Europe without moving to the country permanently. To participate in the program in this way, you need to buy a property in Greece for €250,000 (minimum threshold).

To obtain a Greek passport, which ranks 7th in the ranking of passports 2022 for freedom of movement, you can get a passport if you have lived in Greece for 7 years + you must pass a language test.

The best regions for real estate investment to obtain a residence permit

According to Kapa Research, earlier investors favored housing in large cities - Athens, Thessaloniki. Now they are focused on tourist areas.Specialists Financial Times advise to pay attention to the real estate of Rhodes (Lindos, Pefkos) - the number of concluded transactions here in 2016 increased by 35%.

Tax aspect

Tax residents are taxed on their worldwide income, while non-residents are taxed on income from sources in Greece.The following tax rates apply to individuals in Greece:

Real estate ownership tax - from 1.5% of the income from the object to 3% (if the area of the object is more than 300 sq.m. or it is used for leasing transactions).If there is a sales contract, the tax rate is 3.09% for secondary housing (or primary housing, the construction of which began before January 1, 2006). For primary dwellings whose construction started after January 1, 2006, the tax increases to 24%.

In addition, Greece has an income tax on income from renting out homes and cars, as tourism makes a tangible contribution to the state's GDP. In general, the tax rate depends on the amount of income:

1. 15% for incomes up to €12,000;
2. 35% for incomes of €12-35,000;
3. 45% for incomes over €35,000.

Taxes on the purchase of real estate to acquire a residence permit in Greece vary from 3% to 10%, the total amount depends on the estimated value of the object.

Other tax rates in Greece are:

1. Income tax for legal entities - 26%There are three rates of value added tax in the country:23% - standard rate for most types of goods and services, which was established only in 2015, before that it was 13%;13% - reduced rate for some types of food products, transportation services;6.5% - the lowest rate for essential goods.
2. Taxes on dividends (depending on the source of their receipt):
3. from a resident - a rate of 10% is used for dividend income paid from 2012-2013 profits, while a rate of 25% is applied for earlier periods;
4. from a non-resident - taxed at a rate of 26%.

Fees for obtaining and renewing a Greek residence permit

Fee for issuance of residence permit (for each applicant over 18 years old) - 500 euros;+Health insurance contract (for each applicant) - from 300 euros;+Costs for registration of the contract of sale of real estate (approximately 10% of the value of the property).