Tellios Law Group is the only law firm that will cover all your needs in order to obtain the residence permit for investment activity in Greece. Professional employees will track down the real estate-investment that will be most suitable to the Client and will proceed all necessary transactions till the target will be completed.
Greece, as an EU Member State, is a unique place to live, characterized by a high quality of life and secure living conditions. Its strategic geographical location in South-Eastern European region has contributed to its substantial growth in Mediterranean Sea. Despite the fact that Greece is a small country, its history over the centuries constitutes its priceless cultural legacy. The said history in combination with its modern lifestyle and the high quality provided services make undoubtedly this country a worthy place to live or invest.
Nowadays, Greece aims to attract foreign direct investments in infrastructure, manufacturing, energy, tourism, agriculture and other sectors by promoting its natural resources and its competitive advantage.
Among others, the Greek legislation provides the non- EU/EEA citizens with the opportunity to obtain a residence permit for investment activity in Greece under the condition that they satisfy the criteria set by the Law.
In more detail, 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 allows the granting of residence permits to third country nationals and to members of their families, who purchase real estate property in Greece, the value of which exceeds €250.000,00 (Golden Visa Permit).
“Regarding the legal frame for the issuance of GOLDEN VISA permit.” (Article 20)
- 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:
(a) 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. (A long-term visa(national visa / D-type visa) is an authorization issued by the Greek consulates for the entry and stay on Greek territory of non-EU/EEA citizens for a period exceeding 90 days and up to 365 days, according to the respective national regulations or European Union law).
(b) 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.
(c) has the full ownership, possession and peaceful enjoyment of real estate property in Greece via a legal entity with its registered seat in EU, whose shares are fully owned by him.
(d) has concluded a long lasting lease agreement of hotel accommodation or furnished tourist residences in tourist accommodation complexes, pursuant to Article 8 par. 2 of Law 4002/2011 (Government Gazette 1, no 180).
(e) has concluded a time sharing agreement pursuant to the provisions of Law 1652/1986 “Time sharing agreement and related issues” (Government Gazette 1, no 167), which is in force.
(f) has obtained the full ownership and possession of a real estate property in Greece with an objective value of 250.000 euro by virtue of inheritance or paternal benefit and he is an adult.
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.
“The consideration is paid by crossed bank check or by the deposit through bank transfer to the beneficiary’s account which is held in a banking institution in Greece or in a credit institution under the supervision of the Bank of Greece, the specific elements of which should be solemnly stated by the contracting parties before the notary, who redacts the agreement and notifies it.”
By joint decision of the Ministers for the Interior and Finance, the value of the above real estate property may be adjusted and shall result from the property value stated in the contracts or from the lease agreements.
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.