Alexandra Botsiou
Alexandra Botsiou

Know your criteria before applying to the island nation

By Alexandra Botsiou

Published: Thu 28 Oct 2021, 12:28 PM

The Greek Golden Visa Programme is the most competitive and affordable programme in Europe, with the lowest investment threshold of €250,000 for real estate investment or €400,000 for fixed term deposit or purchase of Government Bonds.

Key advantages include:

- Lowest entry cost amongst the other alternative EU Programmes.

- Initial procedure to be done remotely by Power of Attorney.

- Only one visit is required for the biometrics of the residence permit.

- Permanent residency is granted in just two months for three generations (main applicant and spouse, children up to 21 years and parents of main applicant and spouse).

- The most recent enhancement means minors can be main applicants.

- For the Real Estate Option, the main applicant may purchase several properties in order to make up the investment amount of €250,000, in any part of Greece.

- Property(ies) can be rented out.

- Fixed term deposit of €400,000 is easier and provides an easy way out and a capital guarantee.

- No minimum residency/visit requirement for renewal.

- Visa free travel to 27 EU countries.

- Eligibility for Greek Citizenship Application after seven years of residence.

- Main applicant can be the CEO of his company.

It is wise to directly employ a local lawyer for the due diligence of property purchase/s and the opening of accounts, avoiding the all-inclusive offers of various promoters or agents. Currently the real estate market is at the correct price entry level.

Financially Independent Persons (FIP) Visa: Those who can show a minimum monthly income of €2,000 are eligible for a two-year Residence Permit — the amount increases if family members are to be included in the application. There is a 180 days minimum stay requirement per calendar year. This programme is suitable for families who want their children to attend Greek or international schools.

The NON DOM Tax Regime provides the exhaustion of tax liability for any foreign-sourced income by paying an annual flat tax of €100,000, regardless of the amount of income earned abroad and with no obligation to declare any foreign income in Greece and an exemption from any inheritance or donation tax for any property abroad.

Family Offices: The Greek parliament approved a new law that sets the legal framework to secure transparency and provides incentives for Family Offices to be set up in Greece:

Greece’s government recently introduced a special visa for digital nomads, which would permit internationals engaged in remote jobs to work from Greece.

All the above procedures can be carried out remotely and only one visit to Greece is necessary for the biometrics.

Vardikos & Vardikos is a fully-fledged Athens headquartered law firm, with offices in the Caribbean Islands of Dominica and St Lucia, providing inter alia ship/yacht registration services and is a Government-approved service provider for the respective Citizenship by Investment programmes of both islands.

— Alexandra Botsiou is Attorney at law – Vardikos & Vardikos

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