Guide: Education, Living Expenses, and Tax Obligations for Golden Visa Holders in Greece

This guide provides an in-depth look at the education costs, university options, living expenses, and tax obligations for families holding a Golden Visa in Greece. It also includes information on how to manage the real estate acquisition process and legal matters with the support of specialized services.

1. Education for Children

Public Schools:

• Cost: Public schools in Greece are free of charge for all residents, including Golden Visa holders. This includes tuition, textbooks, and other basic educational materials.
• Language: The language of instruction is Greek. Public schools follow a national curriculum that includes subjects such as Greek language, mathematics, science, history, and physical education.
• Integration Support: Some public schools offer Greek language support classes for non-Greek speaking children to help them integrate into the education system.

Private Schools:

• Cost: Tuition fees at private schools range from €3,000 to €15,000 per year, depending on the school and the level of education.
• Language: Many private schools offer bilingual programs or instruction in Greek, English, or other languages. These schools are known for smaller class sizes, enhanced extracurricular activities, and modern facilities.
• Popular Private Schools:
• Athens College (Kolegio Athinon): A prestigious school offering a bilingual curriculum (Greek and English), with a strong emphasis on academic excellence.
• Campion School: A British international school in Athens offering the British curriculum from nursery through to the International General Certificate of Secondary Education (IGCSE) and A-levels.
• American Community Schools (ACS Athens): A highly regarded school offering an American curriculum and the International Baccalaureate (IB) Diploma Program.

International Schools:

• Cost: Tuition fees range from €7,000 to €25,000 per year.
• Language: Instruction is primarily in English or other major world languages. International schools in Greece offer globally recognized curricula, such as the International Baccalaureate (IB), British curriculum (IGCSEs and A-levels), or the American curriculum.
• Examples of International Schools:
• St. Catherine's British School: Located in Athens, it offers a British education leading to IGCSEs and A-levels.
• Byron College: An English-speaking international school in Athens that follows the English National Curriculum and offers the IB Diploma Program.
• Deutsche Schule Athen: A German international school offering education in German, following the German curriculum.

2. University Education in Greece

Public Universities:

• Cost for EU Residents (including Golden Visa holders): Undergraduate education at public universities is typically tuition-free for EU residents, which includes Golden Visa holders. For non-EU students, tuition fees generally range from €1,500 to €2,000 per year.
• Graduate Programs: Tuition fees for postgraduate programs can range from €2,000 to €4,000 per year, though certain specialized or international programs might charge higher fees.
• Language: Most undergraduate programs are conducted in Greek. However, several postgraduate programs are available in English, particularly in fields like business, international relations, and engineering.
• Top Public Universities:
• National and Kapodistrian University of Athens (NKUA): The oldest and one of the most prestigious universities in Greece, offering a wide range of programs, including humanities, sciences, and law.
• Aristotle University of Thessaloniki: The largest university in Greece, known for its extensive range of programs in arts, sciences, engineering, and medicine.
• University of Crete: A well-regarded institution with strong research output, particularly in fields like biology, mathematics, and physics.
• University of Patras: Known for its engineering and technological studies, as well as a vibrant student community.
• University of the Aegean: Offers unique programs related to the environment, marine studies, and cultural studies, spread across several islands.

Private Universities:

• Cost: Tuition fees at private universities range from €5,000 to €10,000 per year.
• Language: Programs are often offered in English, making these institutions attractive to international students.
• Popular Private Universities:
• The American College of Greece (Deree): Offers a variety of undergraduate and graduate programs in English, including business administration, psychology, and international relations.
• Hellenic American University: Known for programs in business administration, information technology, and psychology, with instruction primarily in English.
• ALBA Graduate Business School: Specializes in business and management programs and offers MBA programs in English.

3. Medical Education in Greece

For those interested in pursuing a medical degree, Greece offers several reputable options:

Top Universities for Medicine:

1. National and Kapodistrian University of Athens (NKUA):
• Program Duration: 6 years.
• Language: Primarily taught in Greek, with an English-taught program available for international students.
• Fees: Free for EU residents, including Golden Visa holders. Non-EU students typically pay around €1,500 to €2,000 per year.
• Admission Requirements: High school diploma and passing entrance exams in biology, chemistry, and physics. Proficiency in Greek is required for Greek-taught programs.
2. Aristotle University of Thessaloniki:
• Program Duration: 6 years.
• Language: Greek, with an English-taught program for international students.
• Fees: Similar to NKUA, with minimal costs for EU residents.
• Admission Requirements: Requires passing entrance exams and Greek language proficiency for Greek-taught programs.
3. University of Crete:
• Program Duration: 6 years.
• Language: Greek.
• Fees: Free for EU residents, with modest tuition fees for non-EU students.
• Admission Requirements: Entrance exams are required, along with Greek language proficiency.

English-Taught Medical Programs:

• Availability: Select universities, including NKUA and Aristotle University of Thessaloniki, offer English-taught medical programs designed for international students.
• Fees: Higher than Greek-taught programs, generally ranging from €5,000 to €10,000 per year.

4. Living Expenses for Golden Visa Families

Housing Costs:

• Rent for a 70 sqm Apartment: Rent varies significantly depending on the location:
• Athens: The average rent for a 70 sqm apartment in the city center ranges from €700 to €1,000 per month. In suburban areas, this drops to about €500 to €700 per month.
• Thessaloniki: In the city center, rent is around €600 to €800 per month, with lower prices in suburban areas.
• Other Cities (e.g., Heraklion, Patras): Rent is generally lower, averaging €400 to €600 per month.

Cost of Living for a Family of Three:

• Monthly Budget:
• Groceries: Approximately €400 to €600 per month. This covers basic food items, household supplies, and occasional dining out.
• Utilities (electricity, water, heating): €150 to €250 per month, depending on the season and energy usage.
• Transportation: Public transportation costs around €30 to €50 per person per month. If the family owns a car, additional costs for fuel, insurance, and maintenance will apply.
• Healthcare: While public healthcare is accessible, many opt for private health insurance, which can range from €100 to €200 per month for the entire family.

Total Monthly Living Costs:

• For a Family of Three: Living in Athens or Thessaloniki, total monthly expenses typically range between €1,500 and €2,500, depending on lifestyle choices and whether the family resides in a city center or a suburb.

5. Tax Obligations for Golden Visa Holders

Golden Visa holders in Greece must consider several tax obligations, particularly related to property ownership and rental income:

Property Tax:

• Annual Property Tax (ENFIA): Property owners in Greece, including Golden Visa holders, are required to pay an annual property tax known as ENFIA. The tax is calculated based on the value, size, and location of the property. For a property valued at €250,000, the annual ENFIA typically ranges from €500 to €1,000.
• Calculation: The tax is determined by a formula that considers the property's "objective value" (assessed by the tax authorities), location, age, and size.

Rental Income:

• Tax on Rental Income: If a Golden Visa holder rents out their property, the rental income is subject to Greek income tax. The tax rates are as follows:
• 15% for income up to €12,000 per year.
• 35% for income between €12,001 and €35,000.
• 45% for income exceeding €35,000.
• Expenses Deduction: Landlords can deduct certain expenses related to the rental property, such as maintenance, repairs, and property management fees, from their taxable income.

Income Tax on Rental Income:

• Separate Taxation: Rental income is taxed separately from other types of income but is still included in the total income for the purpose of calculating the overall income tax liability.
• Declaration: Rental income must be declared in the annual tax return. Failure to do so can result in penalties.

Other Tax Considerations:

• Wealth Tax: Greece does not impose a wealth tax on residents, but high-value properties may be subject to additional levies.
• Tax Residency: Golden Visa holders are not automatically considered tax residents in Greece unless they spend more than 183 days in the country per year or have their primary economic interests in Greece. Non-residents are only taxed on their Greek-sourced income.

6. Real Estate and Legal Support for Golden Visa Holders

A.land:

• Real Estate Services: A.land is a highly regarded real estate service provider in Greece that specializes in helping Golden Visa investors find and purchase property. They assist clients throughout the entire process, from selecting the right property to completing the transaction.
• Comprehensive Support: A.land offers end-to-end services, including legal due diligence, property inspections, negotiations, and closing the deal. They ensure transparent transactions and protect investors from any potential issues during the purchase process.
• Property Management: Beyond the purchase, A.land can also manage the property, ensuring that it is well-maintained, and can handle rental agreements if the property is intended for rental income.

GH Legal s.r.o.:

• Immigration and Legal Services: GH Legal s.r.o. provides specialized legal services for Golden Visa applicants and holders. They handle all aspects of immigration, ensuring compliance with Greek and EU regulations.
• Legal Assistance: GH Legal s.r.o. also offers legal support for property purchases, residency applications, and any other legal issues that may arise during the process. Their team of experts ensures that all legal documents are in order, helping to secure the Golden Visa with minimal hassle.
• Ongoing Legal Support: In addition to immigration services, GH Legal s.r.o. can provide ongoing legal advice and support for Golden Visa holders, including assistance with tax obligations, property management, and any potential legal disputes.

7. Summary of Educational, Living, Tax, and Legal Costs for Golden Visa Families

• Education:
• Public schools are free, while private or international schools can cost between €3,000 and €25,000 per child per year.
• University education in public institutions is largely free for EU residents, with additional costs for postgraduate programs and non-EU students.
• Medical education, particularly in English-taught programs, can range from €5,000 to €10,000 per year.
• Living Expenses:
• Rent for a 70 sqm apartment ranges from €500 to €1,000 per month depending on the city and location.
• The total cost of living for a family of three typically ranges between €1,500 and €2,500 per month.
• Tax Obligations:
• Annual property tax (ENFIA) for a property valued at €250,000 ranges from €500 to €1,000.
• Rental income is subject to income tax, with rates ranging from 15% to 45% depending on the amount of income.
• Rental income is taxed separately but is included in the overall income calculation for determining total income tax liability.
• Legal and Real Estate Support:
• A.land offers comprehensive real estate services, ensuring a smooth, transparent property purchase process and ongoing property management.
• GH Legal s.r.o. provides specialized immigration and legal services, assisting with all aspects of the Golden Visa application and ongoing legal support in Greece and the EU.

The Golden Visa program in Greece offers significant benefits for families, including access to quality education, affordable living expenses, and professional support for property purchases and legal matters. Proper planning and the right partnerships can help Golden Visa holders maximize these benefits while ensuring compliance with all legal and tax obligations.

If you need more specific information or have particular scenarios in mind, feel free to ask!

Date: 25th Aug, 2024

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