Authored by Dr. Pooyan Ghamari, Swiss Economist
Golden Visa holders in Greece often face a complex landscape of living expenses, educational opportunities, and tax obligations. This guide is designed to provide clarity and detailed insights into these crucial aspects of life in Greece.
Education System in Greece
Greece offers a diverse range of educational opportunities for Golden Visa holders and their families. Whether you prefer public, private, or international schooling, Greece’s education system is designed to meet various needs.
- Public Schools: Public education in Greece is free for residents, including Golden Visa holders. Instruction is primarily in Greek, but schools often provide language support for non-Greek speakers. Public schools offer a strong academic curriculum, though language barriers can be a challenge for non-Greek-speaking families.
- Private and International Schools: For those seeking education in languages other than Greek, private and international schools are excellent options. These schools typically offer bilingual or English instruction and follow international curricula, such as the International Baccalaureate (IB). Tuition fees vary significantly, ranging from €3,000 to €25,000 per year, depending on the school and location.
- University Education: Higher education in Greece is renowned for its affordability and quality. Public universities offer free tuition for EU residents, including Golden Visa holders. Non-EU residents can expect reasonable fees, especially compared to other European countries. Private universities are also available, with tuition fees ranging from €5,000 to €10,000 annually.
- Medical Education: Greece is home to several prestigious medical schools, attracting international students. The cost of medical education in Greece is relatively low compared to other Western countries, making it an attractive option for aspiring doctors.
Living Expenses in Greece
Greece offers a range of living experiences, from the bustling urban life of Athens to the tranquil island life of Crete. The cost of living in Greece is generally lower than in many other European countries, making it an attractive destination for Golden Visa holders.
- Housing Costs: Rental prices in Greece vary depending on the location. In Athens and other major cities, you can expect to pay between €500 and €1,000 per month for a 70 sqm apartment. Prices are generally lower in smaller towns and rural areas. Buying property in Greece is also a popular option for Golden Visa holders, offering a stable investment and a chance to immerse in Greek culture.
- Monthly Budget: A typical monthly budget for a family of three in Greece ranges from €1,500 to €2,500. This budget includes housing, utilities, groceries, transportation, and leisure activities. While urban areas tend to be more expensive, many families find that their overall cost of living is manageable and provides a good quality of life.
Tax Obligations for Golden Visa Holders
Understanding tax obligations is crucial for Golden Visa holders in Greece. Greece’s tax system is complex, but with the right guidance, you can navigate it effectively.
- Property Tax (ENFIA): Golden Visa holders who own property in Greece are subject to the annual ENFIA tax. The amount varies depending on the property’s value and location but typically ranges from €500 to €1,000 for a property valued at €250,000. It is important to stay informed about changes in tax laws to ensure compliance.
- Rental Income Tax: If you earn rental income from property in Greece, you will be subject to rental income tax. The rates are progressive, ranging from 15% to 45% depending on the amount of rental income earned. Proper accounting and legal advice can help minimize your tax liability.
- Tax Residency Considerations: Golden Visa holders should be aware of the implications of becoming a tax resident in Greece. If you spend more than 183 days in the country within a year, you may be considered a tax resident and subject to taxation on your worldwide income. Consulting with a tax advisor is recommended to understand your obligations and opportunities.
Legal and Real Estate Support
Navigating the legal and real estate landscape in Greece can be challenging, especially for newcomers. Fortunately, there are several resources available to assist Golden Visa holders.
- A.land and GH Legal s.r.o.: These organizations provide comprehensive services, including real estate management, legal assistance, and immigration support. Their expertise ensures that Golden Visa holders can make informed decisions and comply with all legal requirements while enjoying their new life in Greece.
This guide is designed to empower Golden Visa holders with the knowledge and resources needed to thrive in Greece. From understanding the education system to managing living expenses and tax obligations, you will be well-equipped to make the most of your residency in this beautiful and historically rich country.
This article was originally published on a.land. For more information and opportunities, visit shop.a.land.