Greece: A Thriving Real Estate Market with Large Margins of Profit
Real Estate | March 2023
Greece: A Thriving Real Estate Market with Large Margins of Profit

According to Henley & Partners’ ranking of the world’s most important residence by investment programs for 2023 which was published on the 28th of February, Greece ranks 3rd. This ranking is based on several factors such as reputation, quality of life, tax, visa-free access, etc., and includes the following countries:

  • 1st Portugal
  • 2nd Austria
  • 3rd Greece
  • 3rd Italy
  • 3rd Switzerland

Greece, a country with a rich history and stunning landscapes, has been making strides in the investment sector in recent years. Despite facing economic challenges in the past, Greece has been able to turn things around and create a favorable environment for investors.

The residence by investment program in Greece, also known as the Golden Visa program, has been in operation since 2013. It offers non-EU citizens and their families the opportunity to obtain residency in Greece by investing in the country’s real estate market. This program has become increasingly popular in recent years, with many investors looking to take advantage of the benefits that come with residency in Greece.

Residence by investment in Greece offers several benefits for foreign nationals, including:

1. Visa-free travel: A residence permit obtained through investment in Greece allows the holder to travel visa-free within the Schengen Area. It shall also be highlighted that Greece ranks 8th, according to Henley & Partner's Passport Global Ranking for 2023.

2. Extended stay: The residence permit allows the holder to stay in Greece for up to five years, with the possibility of renewal. According to the Immigration Legislation, for the renewal of GV Residence, Permits the relevant applications shall be submitted within a period of two (2) months before the expiry of the previous residence permit. In case of late submission, it is still possible to submit the application for renewal up to one (1) month after the expiration of the GV Residence Permit with the obligation, however, to pay a fine of EUR 50.

3. Family members included: The spouse and children under 21 years old of the main applicant is also eligible to obtain a residence permit.

4. No minimum stay requirement: Unlike other residency programs, there is no minimum stay requirement for the holder of the residence permit.

5. Low tax rates: Greece has one of the lowest tax rates in Europe, making it an attractive location for investors. This includes a flat tax rate of 15% on income earned outside of Greece for the first seven years of residency.

In alignment with the above, one of the key factors that have contributed to Greece's success in the investment sector is its government's commitment to implementing structural reforms. These reforms have been aimed at improving the country's business environment, reducing bureaucracy, and promoting entrepreneurship. As a result, Greece has seen an increase in foreign investment, which has led to the creation of new jobs and the growth of its economy.

Georgaki & Partners Law Firm can take you by hand and guide safely you through the acquisition of the Golden Visa Residence Permit from A-Z. In view of the upcoming MIPIM annual exhibition, the world’s leading real estate market event, on the 14-17 March in Cannes, we welcome you all to take the chance and meet up with our Law Firm!

“Better places. Greater Impact. Stronger Business”

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