The Golden Visa offered by the Greek government is one of the most in-demand for European residency across investment programmes. Increasingly, across the world, certain European countries are attracting overseas mobility and offering a variety of investment opportunities.
As of the 31st August 2024, changes to the Golden Visa guidelines will come into effect and could impact international investors buying Greek residential property/real estate, both in the Greek Islands and mainland Greece.
At the beginning of 2024, the Greek Minister of Finance confirmed that he would introduce the dual-zone system for real estate transactions.
How do the New Golden Visa Rules Affect Investors?
The new ruling relates to buying property across Greece. Based on the location of the investment property, there will be an immediate readjustment to the minimum investment requirements for applicants. A dual-zone system will be divided as below; for both tiers a single investment property must be no less than 120 square metres.
Tier 1 | 800,000 EUR: This covers real estate investment in the high-demand areas of Attica, Thessaloniki, Mykonos, Santorini, and the islands, with a population of more than 3,100.
Tier 2 | 400,000 EUR: Tier 2 covers all other regions of Greece and establishes a lower investment requirement of €400,000. The main driver is to incentivise overseas investment in a larger range of areas; eventually, this could expand the programme’s economic benefits.
Does the New Ruling Apply to Current Applications?
For those who have already submitted an application for the current Greece Golden Visa the new changes at the end of August will not be applied.
Similarly, there will be no retrospective impact for any investments prior to the new two-tier system. Investments made under the previous regulations will be exempt and allowed to proceed as planned for investors to secure a Greek Golden Visa.
Deadlines for Property Investment and Completion
As of the 31 August 2024, the revised Greek Golden Visa programme is expected to come into effect. Investors can apply under the 250k minimum threshold with a 10% deposit by September 30, 2024, and final investment by December 31, 2024, and alternative property completion by April 30, 2025.
Conversion and Restoration Initiatives
From the 31 August 2024, the restoration of listed buildings, or commercial properties being converted for residential use, will offer unique investment opportunities at the retained €250,000 threshold.
Greece’s Evolving Real Estate Market
The new rules demonstrate the Greek government’s commitment to monitor the demand for the Golden Visa Programme and keep track in any shift in the evolving Greek real estate market. This applies, in particular, to the Greek Islands, where a considerable number of investors look to buy second homes and holiday villas.
The new two-tier investment threshold is hoped to encourage investors to look beyond established investment regions where demand has been strong. Potentially, it will highlight other geographical regions offering significant economic value and cultural heritage, and appeal to those looking for new property investment opportunities.
The Greek government’s amendment to the Golden Visa Programme indicates a proactive long-term strategy to develop a more balanced and sustainable contribution to the country’s economy and promote its culture and lifestyle. The aim is to promote diversification in the variety of properties investors will consider.
For further information: https://migration.gov.gr/en/golden-visa/
Greece Golden Visa Benefits for UK Citizens
The Greece Golden Visa for UK citizens offers a number of benefits, not only for the individual but the whole family. To name a few, here’s the list.
Visa-Free Travel to Schengen Countries
A person with the Grece Golden Visa need not require an additional visa to travel to Schengen countries. All the 26 countries included under this zone have officially eliminated the visa system and border control at their mutual borders.
The Right to Live in Greece
It allows the visa holder and his family to live in Greece. It offers the privilege of healthcare and educational benefits for the whole family. In addition, unlike some other countries, Greece hasn’t set any minimum stay requirement to qualify for the visa. Also, the person can stay in the country for as long as he wants.
Family Reunification
Furthermore, the residence scheme allows the spouse and dependent children (less than 21 years) to tag along. All of them are eligible to enjoy the benefits of a Golden Visa card.
Besides, the Greece Golden visa for UK citizens also offers an extended family benefit. Under this, the applicant’s parents, as well as the parents in law, can come to stay with the family in Greece. Also, there are no additional requirements for the same.
Low Cost of Living and Healthcare
The cost of living in Greece is significantly lower than in many European countries. For instance, an individual’s average living expenses are around €600 per month. However, for a student, €500 a month is sufficient.
Besides, as an ex-pat, you have access to private as well as public healthcare facilities. While public healthcare services are free of cost, private services might be a little heavy on the pocket. Also, if you have public healthcare insurance, you can avail state medical facilities absolutely free.
In short, an average family doctor check-up without any insurance costs around €40.
International Schools with British Curricula
Education remains a significant concern of every parent while moving to a different country. In Greece, all children, whether ex-pats or residents, have the right to receive education from public schools and universities for free.
Moreover, there are several international schools that follow the British academic curriculum. Although the tuition fee at some of these institutions might be high, they provide world-class education.
Favourable Tax Treatments in Greece for UK Citizens
Being a resident in Greece means that an individual becomes a tax resident. But to save the visa holders from paying tax on income from the countries, the UK has signed a double tax treaty with Greece. Now, the residents have to pay tax only in one country.
However, it is recommended that you consult an income tax advisor while applying for the Greece Golden visa for UK citizens to understand the tax system better.
More Sunshine and Less Crowd than the UK
Greece has the best climate in Europe, experiencing almost 3000 hours of sunshine every year, more than the UK. The cozy warm weather is very welcoming and appealing. Besides, the country has a low population, which means you will get a better life quality in Greece.
Since it is a low population zone, it offers a better opportunity to expand business and rise in competition.
