“Extra” tax motives for Golden Visa acquisition in Greece
Golden Visa - Invest Migration | September 2021
“Extra” tax motives for Golden Visa acquisition in Greece

A new tax motive regarding parental grants, which is predicted to trigger a boost in Real Estate transfers, is to be in force from 1st October 2021. The new measure is applicable to foreign citizens who are currently property owners and wish to transfer their assets, as well as third country citizens who wish to acquire a Golden Visa. According to the current legislation, both the child and the parent are eligible to apply for residence permit – Golden Visa pursuant to a parental grant valued at 250.000 euro. 

The Greek property market is currently on an impressively inclining course, with notarial offices being 30% busier when it comes to Real Estate deeds, especially in Thessaloniki. As a result of the recent tax regulations, the popular Greek Golden Visa scheme is expected to attract even more applicants, since the residence permit acquisition through donation or parental grant will now be free from tax burdens and will include the whole family circle.

According to the latest fiscal legislation, the tax on parental grants and donations up to 800.000 is now zero, while this limit was previously set at just 150.000 euro. The impressive beneficial outcome becomes evident taking into consideration the assessed tax prior to this amendment, which would have been estimated at 36.000 euro; now, this tax is zero. 

The above tax exemption applies on Real Estate and other assets (vehicles, shares, investment-saving products) as well as money amounts. The exemption includes transactions from parent to child and vice versa, deeds between spouses, as well as transactions from grandparents to grandchildren. The parental grant or donation value reaches 800.000 euro per parent, which entails that both parents may donate the total amount of 1,6 million euro per child.

The Greek Real Estate market, in combination to the favorable tax policies, which are applied to Golden Visa holders as well as eligible applicants, is now establishing its powerful global presence, with Greek properties comprising an attractant for foreign investments.

 

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