Golden Visa

Greece Golden Visa

Greece Golden Visa. Requirements for joining the residency program.

The Immigration and Social Integration Code (L. 4251/2014, Official Gazette A' 80) includes provisions that facilitate the stay of investors from third countries, whose investments have been characterized as strategic investments, through the provision of extended time limits of stay for the representatives of the investment agencies and their partners.The deadline of the first paragraph of par. 4 of article 64 of n. 5100/2024 (A' 49), on the possibility of completing an investment in real estate to obtain a residence permit, is extended until February 28, 2025.

At the same time, it is possible to grant residence permits to citizens of third countries and their family members, who purchase real estate in Greece.

 

In particular, article 64 of Law 5100/2024 entitled "Residence permit linked to investments in real estate" replaced articles 100 [(Investments in real estate (permanent investor residence permit) ("type B.5" residence permit) ] and 176 par. 49 [authorizing provisions] L.5038/2023, and in summary the changes are as follows:

For the granting of a five (5) year residence permit to citizens of third countries (“Golden Visa”), at September 1st , 2024 the following conditions will apply:

In particular, as follows from Article 64, ".a) In particular, for the Region of Attica, the Regional Unit of Thessaloniki , the Regional Units of Mykonos and Thira of the Region of the South Aegean and for the islands with a population, according to the last census, over three thousand one hundred (3,100) inhabitants, the minimum acquisition value of the real estate at the time of its acquisition, as well as the total contractual rent for the cases of entering into a long-term rental contract or timeshare rental of tourist accommodation, are now set at the amount of eight hundred thousand (800,000) euros.

In addition, it is stipulated that in the case of an investment through the purchase of real estate in the aforementioned areas, it is carried out in a single property, while if it is a structured real estate or a property for which a building permit has been issued, a minimum area of main premises of one hundred and twenty (120) square meters is required measures".

b). For the rest of the country, Halkidiki  the minimum acquisition value of the real estate at the time of its acquisition, as well as the total contractual rent for the cases of entering into a long-term rental contract or timeshare rental of tourist accommodation, are determined at the amount of four hundred thousand (400,000 ) euros. Likewise, it is stipulated here that in the case of an investment through the purchase of real estate, it is carried out in a single property, while if it is a structured real estate or a property for which a building permit has been issued, a minimum surface area of one hundred and twenty (120) square meters is required" ,

Therefore, the new data are as follows:

Investment amount from €800,000 and above in Athens, Thessaloniki, Mykonos, Santorini and islands with a population of over 3,100 inhabitants

For the rest of Greece, investment amount from €400,000 and above

Investment in one (1) property only

Minimum area of ​​premises 120 sqm.

c). Especially in cases of investment through purchase in real estate and since its main areas are changed to a residence, the minimum value of this acquisition at the time of its acquisition is set at two hundred and fifty thousand (250,000) euros. The conditions of the first paragraph also apply in cases of investment through purchase in real estate consisting of an industrial building or part of an industrial building or within which an industrial building is located, exclusively if in the last five (5) years at least, it has not been established in it and in industry operation.

The investment of the previous paragraphs is carried out in a single property and the change of use must be completed before submitting the request for the granting of the permanent residence permit of an investor...

 

d). Especially in cases of investment through the purchase of real estate consisting of a listed building or part of a listed building to be restored or reconstructed or within which a listed building is located, the minimum acquisition value at the time of its acquisition is set at two hundred and fifty thousand (250,000) euros. The investment of the first paragraph is carried out in a single property...".

Residence permits can be renewed for the same period of time (five years) as long as the real estate remains in the ownership of the investor. If it is an investment in a preserved building, an additional condition for renewing the residence permit is that the restoration of the building has been completed. If the investor sells the property then his residence permit is revoked and the buyer becomes entitled to obtain a residence permit.

In case of violation of the above, the residence permit will be revoked and a fine of 50,000 euros will be imposed.

e). Therefore, based on par. c and d, we see that the minimum investment amount remains at €250,000 in the following cases:

Property where a change of use to a residence is permitted

Property that constitutes an industrial building or part of an industrial building, provided that it has not operated as such in the last five (5) years

A listed building or part of a listed building to be restored or reconstructed and provided that the restoration or reconstruction is completed

This exception concerns the entire Greek territory.

Μoreover, an important change brought about by Law 5100/2024, in par. 7A, is the following:

"Properties that are acquired by full ownership and ownership by citizens of third countries for the initial granting or renewal of an investor's residence permit are prohibited from being rented out short-term in the context of the sharing economy, as well as from being sublet. 7A, is the following:

"Real estate acquired in full ownership and possession by third-country nationals for the initial granting or renewal of an investor's residence permit is prohibited from being rented out short-term in the context of the sharing economy, as well as from being subleased. Furthermore, real estate acquired in full ownership and possession by third-country nationals for the initial granting or renewal of an investor's permanent residence permit under the terms of par. c) of par. 2, is not permitted to be used as a registered office or branch of a business...".

With the above paragraph, a restriction is introduced in the way of exploitation of the investments made, by establishing a ban on short-term renting in the context of the sharing economy (i.e. exploitation as Airbnb), as well as subletting.

 

 

 

Specifically:

A. “Permanent residence permit of the investor.” (Article 20)

1. 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.

(b) He personally owns real estate in Greece in full ownership, jurisdiction and possession. In the case of co-ownership of a property, 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 to €500,000.

(c) has the full ownership, possession and peaceful enjoyment of real estate property in Greece via a legal entity, whose shares are fully owned by him.

(d) has concluded an agreement for at least a ten year lease 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.

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 a crossed bank cheque to a bank account of the beneficiary, held in a credit institution operating in Greece or with a credit transfer, as defined by Law 4537/2018 article 4, par. 24 (Official Government Gazette Α΄ 84) to a beneficiary’s bank account held in a payment service provider, as defined by Law 4537/2018 article 4 par. 11 operating in Greece”.

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. Spouses

b. the other spouse or partner with whom a third-country national has a cohabitation agreement in Greece

c. The direct unmarried descendants of the spouses, who are under the age of 21

d. the direct unmarried descendants of the supporter or of the other spouse/partner , provided that their custody has been legally entrusted to the sponsor (for his/her children) and to the other partner (for his/her children), under 21 years of age

e. the direct relatives of the spouses in the ascending line.

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.

 

 

 Investment Options for the Golden Visa for Greece

To qualify for a Golden Visa for Greece, you must make one of the following investments:

•  Purchase a real estate property worth at least €800,000
• Sign a lease agreement with a hotel or tourist establishment for at least 10 years
• Make a capital investment of at least €400,000 in a company registered in Greece
• Make a €400,000 investment in Greek government bonds.
• Make a €400,000 investment in bonds or shares of real estate investment companies.
• Make a €400,000 deposit in a Greek bank.
• Make an €800,000 investment in corporate or government bonds.

Although, in most cases, you should be in Greece to finalize your investment, you may also do it remotely, if you give Power of Attorney to a legal representative.

Benefits of the Greek Golden Visa

Expand your financial and lifestyle choices with a   Greek Golden Visa and gain visa-free access to  Europe for yourself and your family. The Greek
residency by investment (RBI) scheme even offers you  the option of getting a second passport and  becoming an EU citizen in 7 years.

A Greek Golden Visa is one of the most competitive Golden Visas in the EU and is accompanied by the following benefits:

• The threshold investment options are relatively lower than in most other EU countries with Golden Visa routes.
• You can extend the visa to include your family members, like your spouse, (unmarried) children under 21 years of age, and dependent parents of either yourself or your spouse. If your child is over the age of 21, but no older than 24, and they are a student, they may also be included in the Golden Visa application.
• You and your family members will enjoy visa-free travel to the Schengen Zone.
• There are no requirements to live in Greece for any duration in order to renew the residence permit.
• You can choose to rent out your property after purchase.
• You can apply for Greek citizenship after seven years of residence. Greece is an EU Member State, so you would have access to the EU free market and visa-free travel to more than a hundred countries.
• You can live and invest in Greece.
• You have access to Greek education and healthcare

 

Available Golden Visa Properties