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Rajiv M.
Entrepreneur , UK
PROFILE
Entrepreneur & Family
| Applicant |
41 y.o. |
| Spouse |
39 y.o. |
| Son |
15 y.o. |
goals
Client Requirements
Situation
Rajiv manages the family’s assets: from real estate in Dubai and Singapore to private equity in the US. His son attended a private school in Kensington, and his wife ran a charitable project in London. After learning from the news about the UK’s plans to cancel the non-dom regime, Rajiv consulted a tax advisor, who in turn recommended Astons for obtaining a residence permit in another European country with a non-dom tax regime.
Our experts needed to find a country that would minimise tax losses, provide residency for the whole family quickly and reliably, maintain their standard of living, and offer prestigious international education for the son.
Solution
During the very first consultation, we decided on the strategy: the Greek Golden Visa. This programme allows the quick acquisition of European residence permits for the whole family, including spouse and children of the investor, as well as both sets of parents.
The country has a favourable non-dom tax regime for new residents, allowing a fixed annual tax of €100,000 on all worldwide income.
In addition, Greece offers a wide choice of luxury real estate, a high standard of living, safety, and culture. A pleasant bonus – the famous Mediterranean climate.
The process was launched immediately. The Astons team selected several properties from our private database in the most prestigious districts of Athens. Rajiv was instantly drawn to a modern residence project in Glyfada – a southern coastal suburb, known as the “Athenian Riviera”.
The residence met all the family’s expectations: four bedrooms and a spacious living room, private pool, garden, terrace, parking, and its own tennis court. The house was under construction in an elite, safe, green area near a yacht club and international schools, just 15 km from central Athens.
The property was priced at €1,150,000 – more than enough to qualify for Greece’s investment programme and obtain non-dom tax status.
What is the Non-Dom Tax Regime in Greece?
Greece’s non-dom tax regime is a way for wealthy foreigners to become tax residents of the country while not paying tax on their global income. Instead of standard taxation, a fixed rate of €100,000 per year is applied, regardless of income level. The programme is valid for 15 years and also applies to family members (with an additional €20,000 per person).
You can apply for non-dom if you have:
- Not been a tax resident of Greece for 7 of the last 8 years
- Relocated to the country
- Invested from €500,000 in real estate, business, or financial instruments.
How did the Residence Permit Process Go?
1. Consultation and situation audit
Astons experts carried out a comprehensive assessment of the situation and selected the optimal participation format – Greek residence by investment with parallel application for non-dom status.
2. Property selection
The Greek team at Astons offered several premium options. The residence in Glyfada was perfect in terms of location and other features. Growth potential of the property and family comfort were also considered. A prestigious international school with English-language instruction was located nearby.
3. Document preparation and account opening
The Athens team prepared the documentation package and arranged the opening of a Greek bank account. The family made a 10% deposit.
4. Completion of the transaction
The property purchase was completed remotely. Astons experts also helped with paying taxes, government fees, and arranging health insurance.
5. Submitting the residence permit application and support until card issuance
Lawyers submitted the application to the immigration service. The approval process took 4 months. The investor and his family received a White Paper – temporary permission to enter and reside in Greece, issued for the purpose of submitting biometric data. They had to enter the country and receive their residence cards within one year of approval.
Rajiv and his family received their cards and moved into rented apartments near their new home, which was in the final stages of completion. It was important to settle in before the start of the school year and to become tax residents as soon as possible – which requires spending 183 days in the country.
6. Parallel application for non-dom tax status
The housewarming coincided with receiving tax residency status in Greece. Rajiv now pays only a fixed annual tax – €100,000, regardless of the amount and source of his global income.
Comparison of Residence by Investment Programmes
| Program |
Investment Threshold |
Processing Time |
Schengen Access |
Physical Presence Requirement |
|
Greece
Residency
|
from €250,000 |
4 months |
None |
None |
|
Portugal
Residency
|
from €500,000 |
18 months |
None |
None |
|
Malta
Residency
|
from €169,000 |
9 months |
None |
None |
|
Cyprus
Residency
|
from €300,000 |
8 months |
None |
None |
|
Hungary
Residency
|
from €250,000 |
4 months |
None |
None |
Expenses
| Property transfer tax (3.09%) |
€35,535 |
| Land registry fee (0.6%) |
€6,900 |
| Notary fee (1.5%) |
€17,250 |
| Immigration fees |
€2,150 for the whole family |
| Residence card fees (€16 × 3) |
€48 |
|
Additional Costs:
|
|
| Translation services |
€500 |
| Private health insurance |
€1,500 |
| Astons legal services |
determined on a case-by-case basis |
| Tax advisor services are billed separately |
calculated upon request |
| Total: |
€1,211,883 (excluding additional expenses) |