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What is the Golden Visa?

In the context of a more friendly attitude towards interested third-country nationals wishing to acquire real estate in Greece, the Government has established a procedure for the issuance of residence permits in Greece, renewable every five (5) years, for property owners whose property value exceeds €250,000. This guide presents in a comprehensible way the conditions, the procedure and the supporting documents for the issuance of these residence permits. It also provides answers to critical questions regarding the new type of residence permit for real estate owners. In case you would like more information and/or clarifications, while reading this guide, you may contact the General Secretariat for Immigration, Reception and Asylum (Tel.: 213 136 1029 – 030 – 031, Fax: 213 136 1239, E- mail: GRinvestors@immigration.gov.gr). In the alternative you may visit the website www.immigration.gov.gr

 

Who are the beneficiaries?

The Golden Visa allows its holders and their family members (the spouse, children up to 21 years old, the parents) to live in Greece and benefit from freedom of movement within the Schengen area without having to reside permanently in the country.

There are several categories of residence permits, as well as types of permits for each category. Depending on the type of residence permit, the holder is given the right to access the labour market. Applications for the issuance and renewal of residence permits are submitted with the competent Office for Foreigners and Immigration of the Decentralized Administration of the place of residence or stay of the applicant except for certain categories of permits where applications are submitted with the Directorate of Immigration and of the Ministry of Immigration, Reception and Asylum.

The residence permit for property owners is a new type of residence permit and applies to third-country nationals who have entered the country legally with any type of entry visa (C or D) or are legally residing in the country, even if the residence permit, they hold does not allow the change of the purpose.

The beneficiaries of the right of entry and permanent residence permit, which is subject to renewal every five (5) years are the following:

  • Third-country nationals who have, personally or through a legal person established in Greece or in another EU Member State, real estate in Greece, the minimum value of which amounts to two hundred and fifty thousand (250,000) euros, provided that they own the full ownership, possession and occupation of the shares of the company.
  • Third-country nationals who have entered into a lease agreement of hotels or touristic residences in complex tourist accommodation of article 8 par. 2 of Law 4002/2011 (Government Gazette A’ 180), for at least ten years, provided that the minimum rental value amounts to € 250,000.
  • Third-country nationals who either reside legally, having a residence permit, in Greece or wish to enter and reside in the country and who have full ownership, possession and occupation of real estate in Greece, which they purchased before the entry into force of Law 4146/2013, if the price they had paid at the time of purchase amounted to two hundred and fifty thousand euros or the current fair market value of their property amounts to two hundred and fifty thousand (250,000) euros.
  • Third-country nationals who buy a parcel or a plot and proceed with the erection of a building, if the sum of the value of the purchase contract and the building contract is at least two hundred and fifty thousand (250,000) euros.
  • Third-country nationals who have entered into a timeshare contract based on the provisions of law 1652/1986. A timeshare contract according to the provisions of article 1 of law 1652/1986, is the undertaking of the lessor to grant annually, to the lessee, during the contract, the use of a touristic accommodation and to provide him with related services for a period specified by the contract and the lessee to pay the agreed rent. For the implementation of this law, tourist accommodation means the hotel units and generally the tourist facilities that operate under a permit of the Hellenic Tourism Organization (EOT) and have been subject to the provisions of the law by decision of the Secretary General of the Hellenic Tourism Organization (EOT). Timeshare contract is concluded for a period of one (1) to sixty (60) years.”
  • Third-country adult nationals and have acquired the full ownership and possession of real estate, of a fair market value of two hundred and fifty thousand euros (€ 250,000), due to heritage acquired without or with a will or following parental grant.
  • The family members of the above third-country nationals. Family members are defined as: a) the spouse, b) the other spouse or partner with whom the third-country national has concluded a cohabitation contract in Greece, c) the unmarried joint children of the spouses or partners under the age of 21, d) the unmarried children of the sponsor or the other spouse or partner, where custody has been legally entrusted, in the case of the children of the breadwinner, to him or her and, in the case of the children of one of the spouses or partners, to him or her under the age of 21; and (e) the direct ascendants of the spouses or partners. Family members may enter later than the entry of the third-country national from whom they derive the right of residence. Such family members shall be granted a residence permit of the same duration as the sponsor, which similarly does not give access to the labour market. The children of third-country nationals who have been admitted to Greece under the terms and conditions of residence permits for property owners are granted a residence permit for family reunification until the age of 21. After the age of 21, it is possible to further renew them with a three-year independent residence permit until the age of 24, and then further renewal is possible in accordance with the provisions of the immigration legislation.

Prerequisites for obtaining a Golden Visa

In order to obtain a “permanent investor residence permit”, which is subject to renewal every five (5) years, the following conditions must be met:
a) The properties should be owned by their owners in full ownership, possession and occupation.

b) In case of indivisible ownership of a property of an acquisition value of at least € 250,000, a residence permit is granted only if the co-owners are spouses or partners who have entered into a civil partnership. Otherwise, the right of residence is granted only if the amount invested by each co-owner amounts to € 250,000.

c) If the property owner has acquired it through a legal entity, he or she must own all the company shares.

d) The right of residence is also granted in cases where the third-country national is the owner, either personally or through a legal entity, of more than one property, with a total value of at least € 250,000.

e) In case the interested party wishes to enter the country with a type D visa, the documented intention to purchase real estate must be proved by documents proving the financial feasibility (e.g. a certificate from a recognized first-class bank or official financial institution or other recognized organization), certifying the existence of bank accounts or other securities, in particular bonds or shares, to cover the investment funds, of at least € 250,000 and the applicant’s intention to purchase the property (assignment agreement with a lawyer or real estate agent office).

f) For third-country nationals who have entered into a lease agreement for hotels or touristic accommodation for at least ten years in complex tourist accommodation, if the minimum rent amounts to € 250,000, the contract should provide for the lump sum payment of the rent corresponding to the ten-year rent of the accommodation or the tourist furnished accommodations.

For the above cases, the amount of the real estate will be derived from the values ​​of the real estate or the lease agreements stated in the contract. It is clarified that the price of the value of the property, for the needs of law 4251/2014, refers to the amount explicitly stated in the contract that was paid for the sale. The fair market value of the property is of no importance, unless it is the amount that it is stated in the contract that was paid for the sale.

From 31 March 2024, the following conditions apply:

  • The investment must relate to only one property.
  • In the region of Attica, the regional units of Thessaloniki, Mykonos, and Santorini, and on islands with a population of more than 3,100 inhabitants, the value of the real estate property that must be owned by the interested party is increased to 800,000 euros. In the other regions of the country, the value of the real estate is set at EUR 400 000. In any case, the investment must be made in one property (not in several properties of lesser value) with a surface area of at least 120 sq.m.
  • Restrictions are introduced on short-term leases through digital platforms (e.g. Airbnb).
  • The use of the property as a headquarters or branch of a business is prohibited. Violation of the restrictions will result in a fine of €50,000 and cancellation of the residence permit.
  • If the property is built or has a building permit, it is required to have at least 120 m2 of main rooms (unless it is an unbuilt plot or a property without a building permit).
  • An investment of EUR 250,000 is only allowed for a property if it is converted into a residence before the application for a residence permit is submitted or industrial buildings without industrial activity in the last 5 years or listed buildings or parts thereof, with an obligation of full restoration for the renewal of the residence permit.

Golden Visa Renewal

The residence permit is permanent and lasts for life. However, the holder of the residence permit shall be obliged to renew it every five (5) years for an equal period and as many times as the person concerned wishes.

The following conditions must be met for the renewal of the residence permit:

  • The property should remain in the ownership and possession of the interested party.
  • The contracts/lease contracts provided must remain valid.

Any period of absence from the country shall not constitute an obstacle to the renewal of the residence permit. The resale of the real estate during the validity of the residence permit to another third-country national provides the right to grant a residence permit to the new buyer with simultaneous revocation of the seller’s residence permit.

VISA – Obtaining a residence permit for property owners.

Legal entry into the country is necessary in order to obtain a residence permit for property owners. Following the issuance of the residence permit and for the period for which it is valid, no entry visa is required. According to Law 4251/14, any third-country national, who has entered the country legally with any entry visa or resides legally in Greece, regardless of the status or type of residence permit, is possible to submit an application for a residence permit.

The issuance of the residence permit is granted within two months from the collection of all the data of the dossier and with the submission of all the necessary documents to the Greek Authorities.

Video YouTube

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You can download the concise guide to residence permits for property owners in Greece edited by Enterprise Greece Organisation in GreekEnglishChinese, RussianArabic και Turkish.

 

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