By Dr. Pooyan Ghamari, Swiss Economist
Relocating to Greece through the Golden Visa program presents exciting opportunities but also requires careful consideration of education, living costs, and tax obligations.
Education Options
Golden Visa holders have several choices when it comes to their children’s education in Greece. Public schools are accessible and free, offering education primarily in Greek. However, many expatriates prefer private or international schools that provide instruction in English or other languages. Private schools in Greece often follow well-known curricula, such as the International Baccalaureate (IB) or British/American systems, and can range from €5,000 to €25,000 annually depending on the level and institution.
Living Expenses
The cost of living in Greece is generally lower than in many other European countries, though it varies depending on lifestyle and location.
- Housing: In cities like Athens, rent for a two-bedroom apartment ranges from €600 to €1,200 monthly, depending on the neighborhood.
- General Living Costs: Monthly expenses for a family, including food, transportation, and utilities, can range from €1,500 to €2,500, depending on lifestyle choices.
- Healthcare: While Greece offers public healthcare, many expatriates prefer private healthcare due to better services and shorter waiting times, with private insurance costing between €1,000 and €2,000 per year.
Tax Obligations
Golden Visa holders need to be aware of Greece’s tax regulations:
- Income Tax: Golden Visa holders who become tax residents in Greece are subject to taxes on their global income, with rates ranging from 9% to 44%.
- Property Tax (ENFIA): Property owners must pay an annual tax based on the value and location of their property.
- Rental Income Tax: If a property is rented out, the income is taxed progressively, with rates from 15% to 45%.
- Non-Domiciled Status: This regime offers tax benefits, such as a flat annual tax on global income for foreign residents who meet specific criteria.
Greece’s Golden Visa program offers a unique blend of lifestyle and investment opportunities. However, understanding the intricacies of education, living costs, and tax responsibilities is crucial for making the most of your residency. With careful planning and professional guidance, Golden Visa holders can enjoy the rich culture and benefits Greece has to offer while ensuring they meet all legal obligations.
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