Foreign real estate is an investment that is beneficial not only for the preservation of capital. Buying a house or apartment in Greece opens up a lot of prospects - from the opportunity to come on vacation at any time to obtaining a residence permit in Greece for the whole family and pleasant tax benefits for your wallet. In this article we have put together five strong arguments in favor of buying overseas property in Greece, let's look at your potential benefits in detail.
Affordable property prices
You can buy property in Greece even with a relatively small budget. According to "Compare the Market", a popular British price comparison service in Europe, Greek square meters are among the most affordable in relation to the average income within the European Union - cheaper only in Latvia. Moreover, in the world ranking of affordability, Greece is in the 8th place in terms of prices for houses and apartments.
Tax incentives for startups and foreigners working remotely
Representatives of digital professions and startups can apply for a "digital nomad" visa to legalize their stay. The terms of tax residency are very loyal and available to everyone, including citizens of states that are not members of the European Union.
In addition to being able to live and work from a rented or owned home in Greece, digital nomads also have the privilege of a tax break – only half of their foreign income will be taxed for the first seven years of their stay in the country. The amount of income for obtaining a digital nomad visa must be at least 3,500 euros per month.
Flat tax for foreign pensioners
The Balkans have all the conditions for a comfortable stay not only for "digital nomads", but also for pensioners. Therefore, anyone who wants to retire from a gassed metropolis to the comfort of Mediterranean towns can buy a house in Greece and receive a tax break as a bonus.
Foreign pensioners, citizens of countries participating in an agreement on cooperation in the field of tax administration or other document on the avoidance of double taxation with Greece, can become tax residents of the country and pay only 7% tax on all types of income in the country of citizenship. This is a significant saving, because for citizens, the income tax in Greece reaches 44%, depending on the source of income.
Privileges for participants of the Golden Visa investment program
The Golden Visa program for obtaining a residence permit in Greece for investors implies a rather modest minimum investment in real estate in the country by EU standards - 250 thousand euros. In simple words, you can buy an apartment or a house in Greece for this amount and get the right to a residence permit valid for 5 years for the investor and his family members. In Portugal, for the same set of privileges, you will have to pay at least 500 thousand euros.
The holder of the "Golden Visa" in Greece has no restrictions on the entry and exit from the country. Investors can also discover the entire Schengen area and can, if they wish, apply for citizenship after seven years in Greece.
Comfortable Mediterranean climate
Affordable real estate prices and the privileges that Greece provides to digital nomads, pensioners and investors are certainly important, but also do not forget the main value of the country - its favorable geographical location, ancient history and friendly culture. Those who have been to Greece at least once know how cordially guests are welcomed here, how happy the locals look and how "slowly" they live - without the hustle and bustle of urbanized megacities.
In any corner of Greece, you can enjoy the sun for more than 2700 hours a year, which is on average one and a half to two times more than in most European countries. The national cuisine is rich in fruits, vegetables and wholesome seafood that hit the tables of the Greeks in the freshest form. In all respects, Greece is a country for living: comfortable, moderately urbanized, full of opportunities and opening up prospects for those who want to move or simply buy real estate in order to invest and save capital.