Christos Vardikos, a seasoned attorney, highlights the Greek Golden Visa Programme as Europe's most successful and affordable, with a minimum investment requirement of €250,000 for specific real estate or €500,000 for fixed-term deposits or government bonds.
Effective September 1, 2024, new investment thresholds will be implemented: €800,000 for properties (minimum 120sqm) in high-demand areas like Athens, Thessaloniki, Mykonos, Santorini, and islands with over 3,100 inhabitants; €400,000 for properties in other Greek regions; €250,000 for acquiring and restoring historically significant properties; and €250,000 for converting commercial or industrial properties to residential use, provided the conversion is registered after April 5, 2024. These changes aim to tackle housing shortages in popular areas and promote investment in less-known regions.
Key benefits of the programme include the lowest entry cost among EU alternatives, the ability to start the process remotely via Power of Attorney, and only one visit needed for biometrics. Permanent residency is granted within two months for three generations, including minors as main applicants. Other advantages are the eligibility of land plots, rental income potential, and a fixed-term deposit option that can be converted to a property Golden Visa. There is no minimum residency requirement for renewal, visa-free travel to 27 EU countries, and eligibility for Greek citizenship after seven years.
For due diligence and account opening, it is advisable to employ a local lawyer, avoiding all-inclusive offers from promoters or agents. The Financially Independent Individual Visa requires a minimum monthly income of €3,500 for a three-year Residence Permit, with a 180-day minimum stay requirement per year, suitable for families with children attending Greek or international schools.
The Non-Dom Tax Regime offers a flat annual tax of €100,000 plus €20,000 per dependent, with no obligation to declare foreign income and exemption from inheritance or donation tax on foreign property. Greece's extensive Double Taxation Agreements further benefit this regime. The Greek parliament has also approved a law to incentivize Family Offices, and a special visa for digital nomads allows remote workers to operate from Greece.
All procedures can be conducted remotely, with only one visit required for biometrics. Vardikos & Vardikos, an Athens-headquartered law firm with offices in Dominica and St Lucia, offers comprehensive services including Ship/Yacht Registration and is a Government Approved Service Provider for Citizenship by Investment Programmes.
Source link: https://www.khaleejtimes.com
