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
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:
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 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:
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.
You can download the concise guide to residence permits for property owners in Greece edited by Enterprise Greece Organisation in Greek, English, Chinese, Russian, Arabic και Turkish.
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