Greece Golden Visa

Property
Real Estate
€250,000
Investment Activity
Business Enterprise
€250,000

Greece issues permanent residency rights to foreign to investors based on real estate investment or property purchase in Greece. As of 2018, Greece has become one of them most popular and cheapest golden visa schemes in Europe. The Greek government announced it may expand the scheme by introducing government bond and bank deposit options for €400,000

The Immigration and Social Integration Code (Law 4251/2014, Government Gazette  1, no 80) contains provisions that facilitate the stay of third-country investors, whose investments are characterized as strategic investments, via the provision of extended stay time limits for the representatives of investment bodies and their partners.

Benefits

  • 100% Real estate investment in Greece
  • Immigrate to Europe with family.
  • Travel freely within Schengen
  • Immediate permanent residency in Greece
  • No language tests, no business experience, no medical tests
  • No minimum stay requirements

Greece Residence by Investment

Greece offers golden visa to investors based on investment activity in Greece

To qualify for the Greek golden visa, you have to satisfy the following criteria.

 

  •  €250,000 euro real estate investment in Greece
  • €250,000 euro  in investment activity with executives added

 

You will receive permanent residence permit (PR) valid for 5 years and then renewable after then. No requirement to live in Greece. The processing time is about 1 month.

Golden Visa Costs

  • Property costs: 6 – 8% of the purchase price
  • Background check of the property in the competent land registry
    office: 250 Euros plus VAT 24%
    Handling all the necessary procedures for signing the contract of
    the property purchase: 1.000 Euros plus VAT 24%
  •  Applying for a residence permit: 300 Euros plus VAT 24% for every person.

In general one should expect additional costs 8%-10% of the total EUR 250,000 investment

 

Property Ownership

In order to obtain a residence permit for real estate owners, the following preconditions must be fulfilled:

  • The real estate property must be owned by and be in possession of its owners.
  •  In cases of joint ownership, where the value of the property is €250.000, the residence permit is only granted if the owners are spouses with undivided ownership of the property. In all other cases of joint ownership, the residence permit is only granted if the amount invested by each of the joint owners is at least €250.000.
  • If the owner has acquired the property through a legal entity, the applicant must own 100% of the company shares.
  • The residence permit is also granted in cases where the third country citizen is the owner, either directly or through a legal entity, of more than one real estate property with a combined value of at least €250.000.
  •  In cases where the applicant wants to enter the country with a type D visa, the documented intention to own property should be supported by documentation which prove the financial capacity (e.g., certificate of an A-class certified bank, or other recognised financial institution), which certify the existence of bank accounts or other mobile assets, such as bonds or shares, which can cover the cost of the investment of at least €250.000, and which certify the intention of the applicant to purchase the property (contract with a law firm or with a real estate office).
  •  In the case of third country citizens who have signed a lease of at least 10 years for hotel accommodations or furnished tourist residences in integrated tourist resorts, provided the minimum value of the lease is €250.000, the contract must require a single payment of the lease for the equivalent of the ten year leasing of the property. In all cases outlined above, the value of the real estate property will be determined based on the value of the property, or the lease, indicated in the contract of purchase. The value of the property, according to law 4146/2013, is the amount stated explicitly on the contract which has been submitted for the purchase of the real estate property. The objective, or assessed, value of the property is not relevant, unless it corresponds to the amount which was, according to the contract, paid for the sale of the property

Residence Permit

In order to obtain a residence permit for owners of real estate, an entry Visa is necessary. For this purpose, the third country citizen is required to have been awarded either a Visa type D or a Visa type C (Schengen). If the foreign citizen needs a long period for research or after the acquisition wishes to stay in Greece for an extended period of time, a type D national visa is more appropriate. In any case, the application for a residence permit must be submitted before the expiration of the visa.

The duration of the residence permit is 5 years and it can be renewed for another 5 years each time, provided that the applicant still owns the property. Also, the members of the investor’s family have the potential to request individual residence permits. For this purpose, they must submit separate applications and their own permit expires at the same date that the investor’s permit expires.

The submission of the application for the issuance of the residence permit, the submission of additional documentation, the receipt of the residence permit or of a rejection, or any additional documentation from the relevant file, can be done either in person by the third country citizen, or through a proxy. This means that third country citizens who have never entered Greece are not allowed to submit an application for a residence permit via a proxy. The applicant is allowed to enter the country, to assign their representation to a lawyer, either with a proof of authenticity of their signature issued by a police authority or with a notarized power of attorney, and then depart from the country and not be present during the submission of the application for a residence permit and/or the granting of the relevant permit. The authorities receiving the application will issue a confirmation that the application has been submitted, provided that all the necessary documentation has been submitted with the application. This confirmation is valid for one year. The third country citizen, who has submitted an application and received the confirmation receipt described above, can reside legally in the country for the duration of the confirmation receipt. Once the authority of Aliens and Immigration of the Decentralised Authority has verified that the application fulfils all necessary conditions and, in accordance with the decision of the Secretary General of the Decentralised Administration, they will issue a five-year residence permit.

Greek Golden Visa Law

The Immigration and Social Integration Code (Law 4251/2014, Government Gazette  1, no 80) contains provisions that facilitate the stay of third-country investors, whose investments are characterized as strategic investments, via the provision of extended stay time limits for the representatives of investment bodies and their partners.

Moreover, it is given the possibility of granting residence permits to third country nationals and to the members of their families, who proceed to the purchase of real estate property in Greece, the value of the one exceeds 250,000 Euro.

1. Permanent residence permit of the investor (Article 20)

1. By decision of the Secretary General of the Decentralized Administration,  residence permit for five years, subject to renewal,  is granted to  a third country national who:

  •   has legally entered the country with any type of visa or legally resides in the country, even if the type of residence permit  that he possesses,  does not permit change of purpose.
  •  has  personally the full ownership, possession and peaceful enjoyment of real estate property in Greece. In the case of jointly owned property, worth 250,000 euro, the right of residence is granted only if the owners of the property are spouses with indivisible shares in the property. In all other cases of joint ownership, the right of residence is granted only if the   joint ownership rate of each joint owner is worth 250,000 euro.
  •  has the full ownership, possession and peaceful enjoyment of real estate property in Greece via a legal entity, whose shares  are fully owned by him.
  • has concluded an agreement for at least  ten years lease of hotel accommodation or  furnished tourist residences in  tourist accommodation complexes, pursuant to the Article 8 par. 2 of the Law 4002/2011 (Government Gazette 1, no 180).
  •  has concluded  a time sharing agreement pursuant to the provisions of the Law 1652/1986 “Time sharing agreement and related issues” (Government Gazette  1, no 167), as in force.

2. The minimum value of the real estate property, as well as the contractual consideration of hotel accommodation or tourist residences leases of this Article, is determined at two hundred and fifty thousand (250,000) euro and must have been paid in full upon the signing of the contract.

3. Το third country nationals, real estate property owners, the possibility of leasing that property is  granted.

4. The above third-country national may be accompanied by the members of his family to whom,  at their request,  an  individual residence permit is issued,  that expires together with the residence permit of the sponsor.
Family members shall mean:
(a) the spouse
(b) the lineal descendants of the spouses or either spouse, who are under 21 years old.
“c. the lineal ascendants of the spouses. ”

5. The above permit may be renewed for an equal duration, each time, provided that   the real estate property remains in the ownership and possession of the third-country national or the agreements of paragraph 1 of this remain in force and all other requirements, provided by law, are fulfilled.  Periods of absence from the country shall not disrupt the renewal of the residence permit.
“The resale of the real estate property during the period of validity of the residence permit, to another third-country national shall provide the right to the granting of residence permit to the new buyer with simultaneous withdrawal of the vendor’s residence permit.”

6. The residence permits, being granted pursuant to the paragraphs 1 and 4 of this Article, do not establish the right of access to any form of employment.

7. The residence permit shall be issued within two months from the submission  of all the documents of the file to the issuing authority.

 

2. Issue and renewal of residence permit for investment activity (Article 16)

Investor applying for a residence permit under this program should contribute to the investment with an amount of at least €250,000, available through own funds.

In addition, the number of permits for executives allowed for each investment project depends on the amount of the total investor contribution.

Finally, the total number of residence permits allowed for an investment project cannot exceed 10 residence permits for investors and executives).

 

Residence permits allowed

 

A. 1. The entrance and residence of third country nationals is permitted in Greece, for the purpose of making investments that will have a positive impact on national development and economy.
Depending on the amount and the characteristics of the investment, up to ten third country nationals may enter and reside in the country, including the investors, for the implementation and operation of the investment.

2. On the motion of the Directorate of Foreign Investments of the Ministry of Economy and Development, concerning the characterization of the investment and the feasibility of   granting residence permit, the entry and residence of third-country nationals may be permitted in Greece for the implementation and operation of the investment.

3. The application and the required documents, as specified by the Joint Ministerial Decision, referred in paragraph 12 of the Article 136, are submitted to the Greek Consular Authority of the area of residence of the interested persons, which, within one month, forwards them to the Directorate of Foreign Investments of the Ministry of Economy and Development.
The above Directorate, within a month, examines the application and forwards the relevant motion to the competent Consular Authority in order for the required national visas to be issued.
The competent Consular Authority, in case of delay of forwarding the relevant motion of the Directorate of Foreign Investments of the the Ministry of Economy and Development.

4. To the third-country national, to whom has been granted a visa for the realization of an investment, a residence permit shall be granted for the same reason, on procurement of the required documents.
The duration of validity of the residence permit is for five years and is subject to renewal for an equal period each time, since the implementation of the investment or its operation is continued after its completion.

5. The above third-country nationals, by way of derogation from the provisions of the Article 70, par. 1, may be accompanied by the members of their families who are granted a residence permit for family reunification,  expiring simultaneously with the residence permit of the sponsors.

6. The Directorate for Migration Policy of the Ministry of Migration Policy is competent for the examination of the application and the decision on the issue or the renewal of the residence permit for the realization of investment activity.

7. The provisions of this Article shall apply accordingly for the entry and residence of third-country nationals in the context of new investments realized by Greek undertakings, already operating or third country nationals who already reside legally in Greece and hold residence permits for purposes of independent economic or investment activity.

8. In the residence permit of third-country nationals referred to in paragraph 1 of this Article, it shall be stated “Residence permit for investment activity “and in the” Remarks ” the professional status of the holder shall be referred.

II. 1. Up to ten (10) third country nationals, per investment,   deemed necessary, are allowed to enter the country if they have been granted, where necessary, visa (Visa D), in order to realize investments, which have been  characterized as “Strategic Investments” , pursuant to a decision of the Interministerial Committee of Strategic Investments on inclusion in Law 3894/2010 (Government Gazette 1, no 204).
The above visa is issued free of charge, on the procurement of the decision of the Interministerial Committee of Strategic Investments, which characterizes the investment as  “Strategic Investment” and the motion of the Secretary-General for Strategic and Private Investments referring to the relation of  third country nationals with the entity realizing the strategic investment .

2. The above are granted, by decision of the Minister for the Interior, ten-year residence permit, which is renewed for ten years, since the same requirements apply.

3. For the granting of the residence permit, an application with the required documents is submitted to the Directorate for Migration Policy to the Ministry of Interior, as these are defined, by the provisions of Article 136, par. 1, in the Joint Ministerial Decision. The residence permit shall be issued within five (5) days from the date that the application was submitted.

4. The above third-country nationals, by way of derogation from the provisions of Article 70, par. 1, may be accompanied by the members of their family, being granted residence permit for family reunification, expiring simultaneously with the residence permit of the sponsors, as well as by the support staff, in the case of people with disabilities.

III. 1.  Third country nationals, being subject to Chapters A and B of this Article and legally residing in the country, are not obliged to leave the Greek territory in order to apply for a residence permit.

2. The competent departments of the Ministries of Development and Competitiveness shall notify, in writing or by e-mail, the Directorate for Migration Policy of the Ministry of Interior, about any change in the evolution of implementation of the investment activity.

 

Greek Citizenship

After 7 years of living in Greece. You have to pass the Greek language test.

Our Services

We offer full handholding service to our clients from start to finish including property buy/sell service, property rentals, airport pickup when applying for the program.