Eligible on the same terms. Taxed on very different ones.

• · PFIC treatment turns what would be long-term capital gain into ordinary income and adds an interest charge on excess distributions, so the effective rate can exceed what you would have paid on an equivalent US holding.
• · Each PFIC generally requires its own Form 8621 every year, whether or not you sold anything or received a distribution.
• · This applies to the investor's US tax position and has nothing to do with Greek law or with whether the investment qualifies for the permit. It qualifies. It is just expensive to hold as an American.
• · If you are a US person and a financial route appeals, this is the single most important thing to raise with a US tax adviser before you commit, not after.

US Internal Revenue Code §§ 1291-1298; Form 8621

• · This is unusual. Almost every other country taxes on residence, which is why guidance written for a general audience does not apply cleanly to Americans.
• · The US and Greece have had an income tax treaty since 1950, and Greek tax paid is generally creditable against US tax, so the practical risk is complexity and compliance cost rather than straightforward double taxation.

US-Greece income tax treaty (1950); IRC § 1

• · You will need a Greek bank account for the purchase and for ongoing property costs, so this is not avoidable, merely something to plan for.
• · Form 8938 thresholds are higher than the FBAR's: $50,000 for a single filer living in the US, $200,000 for one living abroad.
• · Greek banks report US account holders to the IRS automatically under FATCA, so this is visible whether or not you file.

31 U.S.C. § 5314 (FBAR); IRC § 6038D (Form 8938)

• · It is not a legal barrier and it does not affect eligibility. It is a practical one, and it is better to start it early than to discover it when funds need to move.

FATCA reporting obligations on foreign financial institutions

• · For most American holders this means Greek tax exposure is limited to Greek-source income and the annual property tax, on top of the US filing they were doing anyway.
• · Greece's €100,000 non-dom regime only becomes relevant if you actually move your tax residence, and for a US citizen it interacts with US worldwide taxation in ways that need modelling rather than assuming.

Law 4172/2013 art. 4

We advise on Greece and are paid on Greek work, so read that as a disclosure: the conclusion happens to point at the more expensive routes. It is still the right conclusion, and the reasoning is above so you can take it to your own adviser and test it.

The property routes carry their own constraint that has nothing to do with US tax: the qualifying property cannot be let short-term or subleased. If income from the asset was part of the plan, neither the fund route nor the property route does what you want.

Incorrect: “Getting a Greek Golden Visa reduces your US taxes.”

It does not. The United States taxes citizens on worldwide income regardless of residence, and a residence permit in another country changes nothing about that.

Incorrect: “The €350,000 fund route is the efficient choice because it is the cheapest financial option.”

For a US citizen it is usually the worst choice. A Greek fund is almost certainly a PFIC, which converts long-term gain into ordinary income, adds an interest charge, and requires an annual Form 8621.

Incorrect: “You only need to report foreign accounts once they are substantial.”

The FBAR threshold is $10,000 in aggregate across all foreign accounts at any point in the year, which a property purchase will cross immediately.

Incorrect: “Americans cannot get the Greek Golden Visa.”

They can. The programme is open to all non-EU nationals, and US citizens are eligible on exactly the same terms. What differs is the US tax treatment of what they buy.

Can a US citizen get the Greek Golden Visa?

Yes, on exactly the same terms as any other non-EU national. There is no US-specific restriction. What differs is how the United States taxes what you buy.

Does a Greek Golden Visa reduce my US taxes?

No. The United States taxes citizens on worldwide income regardless of where they live, so a residence permit in Greece changes nothing about your US filing obligation.

Should an American use the €350,000 fund route?

Usually not. A Greek UCITS or Alternative Investment Fund is almost certainly a Passive Foreign Investment Company for US tax purposes, which converts long-term gains into ordinary income, adds an interest charge on excess distributions, and requires an annual Form 8621 for each holding.

Will I have to report my Greek bank account?

Yes. A US person with more than $10,000 in aggregate across foreign accounts at any point in the year must file an FBAR, and larger balances additionally trigger Form 8938. Greek banks report US account holders to the IRS automatically under FATCA.