Worldway Comprehensive Report: The new Greek government places great importance on national taxation, especially property taxes. The government plans to abolish the existing annual property tax and implement a new type of property tax. The new property tax reform will stimulate new property investments in Greece, leading to a surge in investment immigration through property purchases.
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The new government has not yet announced the price range for property tax exemptions; however, recent government statements indicate that the annual property tax for primary residences will generally receive full or partial exemptions. Only a few owners with multiple properties will need to pay the annual property tax on the portion of their properties that exceeds the exempt price range. Thus, it appears that the new property tax revenue will primarily come from those who own multiple properties.
Therefore, in order to implement the new tax law as soon as possible in 2015, the new government will expedite the amendment of relevant tax regulations and submit them to Parliament for voting and review. Earlier this year, Athens, the capital of Greece, was selected as one of the most investment-potential cities in Europe. It is believed that once the new tax law is enacted, the Greek property market will attract another wave of investment.
Recent reports from British media predict that the tourism industry will reach new heights in 2015. The continuously rising tourism sector has also made more property projects popular. Immigration investors see the investment prospects of the Greek property purchase immigration program, making it highly sought after.
For investment immigration in Greece, non-EU citizens can obtain a renewable permanent residence permit by investing in property worth no less than €250,000. Worldway immigration experts explain that Greece is a member of the European Union and the Schengen Area. Investing in Greek real estate not only grants permanent residency but also provides significant convenience for travel within EU countries and for children's education. Investing €250,000 in property in Greece allows one to enjoy the most romantic local scenery while obtaining Schengen status, enabling travel across 26 Schengen countries, which is truly a win-win situation. Coupled with Greece's new property tax reform, this will lead to a new wave of immigration investment in Greece.
