Unlocking Opportunity: Exploring Greece's New Golden Visa Program

Understanding the Greek Golden Visa Program

Announced recently, the Greek Golden Visa program offers a pathway to residency for individuals and families through investment in real estate. This initiative aims to attract foreign investors, stimulate economic growth, and bolster the country's real estate market.

Under the program, non-EU citizens, including investors, retirees, and entrepreneurs, can obtain a five-year residency permit by investing in Greek property. The minimum investment threshold starts at €250,000, making it an attractive option for those seeking to diversify their investment portfolios and gain access to the European Union.

Key Benefits of the Greek Golden Visa

1. Residency Rights: Holders of the Greek Golden Visa enjoy the right to reside in Greece and travel freely within the Schengen Area, comprising 26 European countries.
2. Family Inclusion: The program extends to immediate family members, including spouses, children under the age of 21, and dependent parents, offering a unified pathway to residency for the whole family.
3. Investment Flexibility: Investors have the flexibility to choose from a range of real estate options, including residential, commercial, and land plots, tailored to their investment preferences and objectives.
4. Tax Advantages: Greece offers a favorable tax regime for residents, with attractive tax rates on income generated within the country and a range of incentives for foreign investors.

New Rules and Limits for the Greek Golden Visa Program

Greece’s Finance Minister Kostis Hatzidakis revealed the new rules and limits regarding the Golden Visa scheme, introducing significant changes to the program. The updates include:

New Price Caps

• In Attica, Thessaloniki, and islands with over 3,000 inhabitants, the minimum investment for the five-year residence permit will increase to €800,000.
• Previously, a €500,000 limit applied only to specific areas, but with the new changes, popular island destinations like Mykonos and Santorini will now require the higher investment threshold.
• Across the rest of the country, the threshold will rise to €400,000 from the current €250,000.

It is worth noting that the €250,000 investment limit remains applicable solely to preserved buildings, irrespective of their location. However, investors must commit to a restoration plan for these properties. Failure to complete the restoration within five years may result in the revocation of the investor's residence permit, underlining the government's emphasis on promoting the preservation and revitalization of historical structures.

Property Size and Utilization

• Golden Visa purchases will only be accepted for properties with a size of at least 120 square meters.
• Properties purchased for the Golden Visa will not be allowed for short-term rentals such as Airbnb.
• Investors must commit to restoration efforts for preserved buildings, failing which may result in the revocation of the residence permit.

Transition Period

• A transition period is set until December 31, 2024, for investors who initiated transactions before the new rules came into effect.
• Investors who have initiated contracts or negotiations by September 30, 2024, can complete their investment under the previous conditions.

How Travels & Savings Can Help

At Travels & Savings, we understand the complexities of international residency and investment. Our team of experts specializes in tax planning, asset protection, and residency solutions tailored to the needs of our clients.

With our in-depth knowledge of Greek immigration and tax laws, we can guide you through every step of the Golden Visa application process, from property selection to residency permit acquisition. Our goal is to ensure a seamless and hassle-free experience, allowing you to reap the benefits of your investment with peace of mind.

Seizing the Opportunity

The launch of the Greek Golden Visa program marks a significant milestone for investors seeking to capitalize on Greece's promising real estate market and strategic location within Europe. Whether you're looking to establish a second home, expand your investment portfolio, or secure a foothold in the European market, the Greek Golden Visa offers a pathway to prosperity and opportunity.

Take the first step towards your Greek residency dream with Travels & Savings. Contact us today to learn more about our comprehensive range of residency and tax planning services tailored to your needs.

Unlock your potential with the Greek Golden Visa and embark on a journey of prosperity and success.

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