How to buy property in Greece and get residency
Golden visa acquisition guide and conditions in Greece
This detailed article is providing information on how to buy property in Greece and get residency, and the conditions on how to obtain a golden visa. Our company, Europlan, is an internationaly awarded construction company based in Creta island. We undertake all the necessary procedures for our foreign customers to obtain a residency in Creta island.
Citizens from outside the European Union who meet the conditions for belonging to the Golden Visa program (according to article 155 of Law 4764/2020), can apply for a residence permit and buy a property in Greece, through a proxy, without having to have previously entered the country. The power of attorney is drawn up before a Greek Consular authority. The applicant must, within a period of 12 months from the granting of the certificate of application, enter Greece and submit the required biometric data to the competent agency.
A condition for the granting of a residence permit to citizens of third countries and their family members is that they purchase real estate in Greece, the value of which exceeds 250,000 Euros.
In what cases is an investor residence permit (Golden Visa) granted?
The investor residence permit (“Golden Visa”) is granted to the following categories of persons:
- to persons who personally have full ownership, jurisdiction and possession of immovable property in Greece, the value of which amounts to at least 250,000 Euros.
- to persons who have full ownership, ownership and possession of immovable property in Greece through a legal entity, whose shares or corporate shares belong entirely to them.
- to persons who have entered into at least a ten-year lease of hotel accommodation or tourist furnished houses in complex tourist accommodation, worth at least 250,000 Euros.
- to persons who have entered into a timeshare agreement in accordance with the provisions of Law 1652/1986 “Timeshare Agreement and Regulation of Related Matters”, as applicable.
What is the duration of the residence permit granted and what rights does it grant to its holder?
The investor residence permit has a duration of five (5) years. The holder of the residence permit can rent the property to third parties and is under no obligation to reside in Greece for a minimum period of time per year. Furthermore, he has free access and movement in all Schengen countries for a period of ninety (90) days per semester.
Is it possible for the property to be owned by more than one person? Under what conditions is a residence permit granted in this case?
In the event that the property, worth 250,000 Euros, belongs to the joint ownership of several persons, the right of residence is granted only if the owners of the property are spouses who own the property in undivided ownership. In all other cases of co-ownership, the right of residence is granted only if the percentage of co-ownership of each co-owner is worth 250,000 Euros.
Can the investor's family members also receive a residence permit of the same duration? What persons are included in the concept of "family"?
Family members of the investor that buy property in Greece and have a residence permit can obtain a residence permit of the same duration, which expires at the same time as the residence permit of the maintainer. Members of the “family” include:
- the spouse or partner with whom the third country citizen has entered into a cohabitation agreement in Greece.
- the direct descendants, i.e. the children, of spouses or spouses or partners with a cohabitation agreement, under the age of 21.
- the direct descendants of spouses or cohabiting partners.
What is the way in which the price must be paid in case of buying and selling a property?
The purchase price must be paid either by a two- line bank check or by depositing a bank transfer to the beneficiary’s (i.e. the seller’s) account held in a Greek banking institution or in a credit institution under the supervision of the Bank of Greece, the specific details of which must be declared responsibly by the contracting parties before the notary who draws up the contract and written on it.
Can the purchase price of the property be paid in installments? What is required in this case for the buyer to obtain the residence permit?
If the investor buy a property in Greece, the price of the sale can be agreed in the credit contract, that is to say that it will be paid successively in installments and at the same time it can be defined that the sale is subject to the dilutive clause of its timely repayment. In this case, in order for the third country citizen concerned to obtain a residence permit, after the payment of the price, a payment deed must be drawn up, with which the agreed dissolution clause will be lifted, and it must be transferred to the competent Mortgage Office. The interested party will be able to submit an application for the issuance of an investor residence permit, only after the payment deed has been drawn up and transferred to the competent mortgage registry.
What type of visa is required for the person concerned to obtain a residence permit?
The application for an investor residence permit can be made regardless of whether the third-country national concerned holds a Schengen visa (type C) or a national entry visa (type D).
A necessary condition is, however, that the applicant has entered Greek territory within a reasonable period of time before submitting the application for the residence permit. In addition, the applicant, in any case, should come to the aliens and immigration service, either when submitting the application, or at a second time (at a pre-arranged appointment) to submit to the service the biometric data required for the issuance of the residence permit under the stand-alone document type (biometric photo, two fingerprints, sample signature & copy of passport – the page with the individual details of the holder).
Can the process of submitting an application and issuing a residence permit be processed through a proxy attorney?
The applicant that wish to buy a property in Greece, a citizen of a third country – investor, has the possibility to submit the application through a lawyer’s proxy. In this case, if a power of attorney is drawn up for a lawyer within the period of legal residence of the third-country national with an entry visa, the application for the issuance of the residence permit can be submitted later, after the entry visa expires and without being it is necessary for the foreigner to be in Greece.
What is the fate of the residence permit issued in case the property is sold to a third party during its validity?
The resale of the real estate during the validity of the residence permit, to another third-country national, entitles the new buyer to be granted a residence permit while simultaneously revoking the seller’s residence permit.
Can the holder of an investor residence permit obtain Greek citizenship and if so, under what conditions?
The holder of an investor’s residence permit may obtain Greek citizenship through the naturalization process, as long as he resides in Greece for at least seven (7) continuous years and on the condition that he succeeds in the relevant test (interview). The property owner’s residence permit was added to the permanent residence documents that are accepted for the naturalization of foreigners.
Under what conditions is the investor residence permit renewed?
The investor’s residence permit can be renewed for another five (5) years, provided that the real estate still remains in the ownership and jurisdiction of the interested party.
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Do not hesitate to contact us for an offer or any information regarding our services. Europlan undertakes all the necessary procedures if you wish to buy a property in Greece and obtain a golden visa.
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