European Residency application assistanceNon-European residence seeking a quick and hassle-free route to EU residency now have the opportunity to acquire Schengen residency through investment.
Greece is offering super-speedy residency applications to anyone who buys a property over €250,000.
The scheme has clear attractions. Residency permits act as a form of visa to all the Schengen Area's 26 countries (Austria, Belgium, France, Germany, Denmark, Greece, Estonia, Spain, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Hungary, Poland, Portugal, Slovakia, Slovenia, Sweden, Czech Republic, Finland), including all of Western Europe except the UK. The permits require only token residency in the country where the property is located, meaning that buyers can use it as a springboard to live (but not work-that requires another permit) elsewhere in Europe.
While in Greece properties are not as rock bottom as tales of the crisis might suggest, paying out around €250,000 can get you an excellent house.
Our company can assist you on the procedure of obtaining the Residence Permit.
Property Purchase Expenses Greece
A variety of fees are payable when you buy a property in Greece, which usually adds between 10 and 15 per cent to the price.
The fees payable when buying a property in europe may include the following:
- Purchase or transfer tax; Purchase tax is charged at 3,09% of the property price.
- Value Added Tax (new constructions only); New constructions with a building license issued from January 2005 are subject to VAT at the rate of 24 per cent.
- Land registry fees; Land registry fees include registrar’s rights, certificates, and stamp duty. They are calculated at 0.475-0,575 % of the sale price in the contract, plus 24 % VAT.
- Notaries fees; The fees for the notary, who draws up the final purchase contract and officiates the sale, are usually between 1 and 2 percent of a property’s ‘assessed tax value
- Lawyer’s fees; Legal fees for the conveyancing involved in a sale are up to 1 per cent of the ‘assessed tax value’. The actual fee depends on the value of the property
- Selling agent's fees; Estate agent's fees (generally between 2 and 5 percent of the purchase price) are usually paid by both parties, with the vendor and buyer paying half each
Portugal Golden Visa Program
The golden visa in Portugal is designed to encourage investment from non-EU/EFTA nationals. The Portuguese golden visa offers a fast-track to obtaining a residency permit in Portugal, alongside other benefits, for non-EU investors who invest a minimum amount as defined by law. Since the launch of the golden visa programmer's in 2012, more than 4,200 Portuguese golden visas have been given out, representing more than EUR 2.5 billion investment in the country.
Any non-EU/EFTA national can apply for apply for a golden visa in Portugal, or Portuguese investor visa, provided they make a purchase of real estate property in Portugal worth at least EUR 500,000
Holders of a Portuguese golden visa are given a temporary residence permit in Portugal for one year, which is renewable for two-year periods. After five years, holders of Portuguese golden visa, can apply for a permanent residence permit in Portugal, while after six years they can apply for Portuguese citizenship by investment, if all other legal requirements are met.
Those who hold a Portuguese golden visa are entitled to:
- live and work in Portugal, provided they reside in Portugal for a minimum of seven days in the first year of residence and 14 days in each subsequent year.
- visa-free entry to Schengen area countries.
- family reunion, meaning certain family members can also get Portuguese residency.
- access Portuguese healthcare and education.
- freely invest in Portuguese property.
Property Purchase Expenses In portugal
property purchase in Portugal contain certain buying costs. They vary based on the price of the property and sometimes the type of development. We provide below an outline of these costs and what they cover.
Legal fees: 1% - 2% paid by Buyer
Notary & registration fees: 1% - 2% paid by Buyer
Municipal Tax: 0 - 6% paid by Buyer
Stamp duty :0.4% - 0.8% paid by Buyer
Property agent fees: 3% - 6% (+23% VAT) paid by Seller