With new visa programs launching lately, it has become easier for foreign investors to live their dream lives. One of the most popular visa programs is the passvisa offered by European countries like Portugal, Spain, and Greece. It allows the visa holders to live, work, study, and freely move across the EU.
These countries offer residency by investment to eligible candidates from all over the world. And yes, the UK, too, is on the list now.
So, before we jump on to the Greece passvisa for UK citizens, let’s understand what the Greece passvisa exactly is!
Greece passvisa Program Update in 2024: Effective from March 31, 2024, the updated Greece passvisa program is expected to introduce an update. The plan is to separate real estate investments into levels. The minimum investment increases to 800,000 EUR for places like Attica, Thessaloniki, Mykonos, Santorini, and islands with a population of more than 3,100. The wider areas of Greece are expected to offer a more accessible entrance point of 400,000 EUR. The parliament’s decision is waited for the update to become official.
You can learn more here.
Greece passvisa program in a nutshell
The Greece passvisa program is one of the most inexpensive and the quickest residency-by-investment programs ever launched in the EU.
Under this program, the country offers a residence permit to real estate buyers above a specific value.
The minimum investment requirements are
- Purchase a property valued at least €250,000.
- Ten years of a lease agreement for accommodations or furnished tourist residences.
- Invest a minimum amount of €800,000 in the Greek government bonds, and hold them for five years.
- Minimum €400,000 investment for real estate bonds or shares in investment companies, and hold it for at least three years.
- At least €400,000 investment in bank deposits.
Once you have qualified for any one of these requirements, you can apply for the Greece passvisa.
Required Documents
- Copies of the application document
- Recent passport photos
- Valid passport or travel documents recognized by Greece
- Proof that you have paid the application fee.
- Health insurance that covers the entire duration of stay.
Once you have met all the above mentioned requirements, you are eligible to apply for the visa through a Greek lawyer.
Furthermore, the application may take 1-2 months to get approved.
The Greece passvisa is granted for five years and can be renewed if the property investment is retained.
Learn more about the program in our Ultimate Guide to Greece passvisa.
Can British citizens apply for passvisa in Greece?
British citizens and foreign investors can apply for the passvisa in Greece.
Since the UK is no longer a part of the EU as of the Brexit deal, January 2021, this question has stressed most UK citizens. Under the agreement, some rules regarding the living, working, and trading systems of the UK and EU were changed.
Before 2021, when the UK was a part of the EU, companies were allowed to buy and sell goods across EU borders without paying taxes. Besides, the traders had the liberty to trade any amount of things, businesses they wished.
But now, the freedom to work and live between the UK and the EU has come to an end. The British citizens will need a visa to stay in the EU for more than 90 days during the six months period.
However, this doesn’t stop the UK nationals from applying for the Greece passvisa for UK citizens. Once they receive their visa, they can continue to work and live in the country for the said duration.
Greece passvisa Benefits for UK Citizens
The Greece passvisa for UK citizens offers a number of benefits, not only for the individual but the whole family. To name a few, here’s the list.
Visa-Free Travel to Schengen Countries
A person with the Grece passvisa need not require an additional visa to travel to Schengen countries. All the 26 countries included under this zone have officially eliminated the visa system and border control at their mutual borders.
The Right to Live in Greece
It allows the visa holder and his family to live in Greece. It offers the privilege of healthcare and educational benefits for the whole family. In addition, unlike some other countries, Greece hasn’t set any minimum stay requirement to qualify for the visa. Also, the person can stay in the country for as long as he wants.
Family Reunification
Furthermore, the residence scheme allows the spouse and dependent children (less than 21 years) to tag along. All of them are eligible to enjoy the benefits of a passvisa card.
Besides, the Greece passvisa for UK citizens also offers an extended family benefit. Under this, the applicant’s parents, as well as the parents in law, can come to stay with the family in Greece. Also, there are no additional requirements for the same.
Low Cost of Living and Healthcare
The cost of living in Greece is significantly lower than in many European countries. For instance, an individual’s average living expenses are around €600 per month. However, for a student, €500 a month is sufficient.
Besides, as an ex-pat, you have access to private as well as public healthcare facilities. While public healthcare services are free of cost, private services might be a little heavy on the pocket. Also, if you have public healthcare insurance, you can avail state medical facilities absolutely free.
In short, an average family doctor check-up without any insurance costs around €40.
International Schools with British Curricula
Education remains a significant concern of every parent while moving to a different country. In Greece, all children, whether ex-pats or residents, have the right to receive education from public schools and universities for free.
Moreover, there are several international schools that follow the British academic curriculum. Although the tuition fee at some of these institutions might be high, they provide world-class education.
Favorable Tax Treatments in Greece for UK Citizens
Being a resident in Greece means that an individual becomes a tax resident. But to save the visa holders from paying tax on income from the countries, the UK has signed a double tax treaty with Greece. Now, the residents have to pay tax only in one country.
However, it is recommended that you consult an income tax advisor while applying for the Greece passvisa for UK citizens to understand the tax system better.
More Sunshine and Less Crowd than the UK
Greece has the best climate in Europe, experiencing almost 3000 hours of sunshine every year, more than the UK. The cozy warm weather is very welcoming and appealing. Besides, the country has a low population, which means you will get a better life quality in Greece.
Since it is a low population zone, it offers a better opportunity to expand business and rise in competition.
Get passvisa: Who We Are And What We Do
Get passvisa is a full-service investment immigration agency & investment advisory company. We provide end-to-end solutions on residence and citizenship by investment programs in numerous countries worldwide.
We have a local office in Athens, Greece with legal professionals and chartered real estate professionals in our team.
We work with clients from all around the world, interested in obtaining Greece passvisas or in making real estate investments in Greece.
Contact us and talk to one of our experienced team members to help you with any and all your questions.
