Greece Golden Visa Programme

Greece Golden Visa Programme

WHY GREECE

• Greece is a member of the European Union and the Schengen zone and has been using the Euro since 2002 making it an ideal platform for travel and business within the EU
• High levels of safety and security
• Excellent Education Opportunities
• Robust healthcare options
• Low Cost of Living
• Low crime rates
• Allows for great investment opportunities with rising property prices, high capital gains and growing rentals

BENEFITS

• Considered as one of the most cost-effective residence by investment programs that provide access to Europe.
• Visa free access within the Schengen area
• Greek residence in 2 months
• Applies to family members
• Holders of residence permit have access to public education analogously to that of Greek nationals
• Permanent, issued for 5 years and renewable
• Straightforward residency route with no minimum stay requirement
• May lead to citizenship after 7 years of residence subject to fulfilment of conditions at law
• Opportunity to rent out the investment property

TAX TREATMENT

Corporate

• Corporate tax rate- 28%
• Capital gains- taxed as ordinary business profits at the corporate income tax rate
• 1% capital duty is payable on share capital increases. The issuance of share capital upon formation is exempt from capital duty.
• Real property tax- levied annually on property in Greece. The main tax varies according to various factors such as size and location. The additional tax is calculated at a rate of 0.55% on the total tax value of all of the company’s property. Property occupied by the company is subject to 0.1% additional tax.
• Stamp duty of 1.2%, 2.4% or 3.6% applies, depending on the transaction
• Transfer tax- Real estate transfer tax is imposed on the value of transferred property at a flat rate of 3.09%. This is not levied when VAT is due on the purchase of new buildings.

Individual

• A resident individual is taxed on worldwide income while a non-resident is taxed on Greek source income. An individual is typically considered resident in Greece if present in Greece for more than 183 days within any 12 month period.
• Capital gains tax in relation to sale of securities (listed or unlisted) and derivates is that of 15%.
• Capital gains on sale of real estate has been suspended.
• Income tax- business and employment income progressive rates ranging from 22% (not exceeding
• €20,000) to 45% (exceeding €40,000). Dividends are taxed at a rate of 10%, interest at a rate of 15% and royalties at a rate of 20%.
• Rental income is taxed at progressive rate from 15% (not exceeding €12,000) to 45% (exceeding €35,000)
• Real property tax paid by property owners in Greece (i) main tax depends on characteristics of the property such as size and location. Additional tax is paid on the total value of the property if this exceeds €250,000 and ranges from 0.15%- 1.15% depending on the value of the property
• Stamp duty- 3.6% levied on certain transactions

VAT

• VAT rate- 24% imposed on the sale of goods, the provision o services and supply of new buildings.
• Reduced rates may apply.

ELIGIBILITY

• Third Country National
• Fit and proper person
• Clean criminal record
• Valid entry visa (C or D type visa)
• Health Insurance for the applicant and family members
• Investment in one of the following qualifying options:

A. Real Estate Options

1. An investment in real estate with a minimum value of €250,000

2. Lease of hotel accommodation or a furnished tourist residence in tourist accommodation complexes pursuant to A8(2) of Law 4002/2011, for a minimum term of 10 years and with a minimum value of €250,000.

3. A timesharing agreement pursuant to Law 1652/1986 6 , for a minimum term of 10 years and with a minimum value of €250,000

B. Investment Activity Option

1. Investment which will have a positive impact on the national growth and the economy of Greece

2. Investments that have been characterized as ‘Strategic’ pursuant to a decision of the Interministerial committee of Strategic Investments.

C. Investment in Intangible Assets

(i) Capital Contribution options

1. Capital contribution of €400,000 in a company registered in Greece (Portfolio Investment Companies and Real Estate Investment Companies “REIC” are excluded) for acquisition of shares (for capital increase) or bonds (in case of issuance of bond loan) admitted to trading on regulated markets or multilateral trading facilities operating in Greece.

2. Capital contribution of €400,000 for acquisition of shares (for capital increase) in REIC (of A21 of law 2778/1000) that will exclusively invest in Greece.

3. Capital contribution of €400,000 for acquisition of shares in a venture capital investment company (of a5 of Law 2367/1995) or acquisition of units in a venture capital mutual fund (of a7 of Law 2992/2002) provided that the purpose of alternative investments organization is to invest exclusively in business registered/established in Greece.

(ii) Shares, bonds and/or government bonds options

1. Purchase of Greek Government bonds with a minimum value of €400,000 and residual maturity of at least 3 years from the date of purchase. This must be made through credit institution registered in Greece which also acts as a trustee of said bonds.

2. Purchase of shares, corporate bonds and/or Greek Government bonds with a minimum value of €800,000, admitted to trading on regulated markets or multilateral trading facilities operating Greece.

3. Purchasing of units with a minimum value of at least €400,000 in a mutual fund established in Greece or abroad with exclusive purpose to invest in shares, corporate bonds and Greek Government bonds admitted to trading on regulated markets or multilateral trading facilities operating in Greece

4. Purchase of units or shares with a minimum value of €400,000 in an alternative investment fund (“AIF”), established in Greece or any other EU member state with purpose to exclusively invest in real estate in Greece

(iii) Capital Transfer Option

1. A term deposit of a minimum of €400,000 with a Greek credit institution for a minimum of 1 year with a permanent renewal order.

PROCEDURES AND TIMEFRAMES

1. Obtainment of visa (type C or D) from diplomatic mission of Greece in respective country

2. Applicant visits Greece to select and make the relative Investment

3. Compilation of relative documentation. At this stage a fee of €2,000 is paid through the e-paravolo platform. For family members this fee amounts to €150 while minors are exempt from such fee. A fee of €16 per applicant is paid as a printing fee.

4. Submission of residence applicationand Biometric data capturing. Applicant must visit Greece for the latter

5. Application processing takes approximately 2 months.

6. Issuance of residence permit

FEES

• Professional fees
• Health Insurance fees for hospitalization and medical care in Greece
• Visa fee
• Fee of €2000 for main application; €150 for family members
• €16 printing fee per applicant
• Investment and applicable tax
• Other fees may apply