Greece is increasingly becoming a popular choice for investors and high-net-worth individuals. This is due to many reasons, mainly the high quality of life, affordable cost of living compared to other European countries, hospitable people, accessible healthcare system, as well as its beautiful landscapes, rich history, and vibrant culture.
Obtaining a Greek Golden Visa by investment allows its holders to live in a beautiful Mediterranean destination while benefiting from its social services and comfortable lifestyle.
Benefits of Greek Golden Visa
Greece’s economy at a glance
The Greek economy posted solid growth in the first half of 2023, driven primarily by consumption and net exports[1]. Greece’s economic outlook has improved, notably with real GDP expanding beyond its pre-pandemic trend level[2]. Real GDP continued to expand at a solid pace in the first half of 2023 by 2.5 percent. Private consumption was buoyant on the back of increasing real wages and a gradual decline in pandemic-induced excess household savings.
The public debt-to-GDP ratio has declined below its pre-pandemic level, with debt financing risks contained in the medium term due to the favorable debt structure. The banking system has remained resilient with improving balance sheets, and the unemployment rate declined to 10 percent in September, a decade-low. Headline and core inflation decelerated to 3.8 and 3.6 percent year on year, respectively, in October due to normalizing energy prices and base effects. Residential real estate prices have increased by more than 50 percent since the trough in 2017, but remain below their pre-Global Financial Crisis levels.
Affordable cost of living
Greece is considered to be an affordable country to live in compared to many European countries. According to Numbeo, the cost-of-living index is 56.2 in Greece[3], compared to 65.5 in Italy, 67.8 in Malta, and 69.7 in the UK. However, the cost of living can vary depending on the city or region you live in. For instance, the cost-of-living index in Athens[4] is 56.7, compared to 55.9 in Thessaloniki, and 53.9 in Heraklion. Rental prices for an apartment with one bedroom in the City Centre are around €503.8 and drop to €402.9 outside of the centre.
The purchasing price for an apartment per square meters is €2,610 in city centre, and €2,244 outside the centre. The cost of private preschool for one child is on average €375 per month, and the yearly cost for an international primary school per child is €8,250. Eating out in an inexpensive restaurant is on average €15 per meal, and a meal at a mid-range restaurant is €50 for 2 people.
Quality of life
Greece is renowned for its breathtaking natural beauty, with its picturesque islands, crystal-clear waters, and stunning landscapes. From the iconic Santorini sunsets to the pristine beaches of Crete, the country offers a paradise-like environment that can enhance your quality of life.
Greece is also an extremely safe country with one of the lowest crime rates in Europe, and violent crimes are quite rare. According to Numbeo, Greece is safer than France[5], Sweden, Moldova, and Belarus. The culture in the country is fun and exciting, and people are often friendly, family-oriented, and characterized by a high level of hospitality and social support. Greeks value a relaxed life pace, making it easy for foreigners to achieve a satisfying work-life balance and forget the hassle culture. Greece has good weather, with an average of 250 sunny days per year. It is also a culinary paradise, celebrated for its mouthwatering dishes.
Travel privileges
Greece is a member of both the Schengen Area and the European Union. This means that residents of Greece can easily travel without a visa to most countries in Europe, including France, Germany, the Netherlands, and Norway. Greek citizens can enter 190 countries around the world visa-free, including the United Kingdom, the USA, and Japan.
Accessible healthcare
Investors holding the Greek Golden Visa can take advantage of an accessible and highly developed healthcare system where free public services are funded through the social insurance institute. However, private hospitals provide faster services while still being affordable compared to paid facilities in other EU countries.
Respectable academies
A vast network of higher education institutions that maintain academic standards and provide top-notch instruction can be found in Greece. Academic institutions, such as universities and technical colleges, provide a wide variety of programs covering various subjects. Graduates frequently make important contributions to their fields of study and are well-prepared for their chosen jobs. Greece’s dedication to excellent standards in higher education guarantees that its universities will always be respected on a national and worldwide level.
Myriad investment opportunities
Tourism is one of the most important industries in Greece, accounting for around 20% of the country’s GDP. Investors looking to obtain a second residency can benefit from the myriad business opportunities available in the tourism sector, such as developing eco-friendly and sustainable tourism projects, as well as renovating hotels, resorts, and serviced apartments. The food and beverage sector also presents opportunities for investments in restaurants, cafes, and bars.
The real estate market in Greece has also shown its resilience. Real estate investments in Greece can be rented out to provide a consistent income. In central Athens, specifically Athens Historical Center and Kolonaki – Lykavittos, gross rental yields, which is the rent the landlord will earn before taxation, and other costs compared to the property´s purchase price range from 2.80% to 6.32%. Smaller apartments tend to have higher rental yields than larger ones[6].
Competitive tax regime
The tax regime in Greece is considered favorable compared to other European countries, with tax on income received in the country payable on a progressive scale ranging from 9% to 45% depending on wages. A fixed payment program of €100,000 per year is available to those who have high incomes, regardless of the size of their overall income. Rental income is subject to a sliding scale of taxes ranging from 15% to 45%, and the beginning property tax rate is the same as that in other EU nations at 3.09%. Greece has double taxation agreements with 46 other nations, preventing investors from paying taxes in both Greece and their home country.
How to obtain a Greek Golden Visa?
The Greek residency by investment program is open to adults over 18 years old who don’t have any criminal record in any country they have lived in. Applicants should also have health insurance in Greece and are required to make an investment in Greek real estate worth at least 500,000 euros in core areas and 250,000 euros in other areas. A Greece Golden Visa can be issued within 2-3 months for the investor and his or her family. Holders of the Greece Golden Visa can apply for citizenship after 7 years of legal residence in Greece.
Living in this beautiful Mediterranean country offers a unique blend of history, culture, and natural beauty. For further information about the program, please visit our website here.
[1] https://economy-finance.ec.europa.eu/economic-surveillance-eu-economies/greece/economic-forecast-greece_en
[2] https://www.imf.org/en/News/Articles/2023/11/14/Greece-CS-2023#:~:text=Real%20GDP%20is%20projected%20to,moderating%20toward%20the%20medium%20term.
[3] https://www.numbeo.com/cost-of-living/rankings_by_country.jsp?title=2022®ion=150
[4] https://www.numbeo.com/cost-of-living/country_result.jsp?country=Greece#:~:text=Summary%20of%20cost%20of%20living,lower%20than%20in%20United%20States.
[5] https://www.numbeo.com/crime/rankings_by_country.jsp?title=2022®ion=150
[6] https://www.globalpropertyguide.com/Europe/greece/Rental-Yields
