Among the most well-known EU business visa schemes is the Greece Golden Visa Program. The visa is a residence-by-investment one that is given to non-EU nationals who significantly boost the national economy of Greece. There are many ways to spend your valuable capital. The Greek Golden Visa Program 2023, which was initially established in 2013, offers a five-year residence visa in return for a minimum real estate expenditure of €250,000 in Greece.
Golden Visas granted by EU nations like Greece are highly sought after because they could ultimately result in citizenship and grant entry to the European Union. You can reside in Greece and move throughout the Schengen area without a passport simply due to the Greek Golden passport. Your family is welcome to participate in the residential program.
The Greek Golden Visa program offers non-EU/EEA nationals a lovely vacation home where they can live out their golden years in peace and happiness while also receiving outstanding healthcare and educational advantages. The Greece residency by investment gives you the opportunity to enjoy a laid-back lifestyle full of delectable food, wonderful weather, and an abundance of family perks in addition to your goal as an avid investor looking to broaden and expand your wealth.
GREECE GOLDEN VISA BENEFITS
The following are the Greece Golden Visa benefits, one of the most affordable Golden Visas in the EU:
- You have the liberty to travel throughout the Schengen region without needing an extra passport thanks to the Greece Golden visa program. The 26 European nations that make up the Schengen area have formally done away with border checks and passport requirements at their shared boundaries. Greek citizens are permitted a 90-day visa-free stay in any Schengen nation.
- You are permitted to reside in Greece alongside your family if you possess a Greece Golden Visa. The residence plan enables you to enroll your partner, children under 21, and extended family members in the program. Additionally, without any additional requirements, the parents and parents-in-law of the main candidate are also eligible to obtain a visa. Both the minimal stay conditions and the length of stay are unrestricted. The owners of a resident permit are free to travel to Greece whenever they want, even when the country's boundaries are blocked to visitors. Public healthcare and educational benefits are also included with the freedom to reside in Greece.
- Greece has the least funding requirement of all the Golden Visa schemes in Europe. To be eligible for the scheme, your investment in Greek real estate must be at least €250,000. By 2022, it is anticipated that the Greek real estate market will have recovered in an upward trajectory despite the financial crisis of 2008, from which the market had endured greatly for a decade.
- Your foreign revenue might not be liable to taxation in Greece depending on your place of residence and how much time you spend there. In that scenario, you could continue doing business outside of Greece and gain some financial advantages. Greece has signed double taxation commitments with 57 nations, allowing residents to pay less in taxes and avoid paying taxes altogether on their global revenue. The worldwide tax is assessed on a progressive scale of 45% when the exclusions are not used.
- The investor can apply for permanent citizenship in Greece after staying there for five years. You have two more years to file for naturalization after that. Greece permits its residents to possess multiple passports. The investor is not required to renounce their first citizenship.
REQUIREMENTS
While there exist presently a number of other business opportunities to choose from that still satisfy investors for the Greek Golden Visa Program, the current minimal valuation for an eligible real estate property venture is €250,000. Among other choices, these encompass holdings in venture capital-backed bonds and spending in bonds issued by the government. Choose between any of this:
- Acquire a real estate property in Greece valued at least €250,000.
- Enter a ten-year tenancy arrangement, either for hotel lodgings or equipped tourist homes.
- A minimum of €400,000 should be put into Greek government bonds.
- Make a minimum capital commitment of €400,000 in Greek currency, assets, or a bank account.
- Make a financial commitment of no less than €400,000 in the form of bonds or stock of a Greek-based venture capital, private equity, or investment company.
- Spend €800,000 in Greek Treasury bonds, business bonds, or equities traded on Greek exchanges.
You need to fulfill the following criteria in order to be eligible for a Golden Visa in Greece:
- To be a national of a non-EU/EEA country.
- To have reached the age of 18.
- To possess a flawless crime history.
- To have both personal and household health insurance.
- Be an amiable individual.
Note: Beginning in 2021, you will not be required to travel to Greece to begin applying for citizenship.
Apart from all these, when filing for a Greece Golden Visa, the following papers are also needed:
- Application paperwork.
- Passport-size photos of yourself taken recently.
- Your current visa and an extra copy. The necessary entrance permit must be carried in the passport.
- Evidence that you covered the necessary government expenses.
- Proof that you and any relatives have medical coverage in Greece.
- Your financial testimony.
- Additional paperwork based on the kind of transaction you make.
PROCEDURE
There are only a few easy measures to take in order to qualify for the Greece Golden Visa. Regardless of the sort of transaction you make, the procedure will continue as follows:
Step 1: You must choose the property you want to invest in and decide on the investment parameters to finish this stage.
Step 2: You need to set up a Greek bank account and get a Greek Non-Resident Tax Identification number.
Step 3: You need to gather all the required documentation and submit your application.
Step 4: You will be given a Golden Visa Residence Card once the necessary government clearance has been received.
Step 5: You can easily gain access to permanent residency by applying for a renewal of your Greece Golden Visa citizenship permit every five years. You could petition for naturalization and a Greek passport after residing there for seven years and covering taxes.
HOW CAN VAZIR GROUP HELP
Vazir Group, a flourishing boutique immigration agency with offices in Dubai, India, and Canada, offers expert advice to those looking to move abroad. We offer the best options for individuals and families looking for greater possibilities overseas by drawing on our extensive expertise. We can help with all facets of immigration by looking into the Greece Golden Visa Program 2023 and various business options.
The procedure for foreign business or migration can be difficult and drawn out. Recently, according to Kyriakos Mitsotakis, the Greek Prime Minister, the required minimal expenditure for the Greek Golden Visa program will rise from 250,000 to 500,000 euros. Starting on May 1st, 2023, the minimal expenditure required for the Greek Golden Visa program has been raised to 500,000 EUR. Real estate purchases are geographically restricted by a modification to the Greece Golden Visa that affects real estate in particular Athens, Thessaloniki, Mykonos, and Santorini Provinces.
However, our ongoing advice and support seeks to reduce many of the pressures involved. We work closely with each of our customers to make sure they can proceed with confidence and little worry. The Vazir Group takes great pleasure in their extensive global understanding of immigration.
