WHY SHOULD I INVEST IN GREECE AND WHY NOW?
- The lowest worldwide required capital investment.Nowadays in Greece, the prices of the properties are rock-bottom. Properties prices have dropped up to 50% from 2008.
- There are a lot of remarkable investment opportunities in dynamic and growth sectors of the economy.
- Growth and development to the Greek economy , is expected very soon.
CAN I USE THE RESIDENCE PERMIT IN ORDER TO TRAVEL TO OTHER EUROPEAN UNION COUNTRIES? ARE THERE ANY CONDITIONS RELATED TO THIS ?
- You may travel with your passport and the residency permit to all countries that belong to the Schengen Area; you may travel directly from your country.
- Yes. The residence permit is valid as far as the free movement of the person in the Schengen area is concerned. Any citizen who holds a long-term visa (such as the residency permits for real estate owners and/or investors) which has been issued by a member state and are valid for one year, are able to travel to other member states for up to 3 months within a 6 month period, under the same regulations which apply to the holder of a residence permit, while they are also granted a right for multiple entries.
WHICH COUNTRIES ARE PART OF THE SCHENGEN AGREEMENT ?
- It currently consists of 26 European countries, Austria, Belgium, France, Germany, Denmark, Estonia, Spain, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Hungary, Poland, Portugal, Slovakia, Slovenia, Sweden, Czech Republic and Finland. And Non-EU countries that belong to the Schengen Area: Iceland, Norway, Switzerland and Liechtenstein.
CAN I BRING MY FAMILY MEMBERS AND WHO IS CONSIDERED MY FAMILY MEMBER? WHAT ABOUT THE CHILDREN WHO TURN 21 DURING THE PERIOD WHEN THEIR PARENTS’ RESIDENCE PERMIT IS VALID ?
According to the law, family members of third country citizens that enjoy the same privilege are:
- Spouses who are over the age of 18,Unwed children under the age of 21, including children who have been adopted or unwed children with shared custody.Other unwed children under the age of 21, of the other spouse, including children who have been adopted, provided that the applicant is their legal guardian.
- Adult children are not included in the provision above. Children who become adults during the period when the residence permit is valid will be granted their own separate residence permit.
- Recently, significant amendments to the Citizenship Code were voted by the Greek Parliament and new remarkable changes were introduced, which improve further the framework provisions for third-country nationals, who intend to invest in Greece and obtain Residence Permit.
- Not only children but also parents of investors are eligible for Residence Permit.
CAN I SHARE THE INVESTMENT WITH ANOTHER PARTY?
- Only spouses can share the investment and jointly own the property of total value 250,000Euros.
- In all other cases of shared ownership, the right of residence is granted only if the amount invested by each co-owner is a minimum 250.000 Euros.
- Example : Two families can have two separate permits for all members if they purchase jointly a property of value equal or higher to 500,000 Euros.
CAN I BUY COMMERCIAL PROPERTY OR A COMBINATION OF COMMERCIAL AND RESIDENTIAL PROPERTIES OR LAND?
- The law states that €250.000 must be the stated price on the contract. The Law makes no distinction between commercial and residential properties or land.
IF TEN (10) THIRD COUNTRY CITIZENS JOINTLY BUY A PROPERTY FOR €2.500.000, ARE ALL THE JOINT OWNERS ENTITLED TO A RESIDENCE PERMIT?
- Yes, provided that the amount invested by each one is €250.000.
- YES. Due to the recently voted amendments of Citizenship Code the years fulfilled by the residence permit for real estate owners are taken into consideration for years required to obtain citizenship.
CAN I RENT MY PROPERTY?
- The property can be used either privately or/and can be rented.
Within this framework our company, has launched products that meet specific requirements whether you prefer to use it for your own needs only or to rent it in order to receive a guaranteed income. In both cases our company retains property management services especially during your absence.
ARE THERE ANY GROUNDS FOR REFUSING THE ISSUING OF A GREEK VISA OR ITS RENEWAL?
- A Golden Visa may be refused on the grounds of public order, public security or public health if the investor (including family members):
- Not being holder of a valid travel document from Greece.
- Not being holder of a valid national visa for one of the grounds of the Law.
- Submits false or falsified supporting documents
- Is considered a threat to public policy, internal security or the international relations or listed as unwelcome in the national databases.
- Is considered a threat to health (this may only be based on diseases that have been defined by the World Health Organization or other infectious or parasitic contagious diseases which are the object of protection measures in Greece).
WHAT ARE MY OBLIGATIONS AS A PROPERTY OWNER IN GREECE?
- You must declare your property by filing the E9 form before the local tax office. You do this only once. You file an Annual tax report and pay the corresponding taxes. The annual tax amount starts from 0.1% of the property tax value and rises proportionally.[The property tax legislation is currently under consideration by the government and a possible reform is on progress, but is expected to be in favor of property owners]
MY NEW PROPERTY WILL NEED SERVICES LIKE CLEANING, MAINTENANCE ETC. WHO WILL TAKE CARE OF ALL THESE?
- Our Company undertakes and handles operational and maintenance services and can also successfully retain respective management services.
WHAT ARE THE PROPERTY COSTS FOR PROPERTY ACQUISITIONS AND WHAT ARE THE COSTS INVOLVED IN OBTAINING A GREEK RESIDENCY PERMIT?
- Acquisition contract price ≥ 250,000€ per investor.
- Acquisition expenses (lawyer, notary and realtor fees, taxes and registration fees) are at 11% on top of the contract price.
- Greek Residency Permit expenses 000€ per beneficiary and 2.000€ per each family person, depending on the details of acquisition.
The above mentioned costs were calculated with the tax law in force in Greece at the moment.
WITH GREEK RESIDENCY PERMIT DOES THE OWNER NEED TO PAY TAXES IN GREECE ON HIS WORLDWIDE INCOME?
- No, if the residency permit holder does not stay in Greece for 183 consecutive days, the holder will not be required to pay taxes for income generated outside Greece.