Moving to Greece from UK

The Greece golden visa program is an attractive residency by investment option for UK nationals seeking a secure and flexible residency solution in Greece. Eligible applicants include UK citizens, investors from outside the EU and their dependents such as spouses, children and parents.

• Minimum investment of €250,000 applies primarily properties undergoing conversion from commercial to residential purposes or those involving the restoration of a listed building.
• Investment requirement of €400,000 applies to all other regions not covered by the higher €800,000 threshold.

• Ability to secure 3 generations of one family permanent residency under the same visa.
• Lowest entry cost for a golden visa through property acquisition in the European Union
• Obtain rental income by renting the house.
• 3 Years of guaranteed rental income paid in advance upon property completion – derisking the investment further.

• Identify and select a qualifying investment property.
• Engage professional legal support to complete due diligence.
• Prepare required documentation including passports, proof of funds and health insurance.
• Submit application through local Greek authorities or via Greek consulates abroad. You do not need to visit Greece in person to start your application.
• Typically, approvals are issued within 3 to 6 months.

UK nationals intending short-term stays in Greece (up to 90 days within a 180-day period) for tourism, business, or visiting family and friends can apply for a Schengen Visa for Greece from the UK. This visa allows unrestricted travel within the Schengen Zone countries.

Key requirements include a valid passport, completed visa application form, travel insurance covering health emergencies, proof of accommodation in Greece and evidence of sufficient financial resources for the duration of your stay. Processing times generally range from 15 to 30 days and applications should ideally be submitted at least four weeks before planned travel dates.

• €250k Option: Primarily focused on commercial conversions into residential units in Athens, these properties offer immediate rental income opportunities, strong appreciation potential and affordable entry points.
• €400k Option: Perfectly suited for key urban centres, out of Attica (Athens) and Thessaloniki as well as the islands with populations of less than 3100 people. These developments provide both lifestyle convenience and robust investment returns. The investment is to be made in a property of at least 120 square meters.
• €800k Option: Targets prime properties such as central Athen’s luxury apartments, prestigious villas and premium beachfront homes, offering significant long-term investment benefits. In regions such as Athens, Thessaloniki, Mykonos and Santorini and other islands with populations in excess of 3,100 people. The investment is to be made in a property of at least 120 square meters.

Investors purchasing off-plan developments benefit from the option to apply for a Golden Visa before property completion. Additionally, select developments offer a guaranteed three-year rental income, paid upfront as a lump sum upon completion of the final sales contract. This significantly reduces your net purchase price and minimizes investment risk.

When buying property in Greece, carefully consider:

• Legal Checks: Employ a reputable lawyer for comprehensive due diligence. Sign reservation agreement and sign a legal engagement letter.
• Notary Involvement: Greek notaries are required to validate transactions.
• Property Tax: Be clear on your obligations regarding property transfer and annual property and income taxes.

Greece offers a special tax regime for retirees relocating to the country. UK expats receiving pensions from abroad can benefit from a preferential flat tax rate of just 7% on their pension income for up to 15 years, significantly reducing their overall tax burden.

In Greece, dividends are subject to a straightforward and flat withholding tax rate of 5%. This attractive tax rate positions Greece competitively within Europe, appealing particularly to investors seeking tax-efficient dividend income. Investors should consult relevant double tax treaties and professional advisors to optimize their dividend taxation outcomes when investing in Greek companies.

At Advice for Expats, we deliver proactive, expert-led tax planning and advisory services. Our network of professionals ensure personalised support, comprehensive strategies and strong relationships with local tax authorities to help you navigate your tax obligations confidently and effectively.

Greece and the UK maintain a comprehensive UK Greece Double Tax Treaty designed specifically to prevent double taxation and clearly define taxation rights between the two countries. This treaty ensures that UK pensions, dividends, royalties,and employment income received by British expats residing in Greece are taxed efficiently. Additionally, it establishes a structured framework to resolve potential tax disputes, enhancing financial stability and clarity for UK nationals.