Why do people want Greece’s Golden Visa
Greece’s Golden Visa is highly desirable when it comes to European visas. Being the cheapest Golden Visa program in the EU, it’s highly sought after. There are a lot of pros and cons to consider when looking at this visa. It offers a great summer lifestyle and a warm Mediterranean climate through a lot of the year.
What is the cost of Geece’s Golden Visa
Greece’s Golden Visa program comes in at just 250,000 Euros. When you consider that in comparison with other European visa programs it’s a steal. Spain charges 5oo,ooo Euro. You can get a lot of property when it comes to 250,000 Euros in Greece, compared to many other countries.
Expect to pay a further 2-2.5% realtors sale fee on top of your purchase price.
The cost of applying for your Permanent Residency should be around 2000 euros. We were not aware and paid our lawyer 26,000 euros and got ripped off.
Be careful that the real estate agents do not ask for a 5000 Euro deposit when you make an offer. You may never see the money again. All deposits should be done through the lawyer with a receipt.
Also, be very careful to clarify the meterage of the property. It is very common for real estate agents to be more than generous with the meterage in the advertisement, only to find it significantly different on the contract.
Be extremely careful that someone is not connected to and using your electricity and water. It is an extremely common practice. You could end up paying a lot of money for someone else’s utilities. It’s recommended that you have an electrician and plumber look at the property’s water and electrics shortly after settlement.
When settling the purchase, make sure that the utilities are all finalised and transferred into your name. You could end up paying for the previous owner’s bills.
What are the Pros and Cons of the visa
Some of the Pros are that Greece can offer a very nice lifestyle. With a warm mediteranean climate in late spring through to late autumn, it’s a very pleasant place to live.
The night life, tavernas, cafes, restaurants and bars are a lot of fun in the summer months and the Greeks really know how to turn up the hospitality. Traveling to the islands for a refreshing summer break can really make for a memorable summer.
When is comes to Cons, there are a few to mention. The Greeks have mastered the art of bureaucracy. Dealing with banks and utilities can be a nightmare. Getting ripped off in Greece when it come to transport and other services is to be expected. If you are a foreigner, you are a target.
Petty crime is on the rise in Greece. It is important to keep your whits about you when you’re traveling.
The Greek Golden Visa does not include market access. This means that you do not have any ability to work in Greece or Europe because you have it.
Opening bank account
When moving to Greece, you will want to open a bank account. Unfortunately, it is not as easy as walking into a Greek bank and opening an account. You will need to have a letter of recommendation from your local bank in your country of origin. You will also need someone to vouch for you and introduce you to the bank. Normally this will be your immigration lawyer or accountant in Greece.
You will also need proof or evidence of where your funds come from. So be prepared, because Greeks banks are more than happy to hold your funds indefinitely. This is all part of the Know Your Customer (KYC) banking regulations.
What documents will I need?
When applying for the Golden Visa in Greece, you will need to have some documents. You need to organise these documents before you leave your country, as they are impossible to get while abroad.
- Birth Certificate.
- Mariage Certificate.
- Family Certificate (if your jurisdiction has one).
- Letter of recommendation and good standing from your bank in your home country.
- Police background check. (this may be required).
- Tax Statements for the previous few years.
Remember to get your Birth Certificate, Marriage Certificate, and Family Certificate Apostilled!
Greece’s Golden Visa in summary
In summary, Greece is a great place to spend time. You must keep your wits about you or you’ll end up paying. When it comes to summer magic, the Greek Islands, tavernas, restaurants and cafes, are amazing and highly recommended. But like all places in the world, there are Pros and Cons and those willing to take advantage of you.