Greece provides to the investors in real estate properties in Greece the right to apply for a 5 year residence permit.
Who can benefit from this program?
Non- European Union citizens may apply, both for themselves as well as for the members of their families for a five (5) year residence permit in Greece, if:
• They personally own real estate property in Greece, the value of which must be at least 250 000 euros
• They own real estate property in Greece, the value of which is at least 250 00 euros through a fully owned by such persons company having its seat in Greece or another EU member state
• They have entered into a long term lease of a combined tourist facility or a timeshare lease if a touristic facility, the amount of which must be at least 250 000 euros
• They have acquired at full ownership through inheritance (intestate or through a will) or through parental gift, real estate property amounting to at least 250 000, if they are adults.
This type of residence permit, allows the beneficiary to reside legally in Greece, and also to travel within the Schengen area, for periods not exceeding 3 months per 6 month periods.
There is no minimum amount of time that the holder of a residence permit for investors in real estate is required to stay in Greece per year, and long absences from Greece do not obstruct the renewal of such residence permit.
Who is considered as “family” for the purposes of this residence permit?
In addition to the main applicant (i.e. the owner of the real estate), the following persons, who are considered as family members, may apply:
• the spouse
• children under the age of 21
• the ascendants of the spouses
What are the requirements regarding the property?
The value of the property or properties- as stated in the sale and purchase contract- must be at least 250 000 euros.
In case of inheritance or parental gift, the objective value if the property must be at least 250 000 euros.
In case of long term lease or timeshare agreement, the value if the lease must be at least 250 000 euros.
What is the procedure to be followed?
The prospective buyer/ applicant must obtain a visa- any type of visa- and enter Greece at least once. During that visit, he/she may chose a property and purchase it, or grant a power of attorney for the agreement and the filing of the application.
Thereafter, the applicant must purchase the property and pay the price in full.
Then the applicant, personally or through his attorney, must submit an application at the competent migration department. Upon filing the application, he/she shall obtain a temporary certificate until the issuance of the final residence permit, allowing the applicant to reside in Greece, and provide fingerprints.
Finally, the permanent residence permit is issued.
How we may assist you:
Our office is ready to assist you in:
– choosing the appropriate property for your needs, including engaging a real estate agent (if necessary), accompanying you to view the property options, checking the titles of the property,
– assisting with the notarial sale and purchase agreement or review of long- term lease or timeshare agreement,
– registering the transfer of the property at the land registry,
– preparing and filing the application for a residence permit at the competent authority.
We may further assist you in connection with the further actions regarding the property, such as leasing it, assisting with the management, the bills etc.
This document does not constitute legal advice. For additional information and advice on the above, please contact us