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Foreign investors, retirees, and – in some cases – freelancers and employees can pay a single-digit rate of tax under Greece’s new regimes.
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The facts and figures speak for themselves: Greece offers the best deal in the world for residence by investment.
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The vast majority of golden visa investors in Greece choose real estate. For many, however, other investment options may be a better choice.
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Greece joins Portugal in banning Russians from its golden visa program. Further Western countries are expected to make similar announcements.
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Lawyer and PhD candidate Christina Georgaki credits the incumbent administration’s policy changes for driving increasing FDI into Greece.
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Like a balloon held under water and the released, the popularity of the Greek golden visa program is once more soaring as the world reopens.
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The Greek Golden Visa beat its closest EU rivals by a margin of 20% to officially regain the throne as Europe’s biggest golden visa in 2021.
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Digitally unprepared for COVID, Greece last year ceded the EU golden visa throne to Portugal. Now, the Greeks are back – with a vengeance.
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Approvals rise while processing times plummet. After a terrible 2020, the Greek Golden Visa is back in business. “The future looks bright,” says Panos Rozakis.
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The revision indicates that while 2020 was still a dismal year for the program, it was 133% better than previously signaled.
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Laboring under a pandemic, Greek bureaucrats might have been excused were it not for the starkly contrasting performance of Portuguese peers.
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While approvals for Portugal’s golden visa are already back on track for a statistically normal year, those of Greece have halted.
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Many bought qualifying homes in 2019 and were awaiting approvals. Now, they’re out EUR 250,000 and unable to enter Greece.
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The Ministry of Finance has tabled a law that would offer a flat tax of 7% for foreign retirees who transfer their tax residence to Greece.
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New procedural measures will make remote-application feasible and boost application volumes, but they did not take effect in time to save Q2.
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Alexander Risvas, perhaps thanks to his penchant for the works of self-help gurus like Tony Robbins and Napoleon Hill, is optimistic in spite of COVID.
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Greece and Portugal’s golden visa programs have missed out on 800 applications and investment equivalent to a small country’s GDP due to the pandemic.
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The government is heeding the advice of practitioners and speeding up golden visa processing. Their zeal, unfortunately, isn’t matched by local authorities.
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In practice, the changes enable investors to pay for the property from abroad, rather than by first opening a Greek bank account, without excess risk.
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“To accelerate the course of growth in the coming months, we will seek to lift the bureaucratic obstacles that currently exist in the property market.”
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