Residence Permit for Property Owners in Gree

A residence permit is an absolute necessity if one plans to spend a long time in Greece, to work or live in ones’ property there. We have investigated the finer details of what this involves and what the advantages are in securing one…

  A Greek residence permit for real estate owners is issued by Greek authorities and gives the right to reside legally in Greek territory for five years. The Greek Golden Visa program was launched in 2013 (Greek Law 4146/2013) and its beneficiaries are non-EU nationals who buy properties in Greece as well as their family members (spouses over the age of 18 years and unmarried children under the age of 18).

      An entry Visa is required to obtain a residence permit and the duration of the residence permit is five years. This can however be renewed for the same duration and for as many times as the applicant requests, provided that the property still belongs to the applicant or the lease is ongoing.

Conditions Necessary for a Residency Permit

a)      Non-EU nationals must own and possess a real estate property in Greece, or express a documented intention to purchase one.

b)       The minimum value of the property must be at least €250.000. When more than one properties are purchased, their total value and not the value of each property must be at least €250.000. In case of joint ownership, where the property costs €250.000, it is required that the owners be spouses with undivided ownership or each of the joint owners invested at least €250.000.

c)      Non-EU nationals can also buy land and build a home on condition that the cumulative value of the land and the contractual agreement of the building is at least €250.000.

d)      If the property is purchased through a legal entity, the investor must own the total shares of the legal entity.

e)      Non-EU nationals can also sign a lease of at least 10 years for hotel accommodations or furnished tourist residences. The minimum value of the lease must be at least €250.000.

Procedure

a)      Applying for an entry Visa (type C or D) for Greek Territory to the Greek consulate authority in the country of origin.

b)      Applying for a residence permit for real estate owners. The submission of the following documents is required.

Ø  Copy of the contract for the purchase of the property or properties

Ø  Attestation of the Notary confirming that the contract meets the conditions required by the law (art. 6 §2 of the Greek Law 4146/2013)

Ø  Proof of title transcription from the competent land registry

Ø  Certification by an insurance agency for medical, pharmaceutical and hospital care

Ø  In case that the property is purchased through a legal entity,  copy of the statute of the legal entity

Ø  In case that the property has not been purchased yet, foreigner’s intention to buy a property must be proved by documents (e.g. proof of financial means, copy of contract for agency’s brokerage services etc.)

Ø  In case of leasinghotel accommodations or furnished tourist residences, copy of the lease

-         Family members:

Ø  Certification by an insurance agency for medical, pharmaceutical and hospital care

Ø  Recent family status certificate issued by foreign authorities

 

Advantages the Greek Residence Permit

·        You can stay for 5 years without leaving. However It is flexible and there is no need to reside continually.

·        You win free movement in the Schengen area (EU Schengen Visa Travel: up to 3 months within a six month period)

·        Anyone who presently does live in Greece can use the education system and the health system. 

 

Limits of Residence Permit

·        Citizenship requires residency but having a residence permit does not secure citizenship.

·        It does not give the right to work (no work permit).

In conclusion, if ones aim is, with very little beaucratic effort, order to enjoy the life in a European country of great historical culture and a fantastic climate and be free to travel without a visa in the other Schengen regions, this may be the opportunity of your dreams…

Kaska Law