Residence permit in Greece for owners of real estate property [“golden visa”]

Residence permit in Greece for owners of real estate property [“golden visa”]

Residence permit in Greece for owners of real estate property [“golden visa”]

Non-EU citizens who own real estate property in Greece with a minimum value, as described below, can be granted a 5-year residence permit for themselves and their family members. This is a permanent residence permit which is renewed every 5 years, provided that ownership of the property is retained.

• The most recent threshold for the value of the property is set at the (higher) amount of €800.000 for the following extended (compared to the previous regime applicable until 05/04/2024) range of areas in Greece:

o             Region of Attica

o             Region of Central Makedonia-Metropolitan Unit of Thessaloniki

o             South Aegean Region-Regional Unit of Mykonos and Thira

o             Islands with a population, according to the last census, of more than three thousand one hundred (3.100) inhabitants

• For the other regions of the country, the minimum value of the property at the time of its acquisition is set at €400.000.
• Eligible family members are a) spouse, b) the direct descendants (children) of the spouses under the age of 21, and c) the direct ascendants (parents) of the spouses.
• The residence permit is granted to foreign citizens who have entered Greece legally on any kind of visa – type D (long term visa) or type C (short term visa) – or are already legal residents in Greece, even if the residence permit, they hold does not allow for a change of the residence scope. It is not required to enter the country before applying for the residence permit.
• Non-EU citizens can acquire real estate property either personally, or through a legal entity wholly owned by them, provided the minimum value thresholds (€ 800.000 or €400.000 as above) are met. An option for joint ownership of a property, with a value of either €800.000 or €400.000, is provided, insofar as the joint property owners are the two spouses. In any other case of joint ownership, a residence permit is available only if the amount invested by each joint owner stands at €800.000 or €400.000.
• The investment can be made in one single property. For built-up property or property for which a building permit has been issued, a minimum surface area of one hundred and twenty (120) s. m. of main premises is required.
• 2 new options are inserted which provide a smaller investment in property (€250.000), provided that the main premises are converted into a residence. This condition also applies in cases of investment by purchase in property consisting of an industrial building or part of an industrial building or within which an industrial building is located, exclusively if no industry has been established and operating therein for at least five (5) years. b) through the purchase of property consisting of a listed building or part of a listed building to be restored or reconstructed or within which a listed building is located. In both options, same as above apply for single property and joint ownership. The minimum value thresholds (of any amount) do not include taxes, fees (solicitor, public notary, real estate, land registry) or other charges.
• The owner can rent the property to third parties.
• The property may not be rented out on a short-term basis in the context of the sharing economy, nor may it be sublet.
• The application for the residence permit must be submitted in Greece only after the purchase of the property has been completed and the price has been fully paid. Upon the time of submission of the application, any special term must have been lifted and the relevant notary’s certificate, proving that any such term has been lifted, with the other details of the transaction, is included in the required supporting documentation for the residence permit application.
• Without prejudice to the provisions for the right of non-EU citizens to complete their investment under the thresholds of €250.000 under old Immigration Code (L. 4251/2014), non-EU citizens may complete their investment until 31 December 2024 under the regime in force until the entry into force the new provisions, i.e. until 05/04/2024, provided that they either pay an advance payment of 10% of the purchase price or the payment of the agreed price in accordance with the provisions for the payment of price or by signing a notarial preliminary agreement or by signing a private agreement of a certain date and the relevant proof of credit of the buyer’s bank for the sending of the amount of the advance payment to the seller’s account by 31 August 2024. If the purchase of the property or properties under these conditions is not completed, the non-EU citizen may complete his/her investment in another property or properties under the conditions in any case not later than 30 April 2025.
• The regime in force until April 2024 provides that the minimum threshold for the value of the property is set at the amount of €500.000 for the following areas in Greece:

o             the Northern, Central and Southern sector of Athens,

o             the municipality of Vari – Voula – Vouliagmeni of the Region of Attica,

o             the Municipality of Thessaloniki and the islands of Mykonos and Santorini.

For all other areas the minimum threshold under the above provisions remains at the amount of €250.000 until the above dates.

• The non-EU citizens who can complete their investment at the old money thresholds of €250.000 for all areas are the ones who have already paid 10% of the purchase until 31 July 2023, either as provided in the previous la (4251/2014) by 31 July 2023, either by signing a notarial preliminary agreement, or by signing a private agreement of a certain date and a relevant proof of credit from the buyer’s bank for the sending of the amount of the advance payment to the seller’s account by 31 July 2023. In these cases, if the purchase of the property or properties is not completed, non-EU citizens may complete their investment in another property or properties, with a minimum investment value of €250.000 and in any case not later than 30 April 2024.

 

Procedure: a practical map

Foreign citizens can choose any of the below options:

Option (I) Enter Greece with any kind of Visa (C visa for stay up to 190 days or D for stay up to a year), find the desired property, proceed to the purchase of the property and, after the purchase is completed, apply for the residence permit, before the initial or a possible second C visa expires.

Option (IΙ) not enter Greece and carry out the whole procedure remotely, represented by an attorney at law, who will run the whole procedure of the purchase and application for the residence permit. In this case, the non-EU citizen will only enter Greece once, to give biometrical data for the issuance of the residence permit.

For C visa: the duration of the right to stay is less than Visa D but the supporting documentation for the visa is simpler.

For D visa: the supporting documentation for the visa includes specific documentation, apart from the general supporting documents:

a) proof of financial capacity (e.g., certificate of an A-class certified bank or other recognized financial institution), and b) contract with a law firm or with a real estate agency which will certify the intention of the applicant to purchase the property.

After applying for the residence permit, a confirmation receipt is given to the owner of the property (and the eligible family members) that gives the holder the right to live legally in Greece for one year (duration of confirmation receipt). This confirmation receipt is cancelled as soon as the five-year residence permit is issued.

 

Other general conditions

• Clean criminal record
• Insurance that covers healthcare and medical expenses during residence in Greece
• Health certificate
• Deposit of € 500 for each adult (over 18 years old).

 

Travel to other Schengen countries

Both long term visa and residence permit give the holder the right to travel to other Schengen countries as a Schengen member national.

 

Additional information

• The residence permit does not provide access to any form of employment. The same restriction applies for family members. Only the exercise of economic activity as shareholder, Director or Managing Director of a company is e permitted.
• In case of reselling the property prior to the lapse of five years, the initial holder of the residence permit (and his family members) shall be deprived of the right of residence. The new owner has the right to a residence permit himself, provided he is an eligible non-EU citizen.
• Absence from the country does not impede the renewal of the residence permit.
• Time Frame: The residence permit is usually issued within 3-4 months from the time of the application.
• Children are granted a residence permit for family reunification up to the age of 21. After that, it is possible to acquire a renewal to a 3-year independent residence permit until the age of 24, after which it may be further renewed according to the applicable immigration legislation.
• There are restrictions for properties located in border regions of the country, which are restrictively/explicitly enumerated in the law, which may be lifted, under conditions.

 

The information is accurate to the best of our knowledge as at the time of writing. We have no obligation to update it. We accept no responsibility against any third party who is not a client of the firm and has not signed the terms of our engagement.