ΜΕΝΟΥ
Τομείς – Υπηρεσίες
REAL ESTATE – GOLDEN VISA
Alexandros Alexiadis and associates law office organize management, leasing and disposition activities for all real estate assets. We provide solutions to a wide range of real estate applications and we are specializing in commercial real estate sales, leasing, and management to include land, industrial, office, and retail
VISA – 5 year Residence permits to investors in properties of over 250.000 euros value in Greece.
The Greek government now gives the opportunity to Third-country citizens willing to invest at least 250.000 euros to buy property, to acquire a five-year residence permit which after expiry may be renewed, for themselves and their family members.
Pursuant to the new law (act 4146/2013) smaller investors of capital just over 250.000 Euros are now granted along with their family members residence permit and may renew it as long as the property remains in their ownership. This permit also grants them the right to travel freely within the EU.
According to the provisions of Article 6 of Law 4146/2013 any Third-country citizen already holding or intending to acquire real estate property in Greece, of minimum value two hundred and fifty thousand (250,000) euros can acquire residence permit provided:
– they are the property owners
– in case of joint ownership of property of 250.000€ value, the owners are spouses (man and wife)
– in any other joint ownership case, each investment is at least of 250.000 euros
– in case of multiple property ownership the total value of all property must exceed 250.000 €.
– in case the property is acquired by a company the beneficiary of the permit shall be the sole share holder.
All members of the families of the aforementioned Third –country citizens will be granted residence permits as well.
As regards to the entry of the aforementioned investors, they shall enter the country preferably with type D visa and before its expiry date they need to have completed the property transaction and filed for the 5 year residence permit. Before the expiry of the granted 5year permit , they need to apply for its renewal for another 5 year period, provided the real estate remains in their ownership.
Beneficiaries are not obliged to live or spent any particular period in Greece in order to be granted the permit.
Eligibility and criteria
If you are a third country national who has legally entered the country with any type of visa or legally resides in the country, then you can be granted with a residence permit for five years, after proceeding to a substantial investment in Greece via on of the following ways:
- Purchase of real estate property in Greece (personally or via a legal entity owned by you)
- Conclusion of an agreement for at least a ten year lease of hotel accommodation or furnished tourist residences in tourist accommodation complexes
- Conclusion of an agreement for a time sharing agreement pursuant to the pertinent provisions of Greek Law
In all the above cases, the minimum value of the investment, is determined at two hundred and fifty thousand (250.000) euros.
Another crucial advantage to highlight is that the five-year residence permit can also be extended to your family members (including your spouse, children under 21 years old, and parents) upon their request. This permit aligns with the duration of your own residence permit and expires simultaneously.
Benefits
Besides the inclusive family residency opportunity, if you’re enticed by the prospects of investing in Greek real estate, it’s important to realize that there are more other compelling benefits:
- Cheapest golden visa in Europe
- No obligation to reside in Greece
- EU Schengen member country (unlimited visa free travel to Schengen countries)
- No restrictions as regards the location of the property
- Great climate, cultural events, gastronomy
- Low cost of living
Greek Legislation
The “Golden Visa” Program was launched in Greece by Law 4146/2013.
Subsequently, there have been some alterations in the legislation. Laws 4251/2014 and 4332/2015, 5007/2022, 5100/2024 (please see below for the most updated criteria), have been enacted, stipulating the current procedure and prerequisites that a non-EU citizen must fulfill to attain a “Golden Visa” in Greece.
Required documentation
To apply for a “permanent residence permit for investors”, the following documentation is required:
- Two copies of the application form
- Four (4) recent color photographs, of the same technical requirements as passport photographs, also in JPEG200 file format on a compact disk. In particular, the photograph and digital image should be a) in color, b) taken within the last month so as to reflect your current appearance, c) sized 4X6cm (without frame), d) printed on high quality photograph white paper, no watermarked or embossed, e) of high resolution not raster or pixel images and not printed on inkjet or laser printers;
- Certified copy of a valid passport or travel documents recognized by Greece and with the relevant valid entry visa, where required;
- A residence permit electronic fee (€500 for a five-year permit) (Code 4741), to be acquired at Gov-gr pursuant to Article 132, Law 4251/2014. Minor children are exempted from this fee;
- Cost of single document permit €16 (Code 4762), to be acquired at Gov-gr.
- Private health insurance contract, which is either concluded in the applicant’s country of origin to provide coverage for the whole length of stay in Greece, or is concluded in Greece for coverage as prescribed in the Joint Ministerial Decision 53821/2014;
Recently amendments of the legislation have partially changed the legislative framework regarding “Golden Visa”.
According to article 64 of Law 5100/2024 titled “Residence Permit Linked to Investments in Real Estate” which has replaced articles 100 [(Investments in Real Estate (permanent residence permit for investors) (residence permit “type B.5”)] and 176 subsection. 49 [authorizing provisions] of Law 5038/2023, the following changes took effect :
From March 31, 2024, the following conditions will apply for granting a five (5)-year residence permit to third-country nationals (“Golden Visa”):
In the Prefecture of Attica, the Regional Units of Thessaloniki, Mykonos, and Santorini, as well as on islands with a population of over 3,100 inhabitants, the minimum value of the real estate that the applicant must possess is increased to 800,000 euros (from 500,000 euros).
In the rest of the country, the minimum value of the real estate is set at 400,000 euros. In any case, the investment must be made in one property (not in multiple properties of lesser value) with a minimum area of at least 120 square meters. The purchase of a percentage of an undivided co-ownership property is allowed, with the minimum value of such property being respectively 800,000 and 400,000 euros in the case of spouses or partners with a registered civil partnership.
For buildings that currently have a different use and are being converted into residences (industrial properties being converted to be inhabitable), the minimum investment amount is set at 250,000 euros. The change in use must be completed before the submission of the residence permit application. Their use as the headquarters or branch of a business is prohibited.
The 250,000 euros also establish the limit if it concerns an investment in a listed building that is for restoration. Residence permits can be renewed for the same period (five years) as long as the real estate remains in the ownership of the investor. If it involves an investment in a listed building, an additional condition for the renewal of the residence permit is that the restoration of the building has been completed. If the investor sells the property, then their residence permit is revoked, and the buyer has the right to obtain a residence permit.
Investors can lease out the properties they acquire; however, their disposal through short-term leases is not permitted(AirBnB, Booking, etc…).
In case of violation of the above, the residence permit is revoked, and a fine of 50,000 euros may be is imposed.
In addition to property acquisition, third-country nationals can obtain a residence permit by entering into a long-term lease agreement for a complex tourist accommodation or a timeshare agreement for tourist accommodation, with a corresponding value (800,000 euros in the Prefecture of Attica, Thessaloniki, etc., and 400,000 euros in the rest of the country).
Third-country nationals who will pay the price or make a 10% down payment, or sign a pre-contract accompanied by relevant evidence of crediting the amounts to the seller’s account by August 31, 2024, can complete their investment by December 31, 2024, under the favorable conditions that were in effect before Law 5100/2024 came into effect (500.000 euros minimum property value, for specific areas of Athens, Thessaloniki, Mykonos and Santorini). In these cases, if the purchase of the property is not completed, the buyer can complete their investment in another property, always under the conditions that have been in effect before Law 5100/2024 came into effect, but not later than April 30, 2025.