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Residency by Investment

Overview of Real Estate in Greece

Greece offers a diverse and vibrant real estate market that attracts investors from around the world. With its rich history, beautiful landscapes, and strategic location, Greece has become a prime destination for real estate investment. Whether you are looking for a holiday home, a rental property, or a long-term investment, Greece provides numerous opportunities.

Why make a real estate investment in Greece?

Investing in real estate in Greece comes with several compelling advantages:

Golden Visa Program: Investors who purchase property worth at least €250,000 can qualify for the Greece Golden Visa, granting them and their family members residency in Greece and visa-free access to the Schengen Area.
Tourism Growth: Greece is one of the world’s top tourist destinations, ensuring a high demand for rental properties, especially in popular areas like Athens, Santorini, and Mykonos.
Economic Stability: After years of economic challenges, Greece is showing signs of recovery and growth, making it an opportune time to invest.
Cultural and Historical Appeal: Owning property in Greece means being part of a country with a rich cultural heritage and historical significance.
Affordable Prices: Compared to other European countries, real estate in Greece can be more affordable, offering excellent value for money.

The Citizenship by Investment program of Antigua & Barbuda necessitates investors to make a contribution to the National Development Fund or engage in real estate projects or government-approved businesses. In exchange for their investment, they are granted citizenship and a passport.

$200,000

Real Estate Investment

Applicants for the Antigua & Barbuda citizenship by investment program have the option of making a joint investment in real estate through the purchase of shares in a company holding the asset. Two applications from related parties in the amount of a minimum of US$200,000 will be considered as qualifying investment.

Real Estate Market Information in Greece

The Greek real estate market is diverse and dynamic, with a variety of properties ranging from luxurious villas and seaside apartments to traditional houses and urban residences. Urban areas like Athens and Thessaloniki are known for their higher rental yields and robust market activity, while rural and island properties attract investors for their scenic beauty and tranquility.

Property prices have been gradually increasing, especially in popular tourist areas, yet they remain competitive compared to other European markets. High rental demand in tourist hotspots ensures attractive rental yields, making Greece a favorable destination for real estate investment.

Real Estate Investment Criteria in Greece

When considering a real estate investment in Greece, it’s essential to keep the following criteria in mind:

Legal Requirements: Ensure all legal documents are in order and consult with a local lawyer to navigate Greek property laws.
Location: Choose a location based on your investment goals, whether for rental income, capital appreciation, or personal use.
Property Condition: Assess the condition of the property and factor in potential renovation costs.
Market Research: Conduct thorough market research to understand current trends, price fluctuations, and demand in your chosen area.
Financing Options: Explore available financing options and be aware of any additional costs such as taxes, maintenance fees, and insurance.

Key Facts

Capital

Athens

Languages

Greek

Currency

Euro (EUR)

Population

10.36 million (2024)

Real Estate Investment Options in Greece

Residential Properties: Urban apartments and suburban houses in cities like Athens and Thessaloniki offer high rental yields and strong demand.
Luxury Villas and Coastal Properties: Premium villas and coastal properties in Mykonos, Santorini, and Crete provide lucrative rental income and significant appreciation potential.
Commercial Real Estate: Office spaces, retail stores, and hotels in urban centers and tourist areas yield high returns.
Tourist Accommodation: Hotels, guesthouses, and holiday rentals in tourist-heavy regions are highly profitable.
Agricultural Land: Investing in agricultural land offers opportunities in farming and eco-tourism in Greece’s diverse landscapes.
Mixed-Use Developments: Properties combining residential, commercial, and retail spaces offer diverse revenue streams and enhanced property value.

Minimum Investment Requirement

The minimum real estate investment required to qualify for Greece’s Golden Visa is EUR 250,000.

Holding Period of Real Estate

In Greece, the holding period for real estate investments to qualify for and maintain a residence permit is critical. Investors must maintain ownership of the property for at least five years to keep their residence permit active. Renewing the residence permit requires continuous ownership of the qualifying property throughout this period.

“ Choosing Greece for residency at Migrate World was a brilliant move. The Golden Visa program not only provided a strategic entry point to Europe but also allowed us to immerse ourselves in the rich Greek heritage. The warmth of the people, delicious cuisine, and the allure of the Aegean Sea make Greece an enchanting place to live. ”
– Maria

“ Greece's Golden Visa program is a dream come true. The investment options, especially in real estate, offer a gateway to the captivating Mediterranean lifestyle. Acquiring residency was a smooth process, and the historic sites, beautiful islands, and vibrant culture make Greece a perfect choice for a second home. Migrate World made it a smooth process. Thanks to the team! ”
– Hadi

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I have a minimum of $ 200,000 USD ready to invest.

Step-by-Step Guide to Buying Real Estate in Greece

Select a property

Begin by choosing one or more properties that meet the investment criteria. Migrate World experts assist investors throughout the process, including property selection. If visiting Greece is not feasible, we can arrange online property viewings for you.

Reserve the Property

Once you’ve selected a property, secure it by depositing funds—typically 10% of the property’s cost—into a designated bank account. A state lawyer will oversee this process to ensure its legality. You have seven days to withdraw the deposit if you decide not to proceed: beyond this period, the deposit transfers to the seller.

Obtain a Tax Number

To finalize the reservation, you need a tax ID number, which can be obtained through the General Commercial Register’s electronic system.

Pay the Real Estate Transfer Tax

A legal review of the property will be conducted. Upon receiving positive results, you will pay the real estate transfer tax.

Sign the Purchase and Sale Contract

At this stage, you can begin using the property, though ownership is not yet finalized. You must pay the remaining amount of the property cost. The sale contract will be prepared in both your native language and Greek. You’ll receive the keys once the payment is confirmed in a special bank account. This step involves a notary and a lawyer, and additional costs such as legal fees, notary services, registration, and transfer tax—totaling about 10-12% of the property’s price—should be anticipated.

Register the Property

After notarization, register the property in the Land Register to complete the transfer. With registration complete, you can submit your application for a residence permit.

Prepare the Golden Visa Application

Submit the required documents for the Greek Golden Visa, including:

Four recent colored photos
Two copies of the application
A certified copy of a valid passport
Medical insurance

If applying with family, provide a recent certificate of family status. Migrate World lawyers will provide a complete list of required documents based on current legislation and your specific case. Document preparation typically takes around two months.

Provide Biometrics

For the residence permit, you and your family members (including children over six) must provide biometric data.

Await Documentation Check

Once all documents and biometric data are submitted, you’ll receive confirmation that your application is under review. This confirmation allows you to legally reside in Greece for one year.

Receive Your Residence Permit

After the Secretary-General of the Decentralized Administration reviews and approves your application, you will receive your residence permit.

Types of Ownership

Greece allows for both sole and shared ownership of real estate to qualify for the Golden Visa program. In the case of shared ownership, the minimum investment of EUR 250,000 must be met by each individual investor. Additionally, shared ownership is permitted among family members, provided the total investment meets the required threshold. This flexibility enables investors to pool resources while still benefiting from the residency advantages.

Legal and Regulatory Considerations

Investing in real estate in Greece involves several legal and regulatory steps. Ensure the property’s title is clear of any disputes by consulting a legal professional. The purchase agreement must be notarized by a Greek notary and registered with the Land Registry. Be mindful of taxes such as the transfer tax (3.09% of the Objective Value) and other fees. Foreign buyers should also be aware of specific regulations and restrictions that may apply based on property type and location.

Program Summary

Learn more about the country and it's citizenship by investment.

Similar Citizenship by Investment Programs

Caribbean Citizenship Programs
Antigua and Barbuda Citizenship By Investment
Dominica Citizenship By Investment
Grenada Citizenship By Investment
Saint Kitts and Nevis Citizenship By Investment
Saint Lucia Citizenship By Investment

European Citizenship Programs
Malta Citizenship By Investment

Rest of the World
Egypt Citizenship By Investment
Vanuatu Citizenship By Investment
Turkey Citizenship By Investment
Nauru Citizenship By Investment

Benefits of Residency by Real Estate Investment

Travel visa-free to many Schengen countries.
Earn extra income through property rentals.
No minimum stay requirement allows for flexible living.
Enjoy Greece’s pleasant Mediterranean climate.
Benefit from an affordable cost of living compared to other European destinations.
Take advantage of Greece’s favorable tax regime for property owners.

Risks and Considerations

When investing in real estate in Greece for residency, consider potential risks such as market fluctuations, property maintenance costs, and regulatory changes. It is crucial to conduct thorough due diligence and stay informed about legal and tax implications to avoid unexpected issues.

Property Purchase Taxes

Transfer Tax

When purchasing property in Greece, a transfer tax of 3.09% is applied to the property’s “Objective Value,” which is based on factors like size, location, and specifications. If the Objective Value is higher than the purchase price, the tax is based on the Objective Value. For large investments, share deals can avoid this tax. Recently, VAT for new properties (those with planning permission after January 2006) has been exempted for three years starting from 2019.

Rental Tax

Rental income is taxed at progressive rates for individuals:

15% on income up to €12,000
35% on income between €12,000 and €35,000
45% on income over €35,000

Additionally, a solidarity contribution of up to 10% may apply. Corporations are taxed at 29%, plus a 15% dividend withholding tax. EU-based companies may benefit from exemptions on dividend withholding tax.

Capital Gains Tax

Selling property held for less than five years incurs a 15% capital gains tax on the profit. Properties held for over five years are exempt from this tax. Foreign residents may be subject to capital gains tax in their home countries.

Annual Property Taxes (ENFIA)

ENFIA is an annual tax on property ownership.

It includes a primary tax based on factors like location and size
And a secondary tax on property values over €200,000

For legal entities, the rate is 0.55% of the total property value.

Municipal Property Tax (TAP)

TAP is charged at 0.025% to 0.035% of the property’s Objective Value and is usually included in electricity bills. If billed to a tenant, the amount is deducted from the rent. Additional municipal taxes may apply based on local regulations.

Special Tax on Property (SRET)

Companies owning real estate in Greece face a 15% tax on the Objective Value unless exempt. Exemptions include companies listed on exchanges, those involved in specific activities, and entities with charitable or educational purposes.

Financial and Payment Options

When purchasing real estate in Greece, payments are usually made via bank transfers or certified checks. Buyers typically need to provide a 10% deposit to secure the property, with the remaining amount due upon completion of the sale. Financing options are available through Greek banks or international lenders, though transactions are generally conducted in euros. It is crucial to be aware of all financial aspects, including currency conversion if applicable.

Exit Strategy

When planning to exit your real estate investment in Greece, consider options such as selling the property on the open market or transferring it to another investor. Evaluate market conditions, potential capital gains taxes, and the impact on your residency status before making a decision.

Comparing Citizenship by Investment Countries

Similar Residence by Investment Programs

European Residency Programs
Bulgaria Residency By Investment
Cyprus Residency By Investment
Greece Residency By Investment
Germany Residency By Investment
Malta Residency By Investment
Portugal Residency By Investment
Spain Residency By Investment
UK Residency By Investment

North American Residency Programs
Canada Residency By Investment
USA Residency By Investment

Middle East Residency Programs
Saudi Arabia Golden Visa
UAE Golden Visa
Oman Golden Visa
Bahrain Golden Visa

How can Migrate World help you get residency by investment through real estate?

Migrate World offers expert assistance in navigating the residency by investment process in Greece. We provide support in selecting the right property, handling legal and regulatory requirements, and managing the entire application process to ensure a smooth and successful investment experience.

List of Countries offering Residency by Investment through Real Estate

Anguilla	Brazil	Cambodia	Cayman Islands	Curaçao
Cyprus	Greece	Malta	Namibia	Portugal
Spain	Turks and Caicos Islands

Frequently Asked Questions

Can foreigners buy property in Greece?

Yes, non-residents can buy property in Greece. The country’s property ownership regulations are favorable to foreigners, making it a sought-after location for those looking to invest in real estate or acquire a vacation home.

Where in Greece is the cheapest to live?

Thessaloniki is among the most affordable cities in Greece, providing a high standard of living for expats on a budget. The cost of living in Thessaloniki is lower compared to major cities like Athens and is competitive with other European cities.

What is the 7-year law in Greece?

Under the Greek Golden Visa program, you can apply for Greek citizenship after holding a residence permit for seven consecutive years. This process allows you to obtain citizenship along with all the associated rights and benefits.

Can the investment permit be considered a work permit?

No, the Golden Visa does not grant the right to work in Greece. It provides residency for the purpose of living in Greece, but it does not include work rights.

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