The Greek Golden Visa Program grants residency to non-EU/EEA citizens who invest significantly in the country. This visa allows holders and their families to live in Greece and visa free travel within the Schengen Area. It’s renewable every five years and can lead to permanent residency and EU citizenship. One major advantage of the program is its flexibility, as you do not have to move to Greece to gain residency.
While there is no specific Greece Golden Visa tax break, moving your tax residency to Greece can help you take full advantage of the flat tax regime for high-net-worth individuals. There is also a separate 7% flat tax regime designed specifically for pensioners.
In this article, we’ll explore the Greek Golden Visa Tax exemption for foreign investors, looking at who qualifies, the benefits, and more. This is what to expect:
What is the Greece Golden Visa Tax Break?
There is no specific tax break that applies directly to Greek Golden Visa holders. However, investors who hold the Golden Visa can benefit from Greece’s Flat Tax regime, formally known as the Greece Non-Domiciled Tax Regime for High-Net-Worth Individuals (Article 5A of the Greek Income Tax Code), if they become tax residents in Greece.
Under this regime, qualifying individuals can pay a fixed annual tax of €100,000 on all foreign-sourced income, regardless of the amount earned abroad. Instead of being taxed progressively on worldwide income, they pay a single flat yearly fee.
The regime also allows family members to be included for an additional €20,000 per person. To qualify, applicants must transfer their tax residency to Greece and invest at least €500,000 in Greek assets or property. This regime offers an attractive incentive for wealthy investors who wish to enjoy residency in Greece while keeping their global tax obligations low
Greece Flat Tax Regime 7% for pensioners
Greece’s 7% Flat Tax Regime for Pensioners is designed for foreign retirees who also move their tax residency to Greece. Under this program, eligible pensioners pay a flat tax rate of 7% on all foreign-sourced income, including pensions, investments, and rentals, for up to 15 years.
To qualify, applicants must be tax residents of a country that has a double taxation treaty with Greece and must not have been Greek tax residents for the previous five years. This regime provides retirees with a simple and low-tax way to enjoy living in Greece while receiving their foreign income.
Who qualifies for the Greece Flat Tax Regime?
To be eligible for the Greece Flat Tax Regime, an applicant must meet all of the following requirements as overseen by the Greek Independent Authority for Public Revenue (AADE):
- Not a recent Greek tax resident: You must not have been a tax resident of Greece for 7 out of the last 8 years before applying.
- Minimum investment: You must invest at least €500,000 in Greece within 3 years of applying. This can be in real estate, shares, securities, or a Greek business.
- Transfer tax residency: You must officially move your tax residency to Greece, usually spending at least 183 days per year there.
- Application deadline: Apply by March 31 of the year you want the regime to start. The required documents need to be submitted to the Tax Office of Foreign Tax Residents of Athens. In case you need to provide additional documentation, you’ll be asked to do so within 60 days.
- Duration: The flat tax regime can last for up to 15 years.
- Family members: Close family members can be included by paying an extra €20,000 per person each year.
Benefits of a Greece Golden Visa
- Residency: The Greece Golden Visa grants residency to the investor and their immediate family, including spouse and children, allowing them to live, work, and study in Greece.
- Minimum investment: Investors must invest at least €250,000 in real estate, though higher tiers or combinations of investments are allowed depending on the investor’s strategy.
- Tiered investment options: Investments can include luxury residential or commercial real estate. Other investment options, like shares in Greek companies, bonds, or participation in approved Greek businesses, give flexibility in structuring the investment.
- Tax benefits: While the Golden Visa itself does not grant a tax break, holders can qualify for Greece’s flat tax regime for high-net-worth individuals by transferring their tax residency. This allows them to pay a fixed annual tax on all foreign income instead of being taxed progressively on worldwide earnings.
- Family inclusion: The program allows family members to be included in the residency permit, making it easier for households to relocate together.
- Flexibility: Residency does not require full-time living in Greece, though tax benefits require transferring tax residency and meeting specific criteria.
- Highly popular Golden Visa program: The Greek Golden Visa program is popular because of its low investment requirements, flexibility, and more. It also ranks first in the Global Residency and Citizenship by Investment Report by the Global Intelligence Unit at Global Citizen Solutions.
How does double taxation work under Greece’s Non-Dom Regime?
Double taxation under Greece’s Non-Dom regime depends on the chosen tax scheme, on your tax residency and whether Greece has a double taxation treaty (DTT) with your home country. For high-net-worth individuals using the €100,000 flat tax scheme, the flat tax paid on foreign income is final, and any taxes you already paid abroad do not reduce this amount, so no foreign tax credit is available.
For pensioners paying the 7% flat tax on foreign pensions, a foreign tax credit may be allowed if the pension comes from a country that has a DTT with Greece. This helps prevent the same income from being taxed twice. How double taxation relief applies will depend on which scheme you are under and the specific treaty agreements.
How Can Global Citizen Solutions Help You?
Global Citizen Solutions is a boutique migration consultancy firm with years of experience delivering bespoke residence and citizenship by investment solutions for international families. With offices worldwide and an experienced, hands-on team, we have helped hundreds of clients worldwide acquire citizenship, residence visas, or homes while diversifying their portfolios with robust investments.
We guide you from start to finish, taking you beyond your citizenship or residency by investment application.
