Greece, one of the world’s top holiday destinations, intends to open for tourists from May 14, as per the recent announcement by the Greek Ministry of Tourism. The balmy Mediterranean climate, the fresh food, the turquoise waters and the exceptional hospitality have always attracted high-net-worth individuals from all over the world to Greece.
Many of them have also opted for the residency programmes/options Greece offers to international investors.
The Greek Golden Visa Programme is the most competitive and affordable programme in Europe, with the lowest investment threshold of €250,000 for real estate investment or €400,000 for fixed term deposit or purchase of Government Bonds.
Key advantages include:
It is wise to directly employ a local lawyer for the due diligence of property purchase/s and the opening of accounts, avoiding the all-inclusive offers of various promoters or agents. Currently the real estate market is at the correct price entry level.
Financially Independent Persons (FIP) Visa: Those who can show a minimum monthly income of €2,000 are eligible for a two-year Residence Permit - the amount increases if family members are to be included in the application. Advantages are almost the same, as with the Golden Visa, with the exception of a 180 days minimum stay requirement per calendar year in order to renew the Residence Permit at the end of the initial two-year permit period. The renewals are for three years thereafter. This programme is suitable for families who want their children to attend Greek or international schools.
The NON DOM Tax Regime provides the exhaustion of tax liability for any foreign-sourced income by paying an annual flat tax of €100,000, regardless of the amount of income earned abroad and with no obligation to declare any foreign income in Greece. The special regime also provides for an exemption from any inheritance or donation tax for any property abroad. The taxes, that may have been already paid abroad, do not decrease tax liability arising in Greece under the special Non-Dom regime. The special scheme may also be extended to family members of the individual by contributing, for each member annually, an additional flat tax of €20,000 and is valid for a 15 year period in return for a €500,000 investment.
Family Offices: The Greek parliament approved a new law that sets the legal framework to secure transparency and provides incentives for Family Offices to be set up in Greece:
Greece’s government is planning to introduce a special visa for digital nomads, which would permit internationals engaged in remote jobs to work from Greece. This kind of visa could be coupled with tax incentives.
All the above procedures can be carried out remotely and only one visit to Greece is necessary for the biometrics.
Vardikos & Vardikos is a fully fledged Athens headquartered law firm, with offices in the Caribbean Islands of Dominica and St Lucia, providing inter alia Ship/Yacht Registration Services and is a Government Approved Service Provider for the respective Citizenship by Investment Programmes of both islands.
Christos Vardikos
Christos is an Athens based Attorney at Law and the Consul a.h. for the Commonwealth of Dominica in the Hellenic Republic. He manages the boutique law firm Vardikos & Vardikos with associated offices in Cyprus, and Dominica. The firm mainly represents foreign interests in Greece and internationally. In addition, he is an approved Government Authorized Agent/Service Provider for the Citizenship Program of the Commonwealth of Dominica, Vice President of the Consular Corps in Greece, and he assists the government with strategic consulting for investment-related residence and citizenship programs.