Residence Permits for real estate owners in Greece

This is a brief guide that provides information on the procedure to receive residence permit in Greece, which can be renewed every five (5) years, for owners of real estate by third-country citizens; the value of the investment has to exceed the amount of 250,000.00 Euro.

This guide provides information on the preconditions, the process and the supporting documentation required to obtain these residence permits.

If you would like more information or clarifications, please contact our law firm.

A. RESIDENCE PERMITS IN GREECE

Applications for the granting and renewal of residence permits are submitted directly

to the relevant authority of the Aliens and Immigration of the Decentralised Authority in the applicant’s place of residence.

A residence permit for real estate owners is a new type of residence permit, for third

country citizens who have entered the country legally on any kind of visa.

Beneficiaries of the right of entry and the permanent residence permit, which shall be

renewed every five (5) years, are:

a) third country citizens who own real estate property in Greece, either personally or through a legal entity of which they own the total of the company shares, provided the minimum value of the property is 250,000.00 Euro;

b) third country citizens who have signed a timeshare agreement (lease) – for a minimum of 10 years – for hotel accommodations or furnished tourist residences in integrated tourist resorts, provided the minimum cost of the lease is 250,000.00 Euro;

c) third country citizens who either reside legally, with a residence permit, in Greece, or wish to enter and reside in the country, and who have full ownership and possession of real estate property in Greece, which they have purchased before the enactment of law 4146/2013, provided that they had purchased the real estate property for a minimum of 250,000.00 Euro or the current objective value of their real estate property is at a minimum of 250,000.00 Euro; or that they acquired the real estate property through a donation or parental concession.

d) third country citizens 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 250,000.00 Euro.

e) family members of the third country:

i. Spouses

ii. The direct descendants (minors) of the spouses.

iii. The direct relatives of the spouses in the ascending line.

B. PRECONDITIONS FOR A RESIDENCE PERMIT FOR REAL ESTATE OWNERS IN GREECE.

a) The real estate property must be owned by and be in possession of its owners.

b) In cases of joint ownership, where the value of the property is 250,000.00 Euro, 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 250,000.00 Euro.

c) If the owner has acquired the property through a legal entity, the applicant must own 100% of the company shares.

d) 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 250,000.00 Euro.

e) 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 250,000.00 Euro, and which certify the intention of the applicant to purchase the property (contract with a law firm or with a real estate office).

f) 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 250,000.00 Euro, 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.

C. ISSUING OF A RESIDENCE PERMIT

Applicants for a residence permit for real estate owners, valued at 250,000.00 Euro, have to provide the following documents:

i. Two (2) copies of the application document;

ii. Two (2) recent colour photos;

iii. Certified copy of a valid passport or travel documents recognised by Greece and with the relevant valid entry visa, where required;

iv. A public fee, which amounts to 500.00 Euro for residence permits of up to a five (5) year duration;

v. The contract of purchase;

vi. The proof of transfer of the contract by the competent Land Registry and/or Cadastre;

ii. Certification by an insurance agency for the cost of hospitalisation and medical care;

Depending on the specific case, there may need to be submitted some extra documentation in addition to the above.