A brief guide to a Golden Visa residence permit
In 2013, the Greek government introduced the possibility for non-EU citizens to obtain a residence permit by investing an amount of €250,000 or higher in Greek real estate. This ‘Golden Visa’ will give third-country citizens and their family a residence permit for Greece, to be renewed every five (5) years for as long as they have the property in their possession, as well as the possibility to travel freely to all Schengen-countries.
Who is able to apply for a Golden Visa?
a) third country citizens who own real estate property in Greece, either personally or through a legal entity based in Greece or another EU member state, of which they own the total of the company shares, provided the minimum value of the property is at least €250,000.
b) third country citizens who purchase a plot of land 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.
c) third country citizens who are adults and who fully and legally own real estate property in Greece, the minimum value of which is €250,000, which is acquired through intestate succession, will or parental concession.
d) family members (spouse, children or parents) of the third country citizens described above.
What (in short) are the preconditions to receive a residence permit for a real estate investor:
- The property must be owned by and be in possession of its owners.
- The total value of the property (or more than one real estate property with a combined value) must be at least €250,000 if the owners are legally married spouses or partners with a cohabitation agreement in Greece, with undivided ownership of the property. Otherwise the amount invested by each of the joint owners individually must be at least €250,000.
- If the owner has acquired the property through a legal entity, the applicant must own 100% of the company shares.
Renewal of the residence permit
This residence permit is valid for as long as the holder owns the property, however the holder is required to renew it every five (5) years. In order to do that, the real estate property must remain in the full ownership of the applicant. Not being in the country, does not impede the renewal of the residence permit.
You will also be allowed to do a resale of the property, during the period when the residence permit is valid. Of course, this will cause a revocation of the seller’s residence permit and allow the new owner(s) the right to a residence permit.
Our office has almost 30 years of experience in the Greek real estate market and our lawyers will be able to personally guide you through the entire purchase and application process. This way the purchase of your home, as well as obtaining the Golden Visa, will be a care-free experience.
For more information about the possibilities of obtaining a Golden Visa, please contact us.
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