Greece allows investing freely in plot of land or agricultural land in acres for golden visa purpose. Greece has lucrative real estate market with high rental returns with property prices appreciating over 25% since 2010. Foreigners enjoy freehold rights as a property owner with right to buy, sell, and inherit property a par with Greek citizens.
To become eligible for Golden visa permanent residence in Greece, Foreigners who 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 or €500,000, depending on the location of the property. There is a 3.09% transfer tax for buying land in Greece. A 24% VAT applies on sale of new buildings.
The minimum threshold for buying land in Athens, Thessaloniki, Vari, Voula, Vouliagmeni, Mykonos and Santorini remains at 500,000 euros. All other inner regions of Greece require only 250,000 euros.
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 the right to a residence permit along with a simultaneous revocation of the seller’s residence permit.
A residence permit issued to real estate owners (“Permanent Residence Permit for Investors”) is a special type of residence permit, for third country citizens who have entered the country legally either on a visa free status or on any kind of visa (type C or D) or are legal residents in the country. Absences from the country do not impede the renewal of the residence permit.
The application for the residence permit can be submitted to any one-stop service of the Aliens and Immigration Department at the Decentralised Authorities in Greece or General Secretariat for Immigration Policy at the Ministry of Migration and Asylum.
To ensure smooth process and peace of mind, you are required to hire the services of lawyer, Greek notary, accountant, and land surveyor.
Foreigners living outside Greece must go through the following initial steps before they start buying the property..
- Get AFM Tax number (or Tax ID)
- Open bank account in Greece
- Check the property for encumbrance, valuation, ownership etc.
- Prepare a Sale contract (10% booking deposit)
- Register with land registry.
- Apply for Golden Visa with authorities.