This visa program in Greece is very tempting for tourists who want to vacation here and for wealthy people who dream of spending the rest of their lives by the sea. Immigration to the EU country has pros and cons, which we will discuss in our article.
Understanding the Greece Golden Visa
More than ten years ago, Greece joined the Greece Golden Visa program. Those who have received this visa have a lot of rights and privileges. According to a specialist and expert of Immigrant Invest Zlata Erlach, tens of thousands of foreigners move to the republic yearly under this program. For this, you need to invest in real estate in the country.
Greece golden visa benefits
The main advantage of greek Golden Visa include the following:
- a mild, comfortable climate and beautiful nature;
- freedom of movement within the Schengen Zone and the European Union;
- exemption from double taxation;
- high chances of obtaining a golden passport;
- the opportunity to reunite with relatives and to bring their minor children with them;
- chance of investing money profitably in real estate or securities;
- free medical care and education in the best educational institutions in the country.
It is also allowed to have Greece dual citizenship. And that’s not all pros. Such an impressive list indicates that the choice of this program is profitable and promising for wealthy foreigners.
Freedom of Movement within Schengen Area
Anyone with a “gold visa” can travel to all Schengen countries and the EU for up to 90 days every six months.
Access to Greek and EU Markets
This advantage is especially relevant to those producing certain goods and looking for markets. There are tremendous opportunities in the EU for such business people.
Attractive Real Estate Investment Opportunities
According to experts of Immigrant Invest, real estate purchased under the program immediately after purchase can be rented for additional passive income. You can also invest in shares of local companies and steadily receive your dividends.
High Quality of Life in Greece
The level of salary affects the quality of life. Qualified professionals can have decent wages for a secure life. Moreover, Greece has a lower cost of living compared to other EU countries.
Pathway to Permanent Residency and Citizenship
Investors with a golden visa can expect to get permanent residency. To do this, they must physically reside in the country for at least five years and own any real estate here. They can not leave the country for more than six months during this period.
Cons of the program
In addition to the pros of living in the country under this program, there are some cons. These are:
- excessive heat in the summertime;
- the need to learn Greek to get a promising job;
- compulsory health insurance from 500 €;
- low level of social security;
- high electricity costs.
There are also other disadvantages, which we will describe below.
Economic Stability Concerns
An unstable economy, a difficult situation in the labor market, and low wages are problems that the government is trying to solve, including attracting foreign capital.
Bureaucratic Application Process
Elements of corruption and bureaucracy in government institutions are another disadvantage of living in Greece, requiring additional patience and endurance from immigrants.
Property Ownership Responsibilities
When purchasing real estate, you must pay a transfer and flat taxes once a year. It is not possible to sell the property during the five years of residence after immigration.
Language and Cultural Barriers
Unhurriedness and measuredness distinguish Greeks from others. And it is manifested in all spheres of life, which is not to everyone’s liking. You must also learn the local language and get into the culture.
Potential Tax Implications
The country has high taxes on everything, even a luxury tax, so you need to study the taxation system in the republic and follow all of its regulations to avoid problems with the law.
Conclusion
Knowing all the Greece residency by investment benefits and drawbacks of living in Greece, you can make an informed decision to invest in the economy of this EU country. The above-described program is an affordable opportunity to move and start a new life to achieve high comfort and well-being.