Interpretation of Greece's Golden Visa (Golden Visa), the most comprehensive analysis of overseas real estate history, immigrants to Greece in one step to buy a house to obtain permanent residence
Golden Visa and Permanent Residency
On March 30, 2019, the Greek Parliament officially passed aNew investment bill expanding the scope of "Golden Visa" issuance, this market rumor that has been circulating for more than a year has finally become a bill and will be officially implemented on June 30, 2019 . In the past from 2013 Greece opened the golden visa, non-EU citizens through the purchase of a house in one step to obtain permanent residence, after 7 years, the Greek government has repeatedly improved, this article provides the most comprehensive and in-depth analysis of the investment migrants to obtain permanent residency, I hope to help you in a deeper understanding of the Greek "Golden Visa" program, to make a rational choice. "This article provides the most comprehensive and in-depth analysis of the Golden Visa program in Greece, hoping to help you make a sensible choice based on a thorough understanding of the program.
The debt crisis of 2009
The sovereign debt crisis that erupted in 2009 has had a huge impact on Greece politically, economically and socially, and statistically, both in terms of GDP and GNI, Greece has been on a nitrous rollercoaster ride for the last 20 years (a generation).
Calculated in constant 2010 dollars, Greece's GNP fell back to around 2001 levels in 2018 (chart below)
In constant 2010 dollars, Greece's GNI per capita in 2018 fell back to pre-1998 levels. (Chart below)
Why does Greece need a Golden Visa?
When investing in a country, you start by studying the history and understanding the data, and when you understand this, you also understand why Greece has introduced the "Golden Visa" policy and why Greece needs to attract external investors to buy real estate through permanent residence. Let's look at the following analysis:
Falling property prices
According to publicly available data from the European Mortgage Association, Greece has one of the highest homeownership rates in the European region (its homeownership rate is 801 TP3T, compared to the European average of 69.31 TP3T) and real estate accounts for a significant portion of Greek household wealth, which in the case of the average household I would say is at least more than 801 TP3T - in other words, the most central asset for Greeks is Real Estate. Although there has been some resurgence in Greek house prices in the last year or two, compared to the peak of house prices in 2007 before the debt crisis broke out, Greek property prices have fallen by more than 40%, leaving many Greeks who took out mortgages to buy or loans to build houses in financial difficulties, and also triggering a very serious chain reaction.
The government needs to raise taxes
The financial sector needs to be activated
Banks' bad debt ratios have been at high levels for a long time, causing banks to shy away from lending. According to data released by the International Monetary Fund, the non-performing loan ratio of Greek banks increased from around 20% in 2009 to around 45% in 2017. Based on what we know, at least 50% or more of the NPLs originate from personal home mortgage loans. In the face of the high NPL ratio, Greek banks generally chose to "shy away from lending": due to the lower income of the public, bank deposits have also decreased, which also led to a reduction in the bank's loanable funds, coupled with the increasing NPL ratio and the lack of confidence in the future, leading to the Greek banks generally "shy away from lending This, combined with rising non-performing loan rates and a lack of confidence in the future, has led to a general "lending shyness" among Greek banks. Similar to China, the main channel for Greek enterprises to obtain funds is still to apply for loans from banks, and under the background of banks' "loan-shyness", it is very difficult for Greek enterprises to obtain the funds they need for their development, which further leads to Greece's lack of economic recovery, high unemployment, declining tax revenues, rising tax rates, etc., and Greece is in a vicious circle. Greece is in a vicious circle.
Golden Visa! Golden Visa: 2013 Edition
With the introduction of the "Golden Visa" program in 2013, non-EU families, including children up to the age of 24 years and parents of both spouses, can obtain permanent residence status by purchasing a property worth 250,000 euros, which can be approved in as little as 3 months (in some regions it takes less time), making it Europe's most competitive program for permanent residence. Becoming the most competitive program for permanent residency in Europe. Permanent residency in Greece enables visa-free travel to all countries in the Schengen area for up to 90 days. The Golden Visa offers families the freedom to travel and live freely in the European Union with ease, a gateway to the excellent European education and healthcare systems.
Greece's opening of a one-step permanent residency status, the 2013 version of the Golden Visa (Golden Visa), freed homeowners first, then the banks and the government, and ultimately helped Greece to stop the vicious cycle and enter a virtuous one.
Buy a house, get a free identity, permanent residence
Greece in 2013 after the introduction of Golden Visa, in 2015 to 2017 Europe to buy a house immigrant market gradually turned to Greece, the intermediary found that this piece of virgin land after the debt crisis, have led the investors to enter the market, so Greece to buy a house to send the identity of like Harry Potter movie trailer, the news is all over the place, the charm of the permanent residence, so that the Greek housing market is gradually warming up.
Who are the biggest beneficiaries of the Golden Visa
Greek house prices have bottomed out andOne Step to Permanent ResidencyThe biggest beneficiaries are Greek landlords, especially those who own more than two houses, followed by lawyers, real estate agents, and other professionals involved in the Golden Visa business - it is estimated that no more than 10,000 individuals can earn more than 1,000 euros; banks, which profit from overdue loans and auctions; and the government, which receives part of the revenue, but not more than 10,000 people due to the high rents. The second is the banks, which profit from overdue loans and auctions; the last beneficiary is the government, which receives part of its income, but has to subsidize low-income people's rent due to higher rents, which makes the government's role in the "new" business of the "golden visa" more difficult. This makes the government's income from the "new business" of "golden visas" very limited, and its role in boosting the Greek economy is also very limited.
Calculating the cost of buying a home
The government needs more than a sip of soup
To put it in a figurative way, the 2013 basic version of the "Golden Visa" program, which gives away the right of permanent residence, the government is only a little soup from it, which is equivalent to the role of boosting the Greek economy, the government also hopes to introduce a steady stream of living water to boost the Greek economy, which is the Greek government launched the 2019 enhanced (upgraded) version of the "Golden Visa" program. This is the reason why the Greek government launched the 2019 enhanced (upgraded) version of the "Golden Visa" program.
Golden Visa! Golden Visa: 2019 Edition
Based on Greece's population of 10 million (of which about 4 million are concentrated in the Attica region, where the capital Athens is located), the Greek government can "sell" a maximum number of "golden visas" each year, such as no more than 10,000, which is equivalent to one-thousandth of the size of the Greek population. For comparison, the United States, as a traditional immigrant country, attracts about 1 million legal immigrants per year, and with a population of 327 million, 1 million legal immigrants is about three-tenths of one percent of the total population of the United States. With a limited number of permanent residencies available for sale, the only viable way to increase revenue is to increase the unit price. Thus, the 2019 enhanced "Golden Visa" program.
Golden visa: 400,000 euros can choose to open a company to obtain permanent residence
An investment of at least 400,000 euros in a Greek registered company or a Greek office of an overseas company, or an investment of at least 400,000 euros through a Greek bank in a Greek or Greek mutual fund established abroad and specialized in investing in Greek equities and bonds, details of which can be found in this article:Nine Ways to Get a Golden Visa for Permanent Residence in Greece Besides Buying a House There are Eight Other Options Golden Visa Greece
Golden Visa! Golden Visa: 2020 Version, Rich Version
With the economy gradually recovering, Greece has come out of the haze of a suspended real estate market and has become more active in attracting competent entrepreneurs, under the premise that the Greek government understands that entrepreneurs are usually active in many countries around the world with investments in one country or another, and cannot permanently reside in one place. Unlike the Golden Visa, the Greek government needs to be more attractive to entrepreneurs to finance their operations, to create or enhance conditions for economic development, and is obliged to attract international investment through tax incentives, to promote higher levels of employment and more efficient economic activity, and that permanent residence is no longer the only attraction for high-asset families. So it is proposed thatNon-domof the program.
Non-dom New attitudes towards offshore assets
The new article 5A of the Greek Income Tax Law (Law 4172/2014), as amended in 2020, provides for the introduction of an alternative tax regime for the transfer by natural persons of their tax residency in Greece.Harmonized tax on worldwide income of Euro100,000 per year for 15 years and unrelated to the total amount of annual incomeThe fact is that the Non-dom is not a Golden Visa. In fact, the Non-dom is not considered a Golden Visa, and although the applicant can also obtain status to live in Greece, the Non-dom offers better offshore tax optimization and redefines the heights of offshore asset planning. Please refer to:Non-Dom Special Tax Resident in Greece
From August 2023, an investment of up to €500,000 will be required!
From August 2023, the minimum investment is doubled to 500,000 euros in selected regions such as Athens, Thessaloniki, Santorini and Mykonos!
Greece Articles Home
Calculating the Cost of Buying a Home on a Golden Visa in Greece
Golden Visa Explained in 5 Minutes
No investment, no purchase of property, financial independence of the European Union permanent residence
Financially Independent Person (FIP) vs Golden Visa
Residency Immigration to Greece A starting point for the future
Greek Residency Without Returning Home for U.S. 10-Year Visa B1 B2
Nine Ways to Get a Golden Visa in Greece Besides Buying a House There are Eight Other Options Golden Visa Greece
Get a Commonwealth passport in one step and travel toDominica Passport Home Page
Connect with Bigo
Wechat 微信(bih2005)
WhatsApp +306948236794
WhatsApp +442081449188
YouTube Tube Channel
Telegram (bih2005)
[email protected]/ [email protected]
Consultation by AppointmentClick here.
Popular Articles
- Dominica passport to apply for a U.S. 10-year visa B1 B2 easier than you think Real experience sharing
Obtaining a U.S. B1/B2 Visa with a Dominica passport is a simple way to apply for a U.S. visa
- Direct application for immigration to Taiwan, Hong Kong and Macau people apply for Taiwan green card directly for the whole family Do you need to find a Taiwan immigration company? Analyzing Taiwan Immigration Policies Taiwan Residence Permit
In recent years, more and more people aspire to the democracy and life in Taiwan, and want to immigrate to Taiwan and get a Taiwan green card; however, in fact, many people do not understand Taiwan, People's Republic of China and R...
- Dual Citizenship|Dominican Passport|Chinese Passport|Transit Customs Detailed Route, Safer to Keep Chinese Identity and Dominican Passport Dual Citizenship Total 3 Episodes |Latest |Safer | (1/3)
This article explains in a practical way how dual citizenship, holding both a Dominica passport and a Chinese passport, can be transited, and the detailed route through customs transit, so that you can more safely... Read More
- Greece Green Card Comparison Financially Independent Person (FIP ) VS Golden Visa Advantages vs. Disadvantages
What is the difference between Financial Independence, Golden Visa, what are the advantages for Financial Independence and what are the advantages for Golden Visa? FINANCIALLY INDEPENDENT FINANCIAL INDEPENDE...
- The greatest decade in the history of human passports! 2020 Which country has the greatest passport? The United States? Japan? Japan? Singapore? European countries? And which country has the most visa-free passports?
Recently on the public platform of passport indicators public made an updated statistics, passport visa-free countries figures are quietly changing, 2020 Which country passport is the most powerful? The United States? Japan... Continue reading
- St. Lucia Passport: Any Seemingly Attractive Advantage May Come with Great Risks
More and more investors are looking to obtain a St. Lucian passport through the Citizenship by Investment Program. However, the little known Section 38 of the St. Lucia Citizenship by Investment Act has a hidden agenda that could result in the loss of the country's St. Lucian passport! This article will uncover...
- Heavyweight! The new version of Dominica's e-passport goes into effect July 19th and immediately exceeds 150 visa-free countries!
On June 24th the Citizenship by Investment Unit (CIU) of the Ministry of Finance (MOF) of Dominica notified all...
- How to Obtain Permanent Residency and Citizenship in Paraguay Identity Optimization Strategies for South America
Identity Optimization Strategies for South America - Paraguay Permanent Residency and Passports The Paraguay Permanent Residency Permit solution is one of the most affordable, straightforward and low-tax jurisdictions in 2022. In addition, it is an appreciated...
- 2023 Identity Planning New Standard Match: Second Citizenship + Permanent Residence Visa + Top Medical Care + Low Taxes, Persian Gulf Injects New Elements into Identity Planning, Purchasing Passports for Identity Segregation Is No Longer Just a Service Exclusively for the Super-Rich
Dubai's state-owned enterprise Daman is offering Golden Visa holders three customized health insurance policy plans with a minimum starting coverage of Dh2,393 and an annual coverage limit of Dh300,000 per year. Helping them for the next 5...
- Dominica is poised to build the world's longest cable car at 6.6 kilometers through two waterfalls, rainforests, and the world's second largest boiling lake, which is expected to bring a 700% increase in tourism, leading the region in tourism
The gondola, which will provide a safe, fast route to the world's second largest boiling lake, is expected to be completed within 2... (Continue reading)
Article Categories
Latest Articles
- 2024 Biggest Election Year Ever, What Opportunities Remain on Your Immigration Path?
- How to apply for a second citizenship if you cannot provide a certificate of no criminal record
- Want to get away from high taxes and high inflation?The 10 best national cities to move to in 2024 (below)
- Want to get away from high taxes and high inflation?The 10 best national cities to move to in 2024 (above)
- 2023 Identity Planning New Standard Match: Second Citizenship + Permanent Residence Visa + Top Medical Care + Low Taxes, Persian Gulf Injects New Elements into Identity Planning, Purchasing Passports for Identity Segregation Is No Longer Just a Service Exclusively for the Super-Rich