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What is the most tax-efficient route of participating in the Greek Golden Visa program?

I learned that one could either purchase properties as an individual or company owner, or lease hotels and other accommodation facilities to apply for a Golden Visa. I read about a long list of tax treatments that apply to individual property owners. I am wondering, though, if similar situations apply to other investment routes. What is the most tax-efficient way to participate in the Greek Golden Visa program?


Answers
  • Right Target Estate
    October 17, 2018

    If you are planning to purchase only one property in order to participate in the Golden Visa program, then the easier and more efficient way is to buy it as an individual. Also, from a tax point of view.

  • Papalois & Associates Legal
    October 16, 2018

    The best way is to purchase as an individual.

  • Energopiisi SA Investment Consulting Services
    October 16, 2018

    Beneficiaries of the right of the permanent resident permit, which shall be renewed every five years, are among other cases of third-country citizens who own real estate property in Greece, either personally or through a legal entity of which they own the total of the company shares, provided the minimum value of the property is 250,000 euros. There is no restriction to the acceptable kind of properties for the program. The law states that 250,000 must be the stated price on the contract. It does not distinguish between commercial and residential properties. Additionally to the above, you are entitled to residency rights irrespective of whether you own one or more properties, provided that their combined value is equal to or greater than 250,000. The taxes imposed to a property, acquired by an individual one, are only three: the transfer tax, paid once; the annual property tax; and, in case that the property is rented, the income rental tax imposed to the owner. The property acquisition by an individual, according to my opinion, is the most efficient and from a tax aspect, the most simple, fast and clear process. From the other hand, the choice of different, more complex, investment plans requires at least the elaboration of a business plan, the creation of a company vehicle, bureaucratic processes that should be effectively implemented and a careful assessment of the tax implications. In any case, a different and professional approach from legal and tax aspect to all the parameters of the investment is required.