A smart investment in the Golden Visa allows investors and high-net-worth individuals to start living in Greece establish their lifestyle in one of Europe’s most stunning destinations. The Golden Visa program opens the door to living in Greece, which is renowned for its rich heritage, enchanting islands, and serene lifestyle. It provides investors and their families with access to premium living standards, top-tier healthcare and education services, visa-free access to the Schengen area, and real estate investment opportunities. The visa is not just a residency permit but rather a chance to start fresh and create a new life rooted in culture, stability, and promising opportunities.

 

In this article, we will explore the many benefits of living in Greece and examine how the Greece Golden Visa program opens the door for international investors to gain residency and enjoy the full spectrum of what this Mediterranean paradise has to offer.

 

Advantages of Living in Greece

Greece stands out as a preferred destination for global investors and individuals for many reasons, primarily its amazing weather throughout the year, moderate cost of living, affordable real estate properties, tax benefits, and visa-free access to the Schengen Zone. Here are the main benefits of life in Greece:

 

1. Most Affordable Residency Program

One of the most attractive benefits for investors who aim to live in Greece is its cost-effective residency option and favorable terms. The Greece Golden Visa is considered one of the most affordable programs in Europe, as it stipulates an investment of only €250,000 in real estate property that is under renovation, or in the conversion of a commercial property to residential use, or in the restoration of registered buildings, regardless of location or size. The program grants applicants and their families immediate residency while providing Schengen Zone visa-free travel and eventual Greek and EU citizenship opportunities. Applicants also have the option to purchase property in rural areas or less densely populated cities and islands, worth €400,000 or more, provided that the investment is in a single property of at least 120 m2.

 

2. Cost of Living in Greece

The cost of living in Greece is one of the most significant advantages for residents. The country maintains a reputation for affordable living expenses, which include rent costs, utility bills, food prices, grocery expenses, and transportation fees. However, the cost varies based on the location within the country. Basic goods and fuel prices tend to be higher in the islands compared to the mainland. The estimated monthly costs[1] for a family of four are $3,057 (€2,750), and for a single person, $885 (€795), excluding rent. The cost of living in France[2] is 26.7% higher than in Greece, excluding rent, and 34% higher including rent.

Property prices in Greece are currently very attractive. The average property price[3] for an apartment inside the city center is €2,700 per m². Outside the city center, prices are on average €2,500 per m². Rental prices are also not expensive compared to those of other European countries. In the City Centre, the monthly rent for a 1-bedroom apartment is €475, and for a 3-bedroom apartment is €800. While outside the centre, a one-bedroom apartment costs about €385 and a three-bedroom about €600 monthly. The cost of food in Greece remains affordable for most people. The VAT rate for food products is lower than the rates applied to other goods. Locally-grown foods remain easily accessible throughout the country.

The public transportation system in Greece enables individuals to travel easily between its major cities. Most cities have city buses, while Athens features a metro system. A monthly pass ticket costs €30. Expats wishing to drive their cars must obtain car insurance coverage, but car rental costs tend to be high. The price of 1 liter of gasoline is €1.83.

The educational options for Greek citizens and residents include public, private, and international schools. Free public schools teach the Greek language only, but private and international schools offer English and other language programs. The average annual tuition fees[4] at international primary schools are €8,250 for one child, however, this depends on the school type and student age. The monthly cost of preschool for one child is €400.

 

3. High Returns on Investment from Real Estate

The Greek real estate market provides numerous investment opportunities. It attracts investors who want to diversify their portfolio due to its high profitability, fueled by growing international interest, a thriving tourism sector, and robust demand for short-term vacation rentals and long-term property leases. Real estate stands as one of the most financially attractive options, as house prices continue to increase[5] albeit at a slower pace, amidst continued increases in property demand.

In the urban areas, house prices rose by 7.29% in Q3 2024 from a year earlier, following year-on-year increases of 9.24% in Q2 2024, 10.84% in Q1 2024, 12.58% in Q4 2023, and 13.28% in Q3 2023, according to figures released by the Bank of Greece[6]. Despite the nearly seven years of uninterrupted growth, Greek house prices remain relatively lower than most European countries, attracting many foreign investors into the country.

During 2023, the total value of real estate purchases by foreign buyers, which accounts for about 80% to 85% of all real estate purchases in Greece annually, soared to an all-time high of €3 billion, following annual increases of 68% in 2022 and 34.4% in 2021. In the first half of 2024, property transfers surged by about 20% from a year earlier. Based on the data from the Independent Authority for Public Revenue (AADE), state revenues from property transfers climbed to €302.49 million in the first half (H1) of 2024 as compared to €252.98 million in the second half of 2023.

Real estate investments in Greece can be rented out to provide a consistent income. In central Athens, specifically Athens Historical Center and Kolonaki – Lykavittos, gross rental yields, which are the rents a landlord earns before taxation and other costs compared to the property´s purchase price, range from 2.80% to 6.32%. Smaller apartments tend to have higher rental yields than larger ones.

4. Competitive tax regime

The tax regime in Greece is considered favorable compared to other European countries. The tax on income[7] received in the country is payable on a progressive scale ranging from 9% to 45%, depending on wages. A fixed payment program of €100,000 per year is available to those who have high incomes, regardless of their overall income. Rental income is subject to a sliding scale of taxes ranging from 15% to 45%, and the beginning property tax rate is the same as that in other EU nations at 3.09%. Greece has double taxation agreements with 46 nations, preventing investors from paying taxes in both Greece and their home country.

 

5. Vibrant Lifestyle and Rich Cultural Heritage

Moving to Greece for residence or retirement brings more than monetary benefits, providing a satisfying way of life. Living in Greece offers a profound cultural experience, shaped by its rich ancient history and iconic landmarks. From the Parthenon in Athens to the acoustically stunning Epidaurus Theater and the ancient ruins of Olympia, home of the original Olympic Games, Greece is a living museum. People living in Greece can also explore the museums, including Athens’ Acropolis Museum, the National Archaeological Museum, and Thessaloniki’s Museum of Byzantine Culture, which showcase Greece’s enduring legacy where the past and present intertwine.

 

6. Digital and Economic Transformation

Greece is undergoing a fast transformation into a digitally advanced nation. The country ranks 22^nd in digitization among the EU-27, as measured by the Digital Macroeconomic Index[8]. The economic sectors that would benefit most from increased digital maturity are retail, hospitality, healthcare, education, and cultural development. The establishment of modern digital infrastructure enables people living in Greece to access services and products with unprecedented ease. The country advances its digital transformation by adopting virtual payments, digital learning systems, remote work solutions, and cultural connectivity initiatives to create a modern tech-oriented society.

 

7. Highly-regarded Academies

A vast network of higher education institutions that uphold academic standards and provide exceptional instruction can be found in Greece. Academic institutions, such as universities and technical colleges, offer a wide array of programs spanning various subjects. Graduates often make significant contributions to their fields of study and are well-prepared for their chosen careers. Greece’s commitment to high standards in higher education ensures that its universities are consistently respected at both national and international levels.

 

8. Accessible healthcare

Investors holding the Golden Visa and living in Greece can take advantage of an accessible and highly developed healthcare system where free public services are funded through the social insurance institute. However, private hospitals provide faster services while still being affordable compared to paid facilities in other EU countries.

 

9. Warm Weather

Greece enjoys a Mediterranean climate that offers some of the most pleasant weather in Europe, making it a perfect choice for residents and tourists. The country has more than 250 days of sunshine annually, creating warm summers and mild winters throughout its coastal areas. This favorable climate promotes a healthy and active lifestyle, which includes beach activities, water sports, hiking, and eating outside. For retirees and families living in Greece, the climate offers comfort, stability, and an ideal environment for healthy living. Its inviting climate attracts people from across the globe to establish their residence because it offers them the chance to experience natural beauty and an outdoor lifestyle.

 

10. Fine Cuisine

Greek cuisine is a cornerstone of the country’s cultural identity, offering a flavorful and healthy Mediterranean diet. The country is renowned for using fresh ingredients like olive oil, herbs, vegetables, grains, and seafood to create both nutritious and delicious meals. The traditional Greek dishes such as moussaka, souvlaki, tzatziki, and spanakopita are staples. Greek cuisine extends from island tavernas to city restaurants, providing diverse dining options for every taste. The perfect combination of taste and health benefits makes Greek cuisine a beloved choice for global food enthusiasts.

 

For more information about the Greek Golden Visa and the process to obtain it, please contact us on WhatsApp.

[1]  https://www.numbeo.com/cost-of-living/country_result.jsp?country=Greece

[2] https://www.numbeo.com/cost-of-living/compare_countries_result.jsp?country1=Greece&country2=France

[3] https://www.numbeo.com/cost-of-living/country_result.jsp?country=Greece

[4]  https://www.numbeo.com/cost-of-living/country_result.jsp?country=Greece

[5] https://www.globalpropertyguide.com/europe/greece/price-history

[6] https://www.globalpropertyguide.com/europe/greece/price-history

[7] https://taxsummaries.pwc.com/greece/individual/taxes-on-personal-income

[8] https://www.mckinsey.com/capabilities/mckinsey-digital/our-insights/digital-commerce-a-growth-opportunity-for-greece