A Complete Guide to Living in Greece for Golden Visa Holders – Education, Costs, and Taxes

By Dr. Pooyan Ghamari, Swiss Economist

Greece’s Golden Visa program is an appealing option for investors seeking residency in the EU. However, transitioning to life in Greece requires careful understanding of local education systems, living expenses, and tax regulations. This guide provides an expanded overview of these key aspects, helping Golden Visa holders make informed decisions as they settle into their new lives in Greece.

Education System: Options for Expats

When moving to Greece with family, education for children is often a top priority. Fortunately, the country offers a range of educational options tailored to meet the needs of expatriates.

1. Public Schools: Golden Visa holders are entitled to enroll their children in Greece’s public schools, which offer free education. While the language of instruction is Greek, this can be a fantastic opportunity for children to immerse in the local culture and language. However, families who prefer an English-speaking environment may face challenges in public schools, particularly at the early stages.
2. Private Schools: Private schools in Greece are a popular choice for expats. These institutions often offer bilingual education or curricula following the British, American, or International Baccalaureate (IB) systems. Private school tuition varies widely, typically ranging from €5,000 to €15,000 annually. The curriculum and the reputation of the school significantly impact the cost.
3. International Schools: For families desiring a more global approach to education, international schools may be the best option. These schools, which offer internationally recognized programs such as the IB, are ideal for students aiming to attend university abroad. However, the cost can be significant, with tuition fees ranging from €10,000 to €25,000 per year depending on the school’s reputation and offerings.

Living Costs: What to Expect in Greece

The overall cost of living in Greece is generally lower than in other EU countries, though it can vary depending on lifestyle choices and location. Here is a breakdown of key expenses:

1. Housing: Real estate prices are relatively affordable outside of major urban centers. In Athens, a two-bedroom apartment in the city center can cost between €600 and €1,200 per month in rent, while apartments in smaller cities or rural areas are much cheaper. Golden Visa holders often invest in properties, and buying property in Greece not only qualifies you for residency but also makes long-term living more cost-effective.
2. Utilities and Groceries: Monthly utilities, including electricity, heating, and water, typically cost between €150 and €300 for a medium-sized apartment. Groceries for a family of four can range from €400 to €600 monthly, depending on dietary preferences and shopping habits.
3. Health Care: Greece has a public health system, but many expatriates opt for private healthcare due to shorter wait times and better service quality. Private health insurance costs can range from €1,000 to €2,500 annually, depending on the coverage.
4. General Living Expenses: Dining out in Greece is affordable, with meals at mid-range restaurants costing about €10 to €20 per person. Entertainment, transportation, and other leisure activities are also reasonably priced compared to Western Europe.

Tax Obligations for Golden Visa Holders

Golden Visa holders in Greece must navigate the country’s tax system carefully to ensure compliance with legal requirements. Here are the main tax obligations to consider:

1. Income Tax: Golden Visa holders who become tax residents are subject to Greek income tax on worldwide income. The tax system is progressive, with rates ranging from 9% to 44%, depending on income levels.
2. Property Tax (ENFIA): Property ownership in Greece comes with annual property taxes. The ENFIA tax is calculated based on property size, location, and value. The average rate is around €2 to €6 per square meter, though it can be higher in prime locations.
3. Rental Income Tax: For those who rent out properties, rental income is taxed progressively, with rates of 15% for annual income up to €12,000, 35% for income between €12,001 and €35,000, and 45% for amounts over €35,001.
4. Non-Domiciled Tax Status: Greece offers favorable tax regimes for foreign nationals through its non-domiciled status. This regime provides a flat tax of €100,000 annually on global income for individuals who transfer their tax residency to Greece. This program, which lasts up to 15 years, is attractive to wealthy investors, allowing them to shield foreign income from progressive taxation.

Navigating Financial Responsibilities

For Golden Visa holders planning a long-term stay or permanent residency in Greece, understanding tax regulations and financial responsibilities is critical. Consulting a local tax expert or legal professional is highly recommended to ensure compliance with local laws and optimize your financial situation.

Conclusion: Living in Greece with a Golden Visa

Greece’s Golden Visa offers more than just residency; it opens doors to a vibrant, affordable, and culturally rich lifestyle. However, it is essential to carefully plan your transition, especially concerning education, living costs, and tax obligations. By making informed decisions and seeking professional guidance, Golden Visa holders can fully enjoy the benefits of living in Greece while ensuring their financial responsibilities are met.

This comprehensive guide provides valuable insights to help Golden Visa holders navigate their new life in Greece smoothly.

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