Greece Golden Visa Tax Gives Significant Tax Breaks to Foreigners

The Greece Golden Visa Program – also known as the Greece Investment Visa – is a perfect option for those who seek to obtain EU residency and access the world at large, as the program provides incredible advantages, from access to a thriving real estate market and high returns on investment to visa-free travel within the Schengen Area and incredible tax benefits.

Whether you’re a non-EU/EEA expat seeking to obtain Greek residency and live in a country with excellent healthcare and education benefits, a savvy foreign investor aiming to expand and diversify your investment portfolio, or a retiree looking for a beautiful holiday home to spend your golden years in bliss and tranquility, the Greek Golden Visa scheme caters to all demographics. It enables you to relish a relaxing and profitable lifestyle full of delicious cuisine, fantastic weather, high returns on investment, and a surplus of family benefits.

The country has now launched a new Greece Golden Visa Tax policy that gives significant tax breaks to wealthy foreigners who invest in and live in the country for at least half a year.

What is the New Tax Break?

Commonly referred to as the “non-domicile” scheme, the Greek Golden Visa Tax policy is available to those who maintain their domicile elsewhere but are still Greek residents.

It imposes a flat tax of €100,000 on shipowners, businesses, and retired foreign investors for a period of 15 years. Since investors in the nom-dom scheme designate another nation as their domicile, they will not be subject to tax on offshore income and gains as long as their revenue is not brought into Greece.

Investors who want to take advantage of this the Greece Golden Visa tax benefits must invest a current minimum of €250,000 in property, or €400,000 in stocks, or bonds. This investment may be completed over the first three years after obtaining residence status.

The minimum investment of €250,000 in real estate increased to €500,000 in July 2023. This change only applied to property investments in Athens, Thessaloniki, and Santorini. Read about the latest 2024 changes here.

Is the New Tax Policy Associated with Greece's Golden Visa Secure Enough?

Unlike the Greek Golden Visa Program that reels in foreign investors by providing them with a five-year residency permit in Greece in exchange for placing and maintaining a substantial investment in the Greek economy, this new policy for Greek property taxes is solely aimed at attracting new tax residents and investments in Greece.

Greek officials were initially cautious in their forecasts, claiming that the first few years may be quiet. However, the measures have begun to pay off, according to figures given by the Ministry of Finance.

These lenient tax breaks have attracted 75 investors, 214 retirees, and 1,000 workers in Greece in 2021.

The approach was neither opposed by the International Monetary Fund (IMF) nor the country’s principal creditors, the Troika of the European Union – European Central Bank – European Stability Mechanism (EU-ECB-ESM).

Based on those results, the non-dom tax policy appears to have a sound economic foundation. Moreover, the licenses from key economic agencies demonstrate the scheme’s conformity with international tax avoidance regulations.

Greece vs Portugal Golden Visa : Which one to choose?

Greece and Portugal’s Golden Visa programs are ideal for EU residency seekers. However, the Portugal and Greece visas have different advantages.

Portugal and Greece offer Golden Visa programs with similarities in application time, passport ranking, investment requirements, and family eligibility. However, Greece imposes more economic restrictions on its foreign investors and residents than Portugal. 

Portugal’s Golden Visa program allows holders to work without restrictions, while Greece only permits residency without employment rights unless the visa holders start their businesses. 

The two Golden Visas offer attractive investment routes, with Portugal offering slightly more diverse options. Portugal Golden Visa holders can also enjoy a faster path to citizenship, requiring five years of residency compared to Greece’s seven years. 

Portugal’s Golden Visa program is recommended for those aiming for EU citizenship, while Greece’s offers faster processing time for permanent residency. Portugal stands out for its quality of life and stability, making it the top choice for Golden Visa programs in Europe.

Investment options

In the comparison between Greece and Portugal Golden Visa programs, it depends on what you are looking for. If your objective is to obtain an EU passport as quickly as possible, then the Portuguese Golden Visa may be the one. It also offers a more diverse range of investment routes and offers great tax benefits to foreign residents. However, the Greek program’s benefits are that there’s no minimum stay requirement and cheaper investment options.

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. 

Frequently Asked Questions

Is Greece a tax haven?

To make Greece more attractive for foreign investors to place direct investments in the nation’s economy, the country is making attempts to offer lucrative incentives for taxes in Greece.

The first provision in force is particularly incorporated in article 5a L.4172/2013. You can search the official Greek tax authority website to find more information.

Is there a wealth tax in Greece?

Individuals will be taxed at a fixed rate of 15% on capital gains from sold property in Greece. Companies get their capital gain added to normal income and taxed at the same rate as regular income.

Do Golden Visa investors pay taxes in Greece?

If you get a Greek Golden Visa, you do not have to move your tax residency to Greece because there is no minimum-stay requirement for the program.

In that case, you do not have to pay Greek taxes, unless you physically live in the country for more than 183 days a year.

What is the 7% tax in Greece?

To maintain your Greek tax residence status, it’s required that you spend over 183 days per year in Greece.

Failing to meet this requirement may result in being classified as a tax resident of another country. Additionally, there’s a flat annual tax rate of 7% applied to any income earned outside of Greece from any source.

Do foreigners pay tax in Greece?

Generally, individuals earning income in Greece are subject to income tax, regardless of their citizenship or permanent residency status, with any relevant tax treaty provisions taken into account. Permanent residents are taxed on their income worldwide within Greece.

 

How do I avoid double taxation in Greece?

To avoid double taxation in Greece, you can utilize tax treaties that Greece has established with other countries.

These treaties typically provide mechanisms for avoiding or minimizing double taxation by allowing for tax credits, exemptions, or deductions on income that is taxed in both Greece and another country.

Additionally, you can seek advice from tax professionals who can help you navigate the specifics of your situation and ensure compliance with applicable tax laws and treaties.

What are the minimum investment requirements for the Golden Visas in Greece and Portugal?

To obtain a Portugal Golden Visa, a capital transfer into Portuguese investment funds or venture capital funds to the amount of or more significant than €500,000 is needed to procure legal residency in Portugal.

There are several avenues available to acquire a Greek Golden Visa.

• Investment in Greek real estate for a minimum of €250,000*
• A €400,000 capital contribution to Greek government bonds

* The minimum investment of €250,000 in real estate increased to €500,000 on 31 July 2023. This change only applies to real estate investments in northern and central provinces, the South Athens Attica region, and the municipalities of Thessaloniki, Mykonos, and Santorini.

How do I immigrate to Greece?

Greece has several visa programs that enable non-EU citizens to obtain residency status in the country.

Some of them require a substantial investment to be placed in the Greek economy in exchange for permanent residency status, while others require a smaller investment in exchange for a shorter residency period.

The Greek Visa for Financially Independent People (FIP) allows third-country citizens to acquire a two-year residency permit in Greece provided they have at least €2,000 monthly income.

They must first apply for a long-term Visa (D) at the Greek Consulate or Embassy in their home country and prove that they can cover their living expenses in Greece without engaging in any economic activity – or work – within Greece.