Comprehensive Guide for Golden Visa Holders in Greece: Education, Living Costs, and Taxation

By Dr. Pooyan Ghamari, Swiss Economist

As a Golden Visa holder in Greece, understanding the country’s education system, living expenses, and tax obligations is essential for making informed decisions about your residency. This guide provides an in-depth look at these critical aspects, offering practical advice and expert insights to help you navigate your new life in Greece.

Educational Opportunities

Greece boasts a diverse and high-quality education system, catering to the needs of both local and expatriate families. The options range from public schools, which are free and primarily offer instruction in Greek, to private and international schools that provide education in English or other languages. Here’s a detailed breakdown:

• Public Schools: Golden Visa holders’ children can attend public schools for free. While the instruction is in Greek, many schools offer language support for non-Greek speakers. Public schools follow a strong academic curriculum but might require extra language support for international students.
• Private and International Schools: For those seeking education in English or other languages, Greece offers a variety of private and international schools. These schools typically offer curricula such as the International Baccalaureate (IB) and cater to the expatriate community. Annual tuition fees can range from €3,000 to €25,000, depending on the school’s location and reputation.
• Higher Education: Greece’s public universities are a significant draw, especially for EU residents who benefit from free tuition. For non-EU residents, fees are still relatively low compared to other European countries. Many private universities offer specialized programs with tuition fees ranging from €5,000 to €10,000 per year. Greece is also known for its quality medical schools, which attract students from around the world.

Living Expenses in Greece

Living in Greece can be affordable, especially when compared to other Western European countries. However, expenses can vary depending on your location and lifestyle. Here’s what you can expect:

• Housing Costs: Whether renting or buying, property costs in Greece are relatively reasonable. In cities like Athens or Thessaloniki, a 70 sqm apartment can rent for €500 to €1,000 per month. Property prices for purchase also vary, but they generally offer good value, especially in comparison to other European capitals.
• Monthly Living Expenses: A typical budget for a family of three living in Greece might range from €1,500 to €2,500 per month. This budget covers housing, groceries, utilities, transportation, and leisure activities. While living in major cities can be more expensive, the overall cost of living is manageable and allows for a comfortable lifestyle.

Tax Obligations

Navigating Greece’s tax system is crucial for Golden Visa holders. Understanding your tax obligations will help you manage your finances effectively and avoid any legal issues. Key aspects include:

• Property Taxes (ENFIA): Golden Visa holders owning property in Greece are subject to the annual ENFIA tax. The amount varies based on the property’s value and location but generally falls between €500 and €1,000 for a property valued at €250,000.
• Rental Income Tax: If you earn income by renting out property in Greece, you’ll be taxed on that income. The rates are progressive, ranging from 15% to 45%, depending on the amount of income. It’s advisable to seek expert tax advice to optimize your tax liabilities.
• Becoming a Tax Resident: Spending more than 183 days in Greece within a calendar year may qualify you as a tax resident. This means you could be taxed on your global income. Consulting with a tax professional can help you navigate these rules and plan your finances accordingly.

Legal and Real Estate Services

Golden Visa holders in Greece can benefit from various legal and real estate services that make the transition to life in Greece smoother. These services include assistance with property management, legal matters, and ongoing support to ensure compliance with Greek regulations.

A.land and GH Legal s.r.o. are two notable providers of these services, offering a range of solutions tailored to the needs of Golden Visa investors. Their expertise can help you avoid common pitfalls and make the most of your investment in Greece.

This comprehensive guide aims to equip Golden Visa holders with the knowledge and resources needed to thrive in Greece. By understanding the educational opportunities, managing living costs, and fulfilling tax obligations, you can enjoy a fulfilling and successful residency in this beautiful Mediterranean country.

This article was originally published on a.land. For more information and opportunities, visit shop.a.land.