The Greek Golden Visa application process involves various legal, administrative, and tax expenses in addition to the real estate investment. These expenses can be calculated based on the purchase of real estate valued at 250,000 euros as follows:
1. Property Transfer Tax
- In Greece, a transfer tax of 3.09% is generally applied to real estate purchases.
- Calculation: 250,000 Euro × 3.09% = 7,725 Euro
2. Land Registry and Cadastre Expenses
- For land registry and cadastral procedures, a fee of approximately 0.5% to 1% of the property's value is typically charged.
- Calculation: 250,000 Euro × 0.75% (average) = 1,875 Euro
3. Legal Advisory Fees
- It is generally recommended to have a lawyer provide consultation throughout the real estate purchase process. Lawyer fees can range from 1% to 1.5% of the property's value.
- Calculation: 250,000 Euro × 1.2% (average) = 3,000 Euro
4. Notary Fees
- Notary fees are calculated based on the value of the real estate and are generally between 1% and 1.5 %.
- Calculation: 250,000 Euro × 1.2% (average) = 3,000 Euro
5. Golden Visa Application Fees
- A €2,000 application fee is charged to each applicant for the Golden Visa application. Additionally, an extra €150 is charged for biometric data processing. If family members are also applying, additional fees are charged for each family member.
- Calculation: 2,150 Euro for the main applicant + 2,150 Euro for each additional family member (for example, a family of four consisting of a spouse and two children would total 8,600 Euro).
6. Real Estate Appraisal and Audit Fees
- A valuation of the property can be carried out prior to the purchase. Such a valuation report costs between approximately 500 and 1,000 euros.
- Calculation: Average 750 Euros
7. Annual Property Tax (ENFIA)
- Property tax (ENFIA) varies depending on the location and type of real estate. This tax is usually levied annually and generally ranges from 0.1% to 1% of the property's value.
- Calculation: 250,000 Euro × 0.25% (average) = 625 Euro (annual)
Total Cost Calculation:
- Real Estate Purchase Tax: 7,725 Euro
- Land Registry and Cadastre Fees: 1,875 Euro
- Legal Advisory Fees: 3,000 Euro
- Notary Fees: 3,000 Euro
- Golden Visa Application Fee (for a family of 4): 8,600 Euro
- Real Estate Appraisal Fee: 750 Euro
- Annual Property Tax (first year): 625 Euro
Total Approximate Costs: 25,575 Euro (for a family of four)
This amount may vary depending on additional expenses and special circumstances. Investors are advised to work with professional advisors to clarify their expenses throughout the process.
In this regard, we can request the rates they calculated from MIBS again.
