taxlaw-en

Copyright 2021 I. Skouzos & Partners.
All Rights Reserved.

espa

Granting of residence permit to owners of property in Greece

Iason Skouzos - TaxLaw > Practice Areas  > Immigration Law  > Granting of residence permit to owners of property in Greece

Granting of residence permit to owners of property in Greece

Pursuant to the applicable legislation, a five-year residence permit may be granted to third country nationals who own property with minimum value of €250,000. Such a permit may be renewed and these persons may be accompanied by members of their family.

The same applies to third country nationals having entered into timeshare for ten years minimum under Law 1652/1986 or a ten-year lease of hotel accommodation or furnished tourist residences in tourist accommodation complexes referred to in Article 8(2) of Law  4002/2011, the lease charges for which amount to €250,000 minimum.

Please note that third country nationals shall be any person who is not a Greek national or a national of a European Union Member State.

CONDITIONS

– A condition to be met is that the third country national must have purchased or expressed a documented intention to purchase a property with minimum value of €250,000 in Greece.

– Third country national can also purchase a plot of land or acreage and proceed to erecting a building provided that the cumulative value of the land purchase and the contract with the construction company is at minimum € 250,000.

– The property may be purchased by the natural person or through a legal entity registered in Greece or another European Union Member State, on condition that the shares of the legal entity are wholly owned by the natural person.

– A right of residence shall be also provided in case that the third country national is the owner, either personally or via a legal entity, of more than one property with minimum total value of €250,000.

– The property must be owned and possessed by its owner. The owner may lease the property to another person

JOINT OWNERSHIP

An option for joint ownership of a property with value of €250,000 is provided, insofar as the property owners are two spouses jointly owning the property. In any other case of joint ownership, a right of residence shall be provided if the amount invested by each joint owner stands at €250,000.

FAMILY MEMBERS

Family members shall be the spouses, their direct descendants who are under the age of 21 years old, as well as and their direct relatives in the ascending line.

PROCEDURE

PHASE ONE– Issuing an entry Visa for Greek Territory

This can be either a type D National long term visa, or a usual type C visa

In case of choosing a type D visa by the competent Greek Consular Authority, the procedure is the following:

The person concerned must appear in person at the Greek Consular Authority in his/her country or in the country where he/she legally resides and submit the following general and specific supporting documents. This procedure shall also include an interview. The national visa granted shall be in effect for one year at the most.

General supporting documents

1) Application for long-term visa + a recent coloured photo of the applicant.

2) Passport with effective term exceeding by three months the expiry date of the visa, which has at least two empty pages and has been issued during the last ten years.

3) An abstract of the criminal records kept by the foreign authorities. If there is a final court ruling, irrespective of the penalty imposed, and with a view to verifying the relevance of the crime to issues posing a risk to public order and safety, specific explanations are requested by the Consular Authority, which also takes into account individual parameters, such as the severity of the offence, the recidivism and, in general, the delinquent behaviour of the third country national.

4) A health certificate from a recognised public or private body demonstrating that the third party national does not suffer from any disease that, according to the international data and the World Health Organisation, may pose risks to the public health.

5) Travel insurance with minimum effective term of one year, covering the expenses that may be incurred in case of repatriation for medical reasons, for urgent medical care and/or urgent hospital care.

Specific supporting documents

1. Proof of purchase of the property:

(a) A copy of the purchase contract for the property or properties with minimum value of €250,000.

(b) An attestation of the Notary Public that the consideration for the property’s value has been fully paid and that the property purchase contract is not subject to terms, conditions and deadlines.

(c) A proof of transcription from the competent mortgage register.

2. If the purchase procedure has not started or has not been completed, the foreigner must document his/her intention to perform the purchase:

(a) By documents proving his/her economic standing, i.e. a certificate from a recognised class A bank or an official financial organisation or other recognised organisation safekeeping securities, which certifies the existence of bank accounts or other transferable securities, especially bonds or shares, for covering the funds of the investment, with minimum value of two hundred fifty thousand Euros (250,000)and

(b) A copy of contract of assignment of brokerage services to a law firm or estate agency.  If the foreigner concerned owns property in Greece via a legal entity, the shares of which are fully owned by him/her, he/she must submit, in addition to the above:

– A copy of the Articles of Association of the legal entity demonstrating that the third country national holds all company shares.

NOTE

All foreign documents must be duly certified (apostille or certification by the Greek Consular for countries that are not parties to the Hague convention) and be officially translated in Greek.

FOR THE FAMILY MEMBERS

A national visa may be granted to these persons, on condition that their living and healthcare expenses will not burden the national healthcare system, as long as they furnish:

(A) All the above general supporting documents (1-5) for the granting of the national visa.

(B) A recent family status certificate issued by the local competent authorities, proving the family relationship.

PHASE TWO – Granting of a five-year residence permit

Promptly upon entering Greece by virtue of the national type D visa and prior to its expiry date, or prior to the expiry date of the type C Visa, the foreigner must submit to the competent Greek authority an application and the requisite supporting documents for the issue of the residence permit. If the foreigner has obtained a visa by expressing a documented intention to purchase a property, he/she must complete the necessary actions for the purchase, so that he/she is entitled to submit the application for residence permit prior to the expiry of the visa.When submitting the application, which may be also submitted by an authorized attorney, the foreigner and the members of his/her family (if they submit an application at the same time) must be present in person, for biometric recognition purposes. The family members may enter the country later (and submit the relevant application later).

General supporting documents

1) An application form in triplicate + three (3) recent coloured photographs.

2) A true photocopy of an effective passport with the stipulated effective visa.

3) A health certificate from a Greek public hospital demonstrating that the third party national does not suffer from any disease that, according to the international data and the World Health Organization, may pose risks to the public health or a true and translated copy of the harmonised medical certificate form submitted to the consular authority for the issue of the type D National visa.

4) An insurance policy with full medical, pharmaceutical and hospital care coverage during the residence in Greece 

Ministerial Decision no 53821/2014

Explanatory Circular no 58037/2014

5) Deposit of € 500 for each adult (over 18 years old).

Specific supporting documents

1) A copy of the purchase contract for the property or properties with minimum value of €250,000.

2) An attestation of the Notary Public that the consideration for the property’s value has been fully paid and that the property purchase contract is not subject to terms, conditions and deadlines.

3) A proof of transcription from the competent mortgage register.

4) An attestation issued by an insurance fund stating coverage of hospitalization and medical care expenses. Insurance policies concluded abroad shall be accepted, provided that they explicitly state that they cover the person concerned for as long as he/she stays in Greece, as well as insurance policies concluded in Greece.

For the application for issue of the residence permit to be submitted, THE PURCHASE OF THE PROPERTY MUST HAVE BEEN COMPLETED.

If the foreigner concerned owns property in Greece via a legal entity, the shares of which are fully owned by him/her, he/she must submit, in addition to the above:- A copy of the Articles of Association of the legal entity demonstrating that the third country national holds all company shares.

FOR THE FAMILY MEMBERS

(A) All the above general supporting documents (1-4) for the granting of the residence permit.

(B) An attestation issued by an insurance fund stating coverage of hospitalization expenses and medical care.

(C) A recent family status certificate issued by the foreign authorities, proving the family relationship.

DURATION – RENEWAL OF THE RESIDENCE PERMIT 

The residence permit of the property owner shall be in effect for five years and shall be renewed for an equal period as many times as requested, provided that the property is still owned by the person concerned. The residence permit for family members shall expire or be renewed simultaneously with the permit granted to the owner.The periods of absence from the country shall not hinder the renewal of the residence permit.

REMARKS

The residence permit shall not establish a right of access to any form of employment. Only the exercise of economic activity in the quality of the shareholder, Director or Managing Director of the company shall be permitted.

Should the property be transferred prior to the lapse of five years, the third country national shall be deprived of the right of residence.

Also, the resale of the real estate property, during the period when the residence permit is valid to another third country citizen, provides to the new owner with the right to a residence permit and deprives the old owner of his/her residence permit.

error: Content is protected !!