Greece Golden Visa Program www.fastmigration.com
About the program Program overview - Greek residency by investment programme was launched in 2013 and is based on real estate acquisition. Golden visa program grants permanent residency (extendable each 5 years) with a single 3 4 days visit. Extremely short application processing period (40 days on average) makes Greek golden visa program one of the fastest and advantageous in EU. Investors can choose acquisition or leasing of real estate. Required investment level starts at 250 000 EUR, regardless selected method. However, those selected leasing must enter a minimum 10 year contract with advance payment of full investment. GREECE Investment Type Timescale Location Capital Currency Population GDP per Capita GDP World Rank 250,000 Residence 2-3 Months EU & Schengen Athens Euro 11M $29,635 44/193 All property types - commercial and residential acquired on mainland or belonging islands qualifies for immigration. Multiple objects may be combined accumulating minimum investment sum. To secure resident status, purchased properties must be maintained until citizenship is obtained. Fractional ownership is allowed, yet investment of 250 000 EUR per person must remain. Real estate owners are also allowed renting properties to receive income, mortgage it after receiving permanent residence permit and once citizenship is obtained - refund on sale. KEY PROGRAM BENEFITS Refundable investment Free movement within Schengen area Short residency application process No physical residence requirement Resident status allows free movement within Schengen area. After maintaining it for at least 7 years investors and their families are permitted applying for citizenship. Greek passport grants visa-free or visa on arrival access to more than 170 countries. Requirements - Golden visa program requires main applicant to be at least 18 years old. Having a clean criminal record, good health and medical insurance to cover any stay is a must. However physical presence for any residency period is not compulsory. GROUNDS FOR REFUSAL False information provided Criminal record Potential security threat to the country
Family - Every investor is entitled to include their spouse, underaged children and adult children up to 21 if studying and dependent. Since 2014 program was extended and allows including parents regardless their age of both investor and spouse. Living, Working, Studying and Traveling - After resident status is obtained investors and their families are free to live and study in Greece. Setting up business is allowed, yet labour market is not accessible for neither main investor nor family members. Resident status grants visa-free movement within Schengen area for up to 3 months in half a year. If citizenship is successfully received applicants can live, work and study in EU and Schengen countries. Moreover visa-free or visa on arrival destinations expands to more than 170 countries including USA, Commonwealth countries, Hong Kong and etc. Financials and investment Real estate - Minimum investment level of 250 000 EUR is required to purchase real estate or enter 10-year accomodation lease contract. Besides the principal investment government applies 500 residency application fee per person. Investors, buying real estate should as well on average fund 15 000 EUR to cover investment and governmental fees. Programs Investment costs Requirements (EUR) Real estate purchase or lease* Government, notary, property registration fees VAT on real estate purchase Residency application fee (per person) Investment (EUR) 250 000 15 000 23% 500 *Property must be maintained until citizenship is obtained. Lease contract period is 10-years. Taxes Despite the value added tax on purchased real estate, Greek government applies income (derived within country) taxes on non-residents starting from 22%. Investors willing to rent their properties pay taxes on property income in range of 11-33%, deducted incurred expenses from gross income. Capital gains tax (in case of real estate sale) has 15% rate.
Timescale and Payment Outline Step 1 Pre-due diligence Step 2 Documents preparation Step 3 Residency application Step 4 Application processing Step 5 Card issuance 3-5 days 1 month 1-2 days 2-3 months 1-2 weeks To assure eligibility and avoid possible expenses pre-due diligence is conducted. Collect and sign all necessary documents. Visiting Greece is recommended. Submit residency application in person or through legal representative. Application processing takes approximately 40 days. Issued cards might be collected personally or through a legal representative.
Step 1 (3 5 days) Pre-due diligence allows avoiding possible issues and assure eligibility. It also allows ineligible applicants saving unnecessary costs, time and effort. Step 1 requires: Contract form (fill and sign) Passport copies (including dependants) Residential address Full information about dependants Full details on profession or business Origin of finances Banking details (name, address, SWIFT/BIC code, IBAN No, account number) In cases of questionable pre-due diligence outcomes, enhanced background checks may be required, including possible cooperation with the relevant authorities. Step 2 (1 month) Collection and preparation of documentation usually takes approximately 1 month to prepare all documents which must be translated to English or Greece and certified if applicable. At this step is also recommended to visit Greece and meet our lawyers, open bank account, view properties and authorize legal representative with local notarization to apply for residency permit on behalf of applicant.
Step 2 requires: 2 copies of application document Proof of residency application payment Property lease or purchase contract and payment transfer proof 2 recent colour photos Certified copy of passport Health insurance to cover any period of residence in Greece (all applicants) Step 3 (1-2 days) After committing investment and collection of required documents application is submitted in the Alien and Immigration department in person or by legal representative. Application in person allows providing biometric data in advance so it will entitle us collecting residency cards once approval is issued (see step 5). Step 4 (2-3 months) Once documents are submitted, application processing takes up to 2 months. On average decission to approve, deny or request additional documents takes 40 days. Step 5 (3 months) Approval from immigration office. In case biometric data is provided during application process, ready-made cards might be collected by authorised legal representative and sent by courier. Collection in person is available as well.
Naugarduko g. 19, Vilnius, Lithuania Phone: +370 (5) 2031391 Mob. +370 682 22504 info@fastmigration.com www.fastmigration.com