Get Golden Visa-Buying a property in Greece
Investment Types
Real Estate investment
€250,000 in existing real estate investment opportunities. There are €250,000 options for converting commercial properties into residential use or restoring listed buildings.
€800,000 – For the Region of Attica, the Regional Unit of Thessaloniki of the Region of Central Macedonia, the Regional Units of Mykonos and Thira of the Region of South Aegean; and for the islands with a population of more than 3,100
€400.000 – Including Greece’s other regions
Capital transfer & other options
A 10-year lease agreement for hotel accommodation or furnished tourist residences worth at least EUR 400,000 or EUR 800,000 (depending on the region of investment)
EUR 500,000 or more of Greek government bonds with a maturity of at least three years (must be purchased through a Greek credit institution)
EUR 800,000 or more for the purchase of shares, corporate bonds, or Greek government bonds (that are traded on the Greek markets)
EUR 350,000 or more, purchase of shares in an investment fund that invests in Greek equities (can be corporate bonds or government bonds)
Why choose Greece
Ever dreamed of calling Greece your second home?
The Greek culture, coastlines, cuisine, landscape, business opportunities, and many other advantages are in themselves sufficient for buying property in Greece. Apart from that, go through these perks mentioned below. We are sure these will entice you to hasten up your decision.
Low Taxes
Greece indeed has a lot to offer the foreigners who are investing in the country. For overseas residents, the country offers terrific tax deals. If your native country is under a tax treaty with Greece, you don’t have to pay double taxes. Moreover, income from Greece’s properties will be taxable in Greece only, and any income from abroad will be tax-free.
Affordable Lifestyle
The country has been blessed with a rich past, splendid scenery, and a treasure of Greek values. Not to mention, the Greeks emphasize family, tradition, and a love of the outdoors. Moreover, Greece offers an affordable lifestyle for all. From a small town to a big tech city, the way of living is full of tranquility and pride.
Easy to Travel to
Furthermore, with its great connections with the rest of the world, you can travel to Greece without any inconvenience. Therefore, no one will ever find it troubling to reach there. In fact, once you have landed in the country, you will find out that the local transportation system too is very much affordable and connected to every town.
Expat-friendly
Since it is a welcoming country, the Greeks will treat you as one of their own as soon as you land in the country. Moreover, as more and more people from the EU and non-EU countries are moving to Greece, you will likely find familiar faces amidst the crowd.
A Path to European Residency
Greece has a Golden Visa scheme that grants residency in return for investment. If the house you’re going to buy costs a minimum of €250,000, you can be eligible for Greece Golden Visa. With this program, you get visa-free access to Schengen countries and many other benefits.
Required Documents
• A valid passport
• AFM (Tax Registry Number)
• Valid visa to enter Greece (in case of non-EU national)
• Residence proof
• Copy of tax returns
• Government-issued ID proofs
The Step-by-Step Guide plus basic info
1. The very first thing you need to do is decide the type of property you want to buy. For instance, you have ample options to choose from apartments, villas, village homes, or business properties. So, once you know what you want, establish your research in that area. A real estate agent you may trust can be of great help.
2. What’s better than visiting the site physically and have an insight into what you are buying. Therefore, once you have enlisted the properties you are interested in buying, travel to Greece and look at them. Besides, check the surroundings and amenities that you’re looking for in a house. Not to mention, a local guide will smoothen your task while consuming less time.
3. After visiting all the shortlisted properties, it’s time to finally settle for one. If you seek some more assurance, give it a double check, a second visit. Note: It would be great if you hire a lawyer to handle all the legal matters of the procedure.
4. Take care of your budget, and quote the amount that suits your pocket. But make sure that you’re not proposing an unreasonable amount. Take exchange rates, mortgage availability, and rates into consideration. After you have negotiated and settled on a final price, you are halfway there to buy property in Greece. Note: Make sure to check the extra charges adding up to the price of the property, like VAT.
5. Reserve the property by depositing a small amount to the seller to affirm that you will buy the property. This deposit is usually 10 percent of the total price. You will get your preliminary contract. Do not pay any amount without consulting with your lawyer, as you may be asked to sign a few documents as well.
6. Draft the final Deed: Once the lawyer has examined all the regulations, taxes involved, and debts, you will get a copy of the contract from the seller. Also, you will have to go to the notary for the final draft. Post the final deed has been signed in front of the notary, the process will be registered in the public records.
7. To get the Greek Tax Registry Number issued, you need to visit the nearest tax office to where you reside. Don’t worry, you do not need an appointment for this. The Greek Tax Number is called the AFM, and you will get it after you have got your full registration card or Residence Permit of Greece. Besides, get the access codes to the “TAXIS” system to fulfill its reporting obligations. Finally, after the above procedure has been completed, submit the certificates and contract paper to the Registry of Mortgages. Keep in mind that you will need a Greek mobile phone number to get the confirmation pins whenever needed and an accountant.
Real Estate Taxes in Greece
After buying property in Greece, you become subject to taxation. Besides, you also have to pay taxes on the acquisition, and the annual property tax.
€200,000 - 0.10%
€300,000 - 0.15%
€400,000 - 0.25%
€500,000 - 0.35%
It is then 1.10 percent for a property of €2 million. Above that, the property tax is 1.15 percent.
Recurring Property Taxes
Furthermore, when you buy a property in Greece, a transfer tax has to be paid. This rate is usually 3.09 percent of the taxable property value. Also, a real estate property tax known as the ENFIA is charged every year to both natural and legal entities owning properties in Greece.
Rental Income Taxes in Greece
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€12,000 - 15%
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Between €12,000 and €35,000 - 35%
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More than €35,000 - 45%
Fees & other expenses
They are numerous and they might differ according to the specific case, but here is an overall rundown:
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Agency / Agent fees: 2.00% or 2.5% + VAT
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Lawyer fees: 0.40 – 1% + VAT (23%)
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Notary fees: 0.65 – 1% + VAT (23%)
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Registration charges: 0.5% + VAT (23%)
Notes
The initial cost of buying a home in Greece is of course the value of the real estate. Most probably, there will be a 10 percent down payment for the property before the legal transaction.
We’d be happy to arrange a call to answer any questions you may have regarding the program. Please let us know if there's a suitable time and date, and we'll be happy to call you.