Introduction
As the clock ticks, Brits all over Europe are scurrying to get their papers in order so as to maintain their residency as EU citizens. According to the Withdrawal Agreement, signed in October 2019, they have to meet the requirement of settled residents by 31st December 2020. This means securing a resident’s permit which needs to be in their possession so as to qualify and maintain their citizen’s rights in their European country of abode while preserving their rights in the UK. They will be entitled to receive the benefits they currently receive including free healthcare, pensions and a legal status for as long as they remain residents of their chosen countries. From January 1st 2021, Brits will become Third Country Nationals (TCN) and will have to qualify for residency in accordance with stricter and harsher laws that will strip them of their rights to come and go as they please.
For some, the decision is straightforward. For others, this will be a life-changing and transformational decision. As far as Greece is concerned the law states that British nationals who have an ordinary settled status will be obliged to spend at least 183 days per year in Greece and become tax residents. After five years, they will be eligible for permanent residence as long as they have fulfilled all the requirements as ordinary residents
For those who have not registered as ordinary residents by 31st December, they will become Third Country Nationals. As TCN, they will only be allowed to spend 90 days within a 180 day period and will have to pursue the route to residency in accordance with the very strict guidelines that are already in place.
Golden Visa
UK
What about those who are looking to retire and/or settle in Greece from 2021 onwards?
One alternative might be obtaining a Greek Golden Visa. This has been in place since 2013 for TCN who invest in Greece. As it stands, foreign investment in property in excess of 250,000 euros will allow investors and their families to qualify for the Golden Visa. They will have the right of free movement within the entire Schengen area and not be tied to the constraints of counting days and calculating how much time they spend in the country. The visa is valid for periods of 5 years and can be renewed as long as the investment is still in the investor’s possession. Furthermore, after 7 years, the investor will be able to apply for Greek citizenship.
At first sight this might look like a convenient backhander to bypass immigration legislation. However, as Panos Argiropoulos points out, it is a mutually beneficial transaction between the state and investors. In other words, the property investor is not required to reside at the property he invests in. In fact, the acquisition could consist of multiple properties which could generate a passive income in the region of 600-900 euros per month (3-4.5%) which is a modest estimate. The income from these properties could be used to finance expenses for those looking to settle in Greece at a location of their choice.
The rental market in Athens is experiencing a surge. And as Greece prepares for major infrastructural development projects, including the development of the old airport at Hellinikon which will be the largest park in Europe and even surpasses the size of Central Park in New York, property prices are expected to rise accordingly. What’s more, the price of property is still significantly lower than in other European capital cities.
Looking ahead, all is not lost for those British nationals that will not meet the deadlines by the end of the year. If no deal is reached there still remains the Golden Visa option which will not only provide investment openings but also provide opportunities for those looking to sell up in the UK and invest creatively and lucratively so as to live their life to the fullest in one of the safest and affordable countries in the European Union.
Discover the most significant benefits of Greece Golden Visa Residency
Conclusion
A professional property consultant can assist you by dealing with this particular part of the process on your behalf allowing you to dedicate your precious time to your own business schedule. If you are interested in further details, do not hesitate to contact us or you can book a complimentary free consultancy session at your convenience.